Phillips 66 (PSX)

In July 2025, Phillips 66's stock was impacted by modest crude price recovery, supply-side adjustments from OPEC+, and refining disruptions. In October 2025, Phillips 66 announced it would cease operations at its Los Angeles refinery in Q4 2025 due to market dynamics and a new California law. In November 2025, insider trading activity included an officer selling shares and a director acquiring shares. On January 5, 2026, Phillips 66 shares surged following the announcement of an agreement to acquire the assets of the Lindsey Oil Refinery in the UK. On January 9, 2026, Phillips 66 stock reached a new 52-week high, and analysts adjusted price targets for the stock. The company's stock also benefited from a general rebound in energy stocks in 2025, posting a 17.5% gain.

Demand for Phillips 66's refined products exhibits seasonality, with higher demand during the summer months due to increased travel. Gasoline demand is expected to recover more quickly than distillate demand as travel restrictions ease. Refineries often undergo maintenance during the autumn months, leading to a decline in capacity utilization. Refinery capacity utilization generally increases from April to September in anticipation of peak summer fuel demand. Seasonal maintenance activities in the first quarter can lead to lower refining margins. Overall, demand for oil products is closely linked to global economic activities.

Phillips 66 is a diversified energy manufacturing and logistics company with a global presence, operating in refining, midstream, chemicals, and marketing. It refines crude oil and other feedstocks into petroleum products and renewable feedstocks into renewable fuels. Its major products include gasoline, distillates, aviation fuels, and lubricants, marketed under brands like Phillips 66, Conoco, and 76. The company also produces NGLs, petrochemicals, plastics, petroleum coke, solvents, sulfur, sulfuric acid, and polypropylene, and transports, fractionates, and markets NGLs.

Phillips 66 has a significant global presence, with operations in the United States, Europe, Asia, the Middle East, and Africa, and is active in over 65 countries. Its headquarters are in Houston, Texas, with a major Business Operations and Innovation Center in Bartlesville, Oklahoma. The refining segment includes 12 refineries, with 10 in the U.S. and 2 in Europe. Phillips 66 operates over 8,530 service stations globally, including approximately 7,260 in the U.S. and 1,270 Jet-branded stations in Europe. In the U.S., Phillips 66 stations are present in 44 states. Its midstream assets comprise over 72,000 miles of pipelines in the United States, along with 11 NGL fractionation plants and various storage facilities. Through its joint venture, Chevron Phillips Chemical, the company also has petrochemical facilities primarily in the United States and the Middle East.

Phillips 66's brand reputation was negatively impacted by a December 2025 court ruling finding the company guilty of trade secret theft from Propel Fuels, resulting in an $833 million order. The decision to close its Los Angeles refinery in Q4 2025 also drew attention. On a positive note, Phillips 66 emphasizes its commitment to environmental stewardship, including a 25% decrease in air emissions since 2012. The January 2026 acquisition of the Lindsey Oil Refinery assets in the UK was presented as a move to enhance UK energy security and protect jobs.

Phillips 66's shareholder base is primarily led by large institutional investors, including The Vanguard Group, Inc., BlackRock, Inc., State Street Corp, Elliott Investment Management L.P., Wells Fargo & Company/mn, Harris Associates L.P., and Geode Capital Management, L.L.C. Berkshire Hathaway Inc. is a significant individual shareholder, owning 11.34% of the company. Recent insider trading in November 2025 showed an officer selling shares and a director acquiring shares.