Phillips 66 is a leading integrated downstream energy company with operations spanning multiple segments, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels . The company provides transportation, terminaling, and processing services for crude oil and refined petroleum products, as well as natural gas and natural gas liquids (NGL) services . Phillips 66 also engages in the manufacturing and marketing of petrochemicals and plastics through a joint venture, and processes crude oil into various petroleum products . Additionally, the company markets refined petroleum products and renewable fuels, and produces renewable products at its Rodeo Renewable Energy Complex .
- Refining - Processes crude oil and other feedstocks into petroleum products such as gasoline, distillates, and aviation fuels, operating 12 refineries in the United States and Europe.
- Marketing and Specialties - Purchases and markets refined petroleum products and renewable fuels, including the manufacturing and marketing of base oils and lubricants.
- Midstream - Provides transportation, terminaling, and processing services for crude oil and refined petroleum products, as well as natural gas and NGL services.
- Renewable Fuels - Processes renewable feedstocks into renewable products at the Rodeo Renewable Energy Complex.
- Chemicals - Involves a 50% equity investment in Chevron Phillips Chemical Company LLC, which manufactures and markets petrochemicals and plastics globally.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ann M. Kluppel Executive | Vice President and Controller | None | Ann M. Kluppel has been Vice President and Controller since May 13, 2024, and is the principal accounting officer. | |
Don A. Baldridge Executive | Executive Vice President of Midstream and Chemicals | None | Don A. Baldridge became Executive Vice President of Midstream and Chemicals on June 1, 2024, after serving as interim CEO of DCP Midstream. | |
Kevin J. Mitchell Executive | Executive Vice President and Chief Financial Officer | None | Kevin J. Mitchell has been the Executive Vice President and CFO since January 2016. He previously served as Vice President, Investor Relations. | |
Mark E. Lashier Executive | President and Chief Executive Officer | None | Mark E. Lashier has been the President and CEO of Phillips 66 since July 1, 2022. He has extensive leadership experience in the energy and petrochemicals industry. | View Report → |
Richard G. Harbison Executive | Executive Vice President, Refining | None | Richard G. Harbison has over 34 years of experience at Phillips 66, focusing on refining operations and safety. | |
Vanessa L. Allen Sutherland Executive | Executive Vice President, Government Affairs, General Counsel, and Corporate Secretary | None | Vanessa L. Allen Sutherland joined Phillips 66 in January 2022, overseeing legal and corporate governance. | |
Zhanna Golodryga Executive | Executive Vice President, Emerging Energy and Sustainability | None | Zhanna Golodryga has been with Phillips 66 since October 2022, focusing on digital transformation and sustainability initiatives. | |
Charles M. Holley Board | Director | Amgen, Carrier Global | Charles M. Holley has been a director since 2019, with expertise in finance and strategic planning from his tenure at Walmart. | |
Denise R. Singleton Board | Director | WestRock Company, Teledyne Technologies Incorporated | Denise R. Singleton has been a director since 2021, with a background in legal and corporate governance. | |
Douglas T. Terreson Board | Director | None | Douglas T. Terreson has been a director since 2021, with a background in energy research and advisory roles. | |
Gary K. Adams Board | Director | None | Gary K. Adams has been a director since 2016, with over 40 years of experience in petrochemicals and plastics. | |
Glenn F. Tilton Board | Lead Independent Director | AbbVie Inc. | Glenn F. Tilton has been the Lead Independent Director since 2016, with extensive experience in the energy and airline industries. | |
Grace Puma Whiteford Board | Director | Target Corporation, Organon & Co. | Grace Puma Whiteford joined the Board in 2024, with expertise in operations and procurement from her roles at PepsiCo and United Airlines. | |
Gregory J. Hayes Board | Director | RTX Corporation | Gregory J. Hayes joined the Board in 2022, bringing leadership experience from his role as CEO of RTX Corporation. | |
Julie L. Bushman Board | Director | Adient plc, Bio-Techne Corporation | Julie L. Bushman joined the Board of Directors in 2020, bringing expertise in international business and risk management. | |
Lisa A. Davis Board | Director | Air Products and Chemicals, Penske Automotive Group, C3.ai | Lisa A. Davis has been a director since 2020, with extensive experience in operations and risk management. | |
Marna C. Whittington Board | Director | Oaktree Capital Group LLC, Ocugen Inc. | Marna C. Whittington has been a director since 2012, with a background in financial management and corporate governance. |
- With Chemicals expected to remain below mid-cycle and uncertainties around the Renewable Fuels segment, how confident are you that Refining will contribute sufficiently to reach your $14 billion mid-cycle EBITDA target by 2025?
