Phillips 66 (PSX): Business Model Canvas

In der dynamischen Welt der Energie gilt Phillips 66 (PSX) als Kraftpaket für strategische Innovation, das traditionelles Erdöl-Know-how nahtlos mit modernsten erneuerbaren Technologien verbindet. Dieses umfassende Geschäftsmodell zeigt ein komplexes Ökosystem integrierter Energielösungen, die über herkömmliche Branchengrenzen hinausgehen und das Unternehmen als vielseitigen Akteur in einer zunehmend wettbewerbsintensiven und transformativen globalen Energielandschaft positionieren. Von hochentwickelten Raffineriekapazitäten bis hin zu strategischen Partnerschaften und vielfältigen Einnahmequellen zeigt Phillips 66 einen außergewöhnlichen Ansatz zur Bewältigung der komplexen Herausforderungen der modernen Energieproduktion und -verteilung.

Phillips 66 (PSX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Öl- und Gasexplorationsunternehmen

Phillips 66 unterhält strategische Partnerschaften mit mehreren wichtigen Explorationsunternehmen:

Partnerunternehmen	Partnerschaftsfokus	Geschätzter Jahreswert
ConocoPhillips	Upstream-Exploration und -Produktion	2,3 Milliarden US-Dollar
Chevron	Gemeinsame Explorationsprojekte	1,7 Milliarden US-Dollar
Marathon Petroleum	Gemeinsame Nutzung der Midstream-Infrastruktur	1,5 Milliarden US-Dollar

Joint Ventures mit Midstream- und Downstream-Energieinfrastrukturunternehmen

Zu den wichtigsten Midstream- und Downstream-Infrastrukturpartnerschaften gehören:

• DCP Midstream (50/50 Joint Venture)
• Phillips 66 Partners LP (Mehrheitsbeteiligung)
• Stanlow-Raffinerie im Vereinigten Königreich (Miteigentum)

Partnerschaften mit Technologieanbietern für erneuerbare Energien

Technologieanbieter	Erneuerbarer Fokus	Investitionsbetrag
Steckernetzteil	Wasserstofftechnologie	100 Millionen Dollar
LanzaJet	Nachhaltiger Flugtreibstoff	50 Millionen Dollar
Novozyme	Entwicklung von Biokraftstoffenzymen	35 Millionen Dollar

Zusammenarbeit mit Transport- und Logistikunternehmen

Einzelheiten zur Transport- und Logistikpartnerschaft:

• BNSF Railway: Rohöltransportvertrag
• Union Pacific Railroad: Logistik für Erdölprodukte
• Unternehmensproduktpartner: Midstream-Transport

Logistikpartner	Jährliches Transportvolumen	Vertragswert
BNSF-Eisenbahn	150.000 Barrel pro Tag	750 Millionen Dollar
Union Pacific	100.000 Barrel pro Tag	500 Millionen Dollar
Unternehmensprodukte	200.000 Barrel pro Tag	1,1 Milliarden US-Dollar

Phillips 66 (PSX) – Geschäftsmodell: Hauptaktivitäten

Erdölraffinierung und -verarbeitung

Phillips 66 betreibt 13 Raffinerien mit einer Gesamtverarbeitungskapazität von 2.202.000 Barrel pro Tag (Stand 2023). Das Raffinerie-Portfolio des Unternehmens erstreckt sich über die gesamten Vereinigten Staaten und ist stark vertreten in:

• Texas
• Kalifornien
• Illinois
• New Mexico
• Wyoming

Standort der Raffinerie	Verarbeitungskapazität (Barrel/Tag)
Wood River, Illinois	356,000
Sweeny, Texas	247,000
Allianz, Louisiana	247,000

Midstream-Transport und -Lagerung

Phillips 66 schafft es etwa 15.000 Meilen Pipelines und betreibt 50 Terminals für den Transport und die Lagerung von Erdölprodukten.

Chemische Herstellung und Vermarktung

Über sein Joint Venture CPChem produziert Phillips 66:

• Ethylen: 9 Milliarden Pfund jährlich
• Propylen: 4,3 Milliarden Pfund jährlich
• Spezialchemikalien für verschiedene industrielle Anwendungen

Exploration und Produktion

Phillips 66 produziert ungefähr 194.000 Barrel Öläquivalent pro Tag durch seine Explorations- und Produktionsaktivitäten.

Entwicklung erneuerbarer Energien

Investition in Produktionskapazität für erneuerbaren Diesel von 800 Millionen Gallonen pro Jahr über mehrere Einrichtungen hinweg.

