Phillips 66 reports fourth-quarter 2020 financial results Fourth Quarter Reported a fourth-quarter loss of $539 million or $1.23 per share; adjusted loss of $507 million or $1.16 per share Generated operating cash flow of $639 million Completed Sweeny Hub Phase 2 expansion and the fourth dock at Beaumont Terminal Commissioned second dock and additional storage at South Texas Gateway Terminal Operated at 101% O&P utilization in Chemicals Announced 2021 capital budget of $1.7 billion, including Phillips 66 Partners Full-Year 2020 Generated $2.1 billion of operating cash flow Responded rapidly to COVID-19 conditions; exceeded $500 million cost and $700 million capital reduction targets Completed major growth projects, including Gray Oak Pipeline and Sweeny Hub Phase 2 expansion