Phillips 66 Partners

What Phillips 66 Partners does

Phillips 66 Partners, L.P. was a publicly traded master limited partnership listed on the New York Stock Exchange under ticker PSXP that operated as a midstream energy infrastructure company. The entity owned and operated pipeline transportation, storage, and terminaling assets for crude oil and refined petroleum products, serving enterprise customers within the U.S. energy value chain. Prior to acquisition, it functioned as a vehicle for owning, operating, acquiring, and developing midstream infrastructure integrated with its parent Phillips 66's refining, marketing, commercial, and renewable fuels segments. The product portfolio seen at the parent level spans refining, midstream, marketing, commercial, renewable fuels, aviation, asphalt, crude oil, fuels and lubricants, and specialty petroleum products, supported by services such as safety data sheets, interest owner administration, AnalysisPlus analytics, pipeline safety programs, and midstream tariff information.

On March 9, 2022, Phillips 66 closed on its previously announced acquisition of Phillips 66 Partners. Upon closing, Phillips 66 Partners became a wholly-owned subsidiary of Phillips 66 and ceased to operate as an independent, publicly traded entity. The company is no longer independently operated; historical SEC filings remain available under CIK 1572910, and a K-1 tax package support service continues to be offered to former unit holders via a third-party tax package support portal. The business model as a midstream MLP relied on fee-based revenues from pipeline tariffs, storage, and terminaling services, with the acquisition eliminating the standalone MLP structure in favor of full integration into the parent's vertically integrated energy platform.

Name

Phillips 66 Partners

Legal name

Phillips 66 Partners, L.P.

Website

https://phillips66partners.com

Company type

Public

Founded year

1927

Operating status

Acquired

Headcount range

5,001–10,000 employees

Short description

Phillips 66 Partners was a publicly traded midstream MLP (NYSE: PSXP) that operated pipeline transportation, storage, and terminaling assets for crude oil and refined products. It was acquired by Phillips 66 on March 9, 2022, becoming a wholly-owned subsidiary of the parent integrated energy company.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Refined Petroleum Products (486910), Petroleum Bulk Stations and Terminals (424710)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Refined Products Terminals (Gasoline, Diesel, Jet, Heating Oil) (EUALAEAB)

akta.pro secondary industries

Blending, Additization & Terminal Operations (In-Terminal Blending, Dyeing, Bio-blending) (EUALAEAJ), NGL/LPG Pipeline Storage & Terminaling (Caverns, Bullet Tanks, Tank Farms) (TLAGAEAM)

Keywords

• Midstream pipeline operations
• Petroleum product transportation
• Energy infrastructure services
• Crude oil logistics
• Terminal and storage

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels1 record

Marketing channels4 records

Core offering

Phillips 66 Partners was an energy infrastructure master limited partnership (MLP) that owned, operated, developed, and acquired midstream energy assets, including refined petroleum product pipelines, crude oil and natural gas liquids pipelines, terminals, storage facilities, processing plants, fractionation facilities, and marine terminals. The partnership earned revenue by charging tariffs and fees for transporting crude oil, natural gas liquids, and refined petroleum products on behalf of refiners, marketers, and producers under long-term contracts.

Product overview

Phillips 66 Partners was an energy infrastructure master limited partnership (MLP) that operated as a midstream and downstream energy company. The company was organized as a platform-plus-modules architecture consisting of: (1) core midstream operations including pipeline transportation, storage, and terminaling services; (2) downstream operations spanning refining, marketing, commercial trading, aviation, asphalt, crude oil, fuels and lubricants, and specialties; (3) renewable fuels production; and (4) supporting services including safety data sheets, interest owner services, and AnalysisPlus analytics. Phillips 66 Partners was acquired by Phillips 66 on March 9, 2022, and became a wholly-owned subsidiary. The company operated under several brands including Phillips 66, Conoco, 76, and Jet.

Differentiator

Problem solved

Functional benefit

Products and services

• Refined Petroleum Product Pipeline Transportation

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Phillips 66coreOthers · 9 March 2022Phillips 66 Partners was acquired by Phillips 66 on March 9, 2022, becoming a wholly-owned subsidiary of Phillips 66. The transaction was previously announced and closed on the specified date. Phillips 66 Partners operated as a publicly traded master limited partnership (MLP) before the acquisition.

Scale indicators1 record

Recent moves5 records

Expansion highlights2 records

Direct peers

• Enterprise Products Partners: Enterprise Products Partners is one of the largest publicly traded midstream MLPs operating crude oil, refined products, NGL, and natural gas pipelines, storage, and terminals. Direct comparable to Phillips 66 Partners' pipeline and terminaling operations serving integrated energy customers.
• Plains All American Pipeline: Plains All American Pipeline operates crude oil and natural gas liquids pipelines, storage, and terminaling assets throughout North America. Highly comparable midstream MLP-style asset base to Phillips 66 Partners.
• Magellan Midstream Partners: Magellan Midstream Partners operates refined petroleum products pipelines and terminals, with a strong focus on gasoline, diesel, and jet fuel logistics. Closely aligned refined products pipeline/terminal focus to Phillips 66 Partners.
• Valero Energy Partners (now consolidated into Valero): Valero Energy Partners was a midstream MLP formed by Valero Energy to own/operate crude, refined products, and NGL pipelines and terminals serving Valero refineries — directly analogous to Phillips 66 Partners' relationship with Phillips 66 before the 2022 acquisition.
• Energy Transfer: Energy Transfer operates extensive midstream infrastructure including crude, refined products, and NGL pipelines plus terminals across the U.S. Closely comparable business mix to Phillips 66 Partners' pipeline transportation and terminaling activities.
• ONEOK: ONEOK operates an integrated midstream network with strong NGL and natural gas gathering, processing, and pipeline assets. Comparable midstream MLP-to-corp transition profile to Phillips 66 Partners, with overlap in NGL/petroleum logistics.

Broad incumbents

• Williams Companies: Williams Companies operates large-scale natural gas and NGL/gas processing infrastructure across the U.S. While more gas-focused, Williams competes for midstream capital and customers and overlaps with parts of Phillips 66 Partners' midstream footprint.
• Kinder Morgan: Kinder Morgan is one of the largest North American energy infrastructure companies, operating pipelines and terminals for natural gas, refined products, crude oil, and CO2. Larger and more diversified incumbent operating across the same midstream categories as Phillips 66 Partners.
• Marathon Petroleum: Marathon Petroleum is a major integrated downstream/refining company with internal midstream logistics and wholesale operations. Comparable as an integrated downstream peer that owns similar refining-to-terminal infrastructure.

Regional players

• Buckeye Partners: Buckeye Partners operates refined petroleum products and NGL pipelines and terminals primarily in the Northeastern U.S. and Caribbean. Comparable midstream asset focus but smaller scale and more regional footprint than Phillips 66 Partners.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors3 records

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

M&A1 record

Investments1 record

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

Frequently asked questions about Phillips 66 Partners