Phillips 66 (PSX)

In April 2025, Phillips 66 reported a bigger-than-expected loss for the first quarter due to lower refining margins and maintenance, leading to a nearly 2% drop in shares. In July 2025, Phillips 66 announced earnings results, reporting $2.38 earnings per share, beating estimates, and analysts reissued or upgraded the stock. In October 2025, Phillips 66 announced it would cease operations at its Los Angeles-area refinery, and along with Kinder Morgan, announced plans for a new refined products pipeline system. Also in October, Phillips 66 announced that board members Glenn Tilton and Marna Whittington intend to retire in May 2026 and announced a quarterly dividend of $1.20 per share to be paid on December 1, 2025.

Demand for Phillips 66's refined products is subject to seasonal patterns. There is typically a surge in demand for gasoline during the summer driving season, while demand for heating oil increases during the winter months. Shoulder seasons often see moderate weather, reducing both driving and heating demand, and refineries typically undergo seasonal maintenance. Phillips 66's CEO believes that the U.S. has hit peak gasoline demand, with peak demand for diesel and jet fuel expected in the not-too-distant future.

Phillips 66 is a diversified energy manufacturing and logistics company headquartered in Houston, Texas, operating across the energy value chain with a focus on refining, midstream, chemicals, marketing and specialties, including renewable fuels. The company operates primarily in the Oil & Gas Refining & Marketing industry within the broader Energy sector, with core business segments including Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). Its major products and services include refined petroleum products, natural gas liquids, petrochemicals, specialty products, and transportation and storage.

Phillips 66 has a significant global presence with approximately 14,000 employees worldwide. In the United States, the company operates in 32 states, with a strong presence in the Midwest and Southwest, owning 10 refineries and operating service station brands such as Phillips 66, Conoco, and 76. In Europe, Phillips 66 is active in the United Kingdom, Germany, Austria, and Switzerland, operating JET filling stations and owning 2 refineries. The company also has a presence in Asia, the Middle East, and Africa through its petrochemical joint ventures and international marketing efforts.

Phillips 66 maintains a reputation as a leading integrated downstream energy provider committed to safely and reliably providing energy and pursuing a lower-carbon future, and was ranked #648 on Forbes' "World's Best Employers" list in 2025. In October 2025, Phillips 66 extended its title sponsorship of the Big 12 Men's and Women's Basketball Tournaments and invested in community-based initiatives. The company's decision to close its Los Angeles-area refinery by December 2025 is part of adapting to evolving energy markets. Phillips 66's EVP of Commercial and Marketing delivered a keynote address at the Reuters Global Energy Transition Conference in July 2025.

As of April 2025, institutional investors hold a significant stake in Phillips 66, owning approximately 86.03% of the company's shares. Overall, institutional investors own about 66% of Phillips 66's shares, while retail investors and insiders own approximately 34%. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., and State Street Corp, with Elliott Investment Management L.P. significantly increasing its holdings in Phillips 66 in the first quarter of 2025.