What Companies Does Phillips 66 Own: A Guide to Its Subsidiaries

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Phillips 66 is a diversified energy manufacturing and logistics company that has made a significant impact on the global energy sector. With a rich history dating back to its inception, it has grown substantially by expanding its reach and diversifying its portfolio through strategic ownership of various subsidiaries and partnerships. The company is involved in processing, transporting, storing, and marketing fuels and products worldwide, showcasing a commitment to providing energy and improving lives.

Ownership stakes in various assets constitute a crucial part of Phillips 66’s business model. Among its most notable interests is the 50 percent stake in Chevron Phillips Chemical Co., which represents a significant presence in the chemical manufacturing industry. Additionally, Phillips 66 also holds a one-quarter share in the Dakota Access Pipeline, underlining its investment in key infrastructure for energy transportation.

Key Takeaways

  • Phillips 66 participates in global energy markets through diverse subsidiaries and assets.
  • It holds significant ownership stakes in Chevron Phillips Chemical Co. and the Dakota Access Pipeline.
  • The company’s operation spans across manufacturing, logistics, and marketing of energy products.

Company Overview

Phillips 66 is a diversified energy company with a proud history dating back to 1917. Headquartered in Houston, Texas, the company has transformed into a leading player in the energy sector. Phillips 66 is publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol PSX, and its expertise spans from refining to marketing, midstream, and chemicals sectors.

The company’s extensive portfolio includes refining operations, midstream services, marketing and specialties, and chemicals through its 50% interest in Chevron Phillips Chemical Company. With refineries in the United States and Europe, Phillips 66 meets the demand for energy and petrochemical products efficiently and responsibly.

  • Refining: Their refining operations process crude oil into a spectrum of desired energy products, including gasoline and lubricants.
  • Midstream: Phillips 66 Partners, a subsidiary, operates in the transportation and processing of natural gas and petroleum products.
  • Marketing and Specialties: Engaging in the marketing of refined products, the company provides quality energy and lubricants to the market.
  • Chemicals: Via a joint venture with Chevron, Phillips 66 develops a wide array of chemical products that serve as foundational components across industries.

Phillips 66 is committed to safety, environmental stewardship, and investing in the communities where they operate, staying at the forefront of energy innovation while maintaining a friendly and approachable presence in the complex energy market.

History and Milestones

Phillips 66 boasts a rich heritage dating back to the early 20th century, marked by strategic growth and significant industry milestones. This section examines the company’s inception, its evolution, and its recent efforts to adapt and expand in the dynamic energy market.

Founding and Early History

Phillips Petroleum Company was established in 1917 by brothers Frank and L.E. Phillips in Bartlesville, Oklahoma. Its iconic Phillips 66 shield logo, symbolically linked to U.S. Route 66, was introduced in 1930, becoming a recognizable emblem in the oil industry. In the following decades, Phillips diversified its operations, venturing into new markets and broadening its product lines.

The Union Oil Company of California, known for the 76 brand, was created in 1932, and much like Phillips, played a significant role in the American energy sector. Meanwhile, by 1967, Phillips became the second oil company after Texaco to sell and market gasoline in all 50 states—a feat achieved with the opening of a station in Anchorage, Alaska.

Recent Developments

In 2012, ConocoPhillips underwent a strategic repositioning which led to the spinoff of Phillips 66 as an independent entity. The new Phillips 66 Company, headquartered in Houston, TX, came into being on April 30, 2012, and marked the creation of one of the most diverse petrochemical companies in the industry.

Phillips 66 continues to manage and grow the 76 brand, sustaining its presence across the western United States. The company has made strides in innovation and sustainability, adapting to the changing energy landscape while expanding its global reach. Phillips 66 operates in more than 65 countries, a testament to its enduring legacy and forward-looking vision.

Business Segments

Phillips 66 is structured into four primary business segments, each focusing on a specific aspect of the energy industry. These segments play a crucial role in the company’s overall operations and success.


Phillips 66 owns an extensive network of refineries that process crude oil into petroleum products. Their refining segment is responsible for transforming crude oil into various products such as gasoline, diesel, and aviation fuels. This segment is pivotal for producing energy resources that power vehicles, industries, and homes.


