Phillips 66
American multinational energy company focused on refining, midstream transportation, chemicals, marketing, and fuel retailing.
Last updated October 10, 2026
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Overview
Phillips 66 is an American multinational energy company headquartered in the Westchase district of Houston, Texas. Its current corporate form was created in 2012, when ConocoPhillips separated its downstream businesses into an independently traded company. The portfolio transferred to Phillips 66 included petroleum refining, fuel marketing, transportation and storage assets, chemicals interests, and a group of established consumer brands. Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The Phillips 66 name is older than the corporation. It originated as a gasoline trademark of Phillips Petroleum Company in 1927. The name is commonly associated with the development of a gasoline whose test results were close to 66 on a specific-gravity scale, a test vehicle traveling at approximately 66 miles per hour, and testing along U.S. Route 66. The first Phillips 66 service station opened in Wichita, Kansas, in November 1927. The brand subsequently became associated with highway travel, fuel quality, and the expansion of branded service stations across the United States. Today the company operates across several connected energy businesses. Its refining activities convert crude oil and other feedstocks into gasoline, diesel, jet fuel, asphalt, lubricants, and other refined products. Its midstream operations transport, process, fractionate, store, and market natural gas liquids and other hydrocarbons, linking producing regions with refineries, petrochemical facilities, export terminals, and other customers. Phillips 66 also holds a major interest in Chevron Phillips Chemical, a joint venture with Chevron that manufactures petrochemicals and plastics. Through marketing and specialties operations, the company supplies fuels, lubricants, and related products to retail, commercial, industrial, aviation, and other customers. The company owns or licenses several consumer-facing fuel identities. In the United States these include Phillips 66, Conoco, and 76. In Europe, its retail network has historically used the JET brand in several countries and the Coop identity in Switzerland. It also markets lubricants under brands including Kendall. The geographic composition of the portfolio has changed over time through acquisitions, divestitures, licensing arrangements, and regional exits. Phillips 66 has pursued both conventional energy infrastructure and lower-carbon opportunities. Its activities have included research into emerging energy sources, renewable fuels, and conversion of selected refining assets. The company has also participated in major pipeline and natural-gas-liquids infrastructure projects, including interests associated with DCP Midstream and the Dakota Access Pipeline. These activities have made Phillips 66 an important part of the North American fuels and petrochemicals system, while also exposing it to regulatory, environmental, commodity-price, and energy-transition risks. The business traces its industrial heritage to Phillips Petroleum Company, founded in Oklahoma in 1917 by Frank Phillips and L. E. Phillips. Phillips Petroleum developed expertise in natural gas and natural-gas liquids before expanding into refining, fuels, chemicals, and retail marketing. It merged with Conoco in 2002 to create ConocoPhillips. A decade later, the downstream operations were separated, reviving Phillips 66 as a standalone public company. The present brand therefore combines a historic retail identity with a modern corporate structure centered on refining, midstream energy, chemicals, marketing, and selected emerging-energy activities.
