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Phillips 66  (NYSE: PSX)
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Description of Phillips 66's Business Segments


Extensive Overview of Phillips 66 Segments, Products, and Services

Phillips 66 is a diversified energy manufacturing and logistics company with a broad spectrum of operations that spans across several vital segments: Refining and Marketing (R&M), Midstream, Chemicals, and Transportation. Each segment is intricately designed to deliver a wide array of products and services tailored to the specific needs of various markets and industries.



1. Refining and Marketing (R&M)

Overview
The R&M segment centers on the transformation of crude oil and other feedstocks into a diverse range of petroleum products. It manages both the refining process and the marketing of these products globally, maintaining significant operations in North America, Europe, and Asia.

Key Operations
- Refineries:
Phillips 66 operates several state-of-the-art refineries equipped with advanced refining technologies to maximize output and efficiency.

North American Refineries:
- Bayway Refinery (New Jersey): Focuses on producing transportation fuels and petrochemical feedstocks.
- Alliance Refinery (Louisiana): Primarily produces gasoline, diesel, and jet fuel designed for high performance.
- Lake Charles Refinery (Louisiana): Known for producing both transportation fuels and high-quality lubricant base oils.
- Wood River Refinery (Illinois) & Borger Refinery (Texas): Specializes in heavy crude processing and the manufacture of diverse transportation fuels.
- Ferndale Refinery (Washington): Catalyzes the production of gasoline and diesel to serve the Northwest region.

International Refineries:
- Humber Refinery (UK): Renowned for high-value products, including graphite and aviation fuels.
- Melaka Refinery (Malaysia): Utilizes innovative coking technologies for the production of assorted refined products.

Product Range
- Transportation Fuels: Gasoline, diesel, jet fuel, and heating oil serve both commercial and consumer markets.
- Petrochemical Feedstocks: Essential raw materials for various petrochemical processes.
- Specialty Products: Tailored fuels and lubricants developed to meet specific industry needs.

Marketing
Phillips 66 leverages a robust marketing network, encompassing approximately 8,500 retail outlets in the United States. The company operates well-known brands like Phillips 66, Conoco, and 76, and uses brand licensing and unbranded sales strategies to enhance market accessibility.



Midstream

Overview
The Midstream segment is crucial for the efficient gathering, processing, transportation, and marketing of natural gas and natural gas liquids (NGLs).

Key Operations
- Natural Gas & NGLs: A vast network of pipelines connects processing facilities to ensure smooth and efficient transport and fractionation.
- DCP Midstream, LLC: This partnership enhances Phillips 66s midstream capabilities, integrating resources and expertise.



Chemicals

Overview
The Chemicals segment is focused on the production and marketing of a wide array of petrochemicals and plastics, catering to industries worldwide.

Key Partnership
- Chevron Phillips Chemical Company LLC (CPChem): A strategic joint venture where Phillips 66 holds a 50% stake, manufacturing numerous chemical products fundamental to diverse industrial applications.

Product Range
- Petrochemicals: Crucial components such as ethylene, propylene, styrenics, and polyolefins, widely used in the production of plastics and resins.



Transportation

Overview
This segment focuses on the safe, reliable, and efficient delivery of crude oil, refined products, natural gas, and NGLs, supported by an extensive logistical infrastructure.

Key Assets
- Pipeline Systems: Over 18,000 miles of pipelines facilitate the transport of crude oil, natural gas, and refined products across the U.S.
- Terminals: A network of 39 finished product terminals, along with multiple storage locations dedicated to bulk products.
- Marine and Rail Fleet: A versatile flotilla of vessels and railcars offering flexible transportation options.



Additional Product Offerings

- Lubricants: Phillips 66 manufactures a variety of lubricants for automotive, commercial, and industrial applications, marketed under brands like Kendall and Conoco. This includes the production of both Group II and Group III base oils.
- Graphite Coke: A leading producer of anode-grade and fuel-grade petroleum cokes, essential for industries such as steel and aluminum manufacturing.
- Polypropylene: Through patented processes, Phillips 66 produces and markets polypropylene under the COPYLENE brand, contributing to various industrial sectors.



International Marketing

Phillips 66 engages in global marketing of its fuels and products, emphasizing retail strategies in European markets while establishing partnerships in regions like Austria, Germany, and the UK. The companys international footprint includes retail and wholesale sales of a range of products, including heating oils, aviation fuels, and specialized offerings for commercial clientele.



Conclusion

Phillips 66 stands as a prominent player in the global energy landscape, with a diversified portfolio that spans refining, transportation, chemicals, and marketing. The companys comprehensive operations allow for adaptability in a rapidly changing market, solidifying its role in energy supply and fostering innovation across the industry.