The midstream segment of Phillips 66 deals with the transportation, storage, and wholesale marketing of crude oil and refined products. They ensure a reliable supply of energy products by managing the logistics from production to delivery. This segment also includes the company’s natural gas liquids (NGL) operations.

Marketing and Specialties

In the Marketing and Specialties segment, Phillips 66 focuses on the marketing and distribution of refined petroleum products. They cater to various customer needs across the United States and Europe, selling gasoline, diesel, and aviation fuel through various retail sites and marketers. This segment also manufactures and markets specialty products, adding diversification to the company’s offerings.


The chemicals segment, operated through a joint venture with Chevron called Chevron Phillips Chemical Company, is instrumental in producing petrochemicals and plastics. These materials form the base for countless products used daily, ranging from medical supplies to packaging materials, signifying the chemical segment’s relevance to various industries.

Subsidiaries and Ownership

Phillips 66 maintains a diverse portfolio of subsidiaries and strategic partnerships, reinforcing its presence in various sectors of the energy industry. Management of these entities varies from direct ownership to shared investments with other firms.

Major Subsidiaries

Chevron Phillips Chemical is a significant part of Phillips 66’s operations, representing a joint venture that specializes in the production of chemicals. This subsidiary is known for its involvement in the petrochemical industry, playing a key role in Phillips 66’s integrated business model.

In relation to its own logistics and infrastructure arm, Phillips 66 Partners is a notable subsidiary that was completely acquired by Phillips 66, enhancing the company’s midstream segment. This move consolidated Phillips 66’s assets, streamlining operations and ownership across its network of pipelines and storage facilities.

Joint Ventures

Phillips 66 leverages joint ventures to extend its market reach and share industry risks. Among these, Chevron Phillips Chemical stands out as a strategic collaboration with Chevron, combining resources and expertise to excel in the chemical manufacturing arena. Joint ventures allow for cost-sharing and benefit from the combined capabilities of parent companies.

Assets Management

With a well-rounded approach to asset management, Phillips 66 balances its interests in Diversified Energy Manufacturing. The company manages a complex portfolio ranging from refining to marketing, ensuring adaptability in a fluctuating energy market. Its asset management strategy encompasses stringent oversight of operational excellence and investment in profitable ventures for long-term sustainability.

Financial Performance

Phillips 66 has displayed resilience in the financial markets, navigating the economic environment with a focus on delivering value to its investors and shareholders. Financial highlights from recent quarters showcase the company’s fiscal health and strategic direction.

First Quarter of 2023:

  • The Chemicals segment, mirroring Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem), reported a significant uptick in pre-tax income of $198 million, compared to the last quarter of 2022, which stood at $52 million.

Dividend Announcements:

  • In recognition of the company’s stable financial position, regular quarterly dividends have been announced, which reflects positively on their commitment to shareholder returns. For example, announcements were made for quarterly dividends on 06/10/2023 and previously on 12/07/2023.

Strategic Financial Updates:

  • Along with reporting financial outcomes, Phillips 66 has continually communicated updates to strategic priorities, indicating a forward-looking approach to growth and sustainability. A recent update was presented alongside the third-quarter financial results.

Table: Select Financial Data

Q1 2023 Q4 2022
$198M $52M
Chemicals Pre-tax Income Chemicals Pre-tax Income

In brief, financial reports from Phillips 66 reveal their ongoing efforts to strengthen their financial position and uphold the interests of those invested in the company. Their consistent dividend payouts and strategic fiscal updates play a crucial role in maintaining investor confidence.

Sustainability and Social Responsibility

Phillips 66 demonstrates a robust commitment to sustainability and social responsibility through targeted initiatives and programs. They aim to ensure safety and adherence to environmental regulations, actively engage in community support, and follow through on their commitments to social and environmental causes.

Environmental Initiatives

Phillips 66 places a strong emphasis on reducing its environmental footprint by focusing on energy efficiency and lower carbon technologies. The company is moving forward with an objective to meet the growing demand for renewable energy. This includes projects that aim for a significant 8% reduction in manufacturing emissions intensity from 2019 levels by 2030, which reflects their commitment to environmental stewardship.

