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PSX $163.34

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Phillips 66 Company
Type
Public
Traded as NYSE: PSX
S&P 500 Component
Industry Oil and gas
Predecessor Phillips Petroleum Company
ConocoPhillips
Founded Ponca City, Oklahoma
Bartlesville, Oklahoma 1917; 100 years ago (1917)
Houston, Texas 2012; 5 years ago (2012)
Founder L.E. Phillips and Frank Phillips
Headquarters Westchase, Houston, Texas
Area served
Worldwide
Key people
Greg Garland
(Chairman and CEO)
Tim Taylor
(President)
Products Natural gas
Petrochemicals
Aviation Fuels
Motor fuels
Lubricants
Services Oil refining
Service Stations
Revenue DecreaseUS$ 84.28 billion (2016)
Operating income
DecreaseUS$ 1.016 billion (2016)
Net income
DecreaseUS$ 1.555 billion (2016)
Total assets IncreaseUS$ 51.65 billion (2016)
Total equity DecreaseUS$ 22.39 billion (2016)
Number of employees
14,800 (2017)
Website www.phillips66.com

The Phillips 66 Company (NYSE: PSX) is an American multinational energy company headquartered in Westchase, Houston, Texas. It debuted as an independent energy company when ConocoPhillips executed a spin-off of its downstream and midstream assets. Taking its name from the 1927 "Phillips 66" trademark of ConocoPhillips predecessor Phillips Petroleum Company, Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The company is engaged in producing natural gas liquids (NGL) and petrochemicals. The company has approximately 14,000 employees worldwide and is active in more than 65 countries. Phillips 66 is ranked No. 30 on the Fortune 500 list and No. 74 on the Fortune Global 500 list as of 2016.

Phillips Petroleum Co. was founded by Lee Eldas "L.E." Phillips and Frank Phillips of Bartlesville, Oklahoma, and incorporated on June 13, 1917. The new company had assets of $3 million, 27 employees and land throughout Oklahoma and Kansas. After discovery of Texas's huge Panhandle gas field in 1918 and the Hugoton Field to its north in Kansas, Phillips became increasingly involved in the rapidly developing natural gas industry. In particular, the company specialized in extracting liquids from natural gas and by 1925 was the nation's largest producer of natural gas liquids. In 1927, the company's gasoline was being tested on U.S. Highway 66 in Oklahoma. When it turned out that the car reached the then breakneck speed of 66 mph (106 km/h) the company decided to name the new fuel Phillips 66.

The first Phillips 66 service station opened November 19, 1927 at 805 E. Central in Wichita, Kansas. This station has been preserved by the local historical society.

The Phillips 66 shield logo, created for its link to the famous highway of the same number, was introduced in 1930 in a black and orange color scheme that would last nearly 30 years. In 1959, Phillips introduced a revised version of the shield in red, white and black, a color scheme still used by Phillips 66 Co. for the brand.

From the late 1930s until the 1960s, Phillips employed registered nurses as "highway hostesses," who made periodic and random visits to Phillips 66 stations within their regions. The women inspected station restroom facilities to ensure they were well cleaned and stocked. The highway hostesses also served as ambassadors for the company by directing motorists to suitable dining and lodging facilities. Union 76 employed similar hostesses, called the "Sparkle Corps."

Phillips was among the first oil companies to introduce a multi-grade motor oil, TropArtic, in 1954. Such motor oils were designed to be used year-round in automobile engines, as opposed to single grades for which different grades of motor oils were recommended to meet weather variances.

Phillips also had gasoline stations in Canada's western provinces of Alberta, British Columbia, Manitoba, and Saskatchewan under the name Pacific 66 until the late 1970s. In 1932, the 76 brand, long familiar in the western U.S., was created by Union Oil Company of California (later Unocal). In 1946, Phillips purchased the Utah-based Wasatch Oil Co., bringing the Phillips 66 brand to the northern Rocky Mountain states and the far eastern portions of Oregon and Washington. In 1966, Phillips entered the West Coast market by purchasing Tidewater Oil Co.'s refining and marketing properties in that region and rebranding all Flying A distributorships and service stations to Phillips 66.