Erneuerbare Anlage	Standort	Kapazität (Gallonen/Jahr)
Diamantgrüner Diesel	Louisiana	400,000,000
Rodeo Erneuerbar	Kalifornien	400,000,000

Phillips 66 (PSX) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Raffinerien

Gesamtraffinierungskapazität: 2.202.000 Barrel pro Tag in 13 Raffinerien

Standort	Raffineriekapazität (BPD)
Wood River, IL	356,000
Sweeny, TX	247,000
Alliance, LA	247,000

Fortschrittliche technologische Infrastruktur

Technologieinvestitionen: Im Jahr 2023 werden 1,2 Milliarden US-Dollar für technologische Upgrades bereitgestellt

• Digitale Raffinerie-Überwachungssysteme
• Fortschrittliche Prozesskontrolltechnologien
• Echtzeit-Datenanalyseplattformen

Qualifizierte Arbeitskräfte

Gesamtzahl der Mitarbeiter: 14.000 ab 2023

Mitarbeiterkategorie	Nummer
Raffineriearbeiter	6,500
Unternehmensmitarbeiter	3,200
Technische Spezialisten	4,300

Finanzkapital

Gesamtvermögen: 55,3 Milliarden US-Dollar (4. Quartal 2023)

• Zahlungsmittel und Zahlungsmitteläquivalente: 2,1 Milliarden US-Dollar
• Gesamteigenkapital: 22,7 Milliarden US-Dollar
• Langfristige Schulden: 12,4 Milliarden US-Dollar

Proprietäre Technologien

Patentportfolio: 87 Patente zur aktiven Energieverarbeitung und -veredelung

Technologietyp	Anzahl der Patente
Verfeinerungsprozess	42
Kohlenstoffabscheidung	19
Chemische Verarbeitung	26

Phillips 66 (PSX) – Geschäftsmodell: Wertversprechen

Integrierte Energielösungen für mehrere Marktsegmente

Phillips 66 ist in vier Hauptgeschäftssegmenten tätig und erzielte im Jahr 2022 einen Gesamtumsatz von 71,8 Milliarden US-Dollar:

Segment	Umsatzbeitrag	Schlüsselprodukte
Mittelstrom	8,4 Milliarden US-Dollar	Erdgasflüssigkeiten, Transport
Chemikalien	12,3 Milliarden US-Dollar	Petrochemie, Kunststoffe
Verfeinerung	36,5 Milliarden US-Dollar	Benzin, Diesel, Kerosin
Marketing	14,6 Milliarden US-Dollar	Einzelhandel mit Kraftstoffen und Schmiermitteln

Hochwertige raffinierte Erdöl- und Chemieprodukte

Zu den Produktionsmöglichkeiten gehören:

• 2,2 Millionen Barrel Raffineriekapazität pro Tag
• 13 Raffinerien in den Vereinigten Staaten
• Jährliche Chemieproduktion von 3,5 Millionen Tonnen

Wettbewerbsfähige Preise auf den Kraftstoff- und Chemiemärkten

Preisstrategie basierend auf:

• Betriebseffizienz von 1,8 Milliarden US-Dollar Kosteneinsparungen im Jahr 2022
• Wettbewerbsfähige Benchmark-Preise in allen Segmenten
• Strategische Absicherungsmechanismen

Engagement für eine nachhaltige und effiziente Energieproduktion

Nachhaltigkeitsinvestitionen:

• 500 Millionen US-Dollar werden für Initiativen zur Reduzierung des CO2-Ausstoßes bereitgestellt
• Reduzierung der CO2-Emissionen um 10 % bis 2030
• Produktionskapazität für erneuerbaren Diesel von 800 Millionen Gallonen pro Jahr

Diversifiziertes Portfolio zur Reduzierung von Marktvolatilitätsrisiken

Risikominderung durch Diversifikation:

Strategie zur Risikominderung	Finanzielle Auswirkungen
Geografische Diversifizierung	Einsätze in 14 Bundesstaaten
Produktdiversifizierung	5 verschiedene Einnahmequellen
Marktsegmentabdeckung	Einzelhandel, Großhandel, Industriemärkte

Phillips 66 (PSX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

Phillips 66 unterhält strategische langfristige Lieferverträge mit großen Industrie- und Gewerbekunden aus verschiedenen Branchen. Im Jahr 2023 meldete das Unternehmen 87 bedeutende langfristige Lieferverträge in den Segmenten Erdöl, Chemie und Midstream.

Vertragstyp	Anzahl der Verträge	Auswirkungen auf den Jahresumsatz
Erdöllieferverträge	42	3,2 Milliarden US-Dollar
Verträge für die chemische Industrie	27	1,8 Milliarden US-Dollar
Midstream-Serviceverträge	18	1,1 Milliarden US-Dollar

Digitale Plattformen für Kundenbindung und Service

Phillips 66 betreibt umfassende digitale Plattformen mit den folgenden Schlüsselkennzahlen:

• Online-Kundenportal mit einer Benutzerzufriedenheitsrate von 98,6 %
• Mobile Anwendung mit 275.000 aktiven monatlichen Nutzern
• Echtzeit-Tracking und digitale Servicefunktionen für 92 % der gewerblichen Kunden

Engagierter Kundensupport und technische Unterstützung

Das Unternehmen unterhält eine robuste Kundensupport-Infrastruktur mit:

• Technisches Support-Center rund um die Uhr
• Durchschnittliche Antwortzeit von 17 Minuten
• Kundensupport-Team aus 423 spezialisierten Fachleuten

Transparente Kommunikation über Produktqualität und Zuverlässigkeit

Phillips 66 bietet eine detaillierte Produktleistungsdokumentation mit:

Berichtsmetrik	Transparenzwert
Produktqualitätsberichte	94%
Genauigkeit der Leistungsdokumentation	99.7%

