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Phillips 66's Business Segments
Phillips 66's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q1 FY2026
Reportable Segments
6
Largest Segment
Refining
Total Revenue
$ 32,540
Countrys Reported
3
Revenue Share by Reportable Segment - Q1 FY2026
- Refining69.3%
- Marketing & Speciality62.1%
- Midstream17%
- Renewable Fuels4.8%
- Corporate and Unallocated0%
- Chemicals0%
Revenue by Reportable Segment - Q1 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Refining | $ 22,534 | 69.3% |
| Marketing & Speciality | $ 20,200 | 62.1% |
| Midstream | $ 5,524 | 17% |
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Revenue Share by Country - Q1 FY2026
- United States79.3%
- United Kingdom11.6%
- Germany2.2%
Revenue by Geographic Country - Q1 FY2026
| Country | Revenue (Millions) | % of Total |
|---|---|---|
| United States | $ 25,790 | 79.3% |
| United Kingdom | $ 3,774 | 11.6% |
| Germany | $ 709 | 2.2% |
Revenue by Product & Service Category - Q1 FY2026
- Refined petroleum products and renewable fuels76.5%
- Natural Gas Liquids (ngl)14%
- Crude Oil13.3%
- Other Product Line0%
Revenue by Product & Service Category - Q1 FY2026
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Refined petroleum products and renewable fuels | $ 24,878 | 76.5% |
| Natural Gas Liquids (ngl) | $ 4,541 | 14% |
| Crude Oil | $ 4,324 | 13.3% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
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Description of Phillips 66
Phillips 66 is a prominent multinational energy manufacturing and logistics company based in Houston, Texas. As a leading player in the energy sector, the company operates across various segments, including refining, midstream, chemicals, and marketing and specialties. The company’s history dates back to the early twentieth century and has evolved significantly over the years, particularly through key mergers and strategic decisions.
Incorporation and Formation:
Phillips 66 was incorporated in Delaware on November 10, 2011, as part of ConocoPhillips restructuring plan, which aimed to separate its upstream (exploration and production) operations from its downstream (refining and marketing) businesses. This strategic move was designed to enhance operational efficiency and to create two focused entities with distinct business objectives. Following this, on April 4, 2012, the ConocoPhillips Board of Directors officially approved the separation, enabling Phillips 66 to operate as an independent, publicly traded company.
Business Segments:
1. Refining:
Phillips 66 is known for its extensive refining operations, which play a critical role in the production of various petroleum products from crude oil. The company operates several refineries across the United States and has a significant capacity to process heavy and light crude oils. The refining segment focuses on converting crude oil into high-value products such as gasoline, diesel, jet fuel, and other petrochemicals.
2. Midstream:
The midstream segment involves the transportation, storage, and distribution of crude oil, natural gas, and natural gas liquids. Phillips 66 owns and operates an extensive network of pipelines, terminals, and processing facilities that facilitate the efficient movement of energy products from production sites to market. This segment also includes investments in refineries and marketing operations, contributing to the overall value chain.
3. Chemicals:
Phillips 66 has a significant chemicals division that produces a range of petrochemical products. This segment focuses on the production of intermediates and derivatives that serve various industries, including automotive, construction, and consumer goods. The chemicals produced by Phillips 66 are essential components in the manufacture of plastics, coatings, and synthetic materials.
4. Marketing and Specialties:
The marketing and specialties segment includes the distribution and sale of refined products and specialty lubricants. Phillips 66 markets its branded fuels through a network of retail outlets and partners, providing consumers with quality products. The specialty lubricants division offers a range of high-performance lubricants used in automotive, industrial, and commercial applications.
Strategic Initiatives and Investments:
Phillips 66 has been proactive in pursuing strategic initiatives aimed at growth and sustainability. The company invests significantly in technology and innovation to improve operational efficiency, reduce environmental impacts, and develop cleaner energy solutions. It has also prioritized capital discipline and has implemented cost-saving measures across its operations to respond to market fluctuations and maintain competitiveness in the volatile energy sector.
Environmental and Social Responsibility:
Recognizing the importance of environmental stewardship, Phillips 66 is committed to minimizing its ecological footprint. The company has set ambitious targets to enhance operational sustainability, including reducing greenhouse gas emissions and increasing energy efficiency. Additionally, Phillips 66 engages in various community outreach and social responsibility initiatives, supporting education, workforce development, and local economic growth.