History
Phillips 66's history combines the development of Phillips Petroleum Company with the later creation of an independent downstream corporation. Phillips Petroleum was founded in Bartlesville, Oklahoma, in 1917 by Frank Phillips and L. E. Phillips. It began with assets in Oklahoma and Kansas and quickly became involved in the expanding natural-gas industry. Discoveries in the Panhandle region of Texas and the Hugoton field in Kansas supported the company's growth. Phillips became particularly important in the extraction and marketing of natural-gas liquids, a capability that later remained relevant to Phillips 66's midstream and chemicals businesses. The Phillips 66 gasoline trademark appeared in 1927. The name was associated with fuel testing, vehicle speed, and U.S. Route 66, and the first branded station opened in Wichita, Kansas, on November 19 of that year. The business built a recognizable retail presence through service stations, highway marketing, fuel products, and customer-service programs. The 76 brand, created by Union Oil of California in 1932, later became part of the Phillips portfolio through the acquisition of Tosco. Phillips expanded its geographic reach through acquisitions, including Wasatch Oil in 1946 and Tidewater's western refining and marketing assets in 1966. In 1967 it became the second major U.S. oil company to market gasoline in all fifty states, although it later withdrew from several regional markets. Phillips also developed products beyond gasoline. In 1954 it introduced TropArtic, one of the early widely marketed multigrade motor oils intended for year-round use. It later sold lubricants under the Kendall name. The company entered chemicals through a joint venture with Chevron's chemicals and plastics operations in 2000. In 2001 it acquired Tosco, bringing the Union 76 brand, refining assets, and Circle K convenience stores into the business. These transactions strengthened the refining, retail, and specialty-products platform that would eventually form Phillips 66. Phillips Petroleum merged with Conoco in 2002 to create ConocoPhillips. The combined company continued to market fuel under the Phillips 66, Conoco, and 76 names, while also maintaining downstream refining and chemicals activities. In 2012 ConocoPhillips separated its downstream operations into a new company named Phillips 66. The new company began trading independently on the New York Stock Exchange on May 1, 2012. This transaction transformed Phillips 66 from a historic gasoline trademark into a standalone corporation with refining, midstream, chemicals, marketing, and specialties operations. After the spin-off, Phillips 66 expanded and reorganized its infrastructure portfolio. It transferred pipeline systems to Phillips 66 Partners in 2015, later consolidated or increased its interests in midstream businesses, and acquired publicly traded interests in DCP Midstream's pipeline operations in 2023. It has also pursued natural-gas-liquids infrastructure, including the acquisition of EPIC Y-Grade entities announced in 2025. The company owns or participates in refineries, pipelines, terminals, natural-gas-liquids systems, and the Chevron Phillips Chemical joint venture. The company has continued to adapt its refining and fuels platform to changing regulation and demand. It has invested in renewable diesel and other lower-carbon initiatives while maintaining substantial conventional refining operations. Its California refining and environmental activities have attracted regulatory and community attention, and its proposed acquisition of Propel Fuels led to later trade-secrets litigation. Phillips 66 remains a major U.S.-centered energy company, with retail and industrial activities extending into Europe and other international markets.
- 2025
EPIC Y-Grade NGL businesses are acquired
[1]Phillips 66 acquired EPIC Y-Grade entities and associated NGL infrastructure, linking Permian Basin supply with Gulf Coast processing and export networks.
- 2023
DCP Midstream public interests are acquired
[1]Phillips 66 acquired the publicly traded interests in DCP Midstream's pipeline operations, increasing its ownership position.
- 2015
Pipeline systems are transferred to Phillips 66 Partners
[1]Phillips 66 transferred two natural-gas pipeline systems to its publicly traded master limited partnership affiliate.
- 2012
Phillips 66 is spun off from ConocoPhillips
[1]The refining, chemicals, marketing, and other downstream assets became an independent public company.
- 2002
Phillips Petroleum merges with Conoco
[1]The merger created ConocoPhillips, which retained Phillips 66, Conoco, and 76 brands.
- 2001
Tosco is acquired
[1]The acquisition brought Union 76, refining assets, and Circle K convenience-store interests into Phillips Petroleum.
- 2000
Chevron Phillips Chemical joint venture is formed
[1]Phillips Petroleum and Chevron combined their chemicals interests in a joint venture that became Chevron Phillips Chemical.
- 1954
TropArtic multigrade motor oil is introduced
[1]Phillips introduced TropArtic, an early multigrade motor-oil product designed for use across changing temperatures.
- 1927
Phillips 66 gasoline trademark is introduced
[1]The Phillips 66 name was adopted for gasoline, and the first branded service station opened in Wichita, Kansas.
- 1917
Phillips Petroleum Company is founded
[1]Frank Phillips and L. E. Phillips incorporated Phillips Petroleum Company in Oklahoma, establishing the industrial predecessor of Phillips 66.
