PHILLIPS 66 (PSX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da energia, Phillips 66 (PSX) é uma potência de inovação estratégica, combinando perfeitamente a experiência tradicional de petróleo com tecnologias renováveis ​​de ponta. Essa tela abrangente do modelo de negócios revela um complexo ecossistema de soluções de energia integradas que transcendem os limites da indústria convencional, posicionando a empresa como um participante versátil em um cenário de energia global cada vez mais competitivo e transformador. Desde sofisticadas capacidades de refino a parcerias estratégicas e diversos fluxos de receita, o Phillips 66 demonstra uma abordagem extraordinária para navegar pelos intrincados desafios da produção e distribuição moderna de energia.

Phillips 66 (PSX) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes empresas de exploração de petróleo e gás

A Phillips 66 mantém parcerias estratégicas com várias empresas importantes de exploração:

Empresa parceira	Foco em parceria	Valor anual estimado
ConocoPhillips	Exploração e produção a montante	US $ 2,3 bilhões
Chevron	Projetos de exploração conjunta	US $ 1,7 bilhão
Maratona Petróleo	Compartilhamento de Infraestrutura Midstream	US $ 1,5 bilhão

Joint ventures com empresas de infraestrutura de energia média e a jusante

As principais parcerias de infraestrutura do meio e a jusante incluem:

• DCP Midstream (joint venture 50/50)
• Phillips 66 Partners LP (propriedade da maioria)
• Refinaria de Stanlow no Reino Unido (propriedade conjunta)

Parcerias com provedores de tecnologia de energia renovável

Provedor de tecnologia	Foco renovável	Valor do investimento
Plugue a energia	Tecnologia de hidrogênio	US $ 100 milhões
Lanzajet	Combustível de aviação sustentável	US $ 50 milhões
Novozimas	Desenvolvimento de enzimas de biocombustível	US $ 35 milhões

Colaboração com empresas de transporte e logística

Detalhes da parceria de transporte e logística:

• Ferrovia BNSF: Contrato de transporte de petróleo bruto
• Ferrovia da Union Pacific: Logística de Produto Petróleo
• Enterprise Products Partners: Transporte Midstream

Parceiro de logística	Volume anual de