Upon completion, the two plants will produce 11,000 barrels per day (BPD) of renewable diesel fuel

(LAS VEGAS, Nev., Aug. 27, 2018) - Ryze Renewables announced today that construction is underway for two renewable diesel production facilities in Nevada. Once operational, these plants will manufacture high-cetane renewable diesel fuel from agricultural oils and animal fats, using a patented hydrogenation technology that is more efficient than current conversion processes.

When completed, the two Ryze Renewables facilities are expected to produce a combined 11,000 barrels per day (BPD) of renewable diesel fuel for Western U.S. and Canadian markets.

“We are excited to be building the next generation of renewable fuel plants,” said Matt Pearson, Ryze Renewables managing director. “The output of these facilities will help businesses and motorists achieve the ever-increasing demand for renewable fuels on the West Coast.”

For this project, Ryze Renewables has partnered with Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company. Through a long-term supply and offtake agreement, Phillips 66 will supply both plants with feedstock and move 100 percent of the renewable product from the plants to customers in West Coast markets.

“These innovative Nevada plants are strategically located to provide our western customers with an efficient, reliable source of renewable diesel fuels,” said Brian Mandell, senior vice president, Marketing and Commercial, Phillips 66.

Renewable diesel fuel is a “drop-in” fuel that does not need to be blended with traditional diesel like current biodiesels. Additionally, producing renewable diesel has lower overall emissions than other biofuels, which translates to a low carbon intensity (CI) score and maximizes the low-carbon fuel standard (LCFS) credit from the California Air Resources Board.

The first plant in Reno is expected to come online in mid-2019, while the second facility in Las Vegas will become operational starting in early 2020.

Construction of the two plants is expected to create more than 750 construction jobs, and once completed, will add more than 140 permanent full-time positions in the Reno and Las Vegas areas.

About Ryze Renewables

Ryze Renewables is a producer of renewable fuels from non-edible renewable and waste feedstocks. Its products allow customers to lower their carbon footprint using high-quality fuels that are 100% American made. For more information, visit www.ryzerenewables.com.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,400 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of June 30, 2018. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBO R" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Phillips 66’s operations (including joint venture operations) are based on management’s expectations, estimates and projections about the company, its interests and the energy industry in general on the date this news release was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS

Christopher Dancy, Ryze Renewables

949-812-7065

cdancy@ryzerenewables.com

or

Joe Gannon, Phillips 66

832-765-1850 (media)

joe.gannon@p66.com