Item 7.01 Regulation FD Disclosure

On November 12, 2020, Phillips 66 (the "Company") sent an email to certain interested parties, including investors, notifying them of website postings of information regarding the Company's response to a shareholder proposal that received majority support at the Company's 2020 Annual Meeting. The full text of the email is below:

"At Phillips 66's Annual Meeting in May 2020, our shareholders voted in favor of a proposal requesting a report on the risks of petrochemical investments in the U.S. Gulf Coast.

We understand that investors today are faced with the challenge of parsing through increasing volumes of information. It is for that reason that Greater Good, our 2020 sustainability report that was published in June, includes a chapter on climate change and a TCFD analysis, and adds a SASB content index for quick reference. We wanted to make it easier for our investors to find relevant information in one report. Chevron Phillips Chemical Company (CPChem), the joint venture in which Phillips 66 owns a 50% interest and that operates the petrochemical assets to which the shareholder proposal generally relates, posted its own updated 2020 sustainability report to its website this summer. Our sustainability report provides a link to CPChem's disclosures (as well as the disclosures of another non-operated joint venture, DCP Midstream) for easy reference.

We have engaged with the shareholder representative proponent to discuss these new reports. We also have continued regular, ongoing engagement with investors to discuss matters of importance to them, including environmental, social and governance issues. We know that responsiveness to investors is key to good governance. In addition to the new reports described above, in our effort to substantially implement the request contained in the shareholder proposal, CPChem has prepared a report, Managing Climate Change Risks, that expands on and supplements its 2020 sustainability report. We have provided a link to that report on www.phillips66.com/Sustainability, and you can also find it at www.cpchem.com/managing-climate-change-risks.

We hope that you find all of these reports useful and informative.

Thank you for your continued interest in Phillips 66."

The information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as set forth by specific reference in such filing. Additionally, information contained on or made available through the websites referenced is not a part of this Current Report on Form 8-K.

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