Entity

Phillips 66 (NYSE: PSX) is an American multinational integrated downstream energy company headquartered in Westchase, Houston, Texas, operating across refining, midstream, chemicals, and marketing & specialties. The company was formed on May 1, 2012 as an independent publicly traded entity following the spinoff of ConocoPhillips' downstream operations, inheriting a corporate lineage tracing back to Phillips Petroleum Company (founded 1917) and its predecessor, the "66" gasoline brand introduced in 1927. It employs approximately 14,600 people worldwide.

Corporate History

Phillips 66's roots extend to 1875 through predecessor companies, with Phillips Petroleum formally established in Bartlesville, Oklahoma in 1917. The iconic "66" brand name derives from the first road trial of Phillips gasoline on Route 66 in 1927. The company pioneered commercial HF Alkylation in 1942 at its Borger, Texas refinery, establishing a technology licensing legacy that continues today. Following the merger of Phillips Petroleum with Conoco Inc. in August 2002 to form ConocoPhillips, the downstream refining, chemicals, and logistics assets were separated into the newly independent Phillips 66 in May 2012.

Business Segments

Phillips 66 operates through four primary business segments:

• Refining: Processes crude oil and other feedstocks into gasoline, distillates, aviation fuels, and renewable fuels across 11 refineries in the United States and Europe

• Midstream: Transports, stores, fractionates, and markets crude oil, refined products, and natural gas liquids (NGLs); achieved record NGL transportation volumes exceeding 1 million b/d in 2025​

• Chemicals: Held through Chevron Phillips Chemical Company LLC (CPChem), a 50/50 joint venture with Chevron producing ethylene, polyethylene, aromatics, styrenics, and specialty chemicals

• Marketing & Specialties (M&S): Markets refined petroleum products (gasolines, distillates, aviation fuels) and manufactures specialty products including base oils, lubricants, and petroleum coke

Refining Operations

Phillips 66 operates 11 refineries in the United States and Europe with a combined crude capacity exceeding 1.8 million b/d. The Los Angeles Refinery (139,000 b/d) was permanently closed in Q4 2025, citing uncertain market dynamics in California. In September 2025, Phillips 66 acquired full 100% ownership of the Wood River (173,000 b/d) and Borger (75,000 b/d) refineries by purchasing Cenovus Energy's remaining 50% stake in WRB Refining LP for $1.4 billion.

Current Refinery Portfolio​

*Full ownership of Wood River and Borger acquired September 2025; MIRO is a partial interest

Financial Performance

Phillips 66 reported full-year 2024 net income of $2.1 billion on revenues exceeding $36 billion. In Q4 2025, the company delivered strong results driven by a refining margin of $12.48 per barrel and 99% crude capacity utilization — the third consecutive year above industry-average utilization. The company reduced debt by $2.0 billion in Q4 2025, ending 2025 with $19.7 billion in total debt. The 2026 capital budget is set at $2.4 billion, with $1.1 billion allocated to midstream growth (Iron Mesa gas processing plant, Coastal Bend NGL expansion) and $1.1 billion to refining sustaining and growth capital.

Technology Licensing

Phillips 66 maintains an active refining technology licensing group, owning proprietary technologies inherited from Phillips Petroleum and ConocoPhillips. Key licensed technologies include:​

• HF Alkylation: Over 100 grassroots units licensed worldwide; one of the two dominant HF alkylation technology providers globally​

• Hydrisom: Proprietary C₄ olefin pretreatment process (selective diolefin hydrogenation + isomerization), licensed as standard pretreater to HF Alkylation units

• ReVAP (Reduced Volatility Alkylation Process): HF safety enhancement add-on, co-developed with Mobil Oil, reducing HF volatility in the event of accidental release​

• E-Gas™ Gasification: Licensed to Reliance Industries (India) and others for heavy residue upgrading​

Brands & Marketing

Phillips 66 owns and licenses several well-known fuel retail brands across the United States and Europe:​

• Phillips 66, Conoco, 76 — United States

• JET — Europe (partially divested: Austrian and European fuel retail operations sold for $2.8 billion in December 2025)​

The company holds a Fortune 500 ranking and operates approximately 8,500 retail outlets in the United States.

Renewable Energy

Phillips 66 is actively transitioning part of its asset base toward renewable fuels. Its Rodeo Renewable Energy Complex (San Francisco Bay Area) — converted from a conventional refinery — now produces up to 50,000 b/d (~800 million gallons/year) of renewable diesel and sustainable aviation fuel (SAF), positioning it as one of the largest renewable fuels facilities in the world.