Social Commitments

On the social front, Phillips 66 prioritizes community relations and social responsibility. Their actions are informed by a set of five pillars, one of which includes social responsibility, a testament to their commitment to the communities where they operate. Whether it’s through volunteering, charitable donations, or local engagement, they strive to make meaningful impacts that improve lives and support communal development.

Innovation and Future Focus


Phillips 66 demonstrates a commitment to innovation and future-focused energy solutions. The company actively pursues renewable fuels development, emphasizing the creation of more sustainable energy sources. A significant portion of its growth capital is channeled into lower-carbon opportunities, indicating an awareness of the global shift towards environmentally friendly energy practices.

The company’s efforts in alternative energy include substantial investments in hydrogen-related infrastructure. Hydrogen, as an energy carrier, has the potential to decarbonize sectors that are challenging to electrify, showing Phillips 66’s dedication to reducing carbon footprints within industry operations.

Phillips 66 also recognizes the importance of Carbon Capture and Storage (CCS) technologies. By using CCS, Phillips 66 aims to capture carbon dioxide emissions at the source, preventing them from entering the atmosphere and contributing to global warming.

Seeking out new opportunities is central to Phillips 66’s strategy. They invest in research and technology that can lead to more efficient energy production and use.

In the realm of innovation, Phillips 66’s business transformation targets significant reductions in both costs and capital expenditure. Projections indicate a billion-dollar run-rate cost reduction by the end of 2023, illustrating the company’s strategic focus on increasing efficiency and profitability while considering environmental impact.

The company’s approach signals that it not only adapts to the current energy landscape but also actively shapes it through strategic investments and the implementation of forward-thinking technologies.

Market Presence and Global Reach

Phillips 66 boasts a significant position in the energy sector, reflected in its inclusion in the Global 500 list, indicative of its scale and financial performance. They operate with a workforce of approximately 14,000 employees, emphasizing how their operations are a source of employment and economic activity.

In Europe, Phillips 66’s presence is known through the JET brand, a network of service stations providing energy and contributing to the local economies. Moreover, the company leaves its mark in various countries including the United States, United Kingdom, Germany, Austria, and Switzerland.

Here’s a glance at their reach:

  • United States: 76 and Conoco service stations
  • United Kingdom: JET service stations
  • Germany: Prominent energy provider
  • Austria: Key player in the energy market
  • Switzerland: Active in the local energy sector

Phillips 66’s commitment extends beyond mere operation; it aims at improving lives through the provision of essential energy that powers daily activities, industries, and economies. Their multifaceted operation involves refining, marketing, and transporting petroleum products that serve as a backbone for various sectors.

In essence, Phillips 66 is not just an energy company; it’s an entity deeply integrated within the fabric of the communities it serves, driving growth and prosperity on a global scale.

Challenges and Risks

In the evolution of Phillips 66 Partners, various challenges and risks are part of its journey. They navigate a landscape influenced by industry-specific and broader economic factors, seeking stability and growth within the energy sector.

Potential Liability and Litigation represent ongoing considerations. As they operate in a heavily regulated industry, compliance breaches or operational mishaps could translate into significant financial repercussions.

Access to capital is another pivotal element. For Phillips 66 Partners, securing necessary funding for operations and expansions is contingent on maintaining a solid financial profile and the broader investment climate. Economic downturns or shifts in investor sentiment can tighten Access to Capital, affecting planned growth.

Risks and Uncertainties incorporate market volatility, including fluctuations in oil prices. These can drastically impact profitability. Similarly, the “new normal” imposed by the COVID-19 Pandemic has altered market dynamics, potentially leading to operational adjustments and influencing fuel demand patterns.

Regulatory Factors are also critical, with environmental policies and regulations shaping operational practices and requiring continuous adaptation. In this regard, Phillips 66 Partners must remain vigilant to meet the shifting landscape of environmental requirements.

Lastly, the health and economic crises introduced by the Coronavirus Pandemic underscored the delicate balance of global supply chains. This highlighted the potential for sudden, severe disruptions, emphasizing the need for robust contingency planning and agile response frameworks in a crisis.

