Phillips 66 (PSX) FY2025 results: revenue $132.4 billion, down 7.5% on the year

Phillips 66 is a downstream energy company headquartered in Houston. It was incorporated in Delaware in 2011 and separated from ConocoPhillips on 30 April 2012, when ConocoPhillips distributed all of its Phillips 66 shares to shareholders. The business runs in five segments: Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. It had about 12,600 employees at the end of 2025.

Midstream

Midstream moves crude oil and other feedstocks to the refineries, delivers refined products to market and provides terminaling and storage, and it gathers, processes, transports, fractionates and markets natural gas and NGL. It also exports liquefied petroleum gas to global markets. At the end of 2025 the segment owned or held partial interests in about 70,000 miles of crude oil, refined product, NGL and gas pipeline systems, 39 refined product terminals, 35 natural gas gathering and processing plants, 15 crude oil terminals, 10 NGL fractionation facilities, six NGL terminals and a petroleum coke exporting facility, all in the United States. Gas gathering is organised into four regions: North with 13 plants, Midcontinent with six, Permian with 12 and South with four, at net nameplate capacity of 1,580, 1,110, 1,650 and 690 MMcf/d. Fractionation capacity sits mostly with the Sweeny fractionators in Texas at 675 MB/D and the Coastal Bend fractionators at 170, the latter acquired on 1 April 2025 with EPIC Y-Grade, which brought long haul NGL pipelines, fractionation facilities and distribution systems.

Refining

The Refining segment held 10 refineries in the United States and Europe at the end of 2025, with net crude throughput capacity of 1,948 thousand barrels daily, rising to 1,993 at 1 January 2026. The largest are Wood River in Illinois at 345 thousand barrels daily, Sweeny in Texas at 265, Lake Charles in Louisiana at 264, Bayway in New Jersey at 258, Humber in the United Kingdom at 221 and Ponca City in Oklahoma at 217. In the fourth quarter of 2025 the company ceased fuel production and began idling the facilities at its Los Angeles refinery. On 1 October 2025 it acquired the remaining 50 percent equity interest in WRB Refining, the joint venture that owned the Wood River and Borger refineries, from subsidiaries of Cenovus Energy.

Marketing and Specialties

This segment buys refined products for resale and markets gasoline, distillates and aviation fuels, mainly in the United States and Europe, and it manufactures and markets base oils and lubricants. In the United States it sells through marketer and joint venture outlets under the Phillips 66, Conoco and 76 brands, about 7,620 branded outlets across 48 states at the end of 2025; aviation gasoline and jet fuel go through dealers and independent marketers at about 800 branded locations. Retail joint ventures on the West Coast and in the Midcontinent and Rockies held about 780 outlets. In the United Kingdom it uses the JET brand at about 320 marketing outlets, 11 company owned, and holds 35 percent of about 960 predominantly JET-branded sites in Germany and Austria through JET Management Holding, formed on 1 December 2025 when it divested 65 percent of that business. Lubricants are sold worldwide under the Phillips 66, Kendall, Red Line and other private label brands.

Chemicals

The Chemicals segment is a 50 percent equity investment in Chevron Phillips Chemical Company, based in The Woodlands, Texas, which owned or held joint venture interests in 29 manufacturing facilities in Belgium, Colombia, Qatar, Saudi Arabia and the United States at the end of 2025, plus two research and development centres. CPChem produces and markets ethylene and other olefin products, using most of its own ethylene for polyethylene, normal alpha olefins and polyethylene pipe, and it also makes aromatics and styrenics such as benzene, cyclohexane, styrene and polystyrene, plus specialty chemicals including organosulfur chemicals, solvents and catalysts.

Renewable Fuels

Renewable feedstocks are processed into renewable products at the Rodeo Renewable Energy Complex and at the Humber refinery. Rodeo can process about 50,000 B/D, or 800 million gallons per year, of used cooking oil, vegetable oils and other low-carbon intensity waste oils and byproducts into renewable diesel and renewable jet fuel, most of it distributed to customers in California, Oregon and Washington. The segment also procures renewable feedstocks globally, manages certain regulatory credits and markets the fuels.

From Phillips 66's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.