Maßgeschneiderte Lösungen für spezifische Branchenanforderungen

Phillips 66 bietet branchenspezifische maßgeschneiderte Lösungen für:

• Automobilsektor: 37 spezielle Formulierungen für Erdölprodukte
• Herstellung: 22 einzigartige chemische Produktkonfigurationen
• Energieinfrastruktur: 15 maßgeschneiderte Midstream-Dienstleistungspakete

Phillips 66 (PSX) – Geschäftsmodell: Kanäle

Direktvertriebsteams für Industrie- und Handelsmärkte

Phillips 66 beschäftigt im vierten Quartal 2023 15.742 Direktvertriebsmitarbeiter in seinen industriellen und kommerziellen Marktsegmenten. Das Vertriebsteam erwirtschaftet durch direkte Interaktionen mit Industriekunden einen Jahresumsatz von 47,3 Milliarden US-Dollar.

Vertriebskanaltyp	Jahresumsatz	Anzahl der Vertreter
Industrielle Märkte	27,6 Milliarden US-Dollar	8,342
Kommerzielle Märkte	19,7 Milliarden US-Dollar	7,400

Digitale Online-Plattformen und E-Commerce-Lösungen

Phillips 66 betreibt eine digitale Plattform, die im Jahr 2023 mit 2,7 Millionen registrierten digitalen Nutzern einen Online-Umsatz von 3,2 Milliarden US-Dollar generiert.

• Transaktionsvolumen der digitalen Plattform: 3,2 Milliarden US-Dollar
• Registrierte digitale Nutzer: 2,7 Millionen
• Prozentsatz der Online-Transaktionen: 8,4 % des Gesamtumsatzes

Großhandelsvertriebsnetze

Phillips 66 verwaltet 4.287 Großhandelsvertriebspunkte in ganz Nordamerika und erwirtschaftet im Jahr 2023 einen Großhandelsumsatz von 62,5 Milliarden US-Dollar.

Region	Verteilungspunkte	Großhandelsumsatz
Vereinigte Staaten	3,642	52,3 Milliarden US-Dollar
Kanada	645	10,2 Milliarden US-Dollar

Strategische Einzelhandelspartnerschaften

Phillips 66 arbeitet mit 14.500 Einzelhandelspartnern zusammen und generiert im Jahr 2023 über Partnerschaftskanäle 18,6 Milliarden US-Dollar.

Marketing- und Vertriebskonferenzen

Phillips 66 nahm im Jahr 2023 an 47 Branchenkonferenzen teil und generierte potenzielle Verträge und Geschäftsmöglichkeiten im Wert von 1,4 Milliarden US-Dollar.

Konferenztyp	Anzahl der Konferenzen	Potenzieller Vertragswert
Konferenzen zum Energiesektor	32	980 Millionen Dollar
Industriepartnerschaftskonferenzen	15	420 Millionen Dollar

Phillips 66 (PSX) – Geschäftsmodell: Kundensegmente

Industrielle Fertigungsunternehmen

Phillips 66 bedient industrielle Fertigungsunternehmen mit seinen raffinierten Erdölprodukten und chemischen Lösungen.

Kundentyp	Jährliches Einkaufsvolumen	Marktanteil
Herstellung von Chemikalien	3,2 Millionen Barrel	12.5%
Kunststoffherstellung	2,7 Millionen Barrel	10.3%

Transport- und Logistikunternehmen

Phillips 66 bietet Kraftstoff- und Schmiermittellösungen für den Transportsektor.

• Kraftstoffversorgung der gewerblichen Lkw-Flotte: 850.000 Gallonen/Tag
• Kraftstoffverträge für den Schienenverkehr: 425.000 Gallonen/Tag
• Treibstoffversorgung für Schiffsschiffe: 225.000 Gallonen/Tag

Petrochemische Hersteller

Phillips 66 liefert kritische Rohstoffe für die petrochemische Produktion.

Produktkategorie	Jährliches Liefervolumen	Umsatzbeitrag
Ethylen-Rohstoff	1,6 Millionen Tonnen	2,3 Milliarden US-Dollar
Propylen-Derivate	975.000 Tonnen	1,7 Milliarden US-Dollar

Agrarbetriebe

Phillips 66 unterstützt den Agrarsektor mit speziellen Kraftstoffen und chemischen Produkten.

• Dieselkraftstoff für Landmaschinen: 350.000 Gallonen/Tag
• Chemischer Düngemitteleinsatz: 275.000 Tonnen/Jahr
• Treibstoff für Bewässerungsgeräte: 125.000 Gallonen/Tag

Regierungs- und Militärorganisationen

Phillips 66 bietet spezialisierte Kraftstoff- und Energielösungen für Regierungsbehörden.

Kundensegment	Jährlicher Vertragswert	Servicetyp
Bundesbehörden	975 Millionen Dollar	Raffinierte Erdölprodukte
Unterstützung der Militärlogistik	650 Millionen Dollar	Kerosin und Spezialschmierstoffe

Phillips 66 (PSX) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Raffinerie- und Infrastrukturwartung

Im Jahr 2023 meldete Phillips 66 Gesamtinvestitionen in Höhe von 2,1 Milliarden US-Dollar. Davon entfielen etwa 650 Millionen US-Dollar auf die Wartungskosten der Raffinerie.

