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Phillips 66 PSX Stock Quote

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Phillips 66 to Harness Larger Midstream Footprint for Growth

Allen Good, CFA Sector Strategist

Business Strategy and Outlook

| Allen Good, CFA |

Phillips 66 remains the most diversified independent refiner with greater interests in marketing, chemical, and midstream assets than peers. While the performance of its refining segment will be the primary determinant of earnings in the near term, the midstream segment will increasingly be the value driver over time as Phillips 66 aims to grow its potential midcycle EBITDA by $3 billion to $13 billion by 2025.

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Company Profile PSX

Business Description

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 2.0 million barrels per day, or mmb/d, after converting its 255 mb/d Alliance refinery to a terminal. In 2023, the Rodeo, California, facility will cease operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes the DCP Midstream joint venture, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

2331 CityWest Boulevard
Houston, TX, 77042
T +1 281 293-6600
Sector Energy
Industry Oil & Gas Refining & Marketing
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 14,000

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