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Phillips 66

Petroleum RefiningFounded 1917
Reviewed by Swet Parvadiya
Company data updated: October 2026

Founders

Who Founded Phillips 66?

Frank Phillips, L.E. Phillips · Founded 1917 · HQ today: Houston, Texas

Who founded Phillips 66?

Phillips 66 was founded by Frank Phillips, L.E. Phillips in 1917. It is now led by Mark Lashier.

Founders
Frank Phillips, L.E. Phillips
Founded
1917
Headquarters
Houston, Texas
Number of founders
2
Current CEO
Mark Lashier (since 2022)
Where was Phillips 66 founded?
Phillips 66 was founded in Bartlesville, Oklahoma, United States in 1917.
When was Phillips 66 founded?
Phillips 66 was founded in 1917.
Who started Phillips 66?
Phillips 66 was founded by Frank Phillips and L.E. Phillips.
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.

Frank Phillips

Co-founder 1917

Background

Frank Phillips worked as a barber and bond salesman before entering the Oklahoma oil business with his brother in the early 1900s.

Role at Phillips 66

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

Co-founder 1917

Background

Worked as a teacher and insurance salesman in Iowa before moving to Oklahoma to join his brother in the oil business.

Role at Phillips 66

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.

Phillips 66: CEO & Leadership History

Full timeline →

Mark Lashier

Chairman and Chief Executive Officer

2022 – Present

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. In 2Q 2026 the company earned $3.847 billion and cut total debt to $20.6 billion.

Kevin Mitchell

Executive Vice President and Chief Financial Officer

2014 – Present

Leads the 2026 debt-reduction program; total debt fell to $20.6 billion at the end of 2Q 2026.

Greg Garland

Former Chairman and CEO

2012 – 2022

Garland led Phillips 66 through its first decade as a standalone company, including the formation and later buy-in of Phillips 66 Partners, before handing the CEO role to Mark Lashier in July 2022.

Keep researching Phillips 66

Who Founded Phillips 66? FAQ

Who founded Phillips Petroleum Company and when was it established?

Phillips Petroleum Company was founded on June 13, 1917, in Bartlesville, Oklahoma, by brothers Frank Phillips and Lee Eldas (L.E.) Phillips.

How did Frank and L.E. Phillips strike oil in Bartlesville, Oklahoma?

In 1905, after drilling several dry holes in the Osage Indian territory, Frank and L.E. Phillips struck a large gusher with their 'Anna Anderson No. 1' well, followed by 80 consecutive successful producing wells, establishing their early fortune and leading to the incorporation of Phillips Petroleum in 1917.

What is the famous origin of the brand name 'Phillips 66' in 1927?

Phillips 66 gasoline launched in 1927. Company lore says a test car using the fuel hit about 66 mph on a highway near Route 66 in Oklahoma, inspiring the name.

Who was K.S. 'Boots' Adams and what was his contribution to Phillips Petroleum?

K.S. 'Boots' Adams joined Phillips Petroleum as a clerk in 1920, became Frank Phillips's protégé, and served as President and CEO from 1938 to 1964. Adams transformed Phillips into an international energy and chemical leader, pioneering synthetic rubber and plastics.

How did Phillips Petroleum pioneer Marlex plastics in the 1950s?

In 1951, Phillips chemists J. Paul Hogan and Robert Banks invented high-density polyethylene (HDPE) and polypropylene, trademarked as 'Marlex'. Marlex became a global sensation, famously used to manufacture the Wham-O Hula Hoop in 1957 and becoming the foundation of modern plastic packaging.

How did the 2002 ConocoPhillips merger preserve the founders' heritage?

In 2002, Phillips Petroleum merged with Conoco Inc. to form ConocoPhillips. When downstream refining and marketing operations were spun off in May 2012, the independent company proudly took the historic name Phillips 66 to honor Frank and L.E. Phillips's legacy.

How did Frank Phillips transition from a small-town barber to an oil titan?

Born in Nebraska, Frank Phillips worked as a barber in Crestline, Ohio, before marrying the daughter of a wealthy banker. He moved to Bartlesville, Oklahoma, in 1903 during the Indian Territory oil boom, drilling dozens of successful wells before incorporating Phillips Petroleum in 1917.

What is Woolaroc and how does it commemorate Frank Phillips' legacy?

In 1925, Frank Phillips established "Woolaroc" (Woods, Lakes, and Rocks), a 3,700-acre wildlife preserve and retreat in the Osage Hills of Oklahoma. Today, Woolaroc operates as a world-class public museum housing Phillips' extensive collection of Western art, Native American artifacts, and oil history.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.