# Phillips 66

**Source:** https://geo.sig.ai/brands/phillips-66  
**Vertical:** Energy & Utilities  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** phillips66.com  
**Last Updated:** 2026-04-14

## Summary

Houston diversified energy (NYSE: PSX) at $145.5B 2024 revenue; Coastal Bend NGL acquisition $2.2B (2024), Rodeo renewable diesel/SAF complex, LA Refinery closed, Q4 2024 adjusted loss amid refining margin pressure vs Valero.

## Company Overview

Phillips 66 is a Houston, Texas-based diversified energy manufacturing and logistics company — publicly traded on the New York Stock Exchange (NYSE: PSX) as an S&P 500 Energy component — operating 13 refineries with 2.2 million barrels-per-day capacity, midstream pipeline and NGL infrastructure, retail fuel brands, a chemicals joint venture, and a renewable fuels facility through approximately 14,000 employees. In fiscal year 2024, Phillips 66 generated $145.5 billion in revenue, though Q4 2024 earnings fell to $8 million versus $346 million in Q3 2024 (adjusted loss of $61 million) due to refining margin compression from the spread between crude oil input costs and refined product prices. Spun off from ConocoPhillips in May 2012, Phillips 66 operates through five segments: Refining (processing crude oil into gasoline, distillates, and aviation fuel), Midstream (crude and NGL pipelines, terminals, and natural gas processing including the 2024 $2.2 billion EPIC NGL acquisition renamed Coastal Bend), Marketing and Specialties (Phillips 66, Conoco, 76, and JET fuel brands at 7,000+ branded retail sites across North America and Europe), Chemicals (CPChem joint venture with Chevron Phillips Chemical producing ethylene, polyethylene, and aromatics), and Renewable Fuels (Rodeo Renewable Energy Complex producing renewable diesel and sustainable aviation fuel — SAF). In 2024, Phillips 66 divested its 65% stake in German and Austrian retail operations for $1.6 billion and announced closure of its Los Angeles Refinery.

Phillips 66's integrated downstream energy model addresses the commodity margin volatility that pure-play refiners face by combining refining's crack spread (the margin between crude oil input and refined product output) with midstream's fee-based NGL infrastructure, chemicals' integrated petrochemicals margins, and marketing's branded retail fuel economics — diversifying revenue streams so that a refining margin compression quarter (as in Q4 2024) is partially offset by stable midstream fee income and chemicals performance. The Rodeo Renewable Energy Complex (converting a conventional refinery in Rodeo, California to produce renewable diesel and SAF from waste fats, oils, and greases) represents Phillips 66's bet on the California Low Carbon Fuel Standard incentive economics — where renewable diesel commands a $1-2+ per gallon premium over petroleum diesel based on its lower carbon intensity score, creating refining-equivalent margins from feedstocks that are mandated to grow by California's climate regulations.

In 2025, Phillips 66 competes in the petroleum refining, NGL infrastructure, and renewable fuels market with Valero Energy (NYSE: VLO, largest US refiner, $126B revenue), Marathon Petroleum (NYSE: MPC, US refining and Speedway retail, $156B revenue), and HF Sinclair (NYSE: DINO, refining and renewables, $22B revenue) for domestic refined product market share, NGL wellhead-to-market contracts, and renewable fuel production capacity. The Coastal Bend NGL acquisition ($2.2B, 2024) builds out Phillips 66's permian basin NGL gathering and fractionation infrastructure — the fee-based business that generates cash flow regardless of commodity price levels. The LA Refinery closure (2024) and Germany/Austria retail divestiture reduce complexity while Phillips 66 concentrates capital on midstream growth and renewable fuels. The 2025 strategy focuses on the Coastal Bend NGL integration, growing Rodeo Renewable Energy Complex throughput to capture California LCFS incentives, and managing the refining portfolio toward higher-complexity assets with better crack spread capture.

## Frequently Asked Questions

### What does Phillips 66 do?
Phillips 66 is a diversified energy manufacturing and logistics company operating through five business segments: Refining (13 refineries with 2.2 million barrels per day capacity), Midstream (pipelines, terminals, and NGL processing), Marketing and Specialties (retail fuel brands and lubricants), Chemicals (petrochemicals production), and Renewable Fuels (sustainable diesel and aviation fuel). The company markets products through Phillips 66, Conoco, 76, JET, and Kendall brands across 7,000 retail sites.