- You mentioned structural cost reductions in Refining, but with utilization rates historically unsustainable at current levels, how will you maintain these cost savings per barrel if utilization decreases?
- Given that 2/3 of TMX pipeline volumes are going to Asia and increased Canadian production may not fully materialize, how does this impact your strategy for sourcing advantaged crude for your West Coast refineries?
- With the industry running at high utilization rates and new capacity additions, what is your plan to mitigate the risks of overcapacity and margin compression in the refining sector over the medium term?
- Considering low margins and regulatory uncertainties in the Renewable Diesel market, what measures are you taking to ensure the Rodeo Renewable Energy Complex achieves profitability and meets expected returns?
Research analysts who have asked questions during Phillips 66 earnings calls.
Manav Gupta
UBS Group
6 questions for PSX
Neil Mehta
Goldman Sachs
6 questions for PSX
Ryan Todd
Simmons Energy
6 questions for PSX
Jason Gabelman
TD Cowen
5 questions for PSX
Jean Ann Salisbury
Bank of America
4 questions for PSX
Matthew Blair
Tudor, Pickering, Holt & Co.
4 questions for PSX
Paul Cheng
Scotiabank
4 questions for PSX
Theresa Chen
Barclays PLC
4 questions for PSX
Douglas George Blyth Leggate
Wolfe Research
3 questions for PSX
John Royall
JPMorgan Chase & Co.
3 questions for PSX
Phillip Jungwirth
BMO Capital Markets
3 questions for PSX
Roger Read
Wells Fargo & Company
3 questions for PSX
Douglas Leggate
Wolfe Research
2 questions for PSX
Joseph Laetsch
Morgan Stanley
2 questions for PSX
Justin Jenkins
Raymond James
2 questions for PSX
Steve Richardson
Evercore
2 questions for PSX
Doug Leggate
Wolfe Research
1 question for PSX
Joe Laetsch
Morgan Stanley
1 question for PSX
Theresa Chinn
Barclays
1 question for PSX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
EPIC Y-Grade GP, LLC | 2025 | Phillips 66 entered a cash acquisition valued at $2.2 billion for EPIC Y-Grade GP, LLC, which owns NGL pipelines, fractionation facilities, and distribution systems. The transaction is aimed at strengthening its integrated downstream and Permian NGL value chain and includes customary closing conditions with termination rights effective until April 6, 2026, with a possible extension to July 6, 2026. |
EPIC Y-Grade, LP | 2025 | This planned cash acquisition, part of the $2.2 billion transaction, secures assets such as fractionators near Corpus Christi and an extensive NGL pipeline network. It reinforces Phillips 66’s midstream strategy by ensuring flow assurance in its Permian and Gulf Coast footprint and includes customary purchase price adjustments and regulatory clearance requirements. |
Pinnacle Midland Parent LLC | 2024 | Completed on July 1, 2024, this acquisition was executed for $567 million in cash, expanding Phillips 66’s natural gas gathering and processing operations in the Permian Basin. The deal brought in PP&E, intangible assets, and associated liabilities, and was described as immediately accretive with strong fee-based contracts supporting organic growth. |
DCP Midstream, LP | 2023 | Finalized on June 15, 2023, at approximately $3.8 billion, this acquisition increased Phillips 66’s economic interest from 43.3% to 86.8% and is expected to deliver over $400 million in operational and commercial synergies along with an incremental $1 billion of adjusted EBITDA through integration of its wellhead-to-market NGL value chain. |
Marketing Operations on the U.S. West Coast | 2023 | Acquired on August 1, 2023, for around $269 million in cash (including an adjustment for net working capital), this deal adds customer relationships, PP&E, and other assets to support the placement of renewable diesel from the Rodeo Renewed facility. The purchase fits into Phillips 66’s strategy to enhance its marketing operations and renewable fuels footprint, with asset fair values being preliminary pending final accounting. |
Phillips 66 Partners LP | 2022 | Completed on March 9, 2022, this all-stock merger valued at approximately $3.2 billion consolidated all limited partnership interests into Phillips 66, issuing about 42 million shares and converting preferred units into common stock. The transaction streamlined the corporate structure by making Phillips 66 Partners a wholly owned subsidiary and eliminating noncontrolling interests. |
DCP Midstream, LLC | 2022 | On August 17, 2022, Phillips 66 merged DCP Midstream, LLC with Enbridge, increasing its stake in DCP Midstream, LP and assuming governance over related entities. The deal involved a cash contribution of roughly $400 million and a net cash payment of $306 million, aimed at integrating the NGL value chain and delivering accretive earnings through improved operational and commercial synergies. |
Recent press releases and 8-K filings for PSX.
