Phillips 66

What does Phillips 66 own?
Phillips 66 owns refining, midstream, chemicals, marketing, and renewable fuels operations. Its consumer-facing brands include Phillips 66, Conoco, and 76 fuel stations, Jet in Europe, and Phillips 66 Aviation and Lubricants. The company also owns 50% of Chevron Phillips Chemical Company (CPChem), a major petrochemicals joint venture, and fully owns DCP Midstream, one of the largest NGL gatherers and processors in the United States.

Is Phillips 66 publicly traded?
Yes, Phillips 66 is publicly traded on the New York Stock Exchange under the ticker symbol PSX. The company has been publicly traded since May 1, 2012, when it was spun off from ConocoPhillips. Shares are held by institutional investors, mutual funds, and individual shareholders, with approximately 400.7 million shares outstanding as of January 2026.

Who founded Phillips 66?
The modern Phillips 66 was created in 2012 through a spin-off from ConocoPhillips, not by individual founders. The original Phillips Petroleum Company was founded in 1917 by brothers L.E. Phillips and Frank Phillips in Bartlesville, Oklahoma. The Phillips 66 brand was introduced in 1927 at a service station in Wichita, Kansas, named after U.S. Route 66.

Where is Phillips 66 headquartered?
Phillips 66 is headquartered in Houston, Texas, USA. The company's corporate offices are in the Phillips 66 Tower in the Westchase district of Houston. The company was incorporated in Delaware in 2011 in anticipation of the 2012 spin-off from ConocoPhillips.

How many brands does Phillips 66 own?
Phillips 66 owns three primary retail fuel brands in the United States (Phillips 66, Conoco, and 76), one European fuel brand (Jet, partially divested in 2025), and several specialized product lines including Phillips 66 Aviation and Phillips 66 Lubricants. The company also holds a 50% stake in Chevron Phillips Chemical Company. Its brand portfolio is smaller and more focused than diversified energy majors.

Who owns Phillips 66?
Phillips 66 is owned by its public shareholders. No single investor or group exercises controlling interest. The company is governed by a board of directors led by Chairman and CEO Mark Lashier. Institutional investors hold the majority of shares, with the company's market capitalization fluctuating based on energy sector conditions and refining margins.

What is Phillips 66's revenue?
Phillips 66 reported full year 2025 earnings of $4.4 billion on revenues of approximately $109.6 billion. The company generated $5.0 billion in net operating cash flow and returned $3.1 billion to shareholders through dividends and share repurchases. In Q2 2026, the company reported earnings of $3.8 billion, driven by strong refining utilization and record midstream volumes.

Has Phillips 66 made major acquisitions recently?
Yes. In October 2025, Phillips 66 acquired the remaining 50% equity interest in WRB Refining LP from Cenovus Energy, gaining full ownership of the Wood River and Borger refineries. In April 2026, the company completed the acquisition of Lindsey Oil Refinery and logistics assets in the United Kingdom. The company also acquired the Coastal Bend NGL fractionator and expanded its Dos Picos II gas plant in the Permian Basin.

The origins of Phillips 66 date to 1917, when brothers L.E. Phillips and Frank Phillips founded Phillips Petroleum Company in Bartlesville, Oklahoma. The brothers were wildcatters who had found success in the oil fields of northern Oklahoma. Their company grew rapidly during the early 20th century, expanding from exploration and production into refining and marketing.

The Phillips 66 brand itself originated in 1927, when the company opened its first service station at 6th and Main streets in Wichita, Kansas. The number 66 was chosen to match the highway that ran past the station, U.S. Route 66. The brand became known for high-quality fuels and distinctive orange and black signage, growing into one of the most recognized fuel brands in the American Midwest and West.

Phillips Petroleum expanded through the mid-20th century, building refineries, chemical plants, and a national network of service stations. The company was a pioneer in natural gas liquids extraction and developed significant midstream infrastructure. In 2002, Phillips Petroleum merged with Conoco Inc. to form ConocoPhillips, creating one of the largest integrated oil and gas companies in the world. The merger combined Conoco's upstream strength with Phillips' downstream and chemicals capabilities.

ConocoPhillips operated as an integrated major for a decade, but by 2011, the company's leadership concluded that the upstream and downstream businesses had diverged enough in their capital requirements and market dynamics to warrant separation. On April 30, 2012, ConocoPhillips spun off its downstream operations into a new independent company named Phillips 66. Shareholders of ConocoPhillips received one share of Phillips 66 for every two shares of ConocoPhillips they held. The new company began trading on the NYSE under the ticker PSX on May 1, 2012.