Investor Relations


Investor relations at Phillips 66 facilitate transparent communication between the company and its stakeholders. They prioritize providing timely and accurate information to shareholders, especially concerning the ownership and performance of entities like PSX Common Stock and PSXP Common Unit.

Documents filed with the Securities and Exchange Commission (SEC) can be easily accessed, offering insights into Phillips 66’s financials and compliance. Regular filings include essential quarterly and annual reports, which are useful for understanding the company’s financial health and strategic directions.

Here’s a brief overview of the structures involved:

  • PSX Common Stock: Represents ownership in Phillips 66 and entitles the holder to voting rights and dividends as declared by the company.
  • PSXP Common Unit: Constitutes investment units in Phillips 66 Partners LP, entailing different rights and financial benefits compared to PSX stock.

Phillips 66 maintains a comprehensive investor relations section on their website, where interested parties can obtain:

  1. The latest financial results.
  2. Archives of past financial statements.
  3. Details on upcoming and past events such as earnings calls.
  4. Tax information relevant to investors.

For those who are looking to invest or are already invested, staying informed through the Investors Overview is paramount. It allows them to track the performance of their investments and make well-informed decisions. The contact information to reach out for investor inquiries is readily available, ensuring that shareholders can get assistance when needed.

Contact and Additional Information

For anyone interested in learning more about Phillips 66 and its corporate structure, including entities it owns or is affiliated with, they are encouraged to explore the company’s official website for a comprehensive understanding of its business operations. Phillips 66, a Fortune 500 company, has a significant presence in the energy sector and maintains a portfolio of subsidiaries involved in various aspects of oil and gas.

Should there be specific questions about partnerships or historical news releases, one could visit Business Wire for detailed information regarding the company’s previous announcements. It’s a quick way to stay up-to-date with the latest developments.

Here is the key contact information and additional resources for Phillips 66:

  • Corporate Headquarters:

    • Address: Phillips 66,
      P.O. Box 421959,
      Houston, TX 77242-1959
  • Online Inquiries:

    • For various inquiries, Phillips 66 has moved to an online response system, facilitating direct communication with their team.
  • Historical Roots:

    • Phillips 66 also maintains ties to its historical roots in Bartlesville, Oklahoma, a testament to its rich heritage in the energy industry.

For a deeper understanding of Phillips 66’s role within the energy sector and its corporate endeavors, they keep a wealth of information accessible. They welcome questions, comments, and suggestions openly, reflecting their friendly approach to public engagement and transparent communication.

Frequently Asked Questions

Phillips 66 is a diversified energy manufacturing and logistics company with unique businesses in refining, midstream, chemicals, marketing, and specialties.

What subsidiaries are operated by Phillips 66?

Subsidiaries operated by Phillips 66 include Phillips 66 Partners LP, which focuses on midstream operations, CPChem, that is involved in petrochemical production, and DCP Midstream LLP for natural gas liquids production and services.

What led to the separation of ConocoPhillips and Phillips 66 into two entities?

The separation of ConocoPhillips and Phillips 66 occurred on April 30, 2012, to optimize the distinct businesses of exploration and production (which remained under ConocoPhillips) and refining and marketing (which became Phillips 66), allowing each entity to focus on its specific strategic priorities.

Which types of products are manufactured by Phillips 66?

Phillips 66 manufactures a range of petroleum-based products, including gasoline, diesel, aviation fuels, lubricants, and specialty products such as base oils, solvents, and polypropylene.

Can you list some of the brands that fall under the Phillips 66 umbrella?

Brands that fall under the Phillips 66 umbrella encompass Phillips 66®, 76®, and Conoco® retail station brands, as well as lubricants brand Kendall® and aviation brand Phillips 66® Aviation.

How does Phillips 66 differentiate from Conoco in the marketplace?

Phillips 66 differentiates from Conoco in the marketplace mainly through its focus on refining, marketing, midstream, and chemical segments, whereas Conoco centers around global exploration and production of oil and natural gas.

What was the gas company that merged with Phillips to form the current company?

The gas company that merged with Phillips Petroleum Company was Conoco Inc.; the merged entity continued as ConocoPhillips until the repositioning in 2012, after which the refining, midstream, and marketing operations emerged as Phillips 66.