Phillips 66 Highlights Resiliency in 2023 Sustainability Report

Company is focused on safely providing reliable energy while positioning for a lower-carbon future

Phillips 66 (NYSE: PSX) released its 2023 Sustainability Report today, highlighting the company’s efforts to build a strong and resilient business.

“Phillips 66 is proud of the role we play in meeting global energy needs. We are focused on operating safely, strengthening the communities where we operate and protecting the environment,” said Mark Lashier, President and Chief Executive Officer. “We are also focused on transforming our businesses — to improve our operations and increase our competitiveness. The 2023 Sustainability Report demonstrates our progress and shares the accomplishments of our employees across the globe.”

The publication details Phillips 66’s 2022 sustainability performance and recent achievements:

• Prioritizing investments and growth opportunities that align with the company’s goals and utilize its existing portfolio to further its lower-carbon initiatives.
• Advancing energy-efficiency initiatives and building the “refinery of the future” through investments in renewable fuels production at the Rodeo Renewed refinery in California, which is currently under construction, and the Humber Refinery in the United Kingdom.
• Demonstrating progress toward Phillips 66’s 2030 and 2050 greenhouse gas emissions intensity reduction targets.

This year’s report also highlights the 2022 sustainability performance of DCP Midstream, LP, which is now operated by Phillips 66.

Phillips 66 has published annual sustainability metrics and information since the company was founded in 2012. The company is committed to providing transparent and meaningful disclosures relating to its sustainability initiatives, including important performance data.

To view Phillips 66’s 2023 Sustainability Report, go to phillips66.com/sustainability.

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release, including with respect to our plans and goals regarding lower-carbon initiatives, energy efficiency initiatives and investments, and GHG emissions intensity reduction goals, are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; our ability to achieve the expected benefits of the integration of DCP Midstream and the diversion of management’s time on integration-related matters; the success of the company’s business transformation initiatives and the realization of savings from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; current or contemplated changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the inability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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