Phillips 66 (NYSE: PSX) is an energy company headquartered in Houston, Texas, that refines, transports, and markets petroleum products across multiple segments. It makes money through refining crude oil into fuels and other products, collecting midstream transportation and processing fees, selling refined products through its Marketing and Specialties segment, and earning income from its chemicals operations. Phillips 66 was incorporated in Delaware in 2011 as part of a restructuring of ConocoPhillips. Its business is organized into five reportable segments: Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. The Midstream segment provides transportation, storage, and processing services. The Chemicals segment reflects interests in petrochemical manufacturing. Refining converts crude oil and feedstocks into petroleum products. Marketing and Specialties handles the sale of refined products and specialty items. The Renewable Fuels segment covers production of renewable fuels. Operations span the United States and international markets.

Revenue model

Transactional revenue from refined product sales through the Refining and Marketing and Specialties segments, fee-based midstream transportation and processing income, chemicals manufacturing income, and renewable fuels production sales.

Products and services

Refined petroleum products (gasoline, distillates, jet fuel), midstream pipeline transportation and storage services, petrochemicals, specialty products, renewable fuels.

Customers and end markets

End markets include transportation fuels consumers, commercial and industrial fuel buyers, and petrochemical customers. Specific customer names and concentration data are not supported by the filing excerpts provided.

Value-chain role

Midstream and downstream operator: refines crude oil, transports and stores hydrocarbons via midstream assets, manufactures chemicals and renewable fuels, and markets refined products.

Geographic exposure

United States and international markets. Specific country-level revenue splits are not supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-20

Industry: Petroleum Refining Peers: Archaea Energy Inc. CVR Energy Inc HF Sinclair Corp Marathon Petroleum Corp PBF Energy Inc Renewable Energy Group, Inc. Sunoco LP Valero Energy Corp