Phillips 66 (PSX)

Phillips 66 is a Houston-based, Delaware-incorporated energy company formed in 2011 through the separation of ConocoPhillips's downstream businesses, completed in April 2012, with common stock trading on the NYSE under "PSX." The company operates through five business segments: Midstream, which provides crude oil and refined petroleum product transportation, terminaling, and storage services, along with natural gas and NGL gathering, processing, transportation, fractionation, storage, marketing, and LPG export services across the United States; Chemicals, consisting of a 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem), a global petrochemicals and plastics manufacturer; Refining, which processes crude oil and other feedstocks into petroleum products such as gasoline, distillates, and aviation fuels through 10 refineries in the U.S. and Europe as of December 31, 2025; Marketing and Specialties, which purchases and markets refined products primarily in the U.S. and Europe and includes base oils and lubricants manufacturing; and Renewable Fuels, which processes renewable feedstocks into renewable products at the Rodeo Renewable Energy Complex and Humber Refinery, alongside global feedstock procurement, regulatory credit management, and renewable fuels marketing. A Corporate and Other category covers general overhead, interest income/expense, research investments, restructuring costs, an investment in NOVONIX Limited, and corporate assets including cash and IT assets; beginning in Q1 2026, decommissioning activities at the idled Los Angeles Refinery will be included here. The Midstream segment comprises Transportation and NGL businesses, and as of December 31, 2025, held ownership interests in approximately 70,000 miles of crude oil, refined product, NGL, and natural gas pipeline systems, along with 39 refined product terminals, 35 natural gas gathering and processing plants, 15 crude oil terminals, 10 NGL fractionation facilities, six NGL terminals, a petroleum coke export facility, and various storage and loading assets in the U.S. Notably, on April 1, 2025, the company acquired Coastal Bend (EPIC Y-Grade entities), adding long-haul NGL pipelines, fractionation facilities, and distribution systems; separately, on January 30, 2025, DCP Midstream, LP—a consolidated subsidiary in which Phillips 66 holds an 86.8% economic interest—sold its 25% stake in Gulf Coast Express Pipeline LLC.

The NGL business operates a diversified wellhead-to-market portfolio, including gathering and processing assets in the Permian, DJ Basin, Midcontinent, and Eagle Ford regions, with 35 active processing plants totaling 5 Bcf/d of net nameplate capacity, and the Sweeny Hub—a major Gulf Coast NGL market hub featuring fractionators with expanded capacity to 675,000 B/D, an LPG export terminal with 300,000 B/D capacity, NGL storage caverns, and connecting pipeline infrastructure including the C2G ethane pipeline. The company also maintains a fleet of 28 international-flagged tankers under time charter, inland and offshore tug/barge units, trucking operations (including wholly owned Sentinel Transportation LLC), and approximately 8,900 owned or leased railcars to support its integrated transportation and distribution network.