In 1967, Phillips became the nation's second oil company, after Texaco, to sell and market gasoline in all 50 states, by opening a Phillips 66 station in Anchorage, Alaska. However, Phillips' experiment in 50-state marketing was short-lived. The company withdrew from gasoline marketing in the northeastern U.S. in 1972 (although it has been returning; for example, there are Phillips 66 stations in Westport, Connecticut, Newington, Connecticut, Woodbridge, Connecticut, Rocky Hill, Connecticut, Hadley, Massachusetts, and Exeter, New Hampshire, and the Phillips 66 owned 76 gas brand appearing in New Jersey, New York, and Pennsylvania), and sold the former Tidewater properties on the West Coast to The Oil & Shale Corporation (Tosco) in 1976. Today, Phillips 66 primarily operates in the Midwest and Southwest.

Phillips 66 created a joint venture with Chevron Corporation's chemicals and plastics division in 2000, as well as, acquired ARCO Alaska Inc. from British Petroleum. It purchased Tosco, which included Circle K convenience stores and Union 76 gasoline, in 2001. The 76 brand, long familiar in the western and southern U.S., was created by Union Oil Company of California (later Unocal) in 1932.

In 2002, Phillips 66 merged with Conoco to form ConocoPhillips. The merged company continued marketing gasoline and other products under the Phillips 66, Conoco, and 76 brands. However, Phillips 66 Co. licenses the Phillips 66 brand to Suncor Energy for its Phillips 66 branded stations in Colorado.

The advertising slogan from circa 1973 until the ConocoPhillips merger was "The Performance Company," promoting not only the performance of Phillips 66 gasoline and other petroleum products, but also innovations with asphaltic materials, fertilizers and other non-automotive products. Other slogans through the years have included: "Go first-class... go Phillips 66", "The gasoline that won the West", "Good things for cars and the people who drive them", "Hard working gas", and "At Phillips 66, it's performance that counts". Their current slogan (July 2015) is "Proud To Be Here". The 2016 slogan will be "The Power of 2" after consolidation of the family of brands to just Phillips 66 and Kendall.

Phillips 66 also was a long-time supporter of PBS programming for most of the 1980s. It provided funding for shows such as A.M. Weather, The Search for Solutions, and Onstage with Judith Somogi.

In 2012, Phillips 66 was spun off from ConocoPhillips.

On December 30, 2013, it was announced that Berkshire Hathaway would trade more than 19 million of its 27.2 million shares in Phillips 66 to acquire a business that makes additives that help crude oil flow through pipelines. The final number of shares will be determined when the deal actually closes.

On February 17, 2015, Phillips 66 sold two natural gas pipeline systems to its affiliate, Phillips 66 Partners for $1.01 billion in cash and stock.

In the United States, the company operates Conoco, Phillips 66 and 76 stations. In Europe, Phillips 66 operates Jet filling stations in Austria, Denmark, Germany, Sweden and the United Kingdom. It sold its Jet stations in Belgium, the Czech Republic, Finland, Hungary, Poland and Slovakia to its Russian affiliate, Lukoil. It uses the COOP identity in Switzerland. The company is the fourth largest finished lubricants supplier in the United States.

Phillips 66 owns 15 refineries with a net crude oil capacity of 2.2 million barrels per day (350×10^ m/d), 10,000 branded marketing outlets, and 15,000 miles (24,000 km) of pipelines. It has 50 percent stake in DCP Midstream, LLC, a natural gas gatherers and processors with 7.2 billion cubic feet per day (200×10^ m/d) of processing capacity. It also owns 50 percent stake in Chevron Phillips Chemical Co.

Phillips 66 also owns a one-quarter share in the controversial Dakota Access Pipeline.

* Denotes joint ventures. Crude capacity reflects that proportion.

Sources (Mar 31, 2011)

Phillips 66's Los Angeles (CA), Lake Charles (LA), San Francisco (CA), and Sweeney (TX) refineries receive and process crude oil from the Amazon River Basin of South America. In 2015, the Los Angeles refinery was processing 21,512 barrels per day of Amazonian oil.

In 2012, after Phillips 66 split from ConocoPhillips, it moved its operations from the ConocoPhillips headquarters to the Pinnacle Westchase building, a nine-story Class A office building located on 8.4 acres (3.4 ha) of land in Westchase, Houston. This was a temporary headquarters location.

