We work to meet the world's growing energy needs and improve lives across the globe. Through our diverse portfolio of assets in our Midstream, Chemicals, Refining, and Marketing and Specialties businesses, we manufacture, transport and market products that drive the global economy. Our company and our industry have an important role in people's quality of life every day. We work to provide affordable, reliable energy while also positioning Phillips 66 for long-term competitiveness. We have an inclusive culture that promotes innovation and delivers value for our stakeholders. We recognize the need for investments to address climate challenges. This is why we're using our existing infrastructure and capabilities along with our research into emerging energies and renewables to help us thrive in the energy transition. ACHIEVING LONG-TERM CHANGE We are committed to helping the world address climate change. In 2021, we set measurable, impactful and attainable targets for GHG emissions intensity reductions. By 2030, we plan to reduce Scope 1 and Scope 2 emissions intensity from our operations by 30% and Scope 3 emissions intensity of our energy products by 15% below 2019 levels. In 2022, we added a goal to reach a 50% companywide reduction in Scope 1 and 2 GHG emissions intensity by 2050. Our commitment to a lower-carbon future includes our investment in technology to improve our assets, products and processes for increased efficiency and the ability to capitalize on emerging possibilities as the energy market transforms. We recognize our employees' skills will evolve during the energy transition. Please refer to our Stakeholder Engagement section for more information about our approach to a just transition. Our compensation plan is aligned with these priorities, and, in 2021, we increased the weight of environmental metrics in calculating our annual incentive program payouts. According to the U.S. Energy Information Administration (EIA), global energy consumption is projected to increase by almost 50% by 2050, with petroleum and other liquid fuels remaining the main source of that energy. Achieving long-term GHG emissions reductions is ambitious and will require changes at Phillips 66, throughout our industry and in the rest of the world. The effort will also require significant shifts in consumer behavior, and supply chains will need to adjust. We believe that national policies are needed to spur investment in lower-carbon infrastructure and technology development. While petroleum and other liquid fuels will still be the main source of energy in 2050, renewables will likely be the fastest-growing energy source. OUR POSITION ON CLIMATE CHANGE Phillips 66 recognizes the need to address climate change, and we know that access to energy is an important part of the solution to many of the world's major challenges. We develop affordable energy solutions to promote human progress and economic growth while also advancing climate change solutions. The company supports global action to reduce GHG emissions. Our approach is to improve the efficiency of our diversified and resilient operations and make investments to meet the world’s evolving energy needs while advancing a lower-carbon future. Phillips 66 supports climate policy that: • Offers market-based, economywide solutions that are fuel- and technology- neutral for all energy sources to facilitate the meaningful GHG emissions reductions that are most beneficial and least costly to society • Balances economic, environmental, energy security and local community needs • Rationalizes overlapping policies or programs • Ensures that energy producers, manufacturers and suppliers are responsible for their direct emissions • Recognizes and appropriately accounts for early or voluntary actions • Makes any regulatory cost, and associated climate benefits, transparent to the consumer • Promotes fundamental public research at the pre-commercial stage to advance viable energy solutions 6 PHILLIPS 66 2022 SUSTAINABILITY REPORT PHILLIPS 66 2022 SUSTAINABILITY REPORT OUR BUSINESSES: TODAY AND TOMORROW ENVIRONMENT AND SAFETY GOVERNANCE STAKEHOLDER ENGAGEMENT