Products and positioning
A large integrated downstream energy company combining refining, midstream infrastructure, petrochemicals, lubricants, fuel marketing, and retail brands. Its positioning emphasizes operational performance, supply-chain integration, branded fuel quality, and the ability to serve transportation and industrial energy markets while developing selected lower-carbon businesses.
Fuel retail · 1927
Phillips 66
The company's principal U.S. fuel-retailing identity, used at service stations selling gasoline, diesel, and related convenience products. The name originated as a Phillips Petroleum gasoline trademark in 1927 and remains connected with the company's refining and marketing system.
Fuel retail
Conoco
A U.S. fuel-station brand retained in the downstream portfolio after the ConocoPhillips merger and later operated within the Phillips 66 marketing system. Conoco stations generally serve motorists with gasoline, diesel, and convenience-retail offerings.
Fuel retail · 1932
76
A fuel-retailing brand originating with Union Oil of California. Phillips Petroleum acquired the brand through Tosco, and Phillips 66 continues to use it in the United States for gasoline stations and related transportation fuels.
Fuel retail
JET
A European service-station identity used by Phillips 66 in several markets, including Germany, Austria, the United Kingdom, and other European territories at different points in the company's operating history.
Lubricants
Kendall lubricants
A lubricants brand used for automotive and other finished-lubricant products. Phillips 66 is a significant U.S. supplier of finished lubricants, serving consumer, commercial, industrial, and transportation applications.
Motor oil · 1954
TropArtic
A multigrade motor-oil line introduced by Phillips in 1954. It represented an early effort to provide an engine lubricant suitable for use across seasonal temperature changes rather than requiring separate single-grade oils.
Petrochemicals · 2000
Chevron Phillips Chemical products
Petrochemical and plastics products manufactured through Chevron Phillips Chemical, the joint venture owned by Phillips 66 and Chevron. The portfolio includes chemical building blocks, polymers, and related industrial materials.
Controversies
2026
Allied Propane files amended fraud lawsuit against Phillips 66 and Hunt entities
Family-run Allied Propane Service, through Stan Teaderman and Dustin Kaiser, is suing Phillips 66, Hunt & Sons, Hunt Oil of California, Hunt Propane and Joshua and Joseph Hunt in Napa County Superior Court for fraud, concealment, breach of contract and a dozen other causes of action. The amended complaint, filed July 16, 2026, alleges that after Allied entered a joint venture with the Hunts in 2013, the Hunts moved joint-venture assets and customers into Hunt & Sons, which became a wholly owned subsidiary of Phillips 66 (acquisition valued at approximately $272 million), without Allied's approval and in violation of the operating agreement, including Allied's right of first refusal, and that the Hunts continue selling in Allied's Napa and Sonoma coverage area. Allied originally sued in December 2025; after a U.S. district judge remanded the case to state court on July 1, the amended complaint adding several defendants was filed two weeks later. The co-defendants have rejected the accusations, and the Hunts are seeking to compel arbitration, with Judge Cynthia P. Smith scheduled to rule at a Nov. 17 hearing.
2024
Propel Fuels trade-secrets litigation
Propel Fuels sued Phillips 66's California business after a proposed acquisition ended and Phillips 66 developed a renewable-fuels business. In 2024, a jury awarded Propel approximately $604.9 million in damages for violation of California trade-secrets law.
2021
Phillips 66 agrees to pay $200,000 in California gasoline-regulation penalties
Phillips 66 agreed to pay $200,000 in penalties over violations of California reformulated gasoline regulations. The California Air Resources Board said the company sold, supplied, or transported noncompliant gasoline for eight days; the article says a batch exceeded aromatics limits. Phillips 66 had paid half of the settlement and agreed to allocate the remainder to an environmental project.
2013
Humber refinery workplace accident
Two workers were injured in an accident at the Humber refinery in the United Kingdom. The Health and Safety Executive later prosecuted the company, resulting in a fine reported in 2020.
