Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products comprising gasolines, distillates, and aviation fuels at 13 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products consisting of gasolines, distillates, and aviation fuels primarily in the United States and Europe. It also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
IPO Year:
Exchange: NYSE
Website: phillips66.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 5/13/2025 | $114.00 → $120.00 | Buy | TD Cowen |
| 4/28/2025 | $127.00 → $114.00 | Buy | TD Cowen |
| 3/27/2025 | $132.00 | Buy → Neutral | Goldman |
| 1/3/2025 | $143.00 | Peer Perform → Outperform | Wolfe Research |
| 10/17/2024 | $156.00 | Buy | BofA Securities |
| 9/11/2024 | $162.00 → $150.00 | Buy | TD Cowen |
| 7/31/2024 | $155.00 → $162.00 | Buy | TD Cowen |
| 7/18/2024 | Peer Perform | Wolfe Research | |
| 6/21/2024 | $164.00 → $155.00 | Buy | TD Cowen |
| 1/24/2024 | Buy | Citigroup |
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Phillips 66 Shareholders Elect Robert W. Pease and Nigel Hearne Phillips 66 Directors as well as Sigmund L. Cornelius and Michael A. Heim Elliott Director Nominees Phillips 66 (NYSE:PSX) today updated the preliminary results for the election of directors at its annual meeting of shareholders held on May 21, 2025. Based on estimates by the company's proxy solicitor, shareholders are expected to elect two Phillips 66 nominees and two Elliott Management nominees. Based on the preliminary results, the elected Phillips 66 directors are expected to be Robert W. Pease and Nigel Hearne. The Elliott nominees expected to be elected are Sigmund L. Cornelius and Michael A. Heim. Phillips 66 nominees
Vote Outcome Represents Clear Mandate from Shareholders Newly Elected Directors Sigmund Cornelius and Michael Heim Will Work Constructively with Their Fellow Directors to Help Unlock the Company's Full Value-Creation Potential WEST PALM BEACH, Fla., May 21, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today announced that based on preliminary analysis from Elliott's proxy solicitor, two of Elliott's nominees – Sigmund Cornelius and Michael Heim – were elected to the Phillips 66 Board of Directors (the "Board") at the Company's 2025 Annual Meeting
Independent Director Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt Outline How Their Skills and Experiences Will Drive Positive Change at the Company Intend to Work Constructively with Incumbent Directors to Create Value for All Shareholders Elliott Urges Shareholders to Support Meaningful Board Change By Voting on the Gold Card for Its Four Independent Nominees WEST PALM BEACH, Fla., May 20, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top-five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today issued a letter to shareholders from its four highly qualified nominees – Bri
Highlights Key Issues on the Ballot at May 21st Annual Meeting Phillips 66 Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today sent a letter to shareholders highlighting the key issues on the ballot at its Annual Meeting on May 21. The full text of the Independent Directors of the Board's letter to shareholders follows: Dear Fellow Shareholders, As the Independent Directors of the Board of Phillips 66, it is our fiduciary duty to protect the rights of all shareholders and oversee the Company to drive long-term shareholder value. As part of our focus on long-term value, we want to center your attention on three core issues t
Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners ("EEP"), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH ("JET"), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE:PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture. This press release features multimedia. View the full release here: https://www.
Phillips 66 (NYSE:PSX) announced today that its subsidiary, Phillips 66 Continental Holding GmbH, has entered into a definitive agreement to divest a 65 percent interest in its Germany and Austria retail marketing business, including JET-branded sites, to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak. Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture. "This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value," said Mark Lashier, chairman and CEO of Phillips 66. "The newly formed joint venture allows us to monetize this non-core asset
Disagrees with ISS' and Glass Lewis' Recommendations which Failed to Address Critical Issues Reiterates The Strength Of Phillips 66's Highly Qualified Board And Nominees Phillips 66 (NYSE:PSX) today announced that it strongly disagrees with the recommendations issued by Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis"). "We disagree with the recommendations issued by ISS and Glass Lewis," said the Phillips 66 Independent Directors. "We remain committed to engaging with and listening to our shareholders on the issues in this campaign." The Company notes the following issues and omissions in the reports' analyses that remain critical factors for shareholders
ISS Validates Elliott's Case for Change and Recommends Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt Notes Phillips 66's "Disappointing" Operating Performance, "Selective Disclosure, Unverifiable Claims About Various Operational Successes, and Ambiguous and Vague Responses to Otherwise Basic Questions" Cites the Board's "Failure" to Ensure Strong Governance and Board Oversight as Evidence of the Company's "Disconnect from Shareholders" All Three Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Have Now Endorsed Elliott's Case for Change at Phillips 66 WEST PALM BEACH, Fla., May 12, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), whi
Phillips 66 (NYSE:PSX) will host its 2025 Annual Meeting of Shareholders on Wednesday, May 21 at 8 a.m. CT in a virtual-only format via audio webcast. Pre-registration by Tuesday, May 20 at 8 a.m. CT is required to attend the meeting. To pre-register for the meeting, visit cesonlineservices.com/psx25_vm and use the 16-digit control number included on the proxy card, voting instruction form or annual meeting notice. Shareholders will also need to submit a scan or image of their voting instruction form with the control number. Shareholders of record as of the close of business on April 4, 2025, who have pre-registered can attend the virtual annual meeting. The meeting can be accessed at ce
Glass Lewis Recognizes Need for Independent Perspectives in the Phillips 66 Boardroom and Recommends Support for Elliott Director Nominees Brian Coffman, Sigmund Cornelius and Michael Heim Concludes Elliott Has Presented a More Compelling Case By a "Relatively Decisive Margin" and Phillips 66's Underperformance and Poor Governance Should be of "Significant Concern" to Investors Cites Company's "Increasingly Dubious" Commitment to Corporate Governance and "Creative Representation" of the Facts as Further Evidence That Meaningful Change is Needed in the Boardroom Details How Phillips 66's Arguments are "Disconnected from … Reality" And Put the Board on the "Back Foot From a Credibility Sta
