Coronavirus Update: Our team is here to help our clients and readers navigate these difficult times. Visit our Resources page now »

Skip to Main Content
Phillips 66 logo

Phillips 66


2019 Vault Rankings

About Phillips 66

Phillips 66 is a leading marketer of gas, aviation fuels, and other refined petroleum products, as well as specialty products such as oils, waxes, solvents, and lubricants. It markets in the US under the Phillips 66, Conoco, and 76 brands and internationally under the JET and Coop brands. One of the largest crude oil refiners, the company processes, transports, and markets natural gas and natural gas liquids, as well as liquefied petroleum gas. It produces olefins and polyolefins and other products through CPChem, a joint venture with Chevron. Phillips 66 operates primarily in the US and Europe.


Of the four segments that Phillips 66 reports, Marketing and Specialties is the largest, contributing about 75% of sales. It includes sales of refined petroleum products (gasoline, distillates, aviation fuel) through 7,800 branded sites in the US and 1,500 owned, leased, or joint venture sites in Europe. Specialty products (for example, lubricants sold under Phillips 66, Kendall, and Red Line brands) and power generation operations also add to this segment's revenue.

The Refining segment, which accounts for just more than 20% of total revenue, has a throughput global refining capacity of 2.1 million barrels per day.

The Midstream segment of Phillips 66 -- which gathers, transports and markets NGL, crude oil, and feedstocks -- makes up less than 5% of total revenue; it includes the company's interest in Phillips 66 Partners LP, which has been acquiring Phillips 66's midstream assets. A very small fraction of company revenue comes from its equity in CPChem (a joint venture with Chevron), which is one of the world's top producers of olefins and polyolefins and a major supplier of aromatics and specialty chemicals.

Geographic Reach

Phillips 66 operates primarily in the US. Its presence in Europe is largely concentrated in the UK, with some assets in mainland Europe. The US accounts for more than 70% of revenue, followed by the UK at about 10%.

CPChem is involved in more than 30 global manufacturing facilities in five continents, but most significant assets are on the Texas Gulf Coast.

Sales and Marketing

Phillips 66 markets petroleum and specialty products through a network of nearly 8,000 marketer-owned or -supplied outlets across the US under brand names 76, Conoco, and Phillips 66. It also holds brand-licensing agreements with nearly 1,000 sites. Its refined products are marketed on both a branded and unbranded basis.

In Europe, Phillips 66 sells retail and wholesale products in Austria, Germany, and the UK under the JET brand and in Switzerland under the Coop brand (equity interest).

Financial Performance

Phillips 66 posted annual sales of around $86 billion in 2016, a $14 billion reduction from the year before. This marks a continuing trend for the company of steep revenue decline, which has fallen more than 50% in five years.

In 2016 revenue fell due to lower average prices for petroleum products, which particularly impacted the Marketing and Specialties and Refining segments (sales in those two segments fell by a combined $15 billion). Midstream revenue rose slightly and the Chemicals segment was flat.

The company posted net income of $1.5 billion, a 63% reduction from the previous year. Refining profits dropped by more than $2 billion as historically high refining throughput led to significant weakening of US crack spread (refinery margins). Marketing and Specialties, the firm's most profitable segment, and Chemicals both saw significant reductions in profit. Only the Midstream segment reported improvement on lower equity losses from DCP Midstream.

Along with revenue and net income, Phillips 66's operating cash flow also declined, shrinking 48% to about $3 billion.


Phillips 66 is recalibrating resources from Refining to the Midstream and Chemical segments, with a focus on wholesale trading (because of its lower capital requirements) and operational cost-cutting measures.

Low demands in the refining sector prompted Phillips 66 to follow a high-return, quick payout strategy, with investments in that business focused on increasing returns from existing assets.

Midstream, Phillips 66 hopes to gain production increases from several construction completions based on its long-term growth strategy. This includes the buildout of the energy manufacturing center in Sweeney, Texas, and the expansion of the Beaumont Terminal in Nederland, Texas. The company also sees benefit in the continued expansion of its master limited partnership (Phillips 66 Partners) with assets from Phillips 66 and third parties. In 2016 the limited partnership acquired NGL logistics assets in Louisiana (500 miles of pipelines and storage caverns), further increasing revenue potential.

CPChem also expanded operations by opening two new polyethylene units in the Texas Gulf Coast in November 2017, taking advantage of higher demands for plastics globally and cheap supply of domestic natural gas.

Phillips 66

Houston, TX 77042-2862
Phone: 1 (281) 293-6600

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: PSX
Stock Exchange: , NYSE
Chairman and CEO: Greg C. Garland
EVP and CFO: Kevin J. Mitchell
President: Tim G. Taylor
Employees (This Location): 188
Employees (All Locations): 14,200

Major Office Locations

Houston, TX

Other Locations

Athens, AL
North Little Rock, AR
Carson, CA
El Monte, CA
Rodeo, CA
Santa Maria, CA
Tracy, CA
Wilmington, CA
Broomfield, CO
Denver, CO
Pagosa Springs, CO
Ridgway, CO
Thornton, CO
West Hartford, CT
Marietta, GA
Des Moines, IA
Algonquin, IL
Belleville, IL
East Alton, IL
East Saint Louis, IL
Hartford, IL
Plainfield, IL
Round Lake, IL
Roxana, IL
Shelbyville, IL
Sugar Grove, IL
Vandalia, IL
Waukegan, IL
Zion, IL
Indianapolis, IN
New Castle, IN
Plainfield, IN
Kansas City, KS
Paola, KS
Wichita, KS
Belle Chasse, LA
Jennings, LA
Lake Arthur, LA
Sulphur, LA
Benton Harbor, MI
Blue Springs, MO
De Soto, MO
Easton, MO
Grandview, MO
Independence, MO
Jefferson City, MO
Kansas City, MO
Kimberling City, MO
Manchester, MO
Marthasville, MO
Raytown, MO
Saint Charles, MO
Saint Louis, MO
Billings, MT
Missoula, MT
Omaha, NE
Durham, NH
Exeter, NH
Little Falls, NJ
Woodland Park, NJ
Albuquerque, NM
Clines Corners, NM
Bartlesville, OK
Choctaw, OK
Oklahoma City, OK
Ponca City, OK
Tulsa, OK
Portland, OR
Huron, SD
Nashville, TN
Alvin, TX
Amarillo, TX
Borger, TX
Colorado Springs, TX
Del Valle, TX
Freeport, TX
George West, TX
Gilmer, TX
Houston, TX
Midkiff, TX
Mount Pleasant, TX
Old Ocean, TX
San Antonio, TX
Sweeny, TX
Wenatchee, TX
Weslaco, TX
Wichita Falls, TX
Draper, UT
Ogden, UT
Park City, UT
Chattaroy, WA
Colfax, WA
Dayton, WA
Ferndale, WA
Ashington, England
Brigg, England
Chester-Le-Street, England
Cleethorpes, England
Great Yarmouth, England
Grimsby, England
Immingham, England
Ipswich, England
Knaresborough, England
London, England
Mablethorpe, England
Newcastle-Upon-Tyne, England
Rotherham, England
Saltash, England
Scunthorpe, England
Slough, England
Wakefield, England
Windsor, England
Bathgate, Scotland
Bonnybridge, Scotland
Currie, Scotland
Stirling, Scotland
Bangor, Northern Ireland