Here are 1-3 brief analogies to describe Phillips 66 (PSX):

• It's like the vast refining, pipeline, and chemical operations of an ExxonMobil or Shell, but operating as its own company without their oil drilling (upstream) business.
• Think of Phillips 66 as a hybrid of a major independent refiner like Valero Energy and a significant chemical producer akin to a focused division of Dow, all connected by extensive logistics infrastructure.

• Gasoline and Diesel: Fuels refined from crude oil primarily for transportation and power generation.
• Jet Fuel: A specialized kerosene-based fuel used to power turbine engines in aircraft.
• Lubricants: Oils and greases designed to reduce friction and wear in engines, machinery, and industrial applications.
• Natural Gas Liquids (NGLs): Hydrocarbon products like propane, butane, and ethane, which are separated from natural gas and crude oil.
• Petrochemicals: Base chemicals such as ethylene, propylene, and their derivatives, which are fundamental building blocks for plastics and other industrial products.
• Crude Oil and NGL Transportation & Storage: Midstream services involving the movement and holding of crude oil and natural gas liquids through pipelines and terminals.
• Refined Product Marketing: The distribution and sale of refined fuels and other petroleum products to retail stations, commercial customers, and industrial users.

Phillips 66 (NYSE: PSX) primarily operates as a business-to-business (B2B) company, selling its products and services to other companies rather than directly to individual consumers for the majority of its revenue.

Due to the diversified nature of its operations across refining, midstream, chemicals, and marketing, Phillips 66 serves a broad and varied customer base. As is common for large-scale energy and commodity producers, the company does not typically disclose the names of specific major customer companies that represent a significant portion (e.g., 10% or more) of its consolidated revenue in its public filings. Therefore, we cannot list specific customer names with their symbols.

Instead, Phillips 66's major customers generally fall into the following categories of businesses:

• Fuel Marketers and Distributors: These companies purchase gasoline, diesel, jet fuel, and other refined petroleum products in bulk from Phillips 66's refineries. They then distribute these products to a wide array of end-users, including branded and unbranded retail stations, commercial fleets, airlines, and various industrial clients.
• Airlines and Transportation Companies: Direct purchasers of jet fuel for commercial aviation and diesel for trucking, marine, and rail transportation sectors.
• Industrial and Commercial Users: Businesses that utilize petroleum products (such as fuels, lubricants, and asphalt) as essential inputs for their manufacturing processes, operational machinery, construction projects, or agricultural activities.
• Chemical Manufacturers and Processors: Through its 50/50 joint venture, Chevron Phillips Chemical Company LLC, customers include companies that use olefins and polyolefins to produce a vast range of products, such as plastics, synthetic fibers, packaging materials, automotive components, and various other industrial and consumer goods.
• Other Energy Companies: For its midstream operations, Phillips 66 provides services such as gathering, processing, transportation, and storage of crude oil, natural gas, and natural gas liquids (NGLs) to other upstream producers, refiners, and downstream energy companies.

Mark Lashier, Chairman and Chief Executive Officer

Mark Lashier is a chemical engineer with over 30 years of experience in executive leadership roles within the energy and petrochemical industries. He became Chairman and CEO of Phillips 66 in July 2022. Prior to this, he served as President and CEO of Phillips 66. Before his roles at Phillips 66, Lashier was President and CEO of Chevron Phillips Chemical Company LLC (CPChem), a joint venture between Phillips 66 and Chevron, a position he held since 2017. At CPChem, he also served in various leadership capacities, including Executive Vice President of Olefins and Polyolefins, Senior Vice President of Specialties, Aromatics and Styrenics, Vice President of Corporate Planning and Development, Project Director for Saudi Arabia, and Regional Manager in Asia. Lashier began his career as an Associate Research Engineer at Phillips Petroleum. He holds 13 U.S. patents.

Kevin Mitchell, Executive Vice President and Chief Financial Officer

Kevin Mitchell leads Phillips 66's investor relations, treasury, financial planning & analysis, accounting, auditing, tax, commercial risk, business transformation, and corporate strategy & development functions. He has more than 30 years of experience in finance roles within the oil and gas industry. Mitchell joined Phillips 66 in September 2014 as Vice President, Investor Relations. Before joining Phillips 66, he served as the General Auditor of ConocoPhillips from 2010 to 2014 and Vice President, Exploration and Production — Strategy, Administration and Technical Services from 2009 to 2010. He began his career with Conoco in 1991, holding various finance and accounting positions with Conoco and ConocoPhillips. Mitchell is a certified internal auditor and a fellow with the Chartered Institute of Management Accountants. He is also a former board member of Chevron Phillips Chemical Company and DCP Midstream, and currently serves as the Chairman of the Board of Directors of DCP Midstream, LP.

