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Phillips 66 Adds 2050 Target to Greenhouse Gas Emissions Reductions Plans

February 28, 2022

Company’s newest target would reduce Scope 1 and 2 manufacturing-related emissions intensity 50% by 2050

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) announced today that it intends to reduce the greenhouse gas emissions intensity from its operations companywide 50% by 2050. The new target builds upon the company’s previously announced Scope 1 and 2 GHG emissions reduction targets.

“We are committed to being part of the solution and helping the world address climate change,” said Phillips 66 Chairman and CEO Greg Garland. “Our 2050 target further reflects our drive to create shareholder value and ensure Phillips 66 participates in the energy transition.”

Phillips 66 introduced 2030 targets last year, signaling its commitment to taking action and reducing the carbon intensity of its operations. Both sets of targets are compared to 2019 levels.

“We support the ambitions of the Paris Agreement and are increasing our commitment with the 2050 target,” Garland said. “We will continue to prioritize our resources to drive innovation and do our part. The company’s investments to meet its targets will be consistent with its disciplined approach to capital allocation.”

The company’s 2022 capital program of $1.9 billion includes $916 million for growth capital, of which 45% supports lower-carbon opportunities.

The targets set by Phillips 66 are based on the company’s lower-carbon strategy and leverage its Emerging Energy group. The company has made meaningful progress toward developing a lower-carbon business, pursuing opportunities in renewable feedstocks and fuels, sustainable aviation fuel, the U.S. supply chain for batteries and lower-carbon hydrogen, among other areas.

“Achieving long-term greenhouse gas emissions reductions is ambitious and will require changes at and beyond Phillips 66,” Garland said. “Policies are needed to spur investment in lower-carbon infrastructure and technology development, significant shifts are required in consumer behavior, and materials throughout the supply chain must be readily available.”

Phillips 66 is one of the few downstream energy companies with an in-house research and development organization. The Energy Research & Innovation group works on developing and commercializing lower-carbon technologies to support the energy transition. The company has active U.S. patents in a number of areas, including biofuels, carbon capture, fuel cells and hydrogen.

Go to the Sustainability section of the Phillips 66 website for a video message from Garland and a presentation with more details on the 2030 and 2050 emissions reduction targets.

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. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Dec. 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” 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 included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they 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: the effects of any widespread public health crisis on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels or greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; the pace of technological advancements and industry innovation, including those focused on reducing GHG emissions and advancing other climate-related initiatives, and our ability to take advantage of those innovations and developments; our ability to identify and execute opportunities, and the economic viability of those opportunities; the ability of our existing assets and expertise to support the growth of, and transition to, various renewable and alternative energy opportunities, including through the positioning and optimization of our assets; our ability to efficiently and economically reduce the carbon intensity of our operations; the impacts of acquisitions or dispositions; investments required as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates or carbon taxes); consumer preferences or demand 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.

Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com

Shannon Holy (investors)
832-765-2297
shannon.m.holy@p66.com

Thaddeus Herrick (media)
855-841-2368
thaddeus.f.herrick@p66.com

Source: Phillips 66

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