Phillips 66 is one of the largest independent downstream energy companies in the world, operating 12 refineries across the United States and Europe with a combined crude oil processing capacity of approximately 1.8 million barrels per day (bpd). Headquartered in Houston, Texas, the company operates across four business segments — Refining, Midstream, Chemicals, and Marketing & Specialties — and trades on the New York Stock Exchange under the ticker PSX.
Phillips 66 Company Overview
Phillips 66 was established as an independent company in May 2012 following a spin-off from ConocoPhillips, inheriting a substantial portfolio of refining, marketing, and midstream assets built over decades. The company reported full-year 2024 revenues of approximately $48 billion, reflecting its position as a major integrated downstream operator rather than a pure-play refiner.
Unlike integrated majors, Phillips 66 holds no upstream exploration and production assets. Its business model centres on processing crude oil into refined products, transporting those products through owned midstream infrastructure, and manufacturing petrochemicals through its 50% stake in CPChem (Chevron Phillips Chemical Company) — one of the largest petrochemical producers in the world.
Refining Operations
Phillips 66’s refining network spans the US Gulf Coast, West Coast, Central Corridor, and Atlantic Basin, with European capacity at the Humber Refinery in the UK and the Wesseling Refinery in Germany. The Humber Refinery, located in North Lincolnshire, is one of the most complex refineries in the UK, processing approximately 221,000 bpd.
The US Gulf Coast is the company’s largest refining region, anchored by the Alliance Refinery in Belle Chasse, Louisiana (prior to its 2022 closure following Hurricane Ida damage) and the Lake Charles Refinery in Louisiana. The refining segment produces gasoline, distillates, aviation fuel, and a range of chemical feedstocks. Refining margins remain the most volatile component of Phillips 66’s earnings, subject to crack spread movements and crude differentials.
Midstream Assets & Pipeline Infrastructure
Phillips 66’s midstream segment operates through its majority-owned master limited partnership Phillips 66 Partners (now consolidated into the parent company following a 2022 simplification transaction) and through equity stakes in major pipeline systems. Key assets include the Dakota Access Pipeline (25% stake), Liberty Pipeline, and the Gray Oak Pipeline connecting Permian Basin production to Gulf Coast markets.
A significant 2026 midstream development is the proposed Western Gateway Pipeline, a new project announced in partnership with Kinder Morgan following a binding open season. The pipeline is designed to move natural gas and liquids from the Permian Basin to Gulf Coast export markets — full details are covered in our article on the Phillips 66 and Kinder Morgan Western Gateway Pipeline open season.
Midstream infrastructure of this scale sits within a broader competitive landscape covered in our roundup of the top 10 pipeline companies in 2026.
Chemicals: CPChem
Through its 50/50 joint venture with Chevron, Phillips 66 co-owns CPChem, one of the world’s leading producers of olefins, polyolefins, and performance pipe products. CPChem operates 31 manufacturing facilities across the US, Europe, and the Middle East, with total polyethylene and polypropylene capacity exceeding 10 million tonnes per year.
CPChem’s US Gulf Coast expansion programme — the 1-Hexene Project and planned ethylene crackers — positions the joint venture to benefit from low-cost US ethane feedstock. The chemicals segment typically contributes stable, margin-resilient earnings relative to the more cyclical refining business.
Marketing, Terminals & Retail
Phillips 66’s Marketing & Specialties segment manages the distribution and sale of refined products through owned terminals, branded retail networks, and third-party supply agreements. The company supplies product under the Phillips 66, Conoco, and 76 retail brands across the US, and operates lubricants and specialties businesses serving industrial and commercial customers.
Terminal infrastructure plays a central role in getting refined product to market — for context on how major downstream operators manage terminal networks, see our guide to the top 10 downstream oil and gas companies in 2026.
2026 Strategy & Capital Allocation
Phillips 66 entered 2026 with a stated strategic priority of returning capital to shareholders while selectively investing in higher-return midstream and chemicals growth. The company completed a $3 billion share buyback programme in 2024 and has guided for continued buybacks alongside a growing dividend.
On the operational side, Phillips 66 is progressing the conversion of its Rodeo Refinery in California into a renewable fuels facility — Rodeo Renewed — targeting 800 million gallons per year of renewable diesel and sustainable aviation fuel (SAF) capacity. The project represents one of the largest renewable fuels conversions undertaken by a major refiner, though it reduces crude oil processing capacity in California accordingly.
The company has also signalled a disciplined approach to European refining, consistent with broader industry capital reallocation away from high-cost, lower-complexity European sites — a trend visible in competitor decisions covered in our analysis of why Shell axed its Rotterdam biofuels plant.
Phillips 66 Company Snapshot
| Founded | 2012 (spun off from ConocoPhillips) |
|---|---|
| Headquarters | Houston, Texas, USA |
| Stock Ticker | PSX (NYSE) |
| Refining Capacity | ~1.8 million bpd (12 refineries) |
| Key Regions | US Gulf Coast, US West Coast, UK, Germany |
| Chemicals JV | CPChem (50% stake with Chevron) |
| Key Pipeline Stakes | Dakota Access, Gray Oak, Western Gateway (proposed) |
| 2024 Revenue | ~$48 billion |
| Employees | ~14,000 |
| Primary Segments | Refining, Midstream, Chemicals, Marketing & Specialties |
What does Phillips 66 do?
Phillips 66 is an independent downstream energy company operating across refining, midstream, chemicals, and marketing. It processes approximately 1.8 million barrels of crude oil per day across 12 refineries in the US and Europe, and co-owns petrochemical producer CPChem with Chevron.
Where does Phillips 66 operate?
Phillips 66 operates primarily in the United States, with major refining capacity on the Gulf Coast, West Coast, and Central Corridor. European operations include the Humber Refinery in the UK and the Wesseling Refinery in Germany. Its midstream pipeline stakes and CPChem manufacturing facilities span a further range of US and international locations.
What is the Rodeo Renewed project?
Rodeo Renewed is Phillips 66’s conversion of its Rodeo Refinery in California into a renewable fuels facility. Once complete, it is expected to produce up to 800 million gallons per year of renewable diesel and sustainable aviation fuel (SAF), making it one of the largest renewable fuels plants in the world.
What is the Western Gateway Pipeline?
The Western Gateway Pipeline is a proposed new Permian Basin to Gulf Coast pipeline being developed by Phillips 66 and Kinder Morgan. A binding open season was announced in 2025–2026 to gauge shipper commitments, with the project targeting growing demand from LNG export terminals and Gulf Coast refiners.
Who owns Phillips 66?
Phillips 66 is a publicly traded company listed on the NYSE under the ticker PSX. It was spun off from ConocoPhillips in 2012 and has no single majority shareholder, with institutional investors including Warren Buffett’s Berkshire Hathaway holding a significant minority stake.