- Q3 reported earnings were $133 million ( $0.32 per share ) and adjusted earnings were $1.0 billion ( $2.52 per share ), reflecting impairment and idling charges at the Los Angeles Refinery.
- Generated $1.2 billion of operating cash flow and $1.9 billion excluding working capital; returned $751 million to shareholders, including $267 million in share repurchases; net debt-to-capital was 41%.
- Refining achieved 99% utilization (highest since 2018) and a record year-to-date clean product yield of 87%, with a third-quarter adjusted cost per barrel of $6.07, including a $69 million environmental accrual.
- Closed acquisition of the remaining 50% interest in Wood River and Borger Refineries to capture synergies, and launched binding open season for the Western Gateway pipeline to supply Arizona, California, and Nevada.
- Q4 guidance anticipates global chemicals utilization in the mid-90% range, refining crude utilization in the low- to mid-90% range, and turnaround expense of $125–145 million.
- Adjusted EPS of $2.52 and reported EPS of $0.32, with adjusted earnings totaling $1 billion and reported earnings of $133 million, reflecting accelerated depreciation and LA refinery idling impacts
- Operating cash flow of $1.2 billion ($1.9 billion ex-working capital); returned $751 million to shareholders (including $267 million of buybacks); net debt/capital at 41%
- Refining utilization at 99% (highest since 2018), year-to-date clean product yield of 87%, and adjusted cost of $6.07 per barrel (including a $0.40 environmental accrual)
- Completed acquisition of the remaining 50% interests in the Wood River and Borger refineries and processed the final barrel at the Los Angeles refinery as part of idling activities
- Organic midstream expansions (Dos Picos II, Coastal Bend Phase I & II, Iron Mesa) underpin a path to $4.5 billion EBITDA by end-2027
- Refining achieved 99% utilization (highest since 2018) with a year-to-date 87% clean product yield and Q3 adjusted cost of $6.07 per barrel (impacted by a $69 million environmental accrual).
- Closed acquisition of the remaining 50% interest in Wood River and Borger refineries, enabling portfolio simplification and synergy capture—including the Western Gateway pipeline project to link Mid-Continent supply to Western markets.
- Midstream volumes reached record NGL throughput and fractionation following Dos Picos II and Coastal Bend expansions; Chemicals delivered $700 million year-to-date adjusted EBITDA on >100% utilization.
- Net debt was $21.8 billion in Q3 (flat net of cash changes); targeting reduction to $17 billion by end-2027 through free cash flow allocation to dividends, buybacks, and debt paydown.
- Renewable fuels margins improved via cost and logistics optimization, with Q4 set to benefit from weaker soybean prices and stronger credit values.
- Reported third-quarter GAAP earnings of $133 million ($0.32/share) and adjusted earnings of $1.0 billion ($2.52/share), which include $241 million of pre-tax accelerated depreciation at the Los Angeles Refinery.
- Refining operations ran at 99% capacity utilization with an 86% clean product yield; achieved record year-to-date Y-grade throughput of 1 MMBD and NGL fractionation of 930 MBD.
