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, crude oil, 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 65% of sales. It purchases for resale and markets refined petroleum products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, such as base oils and lubricants.

The Refining segment, which accounts for just roughly 30% of total revenue, refines crude oil and other feedstocks into petroleum products (gasoline, distillates, and aviation fuel), at about a dozen refineries in the United States and Europe.

The Midstream segment of Phillips 66 makes up around 5% of total revenue. Midstream provides crude oil and refined petroleum product transportation, terminaling and process services, as well as natural gas liquids (NGL) transportation, storage, fractionation, processing and marketing services, mainly in the United States. This segment includes their master limited partnership, Phillips 66 Partners LP, as well as their 50% equity investment in DCP Midstream, LLC.

Chemicals segment consists of their 50% equity investment in Chevron Phillips Chemical Company LLC, which manufactures and markets petrochemicals and plastics on a worldwide basis.

Overall, the company generates over 80% of its revenue from refined products; almost 15% from crude oil resales; and around 5% from NGL; while a small portion comes from services, and other.

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 three-quarters of revenue, followed by the UK at about 10%.

CPChem is involved in about 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 approximately 7,540 marketer-owned or -supplied outlets across the US under brand names 76, Conoco, and Phillips 66. It also holds brand-licensing agreements with approximately 1,280 sites. Its refined products are marketed on both a branded and unbranded basis.

n 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's revenue is closely tied to oil prices, meaning its revenue has fallen and risen again over the last five years along with prices. In 2019 the company's sales continued on their upward trajectory, falling 4% to $107.3 billion due to higher prices.

Net income fell 45% to $4.2 billion due to the $2.5 billion decrease on their operating income, partially offset by the decrease on their income tax expense.

Phillips 66's cash on hand fell $1.4 billion during 2019, ending the year at $1.6 billion. The company's operations generated 4.8 billion, offset by the $3.7 billion used in its investing activities and $2.5 billion used in its financing. Phillips 66's main cash uses in 2018 were capital expenditures, share repurchases, and dividends.


Phillips 66 continue to focus on the following strategic properties: operating excellence, growth, returns, distributions, and high-performing organizations.

Their strategy focuses on investing in growth opportunities in the Midstream and Chemical segments. They also plan to enhance Refining returns by increasing throughput of advantaged feedstocks, improving yields, portfolio optimization and an ongoing commitment to operating excellence.

The company's European marketing strategy is to sell primarily through owned, leased or joint venture retail sites using a low-cost, high-volume approach.

Company Background

Brothers Frank and L.E. Phillips founded Phillips Petroleum Company, headquartered in Bartlesville, OK in 1917. In 1981, DuPont acquired Conoco after a heated takeover battle, and Conoco became a wholly owned DuPont subsidiary. Conoco and Phillips Petroleum officially merged in 2002 to become Conoco Phillips. ConocoPhillips spun off its midstream and downstream businesses to create a publicly traded company called Phillips 66 that began trading under the symbol PSX on the New York Stock Exchange on May 2012.

Phillips 66

2331 Citywest Blvd
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): 14,500

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