Phillips 66(NYSE) PSX

Phillips 66 makes fuel and chemicals that power cars, planes, and factories. It moves energy products through a network of pipelines and storage tanks. The company also sells gasoline and lubricants at stations across the U.S. and Europe.

What Phillips 66 Provides

• Refining: Processes crude oil into gasoline, diesel, and aviation fuels at 10 refineries in the United States and Europe.
• Midstream: Transports and stores crude oil and natural gas liquids through a network of pipelines and terminals.
• Chemicals: Produces plastics and specialty chemicals through a 50% equity interest in Chevron Phillips Chemical Company.
• Marketing and Specialties: Sells refined petroleum products to retailers and manufactures specialized lubricants and base oils.
• Renewable Fuels: Converts renewable feedstocks into products at the Rodeo Renewable Energy Complex and the Humber Refinery.

New Moves and Big Changes

• Acquired the remaining 50% ownership interest in WRB Refining from Cenovus Energy on Oct. 1, 2025.
• Sold a 49% stake in Coop Mineraloel AG for $1.2 billion in January 2025.
• Purchased the Lindsey Oil Refinery assets and infrastructure on Apr. 28, 2026, to enhance U.K. fuel supply.
• Ceased fuel production at the Los Angeles Refinery in the fourth quarter of 2025 to begin site decommissioning.
• Reduced its interest in the Germany and Austria retail marketing business by 65% in December 2025.

Where the Business Stands Out

The company operates a fully integrated natural gas liquids chain that manages products from the wellhead to the market. Its Rodeo Complex serves as a major hub for processing renewable feedstocks into low-carbon fuel products.

The Numbers You Need

• Net income reached $3.8 billion in the second quarter of 2026, up from $0.9 billion in the second quarter of 2025.
• Cash generated by operating activities was $7.3 billion during the three-month period ended June 30, 2026.
• Total debt was $20.6 billion as of June 30, 2026, with a debt-to-capital ratio of 39%.
• Non-GAAP realized refining margins were $24.08 per barrel in the second quarter of 2026, up from $11.25 year over year.
• The company returned $1.7 billion to shareholders through dividends and share repurchases during the first six months of 2026.

The Bottom Line

Phillips 66 has shifted its focus toward midstream growth and renewable fuel production while optimizing its traditional refining portfolio. This strategy balances legacy energy manufacturing with a transition into lower-carbon products and diversified logistics.