- Generated $1.2 billion of net operating cash flow (or $1.9 billion excluding working capital) and returned $751 million to shareholders through dividends and share repurchases.
- Completed the acquisition of the remaining 50% interest in WRB Refining LP, gaining full ownership of the Wood River and Borger refineries, and advanced major pipeline and polymers projects.
- Third-quarter GAAP earnings of $133 million ($0.32/share) and adjusted earnings of $1.0 billion ($2.52/share)
- Refining operated at 99% capacity utilization with an 86% clean product yield, and set record Y-grade throughput of 1 MMBD and fractionation volumes of 930 MBD
- Generated $1.2 billion in net operating cash flow ($1.9 billion excluding working capital)
- Completed acquisition of the remaining 50% interest in WRB Refining LP, gaining full ownership of Wood River and Borger refineries, and advanced key NGL and chemicals projects
- The Trust will make no cash distribution to unitholders of record on October 31, 2025, as August 2025 net profits interests were insufficient to cover expenses, making future distributions extremely remote.
- Developed Properties in August 2025 generated $2.3 million in revenue against $2.4 million in lease operating expenses, incurring a $0.1 million operating loss and increasing the cumulative net profits deficit from $10.5 million to $10.9 million; Remaining Properties added approximately $33,000 with a cumulative deficit rising to $129,000.
- Monthly fees—approximately $116,000 for operations/services plus $118,530 in G&A—exceeded the $33,000 received from PCEC, creating a $202,000 shortfall for August 2025.
- As of month-end, the Trust’s indebtedness to PCEC totaled $11.9 million (letter of credit draws and loans), which must be repaid before any distributions; under the Trust Agreement, the Trust is to be dissolved following low annual cash proceeds (<$2 million in 2020–21).
- Phillips 66 and Kinder Morgan opened a binding open season for transportation service on the Western Gateway Pipeline from October 20 to December 19, 2025.
- The new-build system will extend from Borger, Texas to Phoenix, Arizona, integrating with Kinder Morgan’s CALNEV Pipeline to serve California and Nevada markets.
- The project includes reversing the Gold Pipeline and Kinder Morgan’s SFPP line to connect Midwest refinery supply to Phoenix, California and Las Vegas.
- Shutting down its Los Angeles refinery by mid-October 2024, ceasing crude processing after the last waterborne shipment in late September.
- Expects to incur about $100 million in charges, comprising roughly $70 million for environmental remediation and $30 million for asset retirement.
- The Los Angeles refinery had a capacity of 139,000–156,000 barrels per day; Phillips 66 operates 11 refineries totaling 1.8 million bpd, alongside extensive midstream and chemical ventures.
- Closure is part of a real estate redevelopment strategy, with phased idling continuing through end-2025 and several units already idled as of early October 2024.
- Developed Properties incurred an operating loss of $0.3 million for the month, with revenues of $2.2 million, lease operating expenses of $2.5 million and development costs of $36,000, driving the cumulative net profits deficit to $10.5 million; average realized price was $57.48/boe.
- Remaining Properties generated $42,000 from the 7.5% overriding royalty interest, with an average realized price of $53.12/boe, increasing their cumulative net profits deficit to $81,000.
- Sales volumes totaled 37,425 Boe (1,207 Boe/day) for Developed Properties and 11,566 Boe (373 Boe/day) for Remaining Properties.
- After paying a $116,000 operating fee and $183,330 in G&A, the Trust had a shortfall of $257,330; as of month-end the Trust owed PCEC $11.8 million under drawn letter of credit and loans.
- Phillips 66 will idle its Los Angeles refinery, having received its final waterborne crude on Sept. 30 and expecting the last crude processing around Oct. 16, 2025.
- Several process units are already idle, with the remaining units to be phased out through end-2025 as remediation and decommissioning progress.
- The company plans to accrue approximately $70 million in environmental expenses (Refining) and $30 million in asset retirement charges (Midstream) in Q3 2025 related to the shutdown.
- To maintain California fuel supply, Phillips 66 will source gasoline from within and outside its refining network; more details will be shared on the Q3 2025 earnings call on Oct. 29, 2025.