Don Baldridge, Executive Vice President, Midstream and Chemicals

Don Baldridge possesses over 25 years of experience in strategy, operations, commercial, and acquisition assessment. He joined Phillips 66 in 2023 following the acquisition of DCP Midstream.

Brian Mandell, Executive Vice President, Marketing and Commercial

Brian Mandell has more than 30 years of experience across various Marketing, Commercial, and Midstream roles. At Phillips 66, he previously held positions as Senior Vice President, Commercial; President, Global Marketing; and Global Trading Lead, Clean Products, Commercial. Before joining Phillips 66 in May 2012, Mandell worked for ConocoPhillips, where his roles included Manager, U.S. Gasoline Trading, and various positions within the Commercial NGL group, including Manager of NGL Trading.

Richard G. Harbison, Executive Vice President of Refining

Richard G. Harbison has over 30 years of experience in leadership roles spanning refining, pipeline, and terminal organizations. From 2020 to 2022, he served as Vice President of the San Francisco Refinery. His previous roles include Manager of the Lake Charles Manufacturing Complex from 2016 to 2020 and Manager of the Ferndale Refinery from 2014 to 2016. Earlier in his career, he worked as Operations Manager at both the Los Angeles Refinery and Ferndale Refinery.

The key risks to Phillips 66 (PSX) are primarily centered on market volatility, regulatory changes related to the energy transition, and operational challenges.

1. Market Volatility in Commodity Prices and Refining Margins: Phillips 66's financial performance is significantly exposed to the cyclical and volatile nature of prices for crude oil, natural gas, natural gas liquids (NGLs), and renewable feedstocks, as well as refining and petrochemical margins. These fluctuations, often beyond the company's control, directly influence its earnings, financial condition, and cash flows. The company's refining segment, a significant portion of its business, has grappled with margin compression and operational challenges, leading to lower-than-expected financial performance in certain periods.
2. Regulatory Risks and the Energy Transition: Phillips 66 faces substantial risks from evolving government policies and environmental regulations, particularly those related to renewable fuels and greenhouse gas emissions. Changes to programs like the Renewable Fuel Standard (RFS) and other environmental compliance requirements can increase operating costs and potentially reduce demand for refined petroleum products. The broader energy transition necessitates a significant strategic pivot and capital allocation towards renewable fuels, introducing new market risks such as the price of renewable feedstocks and changes to federal tax credits. Non-compliance with environmental and safety regulations, as evidenced by past EPA investigations, also poses a risk of fines and operational disruptions.
3. Operational Risks: The company's extensive operations are subject to inherent risks including planned and unplanned downtime, business interruptions, and operational hazards. Reliance on third-party transportation for crude oil and other products can lead to supply interruptions and increased costs. Additionally, maintaining and operating its vast infrastructure, including refineries and pipelines, involves cost pressures and potential disruptions from ongoing turnaround programs and facility closures.

The accelerated global energy transition towards electrification and renewable energy sources poses a clear emerging threat to Phillips 66. This transition is primarily driven by the rapid adoption of electric vehicles (EVs) globally, increasing government mandates and targets for phasing out internal combustion engine (ICE) vehicles, and significant investments by major automakers in EV production. As demand for gasoline, diesel, and jet fuel potentially declines in the long term, Phillips 66's core refining, marketing, and midstream segments, which rely heavily on the processing and distribution of these fossil fuels, face a fundamental challenge to their existing business model and asset utilization.

Phillips 66 (PSX) operates across several key segments, including Refining, Chemicals, Midstream, Marketing and Specialties, and Renewable Fuels. The addressable markets for these main products and services are substantial in both the U.S. and globally.

• Refining: The global oil refining market was valued at approximately USD 1,917.52 billion in 2025 and is projected to reach USD 2,800.91 billion by 2034. In the U.S. specifically, the petroleum refining market size was USD 798.3 billion in 2025. The U.S. operable atmospheric distillation capacity, a key measure of refinery capacity, totaled 18.4 million barrels per calendar day on January 1, 2025.

• Chemicals: The global chemical market was valued at USD 5.82 trillion in 2024 and is expected to reach USD 7.85 trillion by 2032. The global specialty chemicals market, a segment Phillips 66 participates in through its joint venture Chevron Phillips Chemical, was valued at USD 978,973.1 million in 2024 and is projected to reach USD 1,312,777.3 million by 2030. For the U.S. specifically, the chemicals market had total revenues of USD 856.39 billion in 2024 and is expected to reach USD 1,165.08 billion by 2032. The U.S. specialty chemicals market alone reached USD 192.6 billion in 2024 and is expected to reach USD 251.2 billion by 2033.