 

Composition of Phillips 66 Revenues by Segments

 
United States    79.39 % of total Revenue
United Kingdom    9.73 % of total Revenue
Germany    4 % of total Revenue
Other countries    6.87 % of total Revenue
Refined petroleum products and renewable fuels    73.12 % of total Revenue
Crude oil resales    10.19 % of total Revenue
Natural gas liquids NGL and natural gas    14.81 % of total Revenue
Services and other    1.88 % of total Revenue
Midstream    18.56 % of total Revenue
Refining    52.17 % of total Revenue
M S    68.03 % of total Revenue
Renewable Fuels    5.02 % of total Revenue
Chemicals    0.37 % of total Revenue
Corporate and Other    0.1 % of total Revenue
Intercompany revenues    0.01 % of total Revenue
Intercompany revenues Midstream    2.07 % of total Revenue
Intercompany revenues Refining    33.43 % of total Revenue
Intercompany revenues M S    1.57 % of total Revenue
Intercompany revenues Renewable Fuels    2.57 % of total Revenue
Corporate and Other Eliminations    0.04 % of total Revenue
Corporate Reconciling Items and Eliminations    -39.65 % of total Revenue
Consolidating Adjustments    -39.65 % of total Revenue

Q1 three months ended (Mar 31 2025)
Revenues by Business Segments Revenues
(in millions $)
%
(of total Revenues)
United States 24,159.00 79.39 %
United Kingdom 2,962.00 9.73 %
Germany 1,218.00 4 %
Other countries 2,091.00 6.87 %
Refined petroleum products and renewable fuels 22,249.00 73.12 %
Crude oil resales 3,102.00 10.19 %
Natural gas liquids NGL and natural gas 4,506.00 14.81 %
Services and other 573.00 1.88 %
Midstream 5,647.00 18.56 %
Refining 15,875.00 52.17 %
M S 20,701.00 68.03 %
Renewable Fuels 1,527.00 5.02 %
Chemicals 113.00 0.37 %
Corporate and Other 30.00 0.1 %
Intercompany revenues 2.00 0.01 %
Intercompany revenues Midstream 631.00 2.07 %
Intercompany revenues Refining 10,173.00 33.43 %
Intercompany revenues M S 478.00 1.57 %
Intercompany revenues Renewable Fuels 781.00 2.57 %
Corporate and Other Eliminations 12.00 0.04 %
Corporate Reconciling Items and Eliminations -12,065.00 -39.65 %
Consolidating Adjustments -12,065.00 -39.65 %
Total 30,430.00 100 %




Q1 three months ended (Mar 31 2025)
Revenue Growth rates by Segment Y/Y Revenue
%
Q/Q Revenue
%
United States -14.86 % -
United Kingdom -23.86 % -
Germany -6.52 % -
Other countries -6.69 % -
Refined petroleum products and renewable fuels -13.56 % -
Crude oil resales -44.39 % -
Natural gas liquids NGL and natural gas 35.15 % -
Services and other -50.6 % -
Midstream 12.94 % -
Refining -28 % -
M S -8.71 % -
Renewable Fuels 33.01 % -
Chemicals -43.78 % -
Corporate and Other -56.52 % -
Intercompany revenues -33.33 % -
Intercompany revenues Midstream -11.99 % -
Intercompany revenues Refining -19.8 % -
Intercompany revenues M S -7.72 % -
Intercompany revenues Renewable Fuels 0.77 % -
Corporate and Other Eliminations -7.69 % -
Corporate Reconciling Items and Eliminations - -
Consolidating Adjustments - -
Total - -




Q1 three months ended (Mar 31 2025)
Income by Business Segments Income
(in millions $)
%
(Profit Margin)
Midstream 751.00 13.3 %
Refining -937.00 -
Renewable Fuels -185.00 -
Chemicals 113.00 100 %
Corporate and Other -376.00 -
Total 526.00 1.73 %




Q1 three months ended (Mar 31 2025)
Income Growth rates by Segment Y/Y Income
%
Q/Q Income
%
Midstream 35.56 % -
Refining - -
Renewable Fuels - -
Chemicals -44.88 % -
Corporate and Other - -
Total - -