Highlights Key Issues on the Ballot at May 21st Annual Meeting Phillips 66 Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today sent a letter to shareholders highlighting the key issues on the ballot at its Annual Meeting on May 21. The full text of the Independent Directors of the Board's letter to shareholders follows: Dear Fellow Shareholders, As the Independent Directors of the Board of Phillips 66, it is our fiduciary duty to protect the rights of all shareholders and oversee the Company to drive long-term shareholder value. As part of our focus on long-term value, we want to center your attention on three core issues t
Provides Clarity on Important Topics where Elliott Has Sought to Mislead Investors Reiterates Strength of Company's Transformative Strategy and the Valuable Skills of Phillips 66's Board and Nominees in Contrast to Elliott's Risky, Misleading Analysis and Conflicted Nominees Phillips 66 Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today provided investors with important information to make fully informed voting decisions at the Phillips 66 Annual Meeting on May 21, 2025. This overview is intended to ensure investors understand the facts on these critical topics as they assess how to cast their upcoming vote. Reliable, Long-T
Phillips 66 (NYSE:PSX) today responded to a May 2 letter released by Elliott Management. The Company has issued the following statement: In its letter, Elliott attempted to rebut a number of reasonable questions Phillips 66 raised in its April 24 letter to shareholders. Our letter encouraged shareholders to scrutinize the facts of this situation – namely, Elliott's expectation of director loyalty, its conflicting competitive interests, its misleading disclosures and its preference for theatrics over transparency, strong corporate governance and good-faith engagement with Phillips 66. Elliott's 5,886 word letter failed to substantively resolve the core issues we raised. Instead of addressi
Outlines strong operational and financial performance driven by the Company's transformative strategy Warns that Elliott's high-risk proposals are misleading, based on flawed analysis and threaten long-term shareholder value Underscores the valuable skills and experiences Phillips 66's Board and nominees have to drive shareholder value creation, superior to those of Elliott's nominees Phillips 66 (NYSE:PSX) (the "Company") today filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. In conjunction with the presentation, Phillips 66 published two new videos that showcase the skills an
Reported first-quarter earnings of $487 million or $1.18 per share; adjusted loss of $368 million or $0.90 per share; including $246 million of pre-tax accelerated depreciation on Los Angeles Refinery Returned $716 million to shareholders through dividends and share repurchases Received $2.0 billion in cash proceeds from the previously announced sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC Sanctioned construction of new gas processing plant in the Permian Recently closed on acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade LP Phillips 66 (NYSE:PSX), a leading integrated downstream energy provider, announced first-quarter earn
Encourages Honest, Independent Interrogation of Facts Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company's shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics. In conjunction with today's letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company's strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term va
The board of directors of Phillips 66 (NYSE:PSX) has declared a quarterly dividend of $1.20 per share on Phillips 66 common stock, representing a $0.05 increase. The dividend is payable on June 2, 2025, to shareholders of record as of the close of business on May 19, 2025. "We are pleased to announce an increase in our quarterly dividend, reflecting our ongoing commitment to delivering value to our shareholders," said Mark Lashier, chairman and CEO of Phillips 66. "Our disciplined approach to capital allocation and strong cash flow generation enables us to return over 50 percent of our net operating cash flow to investors," Lashier said. "Since our formation in 2012, the annual dividend h
Highlights the Strength of its Board, its Nominees and its Strategy Expresses Concern with Elliott's Conflicts of Interest Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today sent a letter to shareholders highlighting valuable information for shareholders to make an informed voting decision at Phillips 66's upcoming Annual Meeting on May 21, 2025. The letter: Highlights the Board's approach to independently representing shareholders and delivering consistent and compelling value; Demonstrates the Board's extensive experience taking bold action in the best interest of shareholders – including transformative transactions;
Phillips 66 (NYSE:PSX) (the "Company") today responded to a letter released by Gregory J. Goff to Phillips 66 Shareholders. The Board of Phillips 66 has issued the following statement: "Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff's communication and is plainly misleading to shareholders. The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott's growing desperation to convince real investors
Highlights Results of Transformative Strategy and Path to Future Value Creation Demonstrates Elliott's Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting. In addition, the Board wrote a letter to shareholders that highlights valuable info
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $120.00 from $114.00 previously
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $114.00 from $127.00 previously
Goldman downgraded Phillips 66 from Buy to Neutral and set a new price target of $132.00
Wolfe Research upgraded Phillips 66 from Peer Perform to Outperform and set a new price target of $143.00
BofA Securities resumed coverage of Phillips 66 with a rating of Buy and set a new price target of $156.00
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $150.00 from $162.00 previously
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $162.00 from $155.00 previously
Wolfe Research resumed coverage of Phillips 66 with a rating of Peer Perform
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $155.00 from $164.00 previously
Citigroup initiated coverage of Phillips 66 with a rating of Buy
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Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners ("EEP"), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH ("JET"), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE:PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture. This press release features multimedia. View the full release here: https://www.