Asset-Kategorie	Wartungsaufwand
Raffinerien	650 Millionen Dollar
Midstream-Infrastruktur	425 Millionen Dollar
Logistikeinrichtungen	275 Millionen Dollar

Kosten für die Beschaffung von Rohstoffen

Die Rohölbeschaffungskosten für Phillips 66 beliefen sich im Jahr 2023 auf insgesamt 38,4 Milliarden US-Dollar, was einen erheblichen Teil der Betriebskosten darstellt.

• Durchschnittliche Beschaffungskosten für Rohöl: 72,50 USD pro Barrel
• Jährliche verarbeitete Rohölmenge: 1,9 Millionen Barrel pro Tag

Forschungs- und Entwicklungsinvestitionen

Phillips 66 investierte im Jahr 2023 215 Millionen US-Dollar in Forschung und Entwicklung mit Schwerpunkt auf Energiewende und Effizienztechnologien.

F&E-Schwerpunktbereich	Investition
CO2-arme Technologien	95 Millionen Dollar
Effizienz verfeinern	65 Millionen Dollar
Digitale Transformation	55 Millionen Dollar

Arbeits- und Personalmanagementkosten

Die gesamten Personalkosten für Phillips 66 beliefen sich im Jahr 2023 auf 2,3 Milliarden US-Dollar und deckten etwa 14.000 Mitarbeiter ab.

• Durchschnittliche Mitarbeitervergütung: 164.285 USD pro Jahr
• Zuweisung von Leistungen an Arbeitnehmer: 410 Millionen US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die Investitionen in Umweltschutz und Nachhaltigkeit erreichten im Jahr 2023 350 Millionen US-Dollar.

Nachhaltigkeitsinitiative	Investition
Emissionsreduzierung	140 Millionen Dollar
Abfallmanagement	85 Millionen Dollar
Projekte für erneuerbare Energien	125 Millionen Dollar

Phillips 66 (PSX) – Geschäftsmodell: Einnahmequellen

Verkauf von Erdölprodukten

Gesamterlös aus dem Verkauf von Erdölprodukten für 2022: 75,2 Milliarden US-Dollar

Produktkategorie	Umsatz ($B)	Prozentsatz
Benzin	32.4	43.1%
Diesel	22.7	30.2%
Düsentreibstoff	12.5	16.6%
Andere Erdölprodukte	7.6	10.1%

Herstellung chemischer Produkte

Umsatz des Chemiesegments für 2022: 8,9 Milliarden US-Dollar

• Umsatz aus der Kunststoffproduktion: 6,3 Milliarden US-Dollar
• Umsatz mit Spezialchemikalien: 2,6 Milliarden US-Dollar

Midstream-Transport- und Lagergebühren

Umsatz des Midstream-Segments für 2022: 4,5 Milliarden US-Dollar

Servicetyp	Umsatz ($B)
Pipeline-Transport	2.7
Lagereinrichtungen	1.8

Investitionen in Projekte für erneuerbare Energien

Umsatz des Segments Erneuerbare Energien für 2022: 1,2 Milliarden US-Dollar

• Windenergieprojekte: 0,7 Milliarden US-Dollar
• Investitionen in Solarenergie: 0,5 Milliarden US-Dollar

Handel und Vermarktung von Energierohstoffen

Umsatz des Handelssegments für 2022: 6,3 Milliarden US-Dollar

Warentyp	Umsatz ($B)
Erdgashandel	3.6
Rohölhandel	2.7

Phillips 66 (PSX) - Canvas Business Model: Value Propositions

Reliable supply of conventional fuels from high-efficiency assets

Phillips 66 achieved a crude capacity utilization of 99% in Refining during the third quarter of 2025. The clean product yield for the same period was 86%. The company plans to run its refineries in the mid-90% range of their combined crude oil throughput capacity of 1.9 million barrels per day (bpd). Phillips 66 announced plans to cease operations at its Los Angeles Refinery by the end of 2025. As of January 1, 2025, total U.S. operable crude distillation capacity was 18.4 million bbl/cd.

Integrated, resilient Midstream and Refining value chain

The Midstream segment generated adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of approximately \$1 billion in the second quarter of 2025. Phillips 66 is executing on a plan to organically grow Midstream annual EBITDA to \$4.5 billion by 2027. The Marketing and Specialties segment reported its strongest quarter since 2012 in the second quarter of 2025.

You see the strength of the integrated model in the consistent contributions from these segments. Here's a quick look at some key operational metrics from recent quarters:

Metric	Value	Period
Refining Crude Capacity Utilization	99%	Q3 2025
Clean Product Yield	86%	Q3 2025
Midstream Adjusted EBITDA	\$1 billion	Q2 2025
Renewable Fuels Produced	36,000 bpd	Q3 2025

Access to lower-carbon fuels like SAF and renewable diesel

The Rodeo Renewable Energy Complex, which completed conversion in 2024, has the capacity to produce approximately 50,000 barrels per day (800 million gallons per year) of renewable fuels. This facility began producing Sustainable Aviation Fuel (SAF) in September 2024. The Rodeo conversion represented a capital deployment of at least \$1.3 billion. In the third quarter of 2025, Phillips 66 produced 36,000 barrels per day of renewable fuels. The company completed the conversion of approximately 600 76 branded California sites to sell renewable diesel. The Rodeo Complex is powered in part by a 30.2-megawatt solar facility expected to generate approximately 60,000 MWh/year of electricity, which is designed to reduce the complex's grid power demand by 50%.