Environmental and infrastructure controversies
Phillips 66 has faced environmental scrutiny related to refinery operations, pollution remediation, crude-oil sourcing, and its ownership interest in the Dakota Access Pipeline. The Calcasieu Estuary and Bayou Verdine area in Louisiana is among the locations discussed in connection with historical industrial contamination and remediation.
Marketing campaigns
- 2017Live To The Full
United States · Europe
Phillips 66 adopted “Live To The Full” as a later brand slogan, linking fuel use with active lifestyles and everyday mobility.
Outcome. The slogan became a subsequent expression of the consumer brand.
- 2015Proud To Be Here
United States
Phillips 66 used the slogan “Proud To Be Here” in corporate and consumer-facing communications.
Outcome. The campaign emphasized local presence, employees, and community connection.
- 1980Big Eight and Big 12 basketball sponsorship
United States
Phillips supported collegiate basketball tournaments in the central and southwestern United States, initially through the Big Eight Conference and later the Big 12 Conference.
Outcome. The sponsorship became a long-running regional association for the brand.
- 1973The Performance Company
United States
Phillips broadened its advertising message beyond automotive fuels to emphasize performance across asphalt materials, fertilizers, and other products.
Outcome. The positioning reinforced Phillips as a diversified energy and industrial company.
- 1938Highway Hostesses
United States
Phillips employed registered nurses as regional service-station representatives. They inspected station facilities and helped motorists locate lodging, food, and other services.
Outcome. The program supported a service-oriented image and continued into the 1960s.
- 1930Phillips 66 shield identity
United States
Phillips introduced a shield-style logo connecting the gasoline brand to U.S. Route 66. The identity became a durable visual element of the company's fuel-station network.
Outcome. The shield remains central to the Phillips 66 brand.
Brand decisions
2025
Acquire EPIC Y-Grade NGL infrastructureM&ABackground
Phillips 66 sought to strengthen its natural-gas-liquids logistics network between the Permian Basin and Gulf Coast markets.
Action taken
The company acquired EPIC Y-Grade entities owning NGL pipelines, fractionation, distribution, and related subsidiaries.
Aftermath
The transaction connected Permian supply with Gulf Coast refining, processing, and export infrastructure.
Acquisition value. $2.2 billion (2025)
2024
Announce Los Angeles refinery closureStrategyBackground
Phillips 66 reviewed its California refining portfolio amid changing fuel markets, regulation, and operating conditions.
Action taken
The company announced the closure of its Los Angeles refinery.
Aftermath
The decision reduced the company's California refining footprint while highlighting the transition and regulatory pressures facing West Coast refining.
2023
Acquire publicly traded DCP Midstream interestsM&ABackground
Phillips 66 already held a substantial interest in DCP Midstream and sought greater control of its pipeline operations.
Action taken
Phillips 66 acquired all publicly traded interests in DCP Midstream's pipeline operations.
Aftermath
Its reported total stake in DCP Midstream increased to approximately 86.8 percent.
Acquisition value. $3.8 billion (2023)
2018
Terminate proposed Propel Fuels acquisitionM&ABackground
Phillips 66 and Propel Fuels had explored an acquisition while sharing business information and strategies.
Action taken
Phillips 66 ended the proposed acquisition in August 2018.
Aftermath
The dispute later developed into trade-secrets litigation and a 2024 jury damages award for Propel.
2015
Transfer pipeline assets to Phillips 66 PartnersM&ABackground
Phillips 66 sought to develop a separately financed midstream platform around selected pipeline and logistics assets.
Action taken
Two natural-gas pipeline systems were sold to Phillips 66 Partners for cash and stock.
Aftermath
The transaction expanded the affiliate's asset base and supported Phillips 66's midstream strategy.
Transaction value. $1.01 billion (2015)
2012
Separate downstream operations from ConocoPhillipsStrategyBackground
ConocoPhillips reorganized its business by separating refining, chemicals, marketing, and other downstream assets from its upstream operations.
Action taken
The downstream portfolio was established as Phillips 66 and listed independently on the New York Stock Exchange.
Aftermath
Phillips 66 became a standalone public company focused on downstream and midstream energy activities.
