Phillips 66
Company History
Phillips 66 History: Founding, Growth & Key Milestones
Founded 1917 in Bartlesville, Oklahoma, United States
When was Phillips 66 founded?
Phillips 66 was founded in 1917 in Bartlesville, Oklahoma, United States by Frank Phillips and L.E. Phillips, making it 109 years old.
- Founded
- 1917
- Founding place
- Bartlesville, Oklahoma, United States
- Founders
- Frank Phillips and L.E. Phillips
- Headquarters today
- Houston, Texas
- Milestones documented
- 12 (1917–2026)
- Current CEO
- Mark Lashier
- Acquisitions
- 6
| Year | Event |
|---|---|
| 1917 | Phillips Petroleum Founded |
| 1927 | Phillips 66 Brand Emerges |
| 2000 | Chevron Phillips Chemical Formed |
| 2002 | ConocoPhillips Formed |
| 2012 | Phillips 66 Spin-Off |
| 2013 | Phillips 66 Partners IPO |
| 2022 | Mark Lashier becomes CEO |
| 2023 | DCP Midstream Fully Acquired |
| 2025 | Elliott Management Proxy Fight |
| 2025 | FY2025 Revenue |
| 2025 | Acquired EPIC NGL (renamed Coastal Bend) |
| 2026 | Record Second Quarter and Debt Paydown |
- Where was Phillips 66 founded?
- Phillips 66 was founded in Bartlesville, Oklahoma, United States in 1917.
- Who founded Phillips 66?
- Phillips 66 was founded by Frank Phillips and L.E. Phillips.
- When did Phillips 66 start?
- Phillips 66 was founded in 1917.
- How old is Phillips 66?
- Phillips 66 is 109 years old as of 2026.
Founding Story
Brothers Frank and L.E. Phillips incorporated Phillips Petroleum in Bartlesville, Oklahoma, in 1917. The Phillips 66 gasoline brand launched in 1927; company lore ties the name to a test car reaching about 66 mph on a highway near Route 66 in Oklahoma. Phillips Petroleum merged with Conoco in 2002, and the downstream businesses were spun off as Phillips 66 in 2012.
Founders
Frank Phillips
Frank Phillips (1873-1950) co-founded Phillips Petroleum with his brother L.E. Phillips in Bartlesville, Oklahoma, in 1917 after earlier success drilling in Osage territory. He led the company through its growth into a national gasoline marketer and built the Woolaroc ranch near Bartlesville. Frank Freeman Phillips was born on November 28, 1873 and died on August 23, 1950. He was president of Phillips Petroleum from 1917 to 1939 and chairman from 1939 to 1949. Frank Phillips was born in 1873.
L.E. Phillips
L.E. Phillips (1876-1944) co-founded Phillips Petroleum Company with his brother Frank in 1917. Serving as the company's long-time Vice President and General Manager, he was the primary architect of its conservative financial strategy, ensuring the company maintained massive cash reserves. This financial discipline allowed Phillips to survive the brutal oil market collapse during the Great Depression while aggressively acquiring distressed competitors. L.E. Phillips was born in 1876.
Key Milestones
Phillips Petroleum Founded
Frank and L.E. Phillips, brothers who had entered the Oklahoma oil business in 1903 and briefly pivoted to banking, incorporate Phillips Petroleum Company in Bartlesville, Oklahoma, with about $3 million in assets and 27 employees.
Source: en.wikipedia.orgPhillips 66 Brand Emerges
The Phillips 66 gasoline brand becomes the consumer-facing identity of the refining and marketing business.
Source: en.wikipedia.orgChevron Phillips Chemical Formed
Phillips Petroleum and Chevron combined their chemicals businesses in 2000 to form Chevron Phillips Chemical, now half owned by Phillips 66.
Source: en.wikipedia.orgConocoPhillips Formed
Phillips Petroleum and Conoco merge, combining upstream and downstream assets.
Source: en.wikipedia.orgPhillips 66 Spin-Off
ConocoPhillips spins off Phillips 66 as an independent downstream, midstream, chemicals, and marketing company under new then-CEO Greg Garland.
Source: en.wikipedia.orgPhillips 66 Partners IPO
Phillips 66 listed its pipeline partnership, Phillips 66 Partners, in July 2013.
Source: en.wikipedia.orgMark Lashier becomes CEO
Mark Lashier became CEO of Phillips 66 in 2022. Under Lashier, Phillips 66 bought out DCP Midstream (about $3.8 billion, 2023), Cenovus's 50% of WRB Refining ($1.4 billion, 2025) and EPIC NGL (about $2.2 billion, 2025), sold most of its European retail business and refocused growth spending on NGL infrastructure.
Source: investor.phillips66.comDCP Midstream Fully Acquired
Phillips 66 completes its roughly $3.8 billion acquisition of DCP Midstream's publicly held units, expanding NGL scale.
