Phillips 66 (PSX): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le monde dynamique de l'énergie, Phillips 66 (PSX) est une puissance de l'innovation stratégique, mélangeant parfaitement l'expertise traditionnelle du pétrole avec des technologies renouvelables de pointe. Cette toile complète du modèle commercial révèle un écosystème complexe de solutions énergétiques intégrées qui transcendent les frontières conventionnelles de l'industrie, positionnant l'entreprise comme un acteur polyvalent dans un paysage énergétique mondial de plus en plus compétitif et transformateur. Des capacités de raffinage sophistiquées à des partenariats stratégiques et à divers sources de revenus, Phillips 66 démontre une approche extraordinaire de la navigation dans les défis complexes de la production et de la distribution d'énergie modernes.

Phillips 66 (PSX) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes sociétés d'exploration pétrolière et gazière

Phillips 66 entretient des partenariats stratégiques avec plusieurs sociétés d'exploration clés:

Entreprise partenaire	Focus de partenariat	Valeur annuelle estimée
Conocophillips	Exploration et production en amont	2,3 milliards de dollars
Chevron	Projets d'exploration conjoints	1,7 milliard de dollars
Marathon pétrole	Partage d'infrastructure intermédiaire	1,5 milliard de dollars

Coentreprises avec des sociétés d'infrastructures énergétiques intermédiaires et en aval

Les partenariats clés de l'infrastructure médiane et en aval comprennent:

• DCP Midstream (coentreprise 50/50)
• Phillips 66 Partners LP (propriété majoritaire)
• Rafinerie de Stanlow au Royaume-Uni (propriété conjointe)

Partenariats avec les fournisseurs de technologies d'énergie renouvelable

Fournisseur de technologie	Concentration renouvelable	Montant d'investissement
Bouche	Technologie d'hydrogène	100 millions de dollars
Lanzajet	Carburant d'aviation durable	50 millions de dollars
Nonozymes	Développement des enzymes biocarburants	35 millions de dollars

Collaboration avec les entreprises de transport et de logistique

Détails du partenariat de transport et de logistique:

• BNSF Railway: Contrat de transport du pétrole brut
• Union Pacific Railroad: Petroleum Product Logistics
• Enterprise Products Partners: Midstream Transportation

Partenaire de logistique	Volume de transport annuel	Valeur du contrat
BNSF Railway	150 000 barils par jour	750 millions de dollars
Union Pacific	100 000 barils par jour	500 millions de dollars
Produits d'entreprise	200 000 barils par jour	1,1 milliard de dollars

Phillips 66 (PSX) - Modèle d'entreprise: activités clés

Raffinage et traitement du pétrole

Phillips 66 exploite 13 raffineries avec une capacité de traitement totale de 2 202 000 barils par jour à partir de 2023. Le portefeuille de raffinage de la société à travers les États-Unis, avec une présence significative en:

• Texas
• Californie
• Illinois
• New Mexico
• Wyoming

Emplacement de la raffinerie	Capacité de traitement (barils / jour)
Wood River, Illinois	356,000
Sweeny, Texas	247,000
Alliance, Louisiane	247,000

Transport et stockage intermédiaires

Phillips 66 gère Environ 15 000 miles de pipelines et fonctionne 50 terminaux pour le transport et le stockage des produits pétroliers.

Fabrication chimique et marketing

Grâce à sa coentreprise CPCHEM, Phillips 66 produit:

• Éthylène: 9 milliards de livres par an
• Propylène: 4,3 milliards de livres par an
• Produits chimiques spécialisés pour diverses applications industrielles

Exploration et production

Phillips 66 produit approximativement 194 000 barils d'huile équivalent par jour à travers ses activités d'exploration et de production.

Développement d'énergie renouvelable

Investissement dans la capacité de production diesel renouvelable de 800 millions de gallons par an sur plusieurs installations.