Financial Performance:
Since its inception, Phillips 66 has maintained a solid financial foundation, characterized by consistent revenue generation and profitability. The company has been active in returning value to shareholders through dividends and share repurchases. Phillips 66 regularly assesses its capital allocation strategy to ensure it aligns with long-term growth objectives while maintaining a balance between investment in growth opportunities and returning capital to shareholders.
Market Position:
As one of the largest independent refining companies in the United States, Phillips 66 holds a significant market position in the energy industry. Its diversified operations, experienced workforce, and strategic geographic footprint contribute to its competitive advantage. The company is well-positioned to adapt to industry trends, regulatory changes, and consumer preferences, ensuring its continued relevance and growth in the evolving energy landscape.
In summary, Phillips 66 represents a dynamic and versatile entity within the energy sector, with a diversified portfolio and a commitment to operational excellence, sustainability, and stakeholder engagement. The separation from ConocoPhillips facilitated focused growth strategies, enabling the company to address the complexities of the modern energy market while remaining dedicated to delivering value to its customers and shareholders.
Incorporation and Formation:
Phillips 66 was incorporated in Delaware on November 10, 2011, as part of ConocoPhillips restructuring plan, which aimed to separate its upstream (exploration and production) operations from its downstream (refining and marketing) businesses. This strategic move was designed to enhance operational efficiency and to create two focused entities with distinct business objectives. Following this, on April 4, 2012, the ConocoPhillips Board of Directors officially approved the separation, enabling Phillips 66 to operate as an independent, publicly traded company.
Business Segments:
1. Refining:
Phillips 66 is known for its extensive refining operations, which play a critical role in the production of various petroleum products from crude oil. The company operates several refineries across the United States and has a significant capacity to process heavy and light crude oils. The refining segment focuses on converting crude oil into high-value products such as gasoline, diesel, jet fuel, and other petrochemicals.
2. Midstream:
The midstream segment involves the transportation, storage, and distribution of crude oil, natural gas, and natural gas liquids. Phillips 66 owns and operates an extensive network of pipelines, terminals, and processing facilities that facilitate the efficient movement of energy products from production sites to market. This segment also includes investments in refineries and marketing operations, contributing to the overall value chain.
3. Chemicals:
Phillips 66 has a significant chemicals division that produces a range of petrochemical products. This segment focuses on the production of intermediates and derivatives that serve various industries, including automotive, construction, and consumer goods. The chemicals produced by Phillips 66 are essential components in the manufacture of plastics, coatings, and synthetic materials.
4. Marketing and Specialties:
The marketing and specialties segment includes the distribution and sale of refined products and specialty lubricants. Phillips 66 markets its branded fuels through a network of retail outlets and partners, providing consumers with quality products. The specialty lubricants division offers a range of high-performance lubricants used in automotive, industrial, and commercial applications.
Strategic Initiatives and Investments:
Phillips 66 has been proactive in pursuing strategic initiatives aimed at growth and sustainability. The company invests significantly in technology and innovation to improve operational efficiency, reduce environmental impacts, and develop cleaner energy solutions. It has also prioritized capital discipline and has implemented cost-saving measures across its operations to respond to market fluctuations and maintain competitiveness in the volatile energy sector.
Environmental and Social Responsibility:
Recognizing the importance of environmental stewardship, Phillips 66 is committed to minimizing its ecological footprint. The company has set ambitious targets to enhance operational sustainability, including reducing greenhouse gas emissions and increasing energy efficiency. Additionally, Phillips 66 engages in various community outreach and social responsibility initiatives, supporting education, workforce development, and local economic growth.
Financial Performance:
Since its inception, Phillips 66 has maintained a solid financial foundation, characterized by consistent revenue generation and profitability. The company has been active in returning value to shareholders through dividends and share repurchases. Phillips 66 regularly assesses its capital allocation strategy to ensure it aligns with long-term growth objectives while maintaining a balance between investment in growth opportunities and returning capital to shareholders.
Market Position:
As one of the largest independent refining companies in the United States, Phillips 66 holds a significant market position in the energy industry. Its diversified operations, experienced workforce, and strategic geographic footprint contribute to its competitive advantage. The company is well-positioned to adapt to industry trends, regulatory changes, and consumer preferences, ensuring its continued relevance and growth in the evolving energy landscape.
In summary, Phillips 66 represents a dynamic and versatile entity within the energy sector, with a diversified portfolio and a commitment to operational excellence, sustainability, and stakeholder engagement. The separation from ConocoPhillips facilitated focused growth strategies, enabling the company to address the complexities of the modern energy market while remaining dedicated to delivering value to its customers and shareholders.
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.
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.