Companies enter into joint venture to develop up to 250 hydrogen retail refueling stations by 2026

Phillips 66 (NYSE: PSX) and H2 Energy Europe (“H2 Energy”) today announced their commitment to develop up to 250 retail hydrogen refueling stations across Germany, Austria and Denmark by 2026 through a 50-50 joint venture between their subsidiaries, Phillips 66 Limited and H2 Energy Europe AG. The agreement is subject to regulatory approvals and customary closing conditions.

Phillips 66 Limited is a U.K.-based, wholly owned subsidiary of Phillips 66, a diversified energy manufacturing and logistics company. Phillips 66 has a strong retail presence with more than 1,000 JET^®-branded stations in Europe and a growing hydrogen refueling network in Switzerland through its participation in the Coop Mineraloel AG joint venture.

Swiss-headquartered H2 Energy is a joint venture between commodity trading firm Trafigura Pte Ltd. and H2 Energy Holding AG, a leading hydrogen provider in Europe with investments in the production, distribution and utilization of green hydrogen. Through its affiliated companies, H2 Energy was the first to develop and deliver hydrogen fuel cell trucks to commercial users and create a green hydrogen fueling ecosystem in Switzerland.

“We consider hydrogen and fuel cell technology an enabler of the energy transition,” said Rolf Huber, founder of H2 Energy. “It buffers excess electricity production, and stores and distributes energy that has been produced by renewables.”

The European subsidiaries of Phillips 66 and H2 Energy will leverage their capabilities to develop a retail network, bringing together hydrogen supply, refueling logistics and vehicle demand. The parties aim to supply the retail refueling network with green hydrogen, as available. Demand is anticipated in part through H2 Energy’s ownership in Hyundai Hydrogen Mobility, a retail and distribution partner in Europe for Hyundai’s commercially available heavy-duty fuel cell electric truck.

“At Phillips 66, we believe that expanding access to hydrogen is critical to achieving a lower-carbon future,” said Brian Mandell, Phillips 66 Executive Vice President, Marketing and Commercial. “We’re excited to join forces with H2 Energy, which has demonstrated success in developing technology assets across the hydrogen value chain.”

The joint venture’s future network of hydrogen refueling stations in Germany, Austria and Denmark will comprise existing JET^®-branded retail stations as well as new locations on major transport routes. H2 Energy will be responsible for integrating hydrogen production, supply and the refueling apparatus through its wholly owned and affiliated entities. Government support will be required for the implementation of the refueling network.

H2 Energy recently unveiled activities to build a 1-gigawatt electrolysis plant in Denmark capable of generating up to 90,000 metric tons a year of green hydrogen from electricity sourced from offshore wind.

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.

About H2 Energy

H2 Energy was established in Zurich, Switzerland, in 2014 with the vision to play an active role in fighting climate change. The company wants to make hydrogen from renewable energy a cornerstone of the energy system by expanding the entire value chain across production, distribution and consumption in a sustainable and economic way. H2 Energy is involved in the entire hydrogen value chain, offering know-how and engineering each step of the way. The company draws on many years of experience, particularly in creating hydrogen production plants, establishing hydrogen refueling stations and in the engineering of hydrogen fuel cell applications. In 2020, Trafigura and H2 Energy announced a commercial collaboration to develop the production, storage and distribution of green hydrogen for refueling stations and industrial customers. Under the joint venture H2 Energy Europe, the two companies will invest in green hydrogen ecosystems across Europe. Visit: www.h2energy.ch

About Trafigura

Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. At the heart of global supply, Trafigura connects the world with the vital resources it needs. Through our Oil & Petroleum Products, Metals and Minerals, and Power and Renewables divisions, we deploy infrastructure, skills and a global network to move commodities from where they are plentiful to where they are needed most, forming strong relationships that make supply chains more efficient, secure and sustainable.

Trafigura also owns and operates a number of industrial assets including a majority share of global multi-metals producer Nyrstar and fuel storage and distribution company Puma Energy; and joint ventures Impala Terminals, a port and logistics provider, and Nala Renewables, a power and renewable energy investment and development platform. With over 1,000 shareholders, Trafigura is owned by its employees and employs over 13,000 people working in 48 countries. Visit: https://www.trafigura.com

PHILLIPS 66 CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains 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. Forward-looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including but not limited to regulatory approvals and market conditions. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.

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