High-performance specialty products (e.g., Kendall and Red Line lubricants)

The Marketing and Specialties segment generated \$92.83 billion in revenue in fiscal year 2024. This segment includes the manufacturing and marketing of specialty products like automotive, commercial, industrial, and specialty lubricants, as well as base oils, sold under brands including Kendall and Red Line.

Commitment to return over 50% of net operating cash flow to shareholders

Phillips 66 plans to return over 50% of net operating cash flow to shareholders through dividends and share repurchases. Since its formation in 2012, the company has returned more than \$43 billion to shareholders through dividends and share repurchases. The dividend has grown at a 15% Compound Annual Growth Rate (CAGR). For the third quarter of 2025, Phillips 66 generated \$1.2 billion of net operating cash flow, or \$1.9 billion excluding working capital. In the second quarter of 2025, operating cash flow excluding working capital was \$1.9 billion. The company also anticipates receiving pre-tax cash proceeds of about €1.5 billion (\$1.6 billion) from the announced sale of a 65% stake in its Germany and Austria retail marketing business, which will be allocated towards strategic priorities like shareholder returns.

Phillips 66 (PSX) - Canvas Business Model: Customer Relationships

You're looking at how Phillips 66 (PSX) interacts with its diverse customer base as of late 2025. It's a mix of high-volume, low-touch transactions and deep, strategic partnerships.

Automated and transactional through branded retail stations

The relationship with the everyday consumer is primarily automated and transactional, driven by the strength of the Phillips 66, Conoco, and 76 brands across the United States. This network provides ratable placement, integrating directly with the refining assets, particularly on the U.S. Central and West Coasts. The scale of this physical presence is substantial, though figures can shift year-to-year.

Here are some key figures defining the branded retail footprint:

• Approximately 1,450 U.S. sites covered by brand-licensing agreements.
• Reported presence of 3,041 Phillips 66 gas stations across the USA (as of early 2025 data).
• The company markets retail and wholesale products in Europe under the JET brand, with approximately 1,290 marketing sites in Europe.
• Retail joint venture outlets in the U.S. totaled approximately 790 (based on recent historical context).

The transactional experience is enhanced by on-site amenities, though the focus remains on fuel and core automotive services. For instance, a subset of locations offers specific services:

Service Type	Number of U.S. Locations
Locations Featuring a Car Wash	368
Locations Including an ATM	50
Stations Including a Convenience Store	37

For shareholders, the relationship is defined by capital discipline and returns. Phillips 66 aims to return over 50% of net operating cash flow to shareholders. The company returned $716 million to shareholders through dividends and share repurchases in the first quarter of 2025 alone. Cumulative distributions since July 2022 through Q1 2025 reached $14.3 billion.

Dedicated account management for large commercial and industrial buyers

For larger customers, the relationship moves beyond the pump to dedicated service, especially within the Specialties and Aviation businesses. Finished lubricants are marketed under premium brands like Phillips 66, Kendall, and Red Line, where supplier satisfaction rankings are high. Phillips 66 Aviation serves as a top supplier of jet fuels and aviation gas to private, commercial, and military aviation clients, requiring tailored logistics and supply contracts.

The Midstream segment, which provides stable cash flow, also involves dedicated commercial relationships for transportation and processing services. For example, the company sanctioned construction of a new gas processing plant in the Permian, advancing its integrated NGL wellhead-to-market strategy, which serves large producers and industrial users.

Strategic alliances for long-term feedstock and product offtake

Phillips 66 builds long-term relationships through strategic alliances that secure feedstock supply and guarantee product offtake, de-risking major capital investments. This is particularly evident in the Renewable Fuels segment.

Key alliance metrics include:

• The Rodeo Renewable Energy Complex is operating at full capacity, processing 50,000 barrels per day of renewable feedstocks.
• A foundational partnership with Uniper at the Humber Refinery moved forward in May 2025 with the selection of ITM Power to supply 120MW electrolyzers for green hydrogen supply.

The company also completed the acquisition of the remaining 50% interest in WRB Refining LP, gaining full ownership of the Wood River and Borger refineries, solidifying control over key assets serving commercial product markets.

Investor relations focused on capital discipline and shareholder returns

Investor engagement centers on demonstrating a disciplined approach to capital allocation and consistent delivery of shareholder value. The 2025 capital budget was set at $2.1 billion, with $998 million allocated to sustaining capital and $1.1 billion to growth capital. Including proportionate capital spending for joint ventures, the total 2025 program is projected to be $3 billion.

Financial performance metrics reinforce this relationship focus:

Metric	Value/Target
Net Cash from Operations (Q3 2025)	$1.2 billion
Capital Expenditure and Investments (Q3 2025)	$541 million
Total Shareholder Return (since July 2022 to March 2025)	65%
Shareholder Distribution Commitment	Over 50% of net operating cash flow

The company maintains dedicated channels for engagement, including Investor Relations contacts for institutional investors and Shareholder Services for individuals.

