Overview
Phillips 66 is a Houston-based, publicly traded downstream energy company that was separated from ConocoPhillips in 2012. Its business is organized into five operating segments: Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Across those activities, the company transports, stores, processes and markets crude oil, refined products, natural gas liquids and LPG; participates in petrochemicals and plastics through Chevron Phillips Chemical; refines crude oil into products such as gasoline, distillates and aviation fuels; markets fuels, base oils and lubricants; and produces renewable fuels from renewable feedstocks.[1][2][3][4][5][6][7]
The company’s operations are centered in the United States but extend into Europe and other international markets through refining, chemicals, marketing and export activities, including 11 refineries in the U.S. and Europe and chemicals manufacturing facilities in countries including Belgium, Colombia, Qatar, Saudi Arabia, Singapore and the U.S.[5][8][9] Phillips 66 states its mission as “providing energy and improving lives” and its vision as being the leading integrated downstream energy provider.[10] In 2024, it reported $143.2 billion of sales and other operating revenues and had approximately 13,200 employees at year-end, underscoring its scale as a large global downstream energy company.[11][10] [1][2][3][4][5][6][7][8][9][10][11]
Products & services
Phillips 66’s product slate is centered on transportation fuels and related specialties. Its refining system processes crude oil and other feedstocks into gasoline, distillates, aviation fuels and petrochemical feedstocks across 11 refineries with total net crude throughput capacity of 1,841 MB/D. Individual sites also produce more specialized outputs: Bayway includes a polypropylene plant capable of 775 million pounds per year; Los Angeles produces CARB-grade gasoline; Humber makes specialty graphite and anode-grade petroleum cokes; MiRO produces bitumen and anode- and fuel-grade petroleum cokes; and Ferndale supplies residual fuel oil for the northwest marine bunker market. In 2024, Refining accounted for 24.3% of Phillips 66’s third-party sales and other operating revenues.[5][12][13][14][15][16][17][18]
Its Marketing and Specialties products include gasoline, diesel and aviation fuel sold through branded and wholesale channels, as well as base oils and lubricants. The lubricants portfolio includes automotive, commercial, industrial and specialty lubricants sold under the Phillips 66, Kendall, Red Line and private-label brands, while Excel Paralubes operates a hydrocracked lubricant base-oil plant with capacity of 22,200 B/D of Group II clear hydrocracked base oils marketed under the Pure Performance brand. Marketing and Specialties was the company’s largest source of third-party sales and other operating revenues in 2024 at 63.1%.[19][20][21][18]
Phillips 66 also markets renewable fuels and petrochemicals and provides related logistics services. Its Renewable Fuels segment processes renewable feedstocks into renewable diesel, renewable jet fuel and other renewable fuels; the Rodeo Complex can process about 50,000 B/D, or roughly 800 million gallons per year, of renewable feedstocks into those products. Through its 50% interest in CPChem, the company participates in petrochemicals and plastics including ethylene, propylene, high-density polyethylene, low-density polyethylene, linear low-density polyethylene, polypropylene, normal alpha olefins, polyalphaolefins, polyethylene pipe, benzene, cyclohexane, styrene, polystyrene and specialty chemicals; disclosed capacities include 14.43 billion pounds per year of worldwide ethylene, 3.675 billion pounds per year of U.S. propylene and 575 million pounds per year of worldwide specialty chemicals. Midstream services support these product flows through crude oil and refined-product transportation, terminaling and processing, plus natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing, including LPG exports. In 2024, Midstream represented 11.2% and Renewable Fuels 1.4% of third-party sales and other operating revenues.[22][23][4][24][25][3][18] [5][12][13][14][15][16][17][18][19][20][21][22][23][4][24][25][3]
Geographic presence
Phillips 66 is headquartered in Houston, Texas, and its geographic operating footprint is centered on the United States, while also extending into Europe and selected international chemicals markets through its CPChem joint venture, which is headquartered in The Woodlands, Texas. Its Midstream assets are located in the United States, and its refining system comprised 11 refineries at year-end 2024: sites in New Jersey, Louisiana, Texas, Oklahoma, Montana, Illinois, Washington and California, plus one refinery in the United Kingdom and one in Germany. Its Marketing and Specialties activities are concentrated mainly in the United States and Europe.[26][27][28][8][12][6]
