What Phillips 66 does

Phillips 66 is a U.S.-headquartered, publicly traded energy manufacturing and logistics company (NYSE: PSX) that operates an integrated downstream value chain spanning midstream transportation and processing, refining, marketing, specialty products, and renewable fuels. Its business is built around 11 owned and joint-venture refineries (including Sweeny, the largest single refinery in the United States, plus Wood River, Borger, Bayway, Billings, Ferndale, Ponca City, Santa Maria, Lake Charles, Humber in the UK, and MiRO in Germany), more than 70,000 miles of U.S. pipeline systems, 11 NGL fractionation plants with 889,000 barrels per day of capacity, 4.8 Bcf/d of natural gas processing capacity, and roughly 7,450 branded motor-fuel sites plus 300+ branded fixed-base operators. The company also holds a 50% interest in the Chevron Phillips Chemical Company joint venture, the largest U.S. polypropylene producer, and a 50% interest in Excel Paralubes for Group II base oils.

The company generates revenue primarily through market-priced sales of refined petroleum products (gasoline, diesel, jet fuel), tariff-based and fee-based midstream services, branded marketing of motor fuels and lubricants, and a growing renewable diesel and sustainable aviation fuel business at the Rodeo Renewable Energy Complex (50,000 BPD). Distribution is multi-channel: a commercial trading desk of more than 100 traders across five global offices, an enterprise sales organization, distributor networks, and direct-to-consumer channels (FBO retail, the Fuel Forward mobile app, and the Wings Card / WingPoints aviation loyalty programs). Pricing is largely market-based with crack-spread exposure on refining volumes; aviation inventory software (FITS) uses a freemium tier, and renewable fuels revenue is augmented by Inflation Reduction Act tax credit monetization and book-and-claim SAF certificates. Technology includes the proprietary SeRT selenium removal process, the Methane Event Management System (MEMS) for midstream operations, the Iron Mesa Mechanical Vapor Recompression facility at Rodeo, and a 440-acre Energy Research and Innovation campus in Bartlesville, Oklahoma with more than 200 labs.

Phillips 66 was spun off from ConocoPhillips in 2012 and has since executed a series of midstream-focused acquisitions, most notably DCP Midstream ($3.8 billion, completed June 2023), EPIC NGL (April 2025), the WRB Refining 50% interest from Cenovus ($1.4 billion, completed September 2025), and the Lindsey Oil Refinery assets in the UK (April 2026). The company returned $778 million to shareholders in Q1 2026, raised its quarterly dividend by 7% to $1.27, and committed to returning more than 50% of net cash flow from operations. Reported 2025 adjusted earnings were $4.4 billion on roughly $132 billion of revenue, with $27 billion of total debt and approximately $6.0 billion of liquidity at the end of Q1 2026.

Name

Phillips 66

Legal name

Phillips 66 Company

Website

https://phillips66.com

Company type

Public

Founded year

1875

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Phillips 66 is a Houston-based, publicly traded integrated downstream energy company operating refineries, 70,000+ miles of U.S. pipelines, NGL fractionation, branded motor-fuel and aviation FBO networks, and a 50% interest in the CPChem petrochemicals joint venture.

Ownership category

akta.pro rank

Product category

Downstream Energy & Refining

NAICS

Petroleum and Coal Products Manufacturing (3241), Petroleum Refineries (32411), Pipeline Transportation of Refined Petroleum Products (486910), Pipeline Transportation of Refined Petroleum Products (48691)

SIC

Petroleum Refining (2911), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922)

akta.pro primary industry

Distillation & Fractionation (Crude, Condensate & NGL Splitters) (EUALAGAD)

akta.pro secondary industries

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB), Unbranded/Spot Fuels Distribution (Rack Sales) (EUALAIAC), Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG), Refinery Blending & Product Quality Control (Gasoline/Diesel/Jet Blending, Additives) (EUALAGAJ), Liquid Bulk Petroleum Terminals (Crude, Refined Products) (TLAHABAH), Natural Gas Compressor Station Operations & Services (TLAGACAD)

Keywords

• Petroleum refining operations
• Midstream pipeline logistics
• Renewable diesel production
• Aviation fuel supply
• Industrial lubricants manufacturing

