Phillips 66
- Open
- 191.84
- Day high
- 193.04
- Day low
- 186.09
- Prev close
- 189.82
- Volume
- 2.6M
- Mkt cap
- $75.5B
- P/E (TTM)
- 18.5
- EPS (TTM)
- $10.19
- P/B
- 2.6
- P/S
- 0.6
- Yield
- 2.62%
- Per share
- $4.94
- ▼Insiders net selling -$5.1M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
Phillips 66 (PSX) is a Energy company listed on NYSE. The stock is up 41% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4). Drillr has 9 published research articles covering PSX.
Phillips 66 (PSX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PSX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.54 | $0.49 | +190.3% | $33.0B | -8.0% |
| Feb 4, 2026 | $2.15 | $2.47 | +14.9% | $34.1B | +0.7% |
| Oct 29, 2025 | $2.14 | $2.52 | +17.8% | $35.0B | +4.3% |
| Jul 25, 2025 | $1.72 | $2.38 | +38.4% | $33.3B | +0.1% |
| Apr 25, 2025 | $-0.72 | $-0.90 | -24.5% | $30.4B | -4.0% |
| Jan 31, 2025 | $1.23 | $-0.15 | -112.2% | $33.7B | -1.9% |
| Apr 26, 2024 | $2.17 | $1.90 | -12.4% | $35.8B | -0.2% |
| Jan 31, 2024 | $2.35 | $3.09 | +31.5% | $38.3B | +4.9% |
| Oct 27, 2023 | $4.76 | $4.63 | -2.7% | $39.6B | +1.8% |
| Aug 2, 2023 | $3.56 | $3.87 | +8.7% | $35.1B | +1.6% |
| May 3, 2023 | $3.56 | $4.21 | +18.3% | $34.4B | +0.5% |
| Jan 31, 2023 | $4.35 | $4.00 | -8.0% | $40.3B | +2.7% |
PSX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 12, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Option | 600 | $94.97 |
| May 12, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Sell | 29,400 | $170.00 |
| May 12, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Sell | 600 | $171.56 |
| May 12, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Option | 24,000 | $94.97 |
| May 12, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Option | 5,400 | $94.85 |
| May 7, 2026 | Meyers Kevin Omardirector | Buy | 175 | $173.13 |
| Apr 3, 2026 | Baldridge Donofficer: Executive Vice President | Tax | 5,885 | $177.21 |
| Apr 1, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Sell | 15,629 | $190.07 |
| Apr 1, 2026 | Mitchell Kevin Jofficer: Exec. VP and CFO | Option | 15,629 | $94.97 |
| Mar 17, 2026 | Meyers Kevin Omardirector | Buy | 175 | $173.20 |
| Mar 17, 2026 | Ungerleider Howard Idirector | Grant | 949 | $172.84 |
| Mar 17, 2026 | Meyers Kevin Omardirector | Grant | 949 | $172.84 |
| Mar 16, 2026 | Mandell Brianofficer: Executive Vice President | Sell | 42,800 | $169.53 |
| Mar 16, 2026 | Mandell Brianofficer: Executive Vice President | Option | 42,800 | $89.57 |
| Mar 16, 2026 | Davis Lisa Anndirector | Sell | 3,800 | $174.37 |
Source: PSX SEC Form 4 filings, latest May 12, 2026. For informational purposes only — not investment advice.
See the full PSX insider & 13F page →PSX research & analysis
SHEL: Hormuz Blockade Tightens LNG Supply for Majors
The Hormuz blockade creates a bifurcated outcome: LNG producers with Middle East assets (Shell, ExxonMobil, TotalEnergies) face 2-3 quarter supply disruptions and margin compression, while refining-heavy majors and integrated producers with refining exposure benefit from crude-product spread widening. Consensus has treated all majors symmetrically on Brent upside, missing the structural divergence. LNG-heavy names should underperform the refining basket by 5-10% over the next 2-3 quarters.
