*2019 GHG data has been assured by Ernst & Young LLP. To learn more, read the external assurance statement. In 2021, we announced 2030 targets to reduce the GHG emissions intensity of our operations (Scope 1 and 2) and products (Scope 3) by 30% and 15%, respectively, from a 2019 baseline.* These medium-term targets are tied to projects currently underway and projects that are planned or under development consistent with the company’s disciplined approach to capital allocation and focus on returns. These projects: • Improve the energy efficiency of our operations • Grow production and blending of renewable fuels and lower-carbon supply chain products such as premium coke and lubricants • Produce commercial-scale low-carbon-intensity hydrogen • Capture carbon from our operations • Increase renewable power sources to use in our operations • Support enterprise growth and portfolio optimization Our 2030 targets are based on many factors, including planned projects that may be impacted by future equipment turnarounds and maintenance periods. These periods can vary by two to five years and may be affected by operational, materials or labor availability, and market demands. As a result, reductions are not anticipated to be ratable year over year. In 2021, we advanced permitting for conversion of our Rodeo facility, decided to convert the Alliance Refinery to a terminal and progressed several other lower-carbon initiatives. In 2022, we continue to progress our planned projects and are on track to meet our emissions intensity reduction targets. For more details on GHG data, see the Performance Data section of this report. Achieving our 2050 target to reduce Scope 1 and 2 manufacturing-related emissions intensity by 50% will require changes beyond Phillips 66’s sphere of influence and control, such as: • Advancements enabling broad commercial deployment and use of lower-carbon technologies • Global policies that fund and incentivize the development of a lower-carbon energy system • Changes in consumer behavior and energy choices • Available materials throughout the supply chain Our commitment to sustainability is also reflected in changes to our employee bonus program. In 2021, the board’s Human Resources and Compensation Committee increased the weighting of environmental factors in our Variable Cash Incentive Program from 5% to 15%. In addition, we added metrics for advancing lower-carbon investments, optimization and innovation, reducing manufacturing emissions intensity, and setting GHG emissions-intensity reduction targets. Phillips 66 recognizes the importance of credible disclosure to shareholders. Reputational and potential economic harm could result from setting emissions reduction targets outside our current understanding of feasible and economic pathways. We are committed to reassessing our targets in step with technological developments, policy changes and consumer energy demand trends. 30% reduction from baseline 50% reduction from baseline 2019 Baseline 2019 Baseline 2020 Actual 2021 Actual 2030 Target 15% reduction from baseline 36.5 380 374 *Ernst & Young LLP provided limited assurance for certain 2019 GHG data 366 323 37. 3 37. 5 25.5 17.6 2021 Actual 2030 Target 2050 Target 2020 Actual (Metric Tons CO 2 e/MBOE) (Metric Tons CO 2 e/MBOE) 53 53 GOVERNANCE SCOPE 1 AND 2 MANUFACTURING-RELATED GHG EMISSIONS INTENSITY SCOPE 3 PRODUCT-RELATED GHG EMISSIONS INTENSITY