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Refined petroleum product sales: Refining segment generates revenue from selling gasoline, diesel and jet fuel produced at 11 owned and joint-venture refineries to wholesale, commercial and retail channels; market-priced with crack-spread exposure.
2. Branded marketing of motor fuels: Revenue from selling Phillips 66, 76 and Conoco branded gasoline and diesel to dealers, franchisees, joint-venture retail outlets and licensed brand sites (approximately 7,450 branded sites plus ~1,450 license sites).
3. Lubricants and specialty products sales: Sale of finished lubricants (Kendall, Red Line, Pure Performance brands) and specialty base oils in 80+ countries, produced at eight proprietary blending/packaging facilities.
4. Midstream pipeline, terminaling and NGL services: Tariff-based and fee-based revenue from 70,000+ miles of pipelines, 11 NGL fractionation plants (889,000 BPD), 4.8 Bcf/d gas processing, plus 200+ terminals handling 150,000 railcar loads, 650,000 truckloads and 3,100 marine voyages per year.
5. Commercial crude, NGL and refined-product trading: Transactional revenue from physical and paper trading of crude, NGLs, refined products and feedstocks by 100+ traders and 20+ originators across five global offices (Houston, London, Singapore, plus other locations).
6. Specialty chemicals and by-products: Sale of petroleum coke, solvents, polypropylene (775M lbs/yr under COPYLENE®), sulfur (900,000 long tons/yr) and sulfuric acid (75,000 short tons/yr).
7. Renewable diesel and sustainable aviation fuel (SAF) sales: Sale of renewable diesel and SAF produced at the Rodeo Renewable Energy Complex (50,000 BPD capacity), plus market-based monetisation of IRA tax credits and book-and-claim SAF certificates.
8. CPChem joint-venture earnings (50%): Equity earnings from 50% interest in Chevron Phillips Chemical Company, one of the world's top producers of polyethylene and petrochemicals.
9. Aviation fuel and FBO services: Sale of branded jet fuel, avgas and related services through 300+ Phillips 66, 76, JET and UK-branded FBOs, supported by FITS software subscriptions.
10. Excel Paralubes joint-venture earnings (50%): Equity earnings from 50% interest in Excel Paralubes LLC, which produces Group II clear hydrocracked base oils (22,200 BPD capacity).

Pricing tiers

Go-to-market motion7 records

Distribution channels8 records

Marketing channels9 records

Core offering

Phillips 66 is a vertically integrated downstream energy company that refines crude oil at 11 owned and joint-venture refineries (including the Sweeny Refinery, the largest single refinery in the U.S.), transports crude and refined products through more than 70,000 miles of U.S. pipeline systems, markets branded motor fuels (Phillips 66, 76, Conoco) and aviation fuels through ~7,450 branded sites and 300+ FBOs, produces petrochemicals through a 50/50 Chevron Phillips Chemical joint venture, manufactures renewable diesel and SAF at the Rodeo Renewable Energy Complex, and sells lubricants and specialty products in 80+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• Phillips 66 Aviation: Major contract jet and avgas fuel supplier to private, commercial, and military aviation; operator of branded FBO network.
• Phillips 66 Lubricants
• Kendall Motor Oil
• Red Line Synthetic Oil
• Copylene
• Pure Performance
• Coppylene
• Fuel Forward
• WingPoints Rewards
• ConoPure

