PSX — Phillips 66
Energy · Oil & Gas Refining & Marketing
About Phillips 66
Phillips 66 operates as an integrated downstream energy provider in the United States, the United Kingdom, Germany, and internationally. It operates through five segments: Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels. The Midstream segment provides crude oil and refined petroleum product transportation, terminaling, and storage services, as well as natural gas and natural gas liquids (NGL) gathering, processing, transportation, fractionation, storage and marketing services. It also exports liquefied petroleum gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining; and petrochemicals and plastics. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines and distillates, including aviation fuels. The M&S segment purchases for resale and markets refined products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as automotive, commercial, industrial, and specialty lubricants, as well as base oils. The Renewable Fuels segment processes renewable feedstocks into renewable products, as well as supplies sustainable aviation fuel. This segment also procures renewable feedstocks, manages certain regulatory credits, and markets renewable diesel, renewable jet fuel, and other renewable fuels. The company markets its products under the Phillips 66, Conoco and 76, JET, Kendall, Red Line, and other private label brands. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.
The refining & downstream industry
Refiners buy crude oil and sell gasoline, diesel and jet fuel — their profit is the spread between the two (the crack spread), not the oil price itself. That distinction matters: refiners can mint money while crude falls, or struggle while it rallies, depending on how tight fuel markets are. Margins are set by regional capacity, seasonal demand, and how much refining capacity has been shut or converted — closures in recent years have kept US spreads structurally healthier than the pre-2020 norm. These stocks are cyclical, capital-heavy and often cheap for it; the read is product margins and utilization, and it pays to check both before reacting to a move. Phillips 66 mixes refining with chemicals and midstream, under recurring activist pressure to simplify the mix.
Key data · delayed ~15 min, as of 1 August 2026
| Ticker | PSX |
| Company | Phillips 66 |
| Price | $211.68 |
| Market cap | $84.9B |
| Sector / industry | Energy / Oil & Gas Refining & Marketing |
| Analyst mean target | $205 (19 analysts, buy) |
Valuation read
What the price implies: the market is pricing in roughly ~-2%/yr earnings growth (discounted), on a reverse-DCF of forward earnings ($18.98). Run your own assumptions in the fair-value calculator.
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