Recent events
Allied Propane files amended fraud lawsuit against Phillips 66 and Hunt entities[2]
Reported:
Family-run Allied Propane Service, through Stan Teaderman and Dustin Kaiser, is suing Phillips 66, Hunt & Sons, Hunt Oil of California, Hunt Propane and Joshua and Joseph Hunt in Napa County Superior Court for fraud, concealment, breach of contract and a dozen other causes of action. The amended complaint, filed July 16, 2026, alleges that after Allied entered a joint venture with the Hunts in 2013, the Hunts moved joint-venture assets and customers into Hunt & Sons, which became a wholly owned subsidiary of Phillips 66 (acquisition valued at approximately $272 million), without Allied's approval and in violation of the operating agreement, including Allied's right of first refusal, and that the Hunts continue selling in Allied's Napa and Sonoma coverage area. Allied originally sued in December 2025; after a U.S. district judge remanded the case to state court on July 1, the amended complaint adding several defendants was filed two weeks later. The co-defendants have rejected the accusations, and the Hunts are seeking to compel arbitration, with Judge Cynthia P. Smith scheduled to rule at a Nov. 17 hearing.
- Unconfirmed
Phillips 66 agrees to pay $200,000 in California gasoline-regulation penalties[3]
Phillips 66 agreed to pay $200,000 in penalties over violations of California reformulated gasoline regulations. The California Air Resources Board said the company sold, supplied, or transported noncompliant gasoline for eight days; the article says a batch exceeded aromatics limits. Phillips 66 had paid half of the settlement and agreed to allocate the remainder to an environmental project.
Wetzel's Pretzels announces franchise opportunity with Phillips 66[4]
Reported:
Wetzel's Pretzels announced a franchise opportunity with the Phillips 66 family of brands, building on locations at 76 convenience stores.
Phillips 66 appoints two independent directors[5]
Phillips 66 appointed Denise R. Cade and Douglas T. Terreson as independent directors, effective July 14, 2021.
Phillips 66 and Southwest Airlines sign sustainable aviation fuel MOU[6]
Phillips 66 and Southwest Airlines signed a memorandum of understanding to advance commercialization of sustainable aviation fuel through public awareness and research and development, and to explore a future supply agreement involving Phillips 66’s Rodeo Renewed project in California.
Phillips 66 invests in Shell Rock Soy Processing[7]
Reported:
Phillips 66 invested in a planned soybean-processing plant in Iowa, receiving a minority ownership stake in Shell Rock Soy Processing. Phillips 66 also agreed to purchase all of the plant’s soybean oil production for use in renewable fuels.
Southwest signs SAF partnership MoUs with MPC and Phillips 66[8]
Reported:
Southwest Airlines signed memoranda of understanding with Marathon Petroleum Corporation and Phillips 66 for collaboration that includes the use of commercialized sustainable aviation fuel in Southwest's operations.
Phillips 66 reports fourth-quarter 2020 results[9]
Reported:
Phillips 66 reported a fourth-quarter 2020 loss of $539 million, or $1.23 per share, and an adjusted loss of $507 million, or $1.16 per share.
Sources9 sources
- 1Phillips 66en.wikipedia.org
- 2Allied Propane files amended fraud lawsuit against Phillips 66 and Hunt entitiespressdemocrat.com
- 3Phillips 66 agrees to pay $200,000 in California gasoline-regulation penaltiesww2.arb.ca.gov
- 4Wetzel's Pretzels 宣布与 Phillips 66 的特许经营机会qsrweb.com
- 5Phillips 66任命两名独立董事itbusinessnet.com
- 6Phillips 66与Southwest Airlines签署可持续航空燃料谅解备忘录hydrocarbonprocessing.com
- 7Phillips 66投资Shell Rock Soy Processingchemengonline.com
- 8Southwest与MPC及Phillips 66签署可持续航空燃料合作谅解备忘录airport-technology.com
- 9Phillips 66公布2020年第四季度业绩oilandgas360.com
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