### When was Phillips 66 founded?
Phillips 66's heritage dates back to 1875 with the founding of Continental Oil and Transportation Co., while Phillips Petroleum was founded in 1917. The modern Phillips 66 corporation was created on May 1, 2012, when ConocoPhillips spun off its downstream operations (refining, chemicals, and marketing) into an independent publicly-traded company.

### Where is Phillips 66 headquartered?
Phillips 66 is headquartered in the Westchase district of Houston, Texas. The company moved to its current 14-acre headquarters campus in July 2016, consolidating operations in a modern facility that supports its global downstream energy operations.

### Who are Phillips 66's main customers?
Phillips 66 serves diverse customers including retail consumers at 7,000 branded gas stations, commercial airlines and aviation operators purchasing jet fuel, industrial customers buying lubricants and specialty products, and petrochemical manufacturers. The company also provides wholesale refined products to distributors and operates midstream infrastructure serving oil and gas producers.

### What makes Phillips 66 different from competitors?
Phillips 66 distinguishes itself through integrated operations across the downstream value chain, from refining to retail, combined with strategic focus on high-growth midstream infrastructure and renewable fuels. The company's $2.2 billion EPIC NGL acquisition and Rodeo Renewable Energy Complex demonstrate commitment to both traditional energy optimization and energy transition, while maintaining strong brands like Phillips 66, Conoco, 76, and JET.

### Who are Phillips 66's main competitors?
Phillips 66 competes with major integrated and independent refining and marketing companies including Valero Energy, Marathon Petroleum, HF Sinclair, and Chevron in refining and retail fuels. In midstream operations, competitors include Enterprise Products Partners, Energy Transfer, and MPLX. In renewable fuels, the company competes with Neste, Renewable Energy Group (now Chevron), and other sustainable fuel producers.

### What is Phillips 66's financial performance?
In 2024, Phillips 66 generated $145.5 billion in revenue (down 1.3% from 2023) and $2.11 billion in earnings. The company returned $1.3 billion to shareholders through dividends and share repurchases in Q3 2024 alone. As of December 31, 2024, Phillips 66 had $1.7 billion cash and $4.6 billion in committed credit facility capacity, maintaining strong financial flexibility.

### What is Phillips 66's renewable energy strategy?
Phillips 66 is advancing renewable fuels through its Rodeo Renewable Energy Complex, which produces renewable diesel and sustainable aviation fuel at scale. The company's 2025 capital budget includes $1.1 billion for growth capital focused on renewable diesel and SAF production investments. This strategy positions Phillips 66 to meet growing demand for low-carbon transportation fuels while leveraging existing refining infrastructure and expertise.

### What recent acquisitions has Phillips 66 made?
Major recent acquisitions include: the $2.2 billion purchase of EPIC NGL (renamed Coastal Bend) completed in January 2024 for midstream NGL infrastructure; the $3.8 billion acquisition of DCP Midstream in January 2023; Pinnacle Midstream in the Permian Basin in 2024; and the announced $1.4 billion acquisition of the remaining 50% of WRB Refining (Wood River and Borger refineries) expected to close in late 2025.

### How many refineries does Phillips 66 operate?
Phillips 66 operates 13 refineries, primarily in the United States, with total refining capacity of 2.2 million barrels per day. Key facilities include refineries in Lake Charles (Louisiana), Sweeny (Texas), Wood River (Illinois), Borger (Texas), and Los Angeles (California, closing in 2024). The company is optimizing its refining portfolio through strategic closures and acquisitions.

### Is Phillips 66 hiring?
Yes, Phillips 66 regularly hires across various functions including engineering, operations, commercial, finance, and corporate roles. The company employs over 14,000 people globally and offers competitive compensation including 100% match on first 5% of 401k contributions plus performance-based bonuses, comprehensive benefits, and professional development opportunities. Visit careers.phillips66.com for current openings.

### How can I contact Phillips 66?
Phillips 66 can be contacted through www.phillips66.com for general inquiries, investor relations at investor.phillips66.com, or the corporate headquarters at Westchase, Houston, Texas. For retail fuel quality or service issues, customers can contact the specific brand (Phillips 66, Conoco, 76, or JET) through their respective customer service channels.

## Tags

energy, fortune500, public, b2b

---
*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*