SHELXOMCVXAirlines' Jet Fuel Costs Dwarf Refiners' Crack Spread Gains by 3:1 Margin
Persistent $150 crude jet fuel prices create a zero-sum margin transfer: airlines lose 8-10% operating income while refiners gain 12-15%. The market's focus on passenger surcharges misses the structural asymmetry. Long VLO/MPC paired with AAL/LUV targets +10-15% relative return over 3-6 months, breaking if jet fuel reverts to $90 by September or airlines outperform refiners by 5%+ over 120 days.
AALDALLUVWhich US Refiners Reap Most From Record Margins as Jet Fuel Doubles?
Record refining margins and jet fuel spikes position VLO, MPC and PSX for 15-25% Q2 beats, overlooked in consensus models. Coastal giants lead on complexity and scale versus mid-tiers. Falsifies on crack collapse below $15/bbl by Q3 end.
VLOMPCHFCVenezuela Sanctions Lifted: VLO, MPC Get Cheap Crude Boost — COP and OXY Face Pressure
US sanctions relief on Venezuelan official Rodríguez paves way for heavy crude ramp, favoring Gulf refiners (VLO, MPC, PSX) via cheaper feedstock while pressuring shale producers (COP, OXY). Integrated XOM holds steady. Top picks: refiners at attractive multiples amid tight global capacity.
VLOMPCCOPRefining Margins Hit Record Highs — VLO, MPC, and PSX Are the Biggest Winners
As global refining margins reach unprecedented highs, US downstream energy companies are positioned to benefit significantly. This article analyzes key players like Valero Energy, Marathon Petroleum, and Phillips 66, highlighting their financial performance and growth potential in this favorable market environment.
VLOMPCHFCUS Naphtha Export Boom Lifts VLO and PSX 40% YTD — Can Refiners Run Further?
Trump-linked geopolitical actions have supercharged US naphtha exports, boosting Valero and Phillips 66 margins amid 40% YTD stock gains. Strong Q4 financials, high utilizations, and export infrastructure position refiners for multi-quarter profits. Bullish stance with $200+ targets.
VLOXLERecord US Fuel Exports Crush VLO and MPC Rivals — While UPS and FDX Pay the Price
Record March US fuel exports to Europe/Asia amid Middle East gaps boost refiner margins for VLO, MPC, PSX, while diesel costs pressure FDX, UPS, CSX. MPC tops conviction list at 17.8x P/E with midstream tailwinds; UPS lags with -17% 1Y return.
VLOMPCFDXUS Fuel Exports Hit Record High: Why VLO and MPC Are Primed for the Margin Boom
Record March US fuel exports to Europe/Asia amid Middle East gaps have ignited global refining margins, favoring Gulf Coast-heavy US refiners like VLO and MPC. We analyze six downstream leaders, ranking conviction based on export access, costs, and valuations amid the crack boom.
VLOMPCDINOOil Supply Shock: XOM, CVX Surge While UAL, DAL Face Fuel Cost Crisis
Seaborne oil cargo prices surged on April 3, 2026, amid supply disruption fears, favoring energy producers like XOM, CVX, COP, and VLO while pressuring airlines UAL and DAL. Integrated majors lead with robust FCF and growth, ranked by conviction. Watch fuel cracks and OPEC+ for thesis confirmation.
XOMCVXCOP
Phillips 66 company profile
Overview
Phillips 66 (NYSE:PSX) is a diversified energy manufacturing and logistics company that was spun off from ConocoPhillips in 2012. The company traces its roots back to 1875 and is headquartered in Houston, Texas. Phillips 66 operates as one of the largest independent petroleum refiners in the United States, with operations spanning across four main business segments: refining crude oil into gasoline and other petroleum products, transporting and storing energy commodities through midstream infrastructure, manufacturing petrochemicals and specialty products, and marketing refined products to consumers and businesses.