In July 2016, Phillips 66 completed their move to a new permanent headquarters on a 14-acre (5.7 ha) plot of land in Westchase. The new headquarters is between Westheimer Road and Briar Forest, in close proximity to the Sam Houston Tollway. Phillips 66 purchased the land from a subsidiary of Thomas Properties Group. The architect of record is HOK. The official groundbreaking was in November 2013, and the opening was completed on schedule. The 1.1 million square foot headquarters includes conference spaces, medical facilities, food service facilities, outdoor recreational space, a gymnasium with full-size basketball court, and training facilities. Irrigation of the outdoor landscaping is via a reclaimed water system. The new campus houses 2,200 workers who were spread among six different Houston locations, including the ConocoPhillips headquarters, where several hundred Phillips 66 workers had remained post spin-off.

On 4 August 2015 it was announced that the company had formed a "long-term partnership" with English non-league association football club Leamington F.C.. The deal involved, amongst other things, the renaming of the club's ground from "The New Windmill Ground" to "The Phillips 66 Community Stadium."

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q1 2023 2023-07-28 Future report Set alerts
Q4 2022 2023-01-31 4.00 4.00
Q3 2022 2022-11-01 6.46 6.46
Q2 2022 2022-07-29 6.77 6.77
Q1 2022 2022-04-29 1.32 1.32
Q4 2021 2022-01-28 2.94 2.94
Q3 2021 2021-10-29 3.18 3.18
Q2 2021 2021-08-03 0.74 0.74
Q1 2021 2021-04-30 -1.16 -1.16
Q4 2020 2021-01-29 -1.16 -1.16