Products and services

• Refined Petroleum Products (Gasoline, Diesel, Jet Fuel) Gasoline, diesel, and jet fuel produced at 11 owned and joint-venture refineries worldwide, including the Sweeny Refinery (largest in the U.S.), Bayway, Billings, Borger, Ferndale, Lake Charles, Ponca City, Santa Maria, Wood River, Humber (UK), and MiRO (Germany). Sold to wholesale, commercial, and retail channels.
• Midstream Pipeline and NGL Services Integrated network providing crude oil and refined petroleum product transportation, terminaling, and processing, plus natural gas and NGL transportation, storage, fractionation, gathering, processing, and marketing services, including LPG exports. Operates 70,000+ miles of U.S. pipeline systems, 889,000 BPD of NGL fractionation capacity, and 4.8 Bcf/d net natural gas processing capacity.
• Branded Motor Fuels (Phillips 66, 76, Conoco) Branded gasoline and diesel sold under the Phillips 66, 76, and Conoco brands through approximately 7,450 branded sites in the U.S. (including ~790 retail joint-venture outlets and ~600 California sites selling renewable diesel) plus ~1,450 brand-licensing sites and ~1,290 marketing sites in Europe.
• Renewable Diesel and Sustainable Aviation Fuel (SAF) Lower-carbon renewable diesel and SAF produced at the Rodeo Renewable Energy Complex at approximately 50,000 BPD capacity, plus co-processing of renewable feedstocks at the Humber facility in the UK. Sold with market premiums over petroleum-based fuels, supplemented by IRA tax-credit monetisation and book-and-claim SAF certificate sales.
• Aviation Fuels and FBO Services Major contract jet and avgas fuel supplier to private, commercial, and military aviation. Operates the largest network of branded FBOs in the United States (300+ FBOs under Phillips 66, 76, JET, and UK brands), refines avgas (40% of U.S. market) and jet fuel, and offers the Wings Card, WingPoints Rewards, contract fuel program, and rebate programs.
• Finished Lubricants and Specialty Base Oils One of the largest lubricants suppliers in the U.S., sold in more than 80 countries. Includes aviation lubricants (piston engine oils and hydraulic fluids, FAA-approved) sold under the Phillips 66 line, plus Kendall, Red Line, and Pure Performance brands, supported by eight proprietary blending and packaging facilities.
• Specialty Products (Polypropylene, Coke, Sulfur, Solvents) Specialty products including 775 million pounds of polypropylene per year under the COPYLENE brand, petroleum coke, solvents, approximately 900,000 long tons of sulfur per year, and approximately 75,000 short tons of sulfuric acid per year. Sold to industrial buyers.
• Crude Oil and NGL Commercial Trading Physical and paper trading of crude oil, NGLs, refined products, and feedstocks by 100+ traders and 20+ originators across five global offices (Houston, London, Singapore, and others). Crude oil pricing is publicly posted via the Commercial organization pricing portal.
• Asphalt Products Asphalt products sold to paving, roofing, and construction customers, supported by a dedicated asphalt marketing, technical, and customer service team.
• Petrochemicals (Chevron Phillips Chemical JV) Petrochemicals produced through the 50/50 Chevron Phillips Chemical Company (CPChem) joint venture with Chevron, one of the world's largest producers of polyethylene and petrochemicals. Phillips 66 records equity earnings from this JV.
• Excel Paralubes Base Oils (JV) 50/50 joint venture Excel Paralubes LLC produces 22,200 barrels per day of Group II clear hydrocracked base oils for the lubricants business. Operated adjacent to the Lake Charles Refinery, with output marketed under the Pure Performance brand.

Quantifiable outcome

• 70,000+ miles of U.S. pipeline systems operating across the Midstream segment
• +5 more outcomes

Named customers13 records

Segments8 records

Ideal customer profiles8 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature7 records

Partnerships

16 partnerships are on record, tiered flagship, core and minor.