Business
Phillips 66 operates in the downstream energy sector, which involves converting crude oil into usable products and getting those products to market. The company's business is divided into four primary segments that work together across the energy value chain. The Refining segment represents the company's core traditional business, operating 12 refineries across the United States and Europe with a combined crude oil processing capacity of approximately 1.8 million barrels per day. These facilities convert crude oil and other feedstocks into essential petroleum products including gasoline, diesel fuel, jet fuel, and heating oil. Refining operations require significant capital investment and technical expertise to manage complex chemical processes that separate and transform crude oil molecules into different products based on market demand. The Midstream segment has become increasingly important, handling the transportation, storage, and processing of crude oil, refined products, and natural gas liquids (NGLs). This includes operating pipelines, terminals, and fractionation facilities that separate mixed NGLs into individual components like propane, butane, and ethane. The midstream business benefits from stable, fee-based revenue streams and has grown significantly through acquisitions, particularly the DCP Midstream purchase. The Chemicals segment, operated through joint ventures like Chevron Phillips Chemical, produces petrochemicals including ethylene, benzene, and specialty chemicals used in plastics, solvents, and industrial applications. This segment converts some of the same feedstocks used in refining into higher-value chemical products. The Marketing and Specialties segment sells refined products to wholesale and retail customers, operates branded retail locations, and manufactures specialty products like lubricants and base oils. This segment also includes renewable fuels operations, particularly the converted Rodeo facility that produces renewable diesel and sustainable aviation fuel from vegetable oils and other bio-based feedstocks. Based on recent financial performance, Refining typically generates 40-50% of total segment earnings, Midstream contributes 25-35%, with Chemicals and Marketing & Specialties each contributing 10-20%, though these proportions vary significantly with commodity price cycles.
Revenue model
Phillips 66 generates revenue through multiple business models across its integrated operations. The Refining segment operates on product sales margins, earning money from the "crack spread" - the difference between crude oil input costs and the market prices of refined products like gasoline and diesel. Refineries purchase crude oil and other feedstocks, process them through complex distillation and conversion units, then sell the resulting products to wholesalers, marketers, and industrial customers. The Midstream segment primarily uses fee-based revenue models, charging customers for transportation, storage, and processing services. This includes pipeline tariffs for moving crude oil and refined products, storage fees at terminals, and processing fees for fractionating natural gas liquids. These fee-based revenues provide more stable cash flows compared to commodity-dependent businesses. The Chemicals segment sells petrochemical products at market prices, with profitability depending on the spread between feedstock costs (primarily ethane and propane) and chemical product prices. The Marketing and Specialties segment earns retail and wholesale margins on fuel sales, plus margins on specialty products like lubricants. Several factors significantly impact Phillips 66's profitability margins. Commodity price volatility affects crack spreads in refining - when crude oil prices rise faster than product prices, margins compress. Refinery utilization rates impact fixed cost absorption, with planned maintenance turnarounds temporarily reducing throughput and margins. Regulatory changes, particularly environmental regulations and renewable fuel standards, can increase operating costs or create new compliance requirements. Competitive dynamics in regional markets affect product pricing, while global supply-demand balances for refined products influence export opportunities. Feedstock availability and pricing impacts both refining and chemicals operations, with access to advantaged crude oils or natural gas liquids providing competitive advantages. Seasonal demand patterns create predictable margin cycles, with gasoline demand typically peaking in summer driving season and heating oil demand rising in winter months.