Ratings

2016-07-13 Downgrade Barclays PLC Overweight to Equal Weight $93.00 to $86.00
2016-07-11 Downgrade Howard Weil Sector Outperform to Sector Perform $90.00 to $89.00
2016-07-11 Downgrade Scotiabank Outperform to Sector Perform $90.00 to $89.00
2016-07-08 Downgrade Wells Fargo & Co. Outperform to Market Perform
2016-06-29 Reiterated Rating Goldman Sachs Sell
2016-06-29 Reiterated Rating Goldman Sachs Group Inc. Sell
2016-06-17 Downgrade Morgan Stanley Overweight to Equal Weight $105.00 to $90.00
2016-06-12 Reiterated Rating JPMorgan Chase & Co. Hold
2016-06-10 Lower Price Target JPMorgan Chase & Co. Neutral $80.00 to $79.00
2016-05-02 Reiterated Rating JPMorgan Chase & Co. Hold $83.00
2016-05-02 Lower Price Target Barclays Overweight $97.00 to $93.00
2016-05-02 Lower Price Target Barclays PLC Overweight $97.00 to $93.00
2016-04-27 Reiterated Rating Goldman Sachs Sell
2016-04-20 Downgrade Citigroup Inc. Buy to Neutral $88.00
2016-04-12 Lower Price Target Simmons $74.00 to $68.00
2016-04-11 Reiterated Rating Credit Suisse Neutral $95.00 to $85.00
2016-04-11 Reiterated Rating Credit Suisse Group AG Neutral $95.00 to $85.00
2016-04-08 Lower Price Target Barclays Overweight $102.00 to $98.00
2016-03-28 Upgrade Raymond James Market Perform to Outperform
2016-03-28 Initiated Coverage Cowen and Company Market Perform $92.00
2016-03-28 Upgrade Raymond James Financial Inc. Market Perform to Outperform
2016-03-15 Boost Price Target Raymond James $86.00 to $92.00
2016-02-22 Reiterated Rating Argus Buy $96.00 to $80.09
2016-02-09 Lower Price Target Deutsche Bank Hold $100.00 to $99.00
2016-02-09 Lower Price Target Deutsche Bank AG Hold $100.00 to $99.00
2016-02-01 Lower Price Target Goldman Sachs Sell $79.00 to $78.00
2016-02-01 Lower Price Target RBC Capital Sector Perform $79.00 to $77.00
2016-02-01 Lower Price Target Royal Bank Of Canada Sector Perform $79.00 to $77.00
2016-01-26 Lower Price Target Deutsche Bank Hold $103.00 to $100.00
2016-01-26 Lower Price Target Credit Suisse Outperform $95.00 to $85.00
2016-01-15 Reiterated Rating Morgan Stanley Buy $105.00
2016-01-01 Reiterated Rating Bank of America Buy
2016-01-01 Reiterated Rating Bank of America Corp. Buy
2015-12-18 Reiterated Rating Deutsche Bank Hold $102.00 to $103.00
2015-12-05 Reiterated Rating Oppenheimer Buy
2015-12-05 Reiterated Rating Oppenheimer Holdings Inc. Buy
2015-12-04 Boost Price Target Oppenheimer Outperform $95.00 to $110.00
2015-11-26 Initiated Coverage Citigroup Inc. Buy $40.00
2015-11-23 Downgrade Goldman Sachs Neutral to Sell $92.00 to $85.00
2015-11-10 Boost Price Target Deutsche Bank Hold $100.00 to $102.00
2015-11-02 Reiterated Rating JPMorgan Chase & Co. Outperform to Neutral $88.00 to $91.00
2015-11-02 Boost Price Target Barclays Overweight $104.00 to $105.00
2015-11-02 Downgrade Credit Suisse Outperform to Neutral $105.00
2015-11-02 Boost Price Target RBC Capital Sector Perform $82.00 to $90.00
2015-10-30 Boost Price Target Raymond James Outperform $90.00 to $97.00
2015-10-22 Reiterated Rating Citigroup Inc. Buy $88.00
2015-10-16 Lower Price Target Deutsche Bank $100.00
2015-10-12 Reiterated Rating Barclays Buy $104.00
2015-10-07 Downgrade Deutsche Bank Buy to Hold
2015-09-17 Reiterated Rating Oppenheimer Outperform $95.00
2015-09-17 Lower Price Target Raymond James $91.00 to $90.00
2015-09-10 Reiterated Rating Deutsche Bank Buy
2015-08-03 Reiterated Rating Barclays Overweight $113.00 to $114.00
2015-07-22 Reiterated Rating Oppenheimer Buy
2015-07-20 Boost Price Target Raymond James $88.00 to $91.00
2015-07-14 Downgrade Goldman Sachs Buy to Neutral $93.00 to $91.00
2015-07-08 Reiterated Rating Barclays Buy
2015-07-07 Lower Price Target Barclays Overweight $116.00 to $113.00
2015-07-07 Boost Price Target JPMorgan Chase & Co. $85.00 to $87.00
2015-07-02 Reiterated Rating Scotiabank Sector Outperform $86.00
2015-06-15 Reiterated Rating Jefferies Group Sector Perform $77.00 to $86.00
2015-06-15 Boost Price Target Howard Weil Sector Outperform $77.00 to $86.00
2015-06-08 Boost Price Target Deutsche Bank Buy $95.00 to $98.00
2015-05-27 Upgrade Oppenheimer Market Perform to Outperform $95.00
2015-05-12 Reiterated Rating Credit Suisse Outperform $105.00