• Chevron Phillips Chemical Company (CPChem)flagshipStrategic or Co-development PartnerPhillips 66 holds a 50% joint venture interest in Chevron Phillips Chemical Company, one of the world's largest producers of polyethylene and petrochemicals. The JV integrates chemicals with refining output.
• Excel Paralubes LLCcoreStrategic or Co-development Partner50/50 joint venture that produces 22,200 barrels per day of Group II clear hydrocracked base oils for the lubricants business. Jointly owned with subsidiaries of J. Aron & Company.
• Kinder MorgancoreStrategic or Co-development PartnerJoint development of the Western Gateway Pipeline, providing an outlet for Permian crude from the Sweeny hub to the Texas Gulf Coast and supporting export demand growth.
• NextEra Energy ResourcescoreStrategic or Co-development PartnerPower offtake agreement for the new Rodeo Renewable Energy Complex solar facility that supplies renewable electricity to the Iron Mesa MVR unit supporting renewable-diesel and SAF production.
• DCP MidstreamflagshipStrategic or Co-development PartnerPhillips 66 completed the $3.8 billion acquisition of DCP Midstream, integrating one of the largest U.S. natural-gas processing and NGL midstream platforms with Phillips 66's midstream segment.
• United AirlinescoreGTM or Marketing PartnerSustainable aviation fuel (SAF) offtake agreement that supports United's decarbonisation goals using renewable fuels produced at the Rodeo Renewable Energy Complex.
• MicrosoftcoreGTM or Marketing PartnerBook-and-claim sustainable aviation fuel agreement enabling Microsoft to claim SAF attributes supporting Scope 3 emissions reduction targets.
• DSVcoreGTM or Marketing PartnerSustainable aviation fuel collaboration supporting air-freight decarbonisation for the global logistics company DSV.
• DHL ExpresscoreGTM or Marketing PartnerMulti-year SAF supply agreement under the GoGreen Plus program, using SAF One certificates to support DHL's aviation decarbonisation.
• Kanin EnergyminorStrategic or Co-development PartnerCollaboration on waste-heat-to-power projects at certain Phillips 66 sites to recover waste heat and generate additional electrical power.
• VeritenminorOthersPhillips 66 joined as an investor in the Veriten fund alongside other industry investors (including Halliburton and CIBC) focused on upstream and energy-transition investment ideas.
• Project Lead The Way (PLTW)minorGTM or Marketing PartnerMulti-year partnership supporting K-12 STEM education and workforce development programs across communities where Phillips 66 operates.
• Points of LightminorGTM or Marketing PartnerLong-running civic engagement and volunteer campaign with Points of Light Foundation, including the company's Day of Service (1,059,000+ hours volunteered since 2012).
• Cenovus EnergyflagshipStrategic or Co-development PartnerCounterparty in the $1.4 billion sale of Cenovus's 50% interest in WRB Refining LP, which owns the Wood River and Borger refineries; transaction consolidated both assets under full Phillips 66 ownership.
• DCP Midstream employees and managementminorOthersFollowing the acquisition, former DCP Midstream employees and management have been integrated into the Phillips 66 Midstream segment; transition plans included retention packages and a long-term partnership framework.
• Local California authorities (Rodeo-area permitting)minorOthersLocal government and permitting authorities partnering with Phillips 66 on the conversion of the Rodeo refinery into the Rodeo Renewable Energy Complex and construction of the Iron Mesa MVR facility.

Scale indicators20 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Marathon Petroleum: Largest U.S. independent refiner with a similar downstream focus on refining, midstream and retail marketing; competes directly with Phillips 66 in U.S. gasoline and diesel markets and is also a target of climate activism over sports sponsorships.
• Valero Energy: Major U.S. independent refiner with comparable scale in gasoline, diesel and jet production, plus a growing renewable diesel business; directly competes with Phillips 66 for wholesale and branded fuel customers across the U.S.
• PBF Energy: Independent U.S. refiner operating five refineries focused on crude flexibility and refined-product marketing; competes with Phillips 66 in East Coast, Gulf Coast and West Coast refined-product markets.
• HF Sinclair (HollyFrontier): U.S. refining and midstream company with refining capacity, branded fuel marketing (Sinclair) and lubricants exposure — closely comparable to Phillips 66's refining, marketing and specialty products segments.
• Kinder Morgan: Largest U.S. midstream operator and Western Gateway Pipeline joint-venture partner; competes directly with Phillips 66 Midstream in U.S. crude, NGL and refined-product pipeline transportation, gas processing and NGL fractionation.

Broad incumbents

• Chevron: Integrated supermajor and 50% CPChem joint-venture partner with Phillips 66; competes in refining and marketing while sharing petrochemical ownership, and offers a broader upstream/downstream portfolio.
• ExxonMobil: Largest U.S. integrated oil major with significant refining, chemicals and lubricant (Mobil 1) businesses; competes with Phillips 66 in refined products, petrochemicals, and lubricants on a global scale.
• Shell: Global integrated energy major with substantial refining, marketing, lubricants (Shell Rotella, Pennzoil) and growing SAF/RD operations; competes with Phillips 66 in European refining, lubricants and aviation.
• BP: Integrated energy major with refining, marketing, convenience retail and renewable fuels businesses; competes with Phillips 66 in European refining, branded retail and aviation fuel supply.
• LyondellBasell Industries: Global petrochemicals and polymers producer comparable to Phillips 66's chemicals exposure (50% CPChem JV, COPYLENE polypropylene, specialty coke and sulfur businesses).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Phillips66Co
• YouTubeyoutube.com/@Phillips66Co
• Facebookfacebook.com/Phillips66Co
• LinkedInlinkedin.com/company/phillips66co
• Instagraminstagram.com/phillips66co

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries17 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phillips 66