Phillips 66

The Midstream segment consists of two businesses:

•Transportation—Transports crude oil and other feedstocks to our refineries and other locations, delivers refined petroleum products to market, and provides terminaling and storage services for crude oil and refined petroleum products.

•NGL—Gathers, processes, transports and markets natural gas; transports, fractionates, markets and exports NGL.

At December 31, 2025, our Midstream segment owned or held partial interests in approximately 70,000 miles of crude oil, refined petroleum product, NGL and natural gas pipeline systems; 39 refined petroleum product terminals; 35 natural gas gathering and processing plants; 15 crude oil terminals; 10 NGL fractionation facilities; six NGL terminals; a petroleum coke exporting facility; and various other storage and loading facilities that are located in the United States.

Acquisitions

On April 1, 2025, we acquired all issued and outstanding equity interests in each of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, together with their respective subsidiaries (collectively referred to herein as Coastal Bend), which own various long haul NGL pipelines, fractionation facilities and distribution systems.

See Note 5—Business Combinations, in the Notes to Consolidated Financial Statements for additional information regarding the Coastal Bend acquisition.

Investment Disposition

On January 30, 2025, DCP Midstream, LP (DCP LP), a consolidated subsidiary in which we hold an aggregate direct and indirect economic interest of 86.8%, sold its 25% ownership interest in Gulf Coast Express Pipeline LLC.

See Note 9—Investments, Loans and Long-Term Receivables, in the Notes to Consolidated Financial Statements for additional information regarding the above disposition.

Transportation

We own, hold partial interests in, or lease various assets to provide transportation, terminaling and storage services. These assets include crude oil, refined petroleum product, NGL, and natural gas pipeline systems; crude oil, refined petroleum product and NGL terminals; a petroleum coke handling facility; marine vessels; railcars and trucks.

Pipelines and Terminals

The following table depicts our ownership interest in major pipeline systems included in our Transportation business at December 31, 2025:

• Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles.

The following table depicts our ownership interest in terminal and storage facilities included in our Transportation business at December 31, 2025:

The following table depicts our ownership interest in marine, rail and petroleum coke loading and offloading facilities included in our Transportation business at December 31, 2025:

• Marine facilities in thousands of barrels per hour (MB/h); Rail in thousands of barrels daily (MB/D).

Marine Vessels

At December 31, 2025, we had 28 international-flagged crude oil, refined product and NGL tankers under time charter contracts, with capacities ranging in size from 300,000 to 1,100,000 barrels. We also had a variety of inland and offshore tug/barge units. These vessels are used primarily to transport crude oil and other feedstocks, as well as refined products for our facilities. In addition, the NGL tankers are used to export propane and butane mainly from our owned facilities.

Truck and Rail

Our truck and rail fleets support our feedstock and distribution operations. Truck movements are provided through our wholly owned subsidiary, Sentinel Transportation LLC, and through numerous third-party trucking companies. Rail movements are provided via a fleet of approximately 8,900 owned or leased railcars.

NGL

At December 31, 2025, our NGL business owned or held partial interests in a diversified and integrated portfolio of assets across the wellhead-to-market value chain. Our portfolio includes natural gas gathering and processing plants, NGL and natural gas pipeline systems, and fractionators located in the United States. A significant portion of our business is conducted through DCP LP, a consolidated subsidiary in which we hold an aggregate direct and indirect economic interest of 86.8%.

Natural Gas Gathering and Processing

DCP LP’s gathering and processing assets are strategically located in some of the major producing regions in the United States, including the Permian Basin, the Denver-Julesburg Basin (DJ), the Midcontinent and Eagle Ford. We own or hold partial interests in 35 active natural gas processing plants that have a net nameplate processing capacity of 5 billion cubic feet per day (Bcf/d).

Pipeline Systems

In 2025, we acquired the Coastal Bend assets, which include pipelines. Together with our existing pipeline systems—such as those owned by DCP Sand Hills Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills), in which we hold a combined direct and indirect economic interest of 91.2%—these assets enhance takeaway capabilities for DCP LP’s gathering and processing operations in key U.S. production regions. They also provide access to customers and market outlets along the U.S. Gulf Coast, including Corpus Christi, Mont Belvieu, and our Sweeny fractionation and export facilities (known as the Sweeny Hub), all located in Texas.

Sweeny Hub Assets and NGL Fractionators

The Sweeny Hub is a U.S. Gulf Coast NGL market hub, consisting of four fractionators with an original nameplate fractionation capacity of 550,000 barrels per day (B/D), an LPG export terminal, and NGL storage caverns. As a result of engineering and optimization projects, the Sweeny Fractionators have demonstrated an expansion of nameplate capacity to fractionate 675,000 B/D. The fractionators are located adjacent to our Sweeny Refinery in Old Ocean, Texas, and supply purity ethane to the petrochemical industry and purity NGL to domestic and global markets. Raw NGL supply is delivered to the fractionators from nearby major pipelines, including the DCP Sand Hills pipeline system. The fractionators are supported by significant infrastructure including connectivity to two NGL supply pipelines, a pipeline connecting to the Mont Belvieu market hub and our Clemens Caverns storage facility with access to our LPG export terminal in Freeport, Texas. The Sweeny Hub also includes our C2G Pipeline, which is a 16-inch ethane pipeline that connects our Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi.

The Freeport LPG Export Terminal leverages our fractionation, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal can simultaneously load a propane vessel and a butane vessel, and has demonstrated a combined LPG export capacity of 300,000 B/D. In addition, the terminal has the capability to export natural gasoline (C5+) produced by the Sweeny Hub fractionators.

In addition to the Sweeny Hub, our NGL business owns or has partial interests in facilities that fractionate raw NGL supply in complexes in Mont Belvieu, Texas and Conway, Kansas. During 2025, further enhancing our wellhead-to-market strategy, we acquired the Coastal Bend assets, including two fractionators with processing capacity of 170,000 B/D located near Corpus Christi, Texas.

The following table depicts our ownership interest in major pipeline systems included in our NGL business at December 31, 2025:

• Owned by consolidated subsidiaries in which we hold an aggregate 91.2% direct and indirect economic interest, including through our economic interest held in DCP LP.

The following table depicts our ownership interest in terminal and storage facilities included in our NGL business at December 31, 2025:

The following table depicts our ownership interest in a marine facility included in our NGL business at December 31, 2025:

The following table depicts our ownership interest in NGL fractionators included in our NGL business at December 31, 2025:

• Interest reflects Phillips 66’s 12.5% direct interest and DCP LP’s direct interest of 12.5%.

** Facility restarted in 2025 after being idled in December 2020.

The following table depicts our operating data in gathering and processing assets included in our NGL business at December 31, 2025:

† Million cubic feet per day (MMcf/d). Includes plants owned by DCP LP, a consolidated subsidiary in which we hold an aggregate 86.8% direct and indirect economic interest.

• Includes two Dos Picos plants, with approximately 100 miles of gathering and transmission systems and 440 MMcf/d net nameplate capacity.