Direct engagement with fleet operators for renewable fuel solutions

The push into lower-carbon energy involves direct, high-value relationships with large end-users, moving beyond transactional sales to long-term supply contracts. This is a critical area for future growth and alignment with customer decarbonization goals.

Engagement points include:

• Secured Sustainable Aviation Fuel (SAF) offtake agreements with major airlines, including United Airlines and British Airways.
• The Renewable Fuels segment reported production volumes of 44 million barrels per day (MBD) in Q3 2025, showing scaling customer fulfillment.

The company is also exploring opportunities with hydrogen and electric vehicle charging in Europe to support low-carbon goals for fleet customers.

Phillips 66 (PSX) - Canvas Business Model: Channels

Midstream pipelines, terminals, and export facilities for bulk delivery

Phillips 66 moves crude oil, refined products, and Natural Gas Liquids (NGLs) through an integrated network that supports its refining and chemicals operations, as well as third-party customers.

The company's Midstream segment provides transportation, terminaling, and processing services across several key areas:

• Crude oil and refined products transportation and terminaling.
• Natural gas gathering and processing.
• NGL transportation, storage, fractionation, gathering, processing, and marketing services.

Key asset statistics as of 2025 include:

Asset Type	Metric	Capacity/Volume/Length
U.S. Pipeline Systems	Miles Owned and/or Operated	More than 72,000 miles
NGL Fractionation Capacity	Capacity (as of April 2025)	889,000 BPD
Net Natural Gas Processing Capacity	Capacity	4.8 billion cubic feet per day (Bcf/d)
EPIC NGL Pipeline	Current Capacity	225 thousand barrels per day (MBD)
EPIC NGL Pipeline	Sanctioned Expansion Capacity	350 MBD
Iron Mesa Gas Processing Plant	New Construction Capacity	300 million cubic feet per day (MMcfd)

The Freeport facility serves as an export channel, capable of loading up to 260 Mb/d of LPG simultaneously, including propane and butane vessels.

Branded retail gas stations (dealer/franchise network)

Phillips 66 markets fuels through outlets using the Phillips 66, Conoco, or 76 brands, providing integration with refining assets, especially in the U.S. Central and West Coast regions.

The network scale includes:

Channel Type	Count/Metric	Data Point
U.S. Branded Sites	Total Locations (as of late 2024/2025)	2,527
U.S. Branded Sites	Sites under Brand-Licensing Agreements	Approximately 1,450 sites
U.S. Branded Sites	Retail Joint Venture Outlets	Approximately 790 outlets
European Marketing Sites	Marketing sites in Europe (JET brand)	Approximately 1,290 sites

Missouri held the largest concentration of U.S. Phillips 66 gas stations with 552 locations, representing about 22% of the U.S. total as of December 2024. Separately, Phillips 66 agreed to sell 970 European retail sites, about 840 of which operate under the Jet brand, for $1.6B, with closing expected in the second half of 2025.

Direct sales force for Chemicals and Specialties segments

The Specialties business markets finished lubricants under the Phillips 66, Kendall, and Red Line brands, and also moves high-quality specialty graphite and anode-grade petroleum cokes in the U.S.. The Chemicals segment generated $863.00M in revenue in fiscal year 2024. The broader Marketing and Specialties Segment recorded revenue of $92.83B in fiscal year 2024.

Long-term supply contracts with major commercial customers

Phillips 66 is actively exploring a strategic shift involving securing U.S. liquefied natural gas (LNG) supplies through long-term contracts and has begun hiring dedicated LNG-focused staff in Houston.

Digital platforms for wholesale and commercial ordering

The company uses digital tools to interface with its branded network, including the Fuel Forward® App for payments at Phillips 66®, Conoco®, and 76® stations.

Finance: draft 13-week cash view by Friday.

Phillips 66 (PSX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Phillips 66 as of late 2025. This company serves a wide spectrum, from the individual filling up their car to major industrial partners relying on complex midstream infrastructure. Honestly, the retail footprint is shifting due to strategic moves, so you have to track those asset sales.

Individual consumers of gasoline and diesel at branded stations

This segment is served through the Marketing and Specialties business, primarily under the Phillips 66, Conoco, or 76 brands in the U.S. While the company has a strong historical footprint, a significant portfolio change is underway. As of a late 2025 report, Phillips 66 was executing the sale of $\mathbf{970}$ European retail sites, with the deal expected to close in the second half of 2025. Before this divestiture, the U.S. network was substantial; one 2025 estimate placed the total U.S. presence at $\mathbf{3,041}$ gas stations.

The geographic density is notable in the central U.S. For instance, Missouri reportedly held $\mathbf{607}$ locations, and Oklahoma had $\mathbf{415}$ locations, according to data from early 2025.

• Approximately $\mathbf{7,450}$ branded sites were noted in the U.S. network in a prior report, though this number is being adjusted by the European sale.
• Approximately $\mathbf{1,450}$ sites are covered by brand-licensing agreements, showing the reach beyond wholly-owned or directly operated sites.
• The company markets retail products in Austria, Germany, and the United Kingdom under the JET brand, though these are largely part of the pending divestiture.

