Phillips 66
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Acquisitions
2
Total Acquisitions
2025
Acquired Cenovus's remaining interest in WRB.
Increased consolidated refining exposure.
Phillips 66 began consolidating WRB after the transaction.
2023
Expanded Phillips 66's midstream and NGL scale.
Strengthened fee-based and logistics-linked cash flows.
DCP became central to the company's NGL platform.
Phillips 66 strategy centers on higher-return assets, refining reliability, midstream growth, CPChem value, cost discipline, portfolio optimization, shareholder returns, and selective low-carbon fuels projects where the economics are durable.
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.