Phillips 66
- Industry
- Integrated Oil & Gas
- Exchange
- US
- Country
- USA
- IPO date
- May 1, 2012
- Employees
- 12,600
- Website
- www.phillips66.com
Composite valuation range · conservative $90–$110 / fair $130–$155 / optimistic $180–$210. At $207.82, Within the optimistic intrinsic-value range · much expectation priced in.
At publication $177.69 (May 26, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
Phillips 66 operates as an integrated downstream energy provider in the United States, the United Kingdom, Germany, and internationally. It operates through five segments: Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels. The Midstream segment provides crude oil and refined petroleum product transportation, terminaling, and storage services, as well as natural gas and natural gas liquids (NGL) gathering, processing, transportation, fractionation, storage and marketing services. It also exports liquefied petroleum gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining; and petrochemicals and plastics. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines and distillates, including aviation fuels. The M&S segment purchases for resale and markets refined products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as automotive, commercial, industrial, and specialty lubricants, as well as base oils. The Renewable Fuels segment processes renewable feedstocks into renewable products, as well as supplies sustainable aviation fuel. This segment also procures renewable feedstocks, manages certain regulatory credits, and markets renewable diesel, renewable jet fuel, and other renewable fuels. The company markets its products under the Phillips 66, Conoco and 76, JET, Kendall, Red Line, and other private label brands. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.
History
Phillips 66 was founded in 1875 and is headquartered in Houston, Texas. It completed its IPO on May 1, 2012, and trades as an integrated downstream energy provider. In 2025 the company pursued portfolio optimization, partially selling its Germany and Austria marketing assets for a pretax gain of about $1.9 billion and selling its Coop investment for a pretax gain of about $1.0 billion, while acquiring Coastal Bend and the remaining WRB interest. In early 2025 Elliott built a stake of about $2.5 billion and won two board seats in the May 2025 proxy contest.
Industry position
Phillips 66 operates through five segments: Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels, marketing under the Phillips 66, Conoco, 76, JET, Kendall, and Red Line brands, with a 50% stake in CPChem. In 2025 its global refining crude capacity was about 1.868 million barrels per day, smaller than Valero at 3.19 million and Marathon Petroleum at 2.986 million. According to the EIA, total US operable atmospheric distillation capacity was about 18.4 million barrels per day as of January 1, 2025, with Marathon, Valero, and ExxonMobil ranking as the three largest US refining systems. The company operates in the United States, the United Kingdom, Germany, and internationally.
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