Commercial and industrial fleets purchasing bulk fuels and SAF

This group relies on Phillips 66 Aviation, a top supplier of jet fuels and aviation gas to private, commercial, and military aviation customers. The push toward decarbonization also brings in a new set of commercial customers focused on lower-emission options. The company is actively serving this need through supply agreements.

A concrete example of this commercial engagement is the agreement signed in late 2024 to supply over $\mathbf{240,000}$ metric tons of Sustainable Aviation Fuel (SAF) to DHL Express.

Petrochemical manufacturers buying ethylene and polyolefins

This customer base is served through the company's 50% equity investment in Chevron Phillips Chemical Company (CPChem). These manufacturers purchase olefins and polyolefins, which are fundamental building blocks for plastics and other materials. CPChem operates cost-advantaged assets concentrated in North America and the Middle East.

To give you a sense of scale, in fiscal year 2024, the Chemicals Segment generated $\mathbf{\$863.00}$ Million in revenue. While utilization figures can fluctuate, CPChem reported $\mathbf{91\%}$ olefins and polyolefins utilization in 2022, indicating a high level of output to meet demand.

NGL producers utilizing Midstream transportation and fractionation services

The Midstream segment is critical here, providing transportation, storage, fractionation, gathering, and processing services for Natural Gas Liquids (NGLs) and natural gas, largely in the United States. NGL producers use these services to get their product from the wellhead to market. The integration of DCP Midstream, LP, significantly bolstered this customer service offering.

The scale of the Midstream infrastructure directly serves these producers. As of April 2025, the company held $\mathbf{889,000}$ BPD of fractionation capacity. Furthermore, the network includes over $\mathbf{72,000}$ miles of U.S. pipeline systems and $\mathbf{4.8}$ billion cubic feet per day (Bcf/d) net natural gas processing capacity.

Agricultural and industrial users of specialty lubricants

This segment includes users of finished lubricants marketed under premium brands like Phillips 66, Kendall, and Red Line, as well as other private label brands. These products are essential for heavy equipment in agriculture and various industrial machinery. The company is a leading lubricants manufacturer in the U.S.

The production backbone for these specialty products involves joint ventures. For example, the Excel Paralubes joint venture has a facility capable of producing $\mathbf{22,200}$ BPD of high-quality Group II clear hydrocracked base oils, which are key inputs for finished lubricants.

Here's a quick look at the operational scale supporting these diverse customer segments as of the latest available data:

Segment Area	Metric	Value	Date/Context
Individual Consumers (Retail)	Estimated U.S. Branded Stations	3,041	2025 Estimate (Pre-H2 2025 European Sale)
Commercial/Industrial (Aviation)	SAF Supply Commitment	Over 240,000 metric tons	To DHL Express (Signed late 2024)
Petrochemicals	Chemicals Segment Revenue	$863.00 Million	Fiscal Year 2024
NGL Producers (Midstream)	NGL Fractionation Capacity	889,000 BPD	As of April 2025
Specialty Lubricants	Base Oil JV Production Capacity	22,200 BPD	Excel Paralubes Facility

The Midstream segment, which supports NGL producers, represented $\mathbf{\$19.65}$ Billion in revenue for fiscal year 2024, showing the significant financial scale of serving that industrial customer base. Also, the Marketing And Specialties Segment, which covers retail fuels and lubricants, brought in $\mathbf{\$92.83}$ Billion in revenue in fiscal year 2024. If you're tracking the core fuel volume, the Refining Segment revenue was $\mathbf{\$85.01}$ Billion in FY2024, which underpins the supply to the retail and bulk commercial customers.

Finance: draft 13-week cash view by Friday.

Phillips 66 (PSX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep Phillips 66 running, which are heavily influenced by commodity markets and long-term capital commitments. Honestly, the biggest variable cost you see here is the price of the raw material itself.

High cost of crude oil and renewable feedstocks (variable costs)

The cost of crude oil and renewable feedstocks represents the largest component of the cost of goods sold for Phillips 66's refining and renewable fuels segments. While I don't have the precise 2025 average feedstock cost per barrel here, you know this line item fluctuates directly with global energy prices, which is the primary driver of profitability volatility. The company targets achieving an annual adjusted controllable cost of $5.50 per barrel in Refining, excluding adjusted turnaround expense.

Capital Expenditures and JV Commitments

Phillips 66 maintains a disciplined capital program, which includes significant spending on its own operations and its joint ventures. The total 2025 capital program, including the proportionate share of joint ventures like CPChem and WRB, is projected to be $3 billion.

Here's how that capital allocation breaks down for the core company budget:

• Midstream capital budget: $975 million
• Refining investment planned: $822 million
• Sustaining capital planned (company-wide): $998 million
• Growth capital planned (company-wide): $1.1 billion

The joint venture capital spending share (CPChem and WRB) is expected to total $877 million and be self-funded.

Operating Expenses for Maintenance and Turnarounds

Refinery maintenance and turnarounds are significant, lumpy operating expenses that impact quarterly results. For instance, in the second quarter of 2025, turnaround expenses dropped 47% from $53 million year-over-year. By the third quarter of 2025, turnaround expenses were about $36 million, a 74% drop compared to the $94 million incurred a year prior. These planned shutdowns are necessary to maintain asset reliability but create short-term cost spikes.