Disagrees with ISS' and Glass Lewis' Recommendations which Failed to Address Critical Issues Reiterates The Strength Of Phillips 66's Highly Qualified Board And Nominees Phillips 66 (NYSE:PSX) today announced that it strongly disagrees with the recommendations issued by Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis"). "We disagree with the recommendations issued by ISS and Glass Lewis," said the Phillips 66 Independent Directors. "We remain committed to engaging with and listening to our shareholders on the issues in this campaign." The Company notes the following issues and omissions in the reports' analyses that remain critical factors for shareholders
ISS Validates Elliott's Case for Change and Recommends Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt Notes Phillips 66's "Disappointing" Operating Performance, "Selective Disclosure, Unverifiable Claims About Various Operational Successes, and Ambiguous and Vague Responses to Otherwise Basic Questions" Cites the Board's "Failure" to Ensure Strong Governance and Board Oversight as Evidence of the Company's "Disconnect from Shareholders" All Three Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Have Now Endorsed Elliott's Case for Change at Phillips 66 WEST PALM BEACH, Fla., May 12, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), whi
Discussion Focuses on His Significant Experience at ConocoPhillips and Importance of Evaluating Opportunities to Realize Full Value of Phillips 66's Assets Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 22, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today released the fourth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry expe
DALLAS, April 14, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") today announced the appointment of Jenarae Garland as Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, effective immediately. Ms. Garland brings with her a wealth of industry experience, having served as a key strategic legal partner to executive leadership teams and boards of major energy corporations, including advising on capital markets and commercial and strategic transactions. Fernando Araujo, Berry's Chief Executive Officer, commented, "We are excited to welcome Jenarae to our executive leadership team during this pivotal time for our business
First Episode with Brian Coffman, Former CEO of Motiva, Features Refining Discussion Based on Over 40-Years of Industry Expertise Program Accessible on Apple, Spotify, YouTube and More Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the New Podcast WEST PALM BEACH, Fla., April 8, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as w
Phillips 66 (NYSE:PSX) today released the following letter from Independent Director Bob Pease to the Company's shareholders: Shareholders of Phillips 66: I joined the Phillips 66 Board of Directors in February 2024. My appointment came as a result of an agreement between Elliott Management and Phillips 66. At the time, Elliott Management said I would bring to the Board "extensive experience in refining and energy more broadly." Now Elliott wants me off the Board. Today I'm writing you, our shareholders, to lay out the truth about the Phillips 66 Board and why my own view of Elliott's campaign for change at the Phillips 66 has evolved. I'll start first with why I agreed to join the Phi
Phillips 66 (NYSE:PSX) today announced that it has filed its preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming 2025 Annual Meeting of Shareholders. In today's filing, the Phillips 66 Board of Directors: Announces the nomination of two new candidates bringing critical financial and operational capabilities to the Board: A. Nigel Hearne, a 35-year veteran of the energy industry with direct refining operations leadership, bringing deep downstream and integration expertise; and Howard I. Ungerleider, a highly strategic former President and Chief Financial Officer with extensive chemicals experience. Nominates John E. Lowe and Rober
The board of directors of Phillips 66 (NYSE:PSX) has appointed Grace Puma Whiteford to serve on the company's board, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee of the board. "Phillips 66 is pleased to welcome Grace to the board of directors as a highly qualified independent director. We will benefit from her broad experience in operations, procurement, and safety as well as her leadership and perspectives," said Mark Lashier, chairman and CEO. Puma Whiteford currently serves on the boards of Target Corporation and Organon & Co. and previously served on the board of Williams-Sonoma, Inc. Puma Whitef
Collaboration Aims to Fuel the Next Generation of Big 12 Athletes through Safer Sports Access KANSAS CITY, Mo., April 2, 2024 /PRNewswire/ -- Phillips 66® is proud to announce that they will be contributing $100,000 towards revamping the basketball courts in the Parade Park community in Kansas City, Mo. This year's Big 12 Basketball Tournament marked the 36th consecutive year Phillips 66® has served as a tournament partner and the 15th consecutive year the tournament has been held in Kansas City, with the Big 12 recently announcing the tournament will be held in Kansas City through 2031. The Parade Park project marks an elevated brand commitment to the local community and to accessibility to