Annual Report on Phillips 66 Divisions, Sales by Country

 
United States   United States Segment contribution to total sales 79.35 % of total Revenue
United Kingdom   United Kingdom Segment contribution to total sales 8.88 % of total Revenue
Germany   Germany Segment contribution to total sales 3.68 % of total Revenue
Other countries   Other countries Segment contribution to total sales 8.09 % of total Revenue
Refined petroleum products and renewable fuels   Refined petroleum products and renewable fuels Segment contribution to total sales 72.43 % of total Revenue
Crude oil resales   Crude oil resales Segment contribution to total sales 15.37 % of total Revenue
Services and other   Services and other Segment contribution to total sales 2.03 % of total Revenue
Midstream   Midstream Segment contribution to total sales 13.73 % of total Revenue
Refining   Refining Segment contribution to total sales 59.38 % of total Revenue
M S   M S Segment contribution to total sales 64.85 % of total Revenue
Renewable Fuels   Renewable Fuels Segment contribution to total sales 3.89 % of total Revenue
Chemicals   Chemicals Segment contribution to total sales 0.6 % of total Revenue
Corporate and Other   Corporate and Other Segment contribution to total sales 0.16 % of total Revenue
Intercompany revenues   Intercompany revenues Segment contribution to total sales 0.01 % of total Revenue
Intercompany revenues Midstream   Intercompany revenues Midstream Segment contribution to total sales 1.94 % of total Revenue
Intercompany revenues Refining   Intercompany revenues Refining Segment contribution to total sales 35.05 % of total Revenue
Intercompany revenues M S   Intercompany revenues M S Segment contribution to total sales 1.49 % of total Revenue
Intercompany revenues Renewable Fuels   Intercompany revenues Renewable Fuels Segment contribution to total sales 2.49 % of total Revenue
Consolidating Adjustments   Consolidating Adjustments Segment contribution to total sales -40.98 % of total Revenue
NGL and natural gas   NGL and natural gas Segment contribution to total sales 10.16 % of total Revenue
Corporate And Other Eliminations   Corporate And Other Eliminations Segment contribution to total sales 0.03 % of total Revenue
Corporate Reconciling Items And Eliminations   Corporate Reconciling Items And Eliminations Segment contribution to total sales -40.98 % of total Revenue


Twelve months ended 2024
PSX s Annual Revenue by Geography and Business Segments Sales
(in millions $)
%
(of total Sales)
United States 113,599.00 79.35 %
United Kingdom 12,713.00 8.88 %
Germany 5,265.00 3.68 %
Other countries 11,576.00 8.09 %
Refined petroleum products and renewable fuels 103,685.00 72.43 %
Crude oil resales 22,008.00 15.37 %
Services and other 2,912.00 2.03 %
Midstream 19,652.00 13.73 %
Refining 85,009.00 59.38 %
M S 92,831.00 64.85 %
Renewable Fuels 5,571.00 3.89 %
Chemicals 863.00 0.6 %
Corporate and Other 236.00 0.16 %
Intercompany revenues 15.00 0.01 %
Intercompany revenues Midstream 2,775.00 1.94 %
Intercompany revenues Refining 50,171.00 35.05 %
Intercompany revenues M S 2,129.00 1.49 %
Intercompany revenues Renewable Fuels 3,567.00 2.49 %
Consolidating Adjustments -58,657.00 -40.98 %
Total 143,153.00 100 %
NGL and natural gas 14,548.00 10.16 %
Corporate And Other Eliminations 50.00 0.03 %
Corporate Reconciling Items And Eliminations -58,657.00 -40.98 %


Twelve months ended 2024
PSX s Annual Income by Country and Business Segments Income
(in millions $)
%
(Profit Margin)
Midstream 2,638.00 13.42 %
Refining -365.00 -
Renewable Fuels -198.00 -
Chemicals 876.00 101.51 %
Corporate and Other -1,287.00 -
Total 2,175.00 1.52 %

Twelve months ended 2024
Annual Revenue and Income Growth by Country and Business Segments % Y/Y Sales Growth % Y/Y Income Growth
United States -4.37 % -
United Kingdom -13.17 % -
Germany -5.08 % -
Other countries 37.42 % -
Refined petroleum products and renewable fuels -4.56 % -
Crude oil resales 5.69 % -
Services and other -15.94 % -
Midstream 1.37 % -6.42 %
Refining -8.33 % -
M S -6.48 % -
Renewable Fuels 12.55 % -
Chemicals 47.27 % 46 %
Corporate and Other -22.62 % -
Intercompany revenues 15.38 % -
Intercompany revenues Midstream -1.74 % -
Intercompany revenues Refining -13.48 % -
Intercompany revenues M S -29.03 % -
Intercompany revenues Renewable Fuels 0.93 % -
Consolidating Adjustments - -
NGL and natural gas 0.56 % -
Corporate And Other Eliminations 4.17 % -
Corporate Reconciling Items And Eliminations - -



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