Our Approach to Sustainability Sustainability shapes how we define and execute our strategy which supports the long-term resilience and competitiveness of the company. It is organized around operating excellence, environmental stewardship, social responsibility, governance and financial performance. Our approach has enabled us to deliver on our vision to provide energy and improve lives, and to drive shareholder value since our start in 2012. ABOUT THIS REPORT Phillips 66 has published annual sustainability metrics and information on our website since the company was founded in 2012. This year’s report continues that transparency with critical performance data, the inclusion of feedback from our stakeholder engagement programs, details on our governance, oversight, policies and programs, as well as acknowledgment of our achievements and descriptions of our investments and resources, all of which are vital to our company's long-term sustainability. We have assessed our operations against the Sustainability Accounting Standards Board (SASB) materiality criteria for Refining, Marketing and Midstream, addressing those most relevant to our business and stakeholders, and the Global Reporting Initiative (GRI) standards. SASB and GRI information is included on the Phillips 66 Supplemental Information website. We also provide analysis and disclosures based on the latest version of the Task Force of Climate-related Financial Disclosures (TCFD) framework. In compiling this report, we considered industry trade association publications, including sustainability reporting guidance for the oil and gas industry published by Ipieca, the American Petroleum Institute and the International Association of Oil & Gas Producers. Unless otherwise explicitly stated, this report covers Phillips 66's performance in 2021 and focuses on outcomes from our operated assets, including our master limited partnership, Phillips 66 Partners LP, and WRB Refining LP, an operated joint venture. Chevron Phillips Chemical Company LLC (CPChem) and DCP Midstream, LLC publish sustainability reports on their websites for interested readers. A glossary of our terms can be found in the P erformance Data section of this report. 3 Ferndale Refinery FERNDALE, WA OUR APPROACH TO SUSTAINABILITY 3