Phillips 66 (PSX)

Business Description

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.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Mark E. Lashier	President and Chief Executive Officer	July 2022	Mark E. Lashier has been the President and CEO of Phillips 66 since July 2022. He previously served as President and COO of Phillips 66 and CEO of Chevron Phillips Chemical Company LLC .
Kevin J. Mitchell	Executive Vice President and Chief Financial Officer	January 2016	Kevin J. Mitchell has been the EVP and CFO at Phillips 66 since January 2016. He was previously Vice President, Investor Relations .
Zhanna Golodryga	Executive Vice President, Emerging Energy and Sustainability	October 2022	Zhanna Golodryga has been the EVP of Emerging Energy and Sustainability since October 2022. She was previously SVP, Chief Digital and Administrative Officer .
Richard G. Harbison	Executive Vice President of Refining	June 2022	Richard G. Harbison has been the EVP of Refining since June 2022. He previously held roles such as Vice President of the San Francisco Refinery and Manager of the Lake Charles Manufacturing Complex .
Brian M. Mandell	Executive Vice President, Marketing and Commercial	March 2019	Brian M. Mandell has been the EVP of Marketing and Commercial since March 2019. He previously served as SVP, Marketing and Commercial, and President, Global Marketing .
Timothy D. Roberts	Executive Vice President, Midstream and Chemicals	August 2018	Timothy D. Roberts has been the EVP of Midstream and Chemicals since August 2018. He previously served as EVP, Marketing and Commercial, and EVP, Strategy and Business Development .
Vanessa L. Allen Sutherland	Executive Vice President, Government Affairs, General Counsel	January 2022	Vanessa L. Allen Sutherland has been the EVP, Government Affairs, General Counsel and Corporate Secretary since January 2022. She was previously EVP and Chief Legal Officer of Norfolk Southern Corporation .
J. Scott Pruitt	Vice President and Controller	August 2021	J. Scott Pruitt has been the VP and Controller since August 2021. He previously served as General Auditor and Assistant Controller .
Ann M. Kluppel	Vice President and Controller (Chief Accounting Officer)	May 2024	Ann M. Kluppel serves as the VP and Controller (Chief Accounting and Duly Authorized Officer) at Phillips 66. She signed the company's reports as of October 29, 2024 .
Don A. Baldridge	Executive Vice President, Midstream and Chemicals	N/A	Don A. Baldridge is the EVP of Midstream and Chemicals. He was introduced in this role during the second quarter earnings call and previously served as the interim CEO of DCP . The specific start date is not provided in the documents.

Questions to Ask Management

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?

Program Details	Program 1
Approval Date	2012
End Date/Duration	No expiration
Total additional amount	$25 billion
Remaining authorization amount	$4.1 billion
Details	The program is part of Phillips 66's capital allocation strategy to improve shareholder return. It resumed in Q2 2022 after a suspension in March 2020 due to COVID-19. The repurchases are discretionary and depend on factors like share price and financial condition.

Debt Maturity Schedule

Year	Amount Due (Billions)	Debt Type	Interest Rate (%)	% of Total Debt
2024	0.200	Commercial Paper	N/A	1.0% = (0.200 / 19.998) * 100
2024	0.800	0.900% Senior Notes	0.900	4.0% = (0.800 / 19.998) * 100
2026	1.300	1.300% Senior Notes	1.300	6.5% = (1.300 / 19.998) * 100
2026	3.550	3.550% Senior Notes	3.550	17.8% = (3.550 / 19.998) * 100
2027	4.950	4.950% Senior Notes	4.950	24.8% = (4.950 / 19.998) * 100
2028	3.900	3.900% Senior Notes	3.900	19.5% = (3.900 / 19.998) * 100
2028	3.750	3.750% Senior Notes	3.750	18.8% = (3.750 / 19.998) * 100
2029	3.150	3.150% Senior Notes	3.150	15.8% = (3.150 / 19.998) * 100
2030	2.150	2.150% Senior Notes	2.150	10.8% = (2.150 / 19.998) * 100
2031	5.250	5.250% Senior Notes	5.250	26.3% = (5.250 / 19.998) * 100
2033	5.300	5.300% Senior Notes	5.300	26.5% = (5.300 / 19.998) * 100
2034	4.650	4.650% Senior Notes	4.650	23.3% = (4.650 / 19.998) * 100
2035	4.950	4.950% Senior Notes	4.950	24.8% = (4.950 / 19.998) * 100
2042	5.875	5.875% Senior Notes	5.875	29.4% = (5.875 / 19.998) * 100
2044	4.875	4.875% Senior Notes	4.875	24.4% = (4.875 / 19.998) * 100
2045	4.680	4.680% Senior Notes	4.680	23.4% = (4.680 / 19.998) * 100
2046	4.900	4.900% Senior Notes	4.900	24.5% = (4.900 / 19.998) * 100
2052	3.300	3.300% Senior Notes	3.300	16.5% = (3.300 / 19.998) * 100
2054	5.650	5.650% Senior Notes	5.650	28.3% = (5.650 / 19.998) * 100
2055	5.500	5.500% Senior Notes	5.500	27.5% = (5.500 / 19.998) * 100

Auditor

Name	Start Date	End Date	Reason for Change
Ernst & Young LLP	2011	Present	Current auditor