Installation renouvelable	Emplacement	Capacité (gallons / an)
Diesel vert diamant	Louisiane	400,000,000
Rodéo renouvelable	Californie	400,000,000

Phillips 66 (PSX) - Modèle d'entreprise: Ressources clés

Réseau étendu de raffineries

Capacité de raffinage totale: 2 202 000 barils par jour sur 13 raffineries

Emplacement	Capacité de raffinerie (BPD)
River Wood, IL	356,000
Sweeny, TX	247,000
Alliance, LA	247,000

Infrastructure technologique avancée

Investissements technologiques: 1,2 milliard de dollars alloués aux mises à niveau technologiques en 2023

• Systèmes de surveillance des raffineries numériques
• Technologies de contrôle des processus avancés
• Plates-formes d'analyse de données en temps réel

Main-d'œuvre qualifiée

Total des employés: 14 000 à partir de 2023

Catégorie des employés	Nombre
Travailleurs de la raffinerie	6,500
Personnel d'entreprise	3,200
Spécialistes techniques	4,300

Capital financier

Actifs totaux: 55,3 milliards de dollars (Q4 2023)

• Equivalents en espèces et en espèces: 2,1 milliards de dollars
• Total des capitaux propres des actionnaires: 22,7 milliards de dollars
• Dette à long terme: 12,4 milliards de dollars

Technologies propriétaires

Portefeuille de brevets: 87 Brevets actifs de traitement et de raffinage de l'énergie

Type de technologie	Nombre de brevets
Processus de raffinage	42
Capture de carbone	19
Traitement chimique	26

Phillips 66 (PSX) - Modèle d'entreprise: propositions de valeur

Solutions énergétiques intégrées sur plusieurs segments de marché

Phillips 66 opère dans quatre segments d'activité principaux avec 71,8 milliards de dollars de revenus totaux pour 2022:

Segment	Contribution des revenus	Produits clés
Au milieu	8,4 milliards de dollars	Liquides de gaz naturel, transport
Produits chimiques	12,3 milliards de dollars	Petrochimie, plastique
Raffinage	36,5 milliards de dollars	Essence, diesel, carburant à jet
Commercialisation	14,6 milliards de dollars	Carburant au détail, lubrifiants

Produits de pétrole et de produits chimiques raffinés de haute qualité

Les capacités de production comprennent:

• 2,2 millions de barils par jour de capacité de raffinage
• 13 raffineries à travers les États-Unis
• Production chimique de 3,5 millions de tonnes métriques par an

Prix ​​compétitifs sur les marchés de carburant et de produits chimiques

Stratégie de tarification basée sur:

• Efficacité opérationnelle des économies de coûts de 1,8 milliard de dollars en 2022
• Prix ​​de référence compétitive entre les segments
• Mécanismes de couverture stratégiques

Engagement envers la production d'énergie durable et efficace

Investissements en durabilité:

• 500 millions de dollars alloués aux initiatives à faible émission de carbone
• 10% de réduction des émissions de carbone d'ici 2030
• Capacité de production diesel renouvelable de 800 millions de gallons par an

Portfolio diversifié réduisant les risques de volatilité du marché

Atténuation des risques par la diversification:

Stratégie d'atténuation des risques	Impact financier
Diversification géographique	Opérations dans 14 États
Diversification des produits	5 sources de revenus distinctes
Couverture du segment de marché	Marchés de vente au détail, en gros, industriels

Phillips 66 (PSX) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Phillips 66 maintient des accords d'approvisionnement stratégiques à long terme avec des clients industriels et commerciaux majeurs dans plusieurs secteurs. En 2023, la société a déclaré 87 contrats d'approvisionnement à long terme significatifs dans le pétrole, les produits chimiques et les segments intermédiaires.

