Phillips 66
Market Data Current As Of: September 12, 2026
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Phillips 66
Compare market positioning with top industry peers
Explore Phillips 66
Core profile pages, annual revenue records, and related research hubs for this company.
Company History
Founded 1917 in Houston, Texas
Frank Phillips and L.E. Phillips built Phillips Petroleum in Bartlesville, Oklahoma in 1917. The modern Phillips 66 became independent in 2012 when ConocoPhillips spun off its downstream, midstream, chemicals, and marketing businesses.
Phillips 66 possesses a historic, aggressive founding story, rooted entirely in the chaotic early days of the Oklahoma oil boom and defined by two intensely daring brothers who understood the power of an iconic brand. The foundational origins trace back to 1917 in Bartlesville, Oklahoma, when L.E. (Lee Eldas) Phillips and Frank Phillips founded the Phillips Petroleum Company. Frank Phillips was a charismatic, intensely aggressive former barber and bond salesman who caught the 'oil fever' sweeping the unsettled Indian Territory (soon to be Oklahoma). Their foundational masterstroke was not just discovering lucrative oil fields (like the Burbank field), but dominating the complex 'downstream' market. In 1927, they made a strategic pivot into retail gasoline. The legendary, iconic creation of the 'Phillips 66' brand occurred during an aggressive road test. While testing their new, advanced high-gravity gasoline on historic Route 66 in a modified car, a company executive excitedly noted they were flying at an unprecedented 66 miles per hour. By merging the speed, the historic highway number, and their advanced fuel, the 'Phillips 66' brand was born. Through decades of aggressive consolidation (eventually merging with Conoco in 2002 before spinning off in 2012), the Phillips brothers' intense, foundational focus on advanced petroleum engineering established the bedrock of the modern American downstream energy sector.
L.E. Phillips helped establish the company that later supplied the heritage, name, and operating culture behind the modern Phillips 66.
Frank and L.E. Phillips founded Phillips Petroleum in Bartlesville, Oklahoma.
The Phillips 66 gasoline brand became the consumer-facing identity of the refining and marketing business.
Phillips Petroleum and Conoco merged, combining upstream and downstream assets.
ConocoPhillips spun off Phillips 66 as an independent downstream, midstream, chemicals, and marketing company.
Phillips 66 completed its full acquisition of DCP Midstream, expanding NGL scale.
Phillips 66 reported $132.376 billion of sales and other operating revenues.
Phillips 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%.
Phillips 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.
Since its establishment in 1917, Phillips 66 expanded from an early-stage venture into a recognized leader in Petroleum Refining, Midstream, Chemicals, and Marketing, overcoming key market challenges.
Over its history, Phillips 66 executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.
By continually modernizing operations and embracing workflow automation, Phillips 66 maintains resilience through changing technological and economic cycles.