Competitive moat
Phillips 66's competitive moat is moderately strong but faces ongoing challenges from energy transition trends. The company's primary moat stems from its integrated asset base and strategic geographic positioning. The combination of refineries, midstream infrastructure, and marketing operations creates operational synergies and reduces third-party transportation costs, providing advantages over less integrated competitors. The midstream infrastructure represents the strongest moat component, as pipelines, terminals, and processing facilities have high barriers to entry due to capital requirements, permitting challenges, and right-of-way acquisition difficulties. These assets generate stable, fee-based cash flows and benefit from natural monopoly characteristics in many regions. The company's position in key production areas like the Permian Basin and along major transportation corridors provides strategic value. Refining operations have a weaker moat, as the industry faces long-term demand headwinds from vehicle electrification and efficiency improvements. However, Phillips 66's refineries benefit from complexity advantages that allow processing of heavier, discounted crude oils, and strategic coastal locations that enable exports to growing international markets. The company's operational expertise and scale provide cost advantages over smaller competitors. The renewable fuels pivot at facilities like Rodeo demonstrates adaptability, but this market faces policy uncertainty and increasing competition as more companies enter renewable diesel production. While current margins are attractive, the sustainability of these returns is questionable as supply increases. Key competitive threats include accelerating energy transition reducing long-term demand for traditional refined products, electric vehicle adoption impacting gasoline demand, and regulatory pressures potentially forcing costly facility modifications or closures. New refining capacity in regions like the Middle East and Asia could pressure export margins, while renewable fuel competitors may erode advantages in the growing low-carbon fuels market. The company's moat is sufficient to generate returns above cost of capital in the medium term, but faces structural headwinds that require continued adaptation and capital reallocation.
Risks & safety
Phillips 66 presents a moderate margin of safety with manageable financial risks but cyclical earnings volatility. **Liquidity and Solvency:** - Cash and short-term investments of $1.7 billion provides adequate liquidity buffer - Current ratio of 1.19 indicates tight but manageable short-term liquidity - Total debt of approximately $20 billion against $28 billion in equity represents moderate leverage - Debt-to-equity ratio of 0.73 is reasonable for the capital-intensive energy sector - Strong free cash flow generation of $2.3 billion in 2024 supports debt service capabilities **Valuation Metrics:** - Trading at P/E ratio of 23x based on recent earnings, which appears elevated given cyclical nature - EV/EBITDA of 11x suggests moderate valuation relative to asset base - Price-to-book ratio of 1.75x indicates modest premium to tangible book value - Graham number calculations suggest potential overvaluation at current levels **Other Considerations:** - Cyclical earnings create valuation uncertainty - 2024 earnings significantly lower than 2022-2023 peak - Asset-heavy business model provides tangible value backing but requires ongoing capital investment - Committed to returning over 50% of operating cash flow to shareholders, supporting downside protection - Exposure to commodity price volatility creates earnings unpredictability but also upside potential during favorable cycles
Recent development
Phillips 66 has executed a significant strategic transformation over the past several years, focusing on portfolio optimization and capital discipline. The company completed $3.5 billion in asset dispositions, including selling interests in pipeline assets and international retail operations, while using proceeds to reduce debt and return capital to shareholders. The midstream expansion strategy has been central to the transformation, with the company successfully integrating the DCP Midstream acquisition and achieving over $400 million in synergies. Recent acquisitions like Pinnacle Midstream and the planned EPIC NGL transaction further strengthen the company's position in the Permian Basin, targeting $4.5 billion in midstream EBITDA by 2027. Renewable fuels development represents a major pivot, with the conversion of the San Francisco Bay Area refinery to the Rodeo Renewable Energy Complex now processing 50,000 barrels per day of renewable feedstocks. The facility produces renewable diesel and sustainable aviation fuel, positioning Phillips 66 in the growing low-carbon fuels market, though margins have faced pressure from policy uncertainty and increased competition. Cost reduction initiatives have been aggressive, with the company achieving $1.4 billion in business transformation savings and targeting $5.50 per barrel in refining controllable costs. The planned closure of the Los Angeles refinery in 2025 represents a significant rationalization move, removing high-cost capacity while the company focuses on more competitive facilities. The company has also emphasized shareholder capital returns, distributing $13.6 billion in 2024 through dividends and share repurchases while committing to return over 50% of operating cash flow going forward. This reflects management's focus on capital discipline and recognition of the mature nature of traditional refining markets.
PSX company profile · for informational purposes only — not investment advice.
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