2015-05-04 Reiterated Rating Oppenheimer Market Perform
2015-04-20 Boost Price Target Barclays Buy $82.00 to $88.00
2015-04-13 Reiterated Rating Oppenheimer Market Perform
2015-03-31 Downgrade Gilford Securities Buy to Neutral
2015-03-17 Reiterated Rating Deutsche Bank Buy
2015-03-09 Boost Price Target Credit Suisse Outperform $85.00 to $100.00
2015-03-05 Reiterated Rating Evercore ISI Buy $85.00
2015-02-19 Reiterated Rating Deutsche Bank Buy $92.00 to $93.00
2015-02-10 Downgrade JPMorgan Chase & Co. Overweight to Neutral $79.00
2015-02-05 Lower Price Target Argus Buy $98.00 to $90.00
2015-01-14 Boost Price Target Barclays Overweight $112.00 to $116.00
2015-01-09 Downgrade Wolfe Research Outperform to Peer Perform
2014-12-29 Boost Price Target Goldman Sachs Buy $96.00
2014-12-18 Upgrade Deutsche Bank Hold to Buy $92.00
2014-11-25 Reiterated Rating Deutsche Bank Hold $99.00 to $101.00
2014-11-18 Initiated Coverage Goldman Sachs Buy $103.00
2014-11-17 Upgrade Credit Suisse Neutral to Outperform $71.78 to $95.00
2014-10-30 Reiterated Rating Barclays Overweight $109.00 to $112.00
2014-10-13 Reiterated Rating Barclays Overweight $100.00 to $109.00
2014-10-08 Initiated Coverage Deutsche Bank Positive to Hold $99.00
2014-10-07 Upgrade Citigroup Inc. Neutral to Buy $88.00
2014-10-01 Initiated Coverage RBC Capital Sector Perform $92.00
2014-09-23 Initiated Coverage JPMorgan Chase & Co. Overweight $101.00
2014-09-15 Boost Price Target Howard Weil Sector Outperform $87.00 to $95.00
2014-07-25 Upgrade Howard Weil Sector Outperform
2014-07-11 Boost Price Target Citigroup Inc. Neutral $84.00 to $88.00
2014-06-04 Reiterated Rating JPMorgan Chase & Co. Overweight $52.00 to $68.00
2014-05-01 Reiterated Rating Citigroup Inc. Hold $84.00
2014-04-15 Downgrade Tudor Pickering Buy to Accumulate
2014-04-11 Reiterated Rating Bank of America Neutral $86.00 to $95.00
2014-04-11 Boost Price Target Barclays Overweight $90.00 to $95.00
2014-02-18 Boost Price Target Deutsche Bank $41.00 to $45.00
2014-02-06 Upgrade Argus Hold to Buy $90.00
2014-02-03 Boost Price Target Barclays Overweight $85.00 to $90.00
2014-01-28 Downgrade Credit Suisse Outperform to Neutral
2014-01-27 Boost Price Target Deutsche Bank Hold $35.00 to $41.00
2014-01-23 Upgrade Raymond James Market Perform to Outperform $90.00
2014-01-08 Upgrade Howard Weil Sector Perform to Sector Outperform $85.00
2013-12-16 Boost Price Target Goldman Sachs $77.00 to $89.00
2013-12-09 Reiterated Rating JPMorgan Chase & Co. Overweight $68.00 to $81.00
2013-12-09 Upgrade Deutsche Bank Hold to Buy $64.00 to $80.00
2013-12-03 Reiterated Rating Bank of America Fair Value
2013-11-01 Boost Price Target Credit Suisse Outperform $66.00 to $70.00
2013-10-09 Lower Price Target Credit Suisse Outperform $70.00 to $66.00
2013-10-04 Downgrade Oppenheimer Outperform to Market Perform
2013-10-01 Reiterated Rating Oppenheimer Buy $75.00
2013-10-01 Lower Price Target Morgan Stanley Overweight $79.00 to $71.00
2013-09-18 Initiated Coverage Citigroup Inc. Neutral
2013-02-01 Reiterated Argus Buy $67 to $75
2012-12-19 Reiterated Howard Weil Market Outperform $52 to $58
2012-12-14 Reiterated Oppenheimer Outperform $55 to $60
2016-07-13 Downgrade Barclays PLC Overweight to Equal Weight $93.00 to $86.00
2016-07-11 Downgrade Howard Weil Sector Outperform to Sector Perform $90.00 to $89.00
2016-07-11 Downgrade Scotiabank Outperform to Sector Perform $90.00 to $89.00
2016-07-08 Downgrade Wells Fargo & Co. Outperform to Market Perform
2016-06-29 Reiterated Rating Goldman Sachs Sell

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
BERKSHIRE HATHAWAY INC 8.18%  (45689892) DVA / GHC / LMCA / PSX / SYA / USG / VRSN / WFC /
Phillips 66 Co 3.55%  (19858957) PSX / PSXP /
Garland Greg C. Chairman, CEO and President 0.02%  (103211) AMGN / PSX / PSXP /
Taylor Timothy Garth Executive Vice President 0.01%  (49374) PSX / PSXP /
MCGRAW HAROLD III 0.01%  (39942) MHFI / PSX / UTX /
Ziemba Lawrence Michael Executive VP, Refining 0.01%  (36186) PSX /
Johnson Paula Ann Senior VP and General Counsel 0.01%  (36050) PSX /
Maxwell Gregory Gene Chief Financial Officer 0.01%  (30123) PSX / PSXP / RRC /