Phillips 66 Overview
Phillips 66 is an integrated downstream energy company built around refining, midstream logistics, chemicals exposure through CPChem, marketing and specialties, and renewable fuels. FY2025 sales and other operating revenues were $132.376 billion, and net income attributable to Phillips 66 was $4.403 billion. Mark Lashier serves as Chairman and CEO.
How Phillips 66 Makes Money
Phillips 66 makes money by refining crude oil into transportation fuels, moving and fractionating natural gas liquids through midstream assets, earning equity income from Chevron Phillips Chemical, and selling fuels, lubricants, and specialty products through marketing channels. Its results depend less on the headline oil price and more on crack spreads, feedstock differentials, utilization, logistics fees, and product demand.
Phillips 66 Financials
Phillips 66 reported $132.376 billion of FY2025 sales and other operating revenues, compared with $143.153 billion in FY2024 and $147.399 billion in FY2023. Net income attributable to Phillips 66 was $4.403 billion in FY2025, up from $2.117 billion in FY2024, helped by portfolio gains and improved operating performance.
Competitive Position
Phillips 66 competes with Valero, Marathon Petroleum, ExxonMobil, Chevron, Shell, and large midstream and petrochemical operators. Valero is a sharper refining pure play, while integrated majors can fund downstream projects with upstream cash flow. Phillips 66 differentiates itself through its mix of refining, NGL midstream, CPChem equity earnings, and marketing and specialties.
