Phillips 66 and Square Robot Team Up to Develop Storage Tank Inspection Robot

Autonomous robot would enable petroleum storage tanks to remain in
service for tank floor inspections

BOSTON & HOUSTON–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company,
and Square Robot, Inc. are advancing into the unmanned robotics
inspection market through the joint development of an autonomous robot
that would have the capability to inspect petroleum product storage tank
floors while product remains in the tank. The untethered robot is being
designed and will be certified for use in a wide range of petroleum
products. The robot is expected to enter service in mid-2018.

Aboveground storage tanks are routinely removed from service to be
drained, opened and cleaned at great expense in order to evaluate tank
bottoms. The new robot is being developed to automatically survey and
map obstacles within a tank — while the tank remains in static service
— creating a specific route map allowing maximum coverage of the tank
floor. Using the non-destructive testing (NDT) data gathered, a
certified inspector will produce a floor thickness map allowing for a
more accurate prediction of a tank floor’s remaining life.

“Our collaboration with Phillips 66 provides access to a significant
team of experts in NDT inspection, safety, procedures and operations,”
said Eric Levitt, Square Robot co-founder. “As a start-up, we would not
have access to these tremendous resources outside of our core business
of developing autonomous robots for confined spaces.”

“Ensuring the integrity of our equipment is one of our top priorities
and we are always looking for innovative new technologies to help us
achieve this,” said Todd Denton, general manager, Midstream Operations,
Phillips 66. “Our collaboration with Square Robot presents a unique
opportunity to develop technology that will enable us to maintain our
equipment and minimize disruption to our customers.”

About Square Robot, Inc.

Square Robot was started by three Subsea Robotics professionals in May
2016, specifically to address the growing need for swimming autonomous
robots for Oil and Gas applications. Aside from terrestrial tanks, the
same autonomous hovering technology will have broad ranging applications
for subsea infrastructure inspection. The rapidly growing Boston based
start-up has recently completed a first round of fundraising and
currently employs 12 engineers. The company intends to launch a tank
floor inspection service business in Houston during the summer of 2018.

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 an integral asset in the portfolio.
Headquartered in Houston, the company has 14,600 employees committed to
safety and operating excellence. Phillips 66 had $52 billion of assets
as of June 30, 2017. 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.
Statements in this press release that are not purely historical are
forward-looking statements. These statements are not guarantees of
future performance or outcomes 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. Forward-looking statements
herein include statements regarding Square Robot’s efforts to develop
and commercialize the technology with the capabilities, and Phillips
66’s ability to use the technology, as described in this press release.
Factors that could cause actual results to differ materially include,
but are not limited to, technical or legal issues that may arise in the
development, protection or commercialization of the technology, as well
as the possible introduction by others of competitive technology. These
factors could, among other things, delay or prevent the development of
the technology and Phillips 66’s expected benefits therefrom. The
forward-looking statements contained herein are made only as of the date
of this press release and neither Square Robot nor Phillips 66 undertake
any obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.

Contacts

Square Robot
Eric Levitt, 617-274-8389
ext. 7801
[email protected]
or
Phillips
66
Jeff Dietert, 832-765-2297 (investors)
[email protected]
or
Rosy
Zuklic, 832-765-2297 (investors)
[email protected]
or
C.W.
Mallon, 832-765-2297 (investors)
[email protected]
or
Dennis
Nuss, 832-765-1850 (media)
[email protected]