Source: en.wikipedia.orgElliott Management Proxy Fight
Activist investor Elliott Management, holding a $2.5 billion stake, pushes to spin off Phillips 66's Midstream business; a contested proxy vote ends with Elliott winning two board seats but not the breakup.
Source: en.wikipedia.orgFY2025 Revenue
Phillips 66 reports $132.376 billion of sales and other operating revenues and completes the $1.4 billion purchase of Cenovus's 50% WRB Refining interest.
Source: investor.phillips66.comAcquired EPIC NGL (renamed Coastal Bend)
Phillips 66 acquired EPIC NGL (renamed Coastal Bend) for $2.2 billion. Phillips 66 acquired EPIC Y-Grade, the owner of NGL pipelines and fractionators in South Texas, for about $2.2 billion in 2025 and renamed the business Coastal Bend.
Source: investor.phillips66.comRecord Second Quarter and Debt Paydown
Second-quarter 2026 earnings reach $3.847 billion ($9.55 per diluted share), refining utilization hits 96%, and total debt falls by $6.6 billion to $20.6 billion.
Source: investor.phillips66.comMajor Acquisitions
Wasatch Oil Co
1946Phillips 66 acquired Wasatch Oil Co in 1946.
General American Oil Company
1983Phillips 66 acquired General American Oil Company in 1983.
Tosco
2001Phillips 66 acquired Tosco in 2001.
DCP Midstream
2023Phillips 66 acquired all publicly held common units of DCP Midstream for $41.75 per unit, about $3.8 billion total, raising its economic interest to 86.8%.
WRB Refining LP remaining interest
2025Phillips 66 agreed to acquire Cenovus Energy's remaining 50% interest in WRB Refining LP -- the joint venture operating the Wood River, Illinois and Borger, Texas refineries -- for $1.4 billion.
EPIC NGL (renamed Coastal Bend)
2025Phillips 66 acquired EPIC Y-Grade, the owner of NGL pipelines and fractionators in South Texas, for about $2.2 billion in 2025 and renamed the business Coastal Bend.
Keep researching Phillips 66
Phillips 66 Company History FAQ
What are the major historical milestones of Phillips 66 since 1917?
Key historical milestones include: 1917 founding of Phillips Petroleum; 1927 launch of Phillips 66 gasoline; 1951 invention of Marlex HDPE plastic; 2000 formation of CPChem JV; 2002 merger with Conoco to form ConocoPhillips; May 2012 public spinoff of Phillips 66 on the NYSE; 2023 full consolidation of DCP Midstream; and 2024 launch of Rodeo Renewed.
How was the historic spinoff of Phillips 66 from ConocoPhillips executed in 2012?
On May 1, 2012, ConocoPhillips completed the tax-free spinoff of its downstream refining, marketing, midstream, and chemicals businesses into an independent publicly traded company: Phillips 66 (NYSE: PSX), led by then-CEO Greg Garland.
What was the corporate battle with T. Boone Pickens and Carl Icahn in the 1980s?
In 1984-1985, corporate raiders T. Boone Pickens (Mesa Petroleum) and Carl Icahn launched hostile takeover bids for Phillips Petroleum. Under CEO William Douce, Phillips successfully fended off the raiders through a large $4.5 billion corporate recapitalization and stock repurchase.
How did Phillips Petroleum discover the well-known Ekofisk giant oil field in the North Sea?
In 1969, Phillips Petroleum drillships discovered the large Ekofisk field in the Norwegian sector of the North Sea. Ekofisk was one of the largest offshore oil discoveries in history, launching the modern North Sea offshore petroleum industry.
What was the operational milestone of the Rodeo Renewed facility in 2024?
In 2024, Phillips 66 commenced commercial operations at Rodeo Renewed in California, completing the full conversion of a crude oil refinery into a renewable diesel and SAF facility processing 50,000 bpd of sustainable feedstocks.
How did the brand name "Phillips 66" originate in 1927?
In 1927, company officials were testing a new high-octane gasoline blend in an automobile on US Highway 66 (Route 66) in Oklahoma. The car reached a smooth speed of 66 mph. Combining the highway number, the speed achieved, and the specific gravity of the gasoline (66 Baumé), the iconic brand "Phillips 66" was born.
How did Phillips Petroleum pioneer synthetic aviation fuel during World War II?
During World War II, Phillips Petroleum developed the HF alkylation process, allowing the company to manufacture high-octane 100-octane aviation gasoline in massive quantities for Allied fighter planes and bombers, earning widespread commendations from the US War Department.
What was the landmark consolidation between Conoco and Phillips Petroleum in 2002?
In August 2002, Phillips Petroleum and Continental Oil Company (Conoco) completed a $35 billion merger of equals to form ConocoPhillips, creating the third-largest integrated US energy corporation before splitting upstream and downstream operations a decade later.
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