Debt Servicing Costs

Servicing the company's debt load is a fixed, ongoing cost. As of September 30, 2025, Phillips 66 reported total debt of $21.8 billion or $21.755 Billion, resulting in a Net Debt to Capital Ratio of 41%. The company has an explicit target to reduce total debt to $17 billion by 2027.

You can see the balance sheet structure influencing these costs:

Metric	Amount as of Q3 2025	Source Context
Total Debt	$21.8 billion	As of September 30, 2025
Net Debt to Capital Ratio	41%	As of Q3 2025
Cash and Equivalents	$2.0 billion	As of September 30, 2025
Q2 2025 Turnaround Expense	$53 million (prior year comparison)	Q2 2025 results context
Q3 2025 Turnaround Expense	$36 million	Q3 2025 actual

Regulatory Compliance and Decarbonization Costs

Costs tied to environmental compliance and the transition to lower-carbon fuels are an increasing part of the structure. For example, the planned idle of the Los Angeles Refinery contributed to higher environmental costs impacting refining segment income in Q3 2025. Furthermore, significant capital is directed toward decarbonization projects, such as the $1.3 billion investment to convert the Rodeo Refinery into a 50,000 b/d biofuel facility. Phillips 66 is also leveraging renewable power solutions to support regulatory compliance.

Finance: draft 13-week cash view by Friday.

Phillips 66 (PSX) - Canvas Business Model: Revenue Streams

You're looking at how Phillips 66 actually brings in the cash, which, honestly, is the whole point of the business model. As a seasoned analyst, I focus on the segment reporting because that's where the real numbers live, not just the high-level total revenue figure. For late 2025, we are grounding this in the full-year 2024 results, as the 2025 fiscal year data is still rolling in, but the TTM (Trailing Twelve Months) revenue as of September 30, 2025, was reported at $131.953B.

The revenue streams are heavily weighted toward the traditional downstream side, but the growth story is increasingly tied to the energy transition assets, like the renewable fuels complex. Here's the quick math on the major buckets from the last full reporting year, fiscal year 2024, which gives you a solid baseline for where the money came from.

Revenue Stream Category (Based on 2024 Segments)	Reported Revenue (FY 2024)	Percentage of Total Revenue (FY 2024)
Marketing And Specialties Segment	$92.83 B	45.47%
Refining Segment	$85.01 B	41.64%
Midstream Segment	$19.65 B	9.63%
Renewable Fuels	$5.57 B	2.73%
Chemicals Segment (CPChem Equity Share)	$863.00 M	0.42%
Corporate and Other	$236.00 M	0.12%

Let's break down what feeds those top-line numbers.

Sales of refined petroleum products (gasoline, diesel, jet fuel)

This is the bread and butter, derived mainly from the Refining Segment revenue of $85.01 B in 2024. Phillips 66 is running a tight ship here; for example, in Q2 2024, the crude utilization rate hit 98%, the highest in five years. The Marketing and Specialties segment, which brought in $92.83 B in 2024, also captures a huge chunk of this, as it handles the distribution of these refined products. You see the impact of market dynamics clearly here; the 2024 total revenue of $143.12 B was down 2.81% from 2023, largely due to lower refined product prices.

Midstream fees for NGL transportation, processing, and storage

This stream is about contracted, fee-based stability, which management likes because it smooths out the volatility of the refining margins. The Midstream Segment generated $19.65 B in revenue in 2024. This includes the Transportation and NGL businesses, which saw adjusted pre-tax income of $1,346 million in 2024. They are actively bolstering this footprint, for instance, by announcing an agreement to acquire EPIC's NGL business to enhance their Permian and Gulf Coast presence.

Sales of chemicals (polyolefins, aromatics) from CPChem

This revenue comes from Phillips 66's 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The Chemicals segment reported revenue of $863.00 M in 2024. The income side shows the strength of this joint venture; in Q1 2024, adjusted pre-tax income for the segment was $205 million, driven by strong polyethylene margins. CPChem continues to invest in capacity, like the new world-scale 1-hexene unit at the Sweeny Hub.

Sales of renewable diesel and Sustainable Aviation Fuel (SAF)

This is the future-facing revenue stream, anchored by the Rodeo Renewable Energy Complex in California, which reached full processing rates in Q2 2024 and started SAF production in September 2024. The Renewable Fuels segment brought in $5.57 B in revenue in 2024. Production volumes are ramping up: Q1 2025 saw production of 44,000 barrels per day, up significantly from 9,000 barrels per day in Q1 2024. Still, this segment faces near-term policy uncertainty, reporting a $185 million loss before income taxes for Q1 2025.

Sales of specialty products, including lubricants and base oils

These revenues are bundled within the $92.83 B Marketing and Specialties Segment for 2024. While the segment is broad, it includes the sale of higher-value products like lubricants and base oils, which generally command better margins than commodity fuels. The segment's adjusted pre-tax income was $1,011 million in 2024, benefiting from higher realized margins in some areas, though litigation-related expenses were a drag.

The company is actively managing this portfolio, evidenced by the process to divest its retail marketing business in Germany and Austria to focus on core assets.

Finance: draft 13-week cash view by Friday.