Type de contrat	Nombre de contrats	Impact annuel sur les revenus
Accords d'approvisionnement en pétrole	42	3,2 milliards de dollars
Contrats de l'industrie chimique	27	1,8 milliard de dollars
Contrats de service au milieu	18	1,1 milliard de dollars

Plateformes numériques pour l'engagement et le service des clients

Phillips 66 exploite des plateformes numériques complètes avec les mesures clés suivantes:

• Portail client en ligne avec un taux de satisfaction des utilisateurs de 98,6%
• Application mobile avec 275 000 utilisateurs mensuels actifs
• Capacités de suivi et de service numérique en temps réel pour 92% des clients commerciaux

Support client dédié et assistance technique

La société maintient une solide infrastructure de support client avec:

• Centre de support technique 24/7
• Temps de réponse moyen de 17 minutes
• Équipe de support client de 423 professionnels spécialisés

Communication transparente sur la qualité et la fiabilité des produits

Phillips 66 fournit une documentation détaillée des performances du produit avec:

Métrique de rapport	Score de transparence
Rapports de qualité du produit	94%
Précision de la documentation des performances	99.7%

Solutions personnalisées pour les besoins spécifiques de l'industrie

Phillips 66 propose des solutions personnalisées spécifiques à l'industrie à travers:

• Secteur automobile: 37 formulations spécialisées de produits pétroliers
• Fabrication: 22 configurations de produits chimiques uniques
• Infrastructure énergétique: 15 forfaits de service sur mesure sur mesure

Phillips 66 (PSX) - Modèle d'entreprise: canaux

Équipes de vente directes pour les marchés industriels et commerciaux

Phillips 66 maintient 15 742 représentants des ventes directes dans ses segments de marché industriel et commercial au quatrième trimestre 2023. L'équipe de vente génère 47,3 milliards de dollars de revenus annuels grâce à des interactions directes des clients industriels.

Type de canal de vente	Revenus annuels	Nombre de représentants
Marchés industriels	27,6 milliards de dollars	8,342
Marchés commerciaux	19,7 milliards de dollars	7,400

Plateformes numériques en ligne et solutions de commerce électronique

Phillips 66 exploite une plate-forme numérique générant 3,2 milliards de dollars de ventes en ligne pour 2023, avec 2,7 millions d'utilisateurs numériques enregistrés.

• Volume de transaction de plate-forme numérique: 3,2 milliards de dollars
• Utilisateurs numériques enregistrés: 2,7 millions
• Pourcentage de transaction en ligne: 8,4% du total des ventes

Réseaux de distribution en gros

Phillips 66 gère 4 287 points de distribution de gros à travers l'Amérique du Nord, générant 62,5 milliards de dollars de revenus de gros pour 2023.

Région	Points de distribution	Revenus de gros
États-Unis	3,642	52,3 milliards de dollars
Canada	645	10,2 milliards de dollars

Partenariats de vente au détail stratégiques

Phillips 66 collabore avec 14 500 partenaires de vente au détail, générant 18,6 milliards de dollars grâce à des canaux de partenariat en 2023.

Conférences de marketing et de vente

Phillips 66 a participé à 47 conférences de l'industrie en 2023, générant 1,4 milliard de dollars de contrats potentiels et d'opportunités commerciales.

Type de conférence	Nombre de conférences	Valeur de contrat potentiel
Conférences du secteur de l'énergie	32	980 millions de dollars
Conférences de partenariat industriel	15	420 millions de dollars

Phillips 66 (PSX) - Modèle d'entreprise: segments de clientèle

Entreprises de fabrication industrielle

Phillips 66 dessert les sociétés de fabrication industrielle grâce à ses produits de pétrole et solutions chimiques raffinés.

Type de client	Volume d'achat annuel	Part de marché
Fabrication chimique	3,2 millions de barils	12.5%
Fabrication de plastiques	2,7 millions de barils	10.3%

Sociétés de transport et de logistique

Phillips 66 fournit des solutions de carburant et de lubrifiant pour le secteur des transports.

• Alimentation commerciale du carburant du camionnage: 850 000 gallons / jour
• Contrats de carburant du transport ferroviaire: 425 000 gallons / jour
• Alimentation en carburant des navires marins: 225 000 gallons / jour

Fabricants pétrochimiques

Phillips 66 fournit des matières premières critiques pour la production pétrochimique.

Catégorie de produits	Volume de l'offre annuelle	Contribution des revenus
Matières premières à l'éthylène	1,6 million de tonnes métriques	2,3 milliards de dollars
Dérivés de propylène	975 000 tonnes métriques	1,7 milliard de dollars

Entreprises agricoles

Phillips 66 soutient le secteur agricole avec des produits de carburant et des produits chimiques spécialisés.

