Task Force on Climate-related Financial Disclosures Analysis We include our TCFD analysis in our governance chapter to provide you with a look at how we are assessing and mitigating risks and opportunities associated with climate change. GOVERNANCE AND OVERSIGHT OF CLIMATE-RELATED RISKS AND OPPORTUNITIES At Phillips 66, risk management starts with our board of directors and its committees providing oversight of strategic planning. Our governance structure provides the board and executive leadership the necessary opportunities to exercise their oversight responsibilities concerning risks, including those related to climate change, and our executive leadership is responsible for the strategic and operational management of climate-related financial risks and opportunities. The board and management review long-term energy outlook scenarios and leading indicators annually and as a consideration in business planning. The Audit and Finance Committee monitors our enterprisewide risk management program more frequently. It also reviews company controls, compliance and ethics. The board’s Public Policy and Sustainability Committee considers environmental, social and political trends and risks to guide the company’s long-term business objectives. OUR VISION At Phillips 66, our commitment to providing energy and improving lives extends to every aspect of our business. As the global population grows, access to affordable, reliable and abundant energy is needed to drive human progress and the need for global action to reduce GHG emissions increases. We strive to increase the efficiency of our diversified operations. Our integrated portfolio provides ongoing opportunities to strengthen our competitiveness and maximize upside in the near term and mitigate downside risk longer term. Our strong balance sheet, scale, commercial acumen, leadership in research and innovation, and growth opportunities within our expanding lower-carbon portfolio contribute to our long-term resilience. Technology development and deployment are needed to provide energy now and achieve energy transition goals consistent with the Paris Agreement. To test our financial resilience under multiple scenarios, we consider a range of possible long-term energy outlooks, and we evaluate and mitigate potential risks, including climate-related risks. We adjust our plans to capture new opportunities considering technology developments, policy changes and consumer energy demand. 46 PHILLIPS 66 2022 SUSTAINABILITY REPORT Los Angeles Refinery WILMINGTON, CA OUR BUSINESSES: TODAY AND TOMORROW ENVIRONMENT AND SAFETY GOVERNANCE STAKEHOLDER ENGAGEMENT