Phillips 66 (PSX)

Phillips 66 is an energy manufacturing and logistics company headquartered in Houston, Texas. It was incorporated in Delaware in 2011 and became an independent, publicly traded company on April 30, 2012, when ConocoPhillips distributed all of its Phillips 66 shares to its shareholders, separating its downstream businesses. The stock trades on the New York Stock Exchange under the symbol "PSX." The company transports, processes and refines crude oil, natural gas and natural gas liquids (NGL) and markets the resulting products.

The business is organized into five operating segments. Midstream provides crude oil and refined product transportation, terminaling and storage, plus natural gas and NGL gathering, processing, transportation, fractionation, storage and marketing in the United States, and exports liquefied petroleum gas. Chemicals consists of a 50% equity investment in Chevron Phillips Chemical Company LLC, which makes and markets petrochemicals and plastics worldwide. Refining converts crude oil and other feedstocks into products such as gasoline, distillates and aviation fuels, and included 10 refineries in the United States and Europe at December 31, 2025. Marketing and Specialties buys and resells refined products, mainly in the United States and Europe, and manufactures and markets base oils and lubricants. Renewable Fuels processes renewable feedstocks at the Rodeo Renewable Energy Complex and the Humber Refinery, and handles global feedstock procurement, regulatory credits and renewable fuel marketing. Corporate and Other covers overhead, interest, research into new technologies, restructuring costs and an investment in NOVONIX Limited. Beginning in the first quarter of 2026, it will also include decommissioning and redevelopment of the idled Los Angeles Refinery.

Midstream has two businesses. Transportation moves crude oil and feedstocks to refineries and other locations, delivers refined products to market, and provides terminaling and storage. NGL gathers, processes, transports, fractionates, markets and exports NGL and natural gas. At year-end 2025 the segment owned or held interests in about 70,000 miles of pipeline, 39 refined product terminals, 35 gas gathering and processing plants, 15 crude oil terminals, 10 NGL fractionation facilities, six NGL terminals and a petroleum coke exporting facility, all in the United States. Much of the NGL business is conducted through DCP Midstream, LP, in which Phillips 66 holds an 86.8% economic interest. In April 2025 it acquired the Coastal Bend NGL pipelines, fractionators and distribution systems. Gathering and processing assets sit in the Permian, DJ, Midcontinent and Eagle Ford regions, with net nameplate processing capacity of about 5 billion cubic feet per day.

The company operates through pipelines, terminals, storage caverns, marine vessels, railcars and trucks. It had 28 time-chartered tankers and about 8,900 owned or leased railcars, and trucking is provided by its subsidiary Sentinel Transportation and third-party carriers. The Sweeny Hub on the Texas Gulf Coast includes four fractionators with demonstrated capacity of 675,000 barrels per day, NGL storage caverns, and the Freeport LPG export terminal, which has demonstrated export capacity of 300,000 barrels per day and supplies petrochemical, heating and transportation markets globally. The text provided does not describe competitors or the customer base in detail.