RISK MANAGEMENT At Phillips 66, we use a detailed and disciplined process to identify potential risks and opportunities that could significantly impact our business. Enterprise Risk Management Our enterprise risk management program provides a systematic approach to identifying and understanding significant risks, including climate-related issues, changes in energy policy, and physical or operational risks. Our strategic planning and scenario planning seek to manage our businesses' risks while evaluating opportunities to execute our strategy. Experts from all areas of our business units and functions — including Refining, Midstream, Commercial, Marketing and Specialties, Corporate Strategy, Research, Finance, Treasury, Tax, Legal, Compliance, Government Affairs, Community Relations and Environment, Social and Governance — are actively involved in our risk management program and processes. Our Risk Management team works to identify risks falling into any of the categories described above that could affect our overall policies and governance, strategy development, business units, forecasts and capital allocation decisions, among others. Additionally, our Risk Management team provides detailed, regular, timely and relevant information to our board of directors and Executive Leadership Team. This information is one of many inputs that enables our board and its committees to oversee and guide our company effectively. In our program we: • Quantify the risks based on our assessment of the probability of each risk and the potential significance of its financial, reputational or other impacts • Assess each of these risks in light of potential mitigating strategies or factors that may be available • Assign values to each mitigating factor based on assessments of potential timing, costs, effectiveness and other features • Include assessments of potential GHG emissions policies and impacts Each of these risks has a corporate owner, creating accountability within our organization. Management directs, and the board oversees, the enterprise risk management program and processes. 50 PHILLIPS 66 2022 SUSTAINABILITY REPORT RISKS TO OUR BUSINESS • Physical environmental factors, risks associated with weather or climate, and our efforts and ability to measure, report and control GHG emissions • The impact of regional or global energy accords and related forecasts of program impacts and costs • Financial variables, including the likely location, scale and duration of all tax regimes, including carbon taxes • Evolving investor opinions and initiatives • Community, cultural, political and public opinion factors that could influence where, when and how we operate and at what cost • Demographic, scientific, technological, reputational and human capital matters • Trade leakage, which can result when imported goods transfer from one jurisdiction to another OUR BUSINESSES: TODAY AND TOMORROW ENVIRONMENT AND SAFETY GOVERNANCE STAKEHOLDER ENGAGEMENT