Phillips 66 Achieves Full Production Rates of Renewable Fuel

Rodeo Renewed project increases output to approximately 50,000 barrels per day (BPD)

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) today announced the full conversion of the Rodeo Renewable Energy Complex, expanding commercial-scale production and positioning the company as a leader in renewable fuels.

The Rodeo facility in the San Francisco Bay Area increased rates to approximately 50,000 BPD (800 million gallons per year), reaching the company’s goal of achieving full capacity by the second quarter of 2024. The announcement also marks a significant step in Phillips 66’s commitment to play a meaningful role in the energy transition and provide customers with lower-carbon solutions.

“Phillips 66 has reached another important milestone, which is a testament to our employees’ dedication to achieving our company’s strategic priorities,” said Rich Harbison, Phillips 66 executive vice president of Refining. “The facility running at full capacity supports the growing demand for renewable fuels, lowers our carbon footprint and creates long-term value for our shareholders.”

Announced in 2020, Rodeo Renewed is designed to produce renewable diesel and sustainable aviation fuel (SAF), among other products. In addition to supplying California markets, the complex is providing renewable diesel in other areas along the West Coast.

The Rodeo complex includes new pre-treatment units that process lower carbon intensity feedstocks, such as used cooking oil, fats, greases and vegetable oil. It began producing approximately 30,000 BPD of renewable fuel at the end of the first quarter of 2024.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

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Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com



Owen Simpson (investors)

832-765-2297

owen.simpson@p66.com



Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

Source: Phillips 66