In 2024, sales and other operating revenues were heavily weighted to the United States at $113.6 billion, or about 79.4% of the consolidated total, versus $12.7 billion in the United Kingdom (8.9%), $5.3 billion in Germany (3.7%) and $11.6 billion in other countries (8.1%); the company attributes revenue to the location of the operations generating the revenues. Long-lived assets were even more concentrated in the United States at $47.9 billion, or about 96.5% of the worldwide total, compared with $1.3 billion in the United Kingdom, $0.3 billion in Germany and $0.1 billion in other countries.[29][30][31][32]
The company’s retail and marketing network is also geographically concentrated in North America and Europe. At December 31, 2024, Phillips 66 had approximately 7,450 branded outlets in 48 U.S. states and Puerto Rico, plus brand-licensing agreements covering about 1,450 sites. In Europe, it had marketing operations in Austria, Germany, the United Kingdom and Switzerland, with about 1,290 outlets in Europe, and it also held brand-licensing agreements covering about 70 sites in Mexico. Through CPChem, the chemicals footprint includes manufacturing facilities in Belgium, Colombia, Qatar, Saudi Arabia, Singapore and the United States, along with two research and development centers in the United States.[33][34][27] [26][27][28][8][12][6][29][30][31][32][33][34]
Business segments
Phillips 66 currently reports five operating segments: Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels; Renewable Fuels was established as a separate operating segment in 2024 after related activities had previously been reported within other segments.[35][36] Midstream covers crude oil and refined-product transportation, terminaling and processing, plus natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing services, including LPG exports.[3] Chemicals consists of Phillips 66’s 50% equity investment in Chevron Phillips Chemical Company LLC, which manufactures and markets petrochemicals and plastics worldwide.[4] Refining processes crude oil and other feedstocks into products including gasoline, distillates and aviation fuels, and includes 11 refineries in the U.S. and Europe.[5] Marketing and Specialties purchases for resale and markets refined products, mainly in the U.S. and Europe, and also manufactures and markets base oils and lubricants.[6] Renewable Fuels processes renewable feedstocks into renewable products at the Rodeo Renewable Energy Complex and the Humber Refinery, and also includes renewable feedstock procurement, certain regulatory credit management and renewable-fuels marketing.[7]
Using 2024 third-party sales and other operating revenues as the cleanest external revenue mix, Marketing and Specialties accounted for about 63% of segment revenue, Refining about 24%, Midstream about 11%, and Renewable Fuels about 1%; Chemicals is not presented with third-party segment sales because it is equity-accounted rather than consolidated as external sales.[18] On a pretax income basis in 2024, Midstream contributed roughly 99% of consolidated pretax income, Marketing and Specialties about 38% and Chemicals about 33%, offset by losses in Refining, Renewable Fuels and Corporate and Other; Corporate and Other is a reconciling category rather than an operating segment.[18][37] [35][36][3][4][5][6][7][18][37]
Company history
Phillips 66 traces its roots to Phillips Petroleum Company, which was founded in Bartlesville, Oklahoma, in 1917 by brothers Frank and L.E. Phillips. The Phillips 66 brand was introduced in 1927; the name is tied to a test drive on Route 66 during which a car reportedly reached 66 miles per hour. In 2002, Phillips Petroleum merged with Conoco to form ConocoPhillips, bringing the Phillips heritage into the combined company.[38][39][40]
The present-day Phillips 66 was created through the separation of ConocoPhillips’ downstream businesses. Phillips 66 was incorporated in Delaware in 2011 in anticipation of the restructuring, and ConocoPhillips distributed all Phillips 66 shares to its shareholders after market close on April 30, 2012; Phillips 66 then began operating as an independent public company.[26][41][42] In later years, it simplified and consolidated parts of its midstream structure, including completing its merger with Phillips 66 Partners in March 2022 and acquiring all publicly held common units of DCP Midstream, LP in June 2023.[43][44] [26][43][44][38][39][40][41][42]
Sources
Continue your research
From company context to financial detail.
Explore original sources and worldwide fundamental financial data and intelligence with Finbar.
Explore Phillips 66 in Finbar ↗