• Midstream: The global oil and gas midstream market was valued at USD 835.7 billion in 2024 and is projected to reach USD 1,273.2 billion by 2033. In North America, which holds a dominant share, investments in midstream infrastructure are significant due to extensive shale oil and gas production. The U.S. oil and gas midstream market size was valued at USD 10.0 billion in 2024 and is projected to reach USD 14.77 billion by 2032.

• Lubricants (part of Marketing and Specialties): The global lubricants market size was estimated at USD 151.66 billion in 2024 and is expected to reach approximately USD 224.50 billion by 2034.

• Aviation Fuels (part of Marketing and Specialties): The global aviation fuel market size was valued at USD 391.23 billion in 2023 and is projected to grow to USD 819.73 billion by 2032. Another estimate places the global aviation fuel market size at USD 373.92 billion in 2025, anticipated to reach USD 1,215.97 billion by 2034.

• Renewable Fuels (specifically Sustainable Aviation Fuel): The global sustainable aviation fuel market size was estimated at USD 1.04 billion in 2024 and is projected to reach USD 15.85 billion by 2030.

Phillips 66 (PSX) is expected to drive future revenue growth over the next 2-3 years through strategic initiatives focusing on its Midstream segment, the expansion of its renewable fuels business, and optimized refining operations.

Here are 3-5 expected drivers of future revenue growth:

1. Midstream Segment Expansion and Integration: Phillips 66 is significantly expanding its Midstream operations through strategic acquisitions and organic projects. The company's increased interest in DCP Midstream and the acquisition of Pinnacle Midstream, with an adjacent processing plant commencing operations in mid-2025, are anticipated to grow midstream assets and services. Furthermore, the acquisition of EPIC NGL (completed in January 2025) and expansion projects like the Dos Picos II NGL fractionator (expected online in Q3 2025) are projected to boost Midstream adjusted EBITDA to $4.5 billion by 2027. These expansions and integrations are expected to increase volumes and diversify earnings.
2. Renewable Fuels Production Growth: Phillips 66 is strategically shifting towards renewable fuels, with its Rodeo Renewable Energy Complex being a key growth driver. The execution of projects like "Rodeo Renewed" represents a commitment to new product lines, specifically renewable diesel and other renewable products, which will contribute to the company's top-line revenue as production scales up.
3. Optimized Refining Operations and Higher-Value Product Yields: Phillips 66 is enhancing its refining performance through actions designed to increase reliability, improve market capture, and reduce costs, while also increasing clean product yields. The company has achieved high utilization rates, reaching 99% in its refining segment in Q3 2024, the highest since 2018. Additionally, an improved clean product yield, which stands at 87% year-to-date from 84% three years ago, signifies the production of more valuable products from each barrel of crude processed, thereby increasing revenue. Full ownership of the Wood River and Borger refineries also presents additional high-return organic opportunities.

Share Repurchases

• Phillips 66 suspended its share repurchase program in March 2020 due to the global economic disruption and resumed it in the second quarter of 2022.
• The company had $2.5 billion available under its share repurchase authorization as of April 2022, which has no expiration date.
• Phillips 66 repurchased $1.5 billion in shares in 2022, $4.014 billion in 2023, and $3.451 billion in 2024. In 2023, Phillips 66 repurchased $4 billion in shares.

Outbound Investments

• Phillips 66 agreed to acquire the remaining 50% ownership interest in WRB Refining LP from Cenovus Energy Inc. for $1.4 billion, which was expected to close in the fourth quarter of 2025, giving Phillips 66 full ownership of the Wood River and Borger refineries.
• The company completed the acquisition of EPIC NGL (renamed Coastal Bend) for $2.2 billion, expanding its midstream NGL infrastructure.
• Phillips 66 acquired a Permian G&P asset for almost $600 million. The company also divested its 65% interest in its Germany and Austria retail marketing business for $1.6 billion.

Capital Expenditures

• Phillips 66 announced a 2025 capital budget of $2.1 billion, consisting of $998 million for sustaining capital and $1.1 billion for growth capital. Including its proportionate share of capital spending by joint ventures (Chevron Phillips Chemical Company LLC and WRB Refining LP), the total 2025 capital program is projected to be $3 billion.
• The 2025 growth capital is focused on strengthening the NGL wellhead-to-market value chain, enhancing refining competitiveness, and investments at the Rodeo Renewable Energy Complex for renewable diesel and sustainable aviation fuel production.
• The 2024 capital budget was $2.2 billion, with $923 million for sustaining capital and $1.3 billion for growth capital, including the completion of the San Francisco Refinery conversion to a renewable fuels facility. The total 2024 capital program, including joint ventures, was projected to be $3.2 billion.