Actions align with company’s focus on debt reduction

Phillips 66 (NYSE: PSX) today announced it will redeem the entire outstanding principal amount of its Floating Rate Senior Notes due 2024 (the “Notes”). The redemption date for the Notes is December 15, 2021. The aggregate principal amount of the Notes outstanding is $450 million. The redemption price for the Notes will be equal to 100% of the principal amount of the Notes outstanding, plus accrued and unpaid interest thereon to, but not including, the redemption date. Phillips 66 plans to use cash on hand to fund the redemption.

A notice of redemption is being sent to all currently registered holders of the Notes by the Trustee, U.S. Bank National Association.

“Today’s announcement reaffirms our commitment to repaying debt as our cash flow recovers. When the redemption of the Notes is completed, we will have paid down an aggregate of $1.5 billion of debt in 2021,” said Kevin Mitchell, Executive Vice President, Finance and Chief Financial Officer. “We will continue to evaluate paying down additional debt to return to pre-pandemic debt levels as part of our disciplined capital allocation.”

This news release is not an offer to sell or a solicitation of an offer to buy any securities.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

<sup>CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995</sup>

^{This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward- looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including but not limited to Phillips 66’s plans to reduce debt, the expected timing and terms of redemption of the Notes and the source of funding for the redemption. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as circumstances and events that could impact liquidity and other factors. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.}

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