In its early years as an independent company, Phillips 66 focused on integrating its refining, marketing, and chemicals operations while building out its midstream footprint. In 2014, the company formed Phillips 66 Partners LP, a master limited partnership, to own and operate midstream assets. The MLP structure allowed the company to access capital markets for pipeline and terminal projects while retaining general partner control.

A major strategic move came in 2020, when Phillips 66 acquired all remaining publicly held common units of Phillips 66 Partners, consolidating its midstream assets under the corporate umbrella. This simplified the company's structure and eliminated the incentive distribution rights that had constrained cash flow allocation.

In 2022, Phillips 66 made a significant acquisition in the midstream sector, purchasing the remaining 50% interest in DCP Midstream LLC from Spectra Energy Partners for approximately $3 billion. This deal gave Phillips 66 full ownership of one of the largest natural gas liquids gatherers and processors in the United States, strengthening its position in the Permian Basin and other key production areas.

The year 2025 was transformative for Phillips 66. The company sold the majority of its European retail business, divesting marketing operations in Germany and Austria. In October 2025, it acquired the remaining 50% equity interest in WRB Refining LP from subsidiaries of Cenovus Energy, gaining full ownership of the Wood River and Borger refineries. In the fourth quarter of 2025, the company ceased fuel production and began idling its Los Angeles Refinery as part of a restructuring plan, with full idling expected over subsequent months. The company also acquired the Coastal Bend NGL fractionator and expanded its Dos Picos II gas plant in the Permian Basin.

In January 2026, Phillips 66 announced an agreement to acquire Lindsey Oil Refinery and logistics assets in the United Kingdom, a transaction completed in April 2026. The company announced a 2026 capital budget of $2.4 billion, with $1.1 billion for sustaining capital and $1.3 billion for organic growth capital. In Q2 2026, the company achieved full production at Dos Picos II, a 220 million cubic feet per day gas plant in the Permian Basin, and announced plans for the 300 MMCFD Zeus Gas Plant and a 100 thousand barrel per day Coastal Bend NGL Fractionator in Corpus Christi.

Phillips 66 publishes an annual sustainability report and has established commitments aligned with a lower-carbon future. The company's sustainability strategy focuses on reducing operational emissions, investing in renewable fuels, and developing technologies for carbon capture and hydrogen.

The company operates a renewable diesel business through its Renewable Fuels segment, which converts waste oils and fats into low-carbon transportation fuel. Phillips 66 has also invested in emerging technologies, including NOVONIX Limited, a battery materials company, and has pursued carbon capture and storage projects.

Phillips 66 is not a Certified B Corporation, and none of its subsidiaries hold B Corp certification. The company is not a member of RSPO or Leaping Bunny, as these certifications are not applicable to its industrial energy operations. The company does not have independently verified science-based targets for emissions reduction through the SBTi, though it reports Scope 1 and Scope 2 emissions in its sustainability disclosures.

The idling of the Los Angeles Refinery in Q4 2025 reflects both economic and environmental considerations. The company cited the need to redevelop the property for future uses, while also acknowledging the challenging economics of refining on the West Coast. The company has submitted redevelopment project applications for the site.

Phillips 66 has faced regulatory and environmental scrutiny across its operations. In 2024, the company agreed to pay a $2.5 million penalty to the U.S. Environmental Protection Agency to resolve violations of the Clean Air Act at its former Ferndale, Washington refinery. The settlement included requirements for improved monitoring and emissions controls.

The idling of the Los Angeles Refinery in Q4 2025 drew attention from California regulators and community groups. The company's decision to cease fuel production affected approximately 600 employees and contractors, and raised concerns about regional fuel supply in the Los Angeles market. Phillips 66 stated that it would maintain all operating permits and hold units in a safe, clean condition while pursuing redevelopment approvals.

The company has also faced scrutiny over its environmental compliance record at other refineries. In 2023, Phillips 66 paid a $3.4 million penalty to settle Clean Air Act violations at its Sweeny, Texas complex. The company has invested in emissions reduction technologies across its refining portfolio as part of its sustainability commitments.

In 2024, the company was named in litigation related to per- and polyfluoroalkyl substances (PFAS) contamination at chemical facilities, though Phillips 66 has stated that its operations are not a primary source of PFAS contamination. The company's CPChem joint venture has faced similar scrutiny, as polyfluoroalkyl substances are used in some petrochemical manufacturing processes.