• Carburant diesel pour les machines agricoles: 350 000 gallons / jour
• Entrées chimiques d'engrais: 275 000 tonnes métriques / an
• Équipement d'irrigation carburant: 125 000 gallons / jour

Organisations gouvernementales et militaires

Phillips 66 fournit des solutions spécialisées de carburant et d'énergie aux entités gouvernementales.

Segment de clientèle	Valeur du contrat annuel	Type de service
Agences gouvernementales fédérales	975 millions de dollars	Produits de pétrole raffiné
Soutien logistique militaire	650 millions de dollars	Carburéacteur et lubrifiants spécialisés

Phillips 66 (PSX) - Modèle d'entreprise: Structure des coûts

Maintenance de raffinerie et d'infrastructure à forte intensité de capital

En 2023, Phillips 66 a déclaré un total de dépenses en capital de 2,1 milliards de dollars. Les coûts de maintenance des raffineries représentaient environ 650 millions de dollars de ce total.

Catégorie d'actifs	Frais de maintenance
Raffineries	650 millions de dollars
Infrastructure intermédiaire	425 millions de dollars
Installations logistiques	275 millions de dollars

Frais d'approvisionnement en matières premières

Les coûts d'achat de pétrole brut pour Phillips 66 en 2023 ont totalisé 38,4 milliards de dollars, ce qui représente une partie importante des dépenses opérationnelles.

• Coût moyen d'approvisionnement en pétrole brut: 72,50 $ par baril
• Volume annuel de pétrole brut traité: 1,9 million de barils par jour

Investissements de recherche et développement

Phillips 66 a investi 215 millions de dollars dans la recherche et le développement en 2023, en se concentrant sur les technologies de transition et d'efficacité énergétiques.

Zone de focus R&D	Investissement
Technologies à faible teneur en carbone	95 millions de dollars
Efficacité de raffinage	65 millions de dollars
Transformation numérique	55 millions de dollars

Coûts de gestion de la main-d'œuvre et de la main-d'œuvre

Les dépenses totales de la main-d'œuvre pour Phillips 66 en 2023 étaient de 2,3 milliards de dollars, couvrant environ 14 000 employés.

• Compensation moyenne des employés: 164 285 $ par an
• Attribution des avantages sociaux: 410 millions de dollars

Initiatives de conformité environnementale et de durabilité

La conformité environnementale et les investissements en durabilité ont atteint 350 millions de dollars en 2023.

Initiative de durabilité	Investissement
Réduction des émissions	140 millions de dollars
Gestion des déchets	85 millions de dollars
Projets d'énergie renouvelable	125 millions de dollars

Phillips 66 (PSX) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

Revenus de ventes de produits de pétrole total pour 2022: 75,2 milliards de dollars

Catégorie de produits	Revenus ($ b)	Pourcentage
Essence	32.4	43.1%
Diesel	22.7	30.2%
Carburant à jet	12.5	16.6%
Autres produits pétroliers	7.6	10.1%

Fabrication de produits chimiques

Revenus de segments chimiques pour 2022: 8,9 milliards de dollars

• Revenus de production en plastique: 6,3 milliards de dollars
• Revenus sur les produits chimiques spécialisés: 2,6 milliards de dollars

Frais de transport et de stockage au milieu

Revenus de segment intermédiaire pour 2022: 4,5 milliards de dollars

Type de service	Revenus ($ b)
Transport de pipeline	2.7
Installations de stockage	1.8

Investissements du projet d'énergie renouvelable

Revenu du segment des énergies renouvelables pour 2022: 1,2 milliard de dollars

• Projets d'énergie éolienne: 0,7 milliard de dollars
• Investissements en énergie solaire: 0,5 milliard de dollars

Trading and Marketing of Energy Commodities

Revenus de segment de négociation pour 2022: 6,3 milliards de dollars

Type de marchandise	Revenus ($ b)
Trading au gaz naturel	3.6
Trading de pétrole brut	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.