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.
Jean Ann Salisbury
Bank of America
4 questions for PSX
Manav Gupta
UBS Group
4 questions for PSX
Matthew Blair
Tudor, Pickering, Holt & Co.
4 questions for PSX
Neil Mehta
Goldman Sachs
4 questions for PSX
Paul Cheng
Scotiabank
4 questions for PSX
Ryan Todd
Simmons Energy
4 questions for PSX
Douglas George Blyth Leggate
Wolfe Research
3 questions for PSX
Jason Gabelman
TD Cowen
3 questions for PSX
John Royall
JPMorgan Chase & Co.
3 questions for PSX
Roger Read
Wells Fargo & Company
3 questions for PSX
Theresa Chen
Barclays PLC
3 questions for PSX
Joseph Laetsch
Morgan Stanley
2 questions for PSX
Doug Leggate
Wolfe Research
1 question for PSX
Joe Laetsch
Morgan Stanley
1 question for PSX
Phillip Jungwirth
BMO Capital Markets
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.
- 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.
- On September 29, 2025, Phillips 66 Company entered into a Third Amendment to its Receivables Purchase and Financing Agreement under its accounts receivable securitization program.
- The amendment increases the facility size from $1 billion to $1.25 billion and extends the maturity date to September 28, 2026.
- Sumitomo Mitsui Banking Corporation joined as a new Purchaser/Lender under the agreement.
- Phillips 66 Company filed an 8-K disclosing the offering of two series of junior subordinated notes: $1 billion of 5.875% Series A due March 15, 2056 and $1 billion of 6.200% Series B due March 15, 2056.
- Both series are issued under an indenture dated September 18, 2025 and are fully and unconditionally guaranteed by Phillips 66; each series has a $1 billion limit and may defer interest payments for up to 10 consecutive years.
- After initial fixed periods (to March 15, 2031 for Series A and March 15, 2036 for Series B), interest rates reset semi-annually based on the five-year U.S. Treasury rate plus spreads of 2.283% and 2.166%, respectively, subject to minimum rates of 5.875% and 6.200%.
- Q2 adjusted earnings of $973 million ($2.38/share), generated $1.9 billion of operating cash flow excluding working capital, returned over $900 million to shareholders (including $419 million of buybacks), and ended the quarter with net debt to capital at 41%.
- Refining assets ran at 98% utilization with clean product yield above 86%, achieved 99% market capture and recorded a second-quarter cost per barrel of $5.46, the lowest since 2021.
- Midstream delivered approximately $1 billion of adjusted EBITDA, completed the acquisition of Epic NGL (renamed Coastal Bend), advanced pipeline capacity from 175,000 to 225,000 bpd and brought Dos Pikos II online, supporting a target of $4.5 billion annual EBITDA by 2027.
- Updated full-year turnaround expense guidance lowered by $100 million to $400–450 million; Q3 refining utilization is expected in the low- to mid-90% range with $50–60 million of turnaround spend and corporate costs of $350–370 million.
- Following a split proxy vote, Phillips 66 will onboard three new independent directors and strengthen shareholder engagement to “sharpen our message” and “double down” on refining performance.
- The company commits to returning ≥50% of net operating cash flow: sustaining capex <$1 B, dividends of $2 B, with remaining free cash for buybacks, growth and deleveraging; $1.5 B from the 65% sale of its German/Austrian jet assets will go to debt reduction toward a $17 B net debt target.
- On refining, utilization has exceeded industry averages for two years, with high-value product yields up from 84% to 87%; cost per barrel is being driven toward $5.50 by 2026, aided by the planned Q4 closure of the high-cost Wilmington (Los Angeles) refinery.
- Midstream expansion adds ~700 MMcf/d of gas processing (Dos Pikos II, Iron Mesa) and targets one new plant per year to integrate NGL flows from Corpus Christi to Mont Belvieu, enhancing competitive market access.
- CPChem remains resilient with ~$1 B EBITDA in the current downturn; long-term recovery hinges on global demand growth and rationalization of non-competitive assets, though a sale at full value is unlikely in today’s market.
- Phillips 66 has entered into a definitive agreement to divest 65% interest in its Germany and Austria retail marketing business, including JET-branded sites.
- The transaction values the business at an enterprise value of approximately €2.5 billion ($2.8 billion) and is expected to deliver pre-tax cash proceeds of about €1.5 billion ($1.6 billion), which will support debt reduction and shareholder returns.
- Following the divestiture, Phillips 66 will retain a non-operated 35% interest through a newly formed joint venture, with the closing anticipated in the second half of 2025.
- Elliott Investment Management criticizes Phillips 66’s board for a longstanding culture of complacency and deference to management, claiming it has led to poor corporate governance and underperformance.
- The letter urges shareholders to vote for the Gold Card supporting four independent director nominees as part of a broader strategy to unlock shareholder value and reform board practices.
- Elliott Management released its investor presentation, "Streamline 66: Elliott's Perspectives on Value Creation," outlining plans for board enhancements, operational improvements, and portfolio simplification at Phillips 66.
- The presentation supports Elliott’s proxy solicitation efforts, proposing four director nominees for the upcoming 2025 annual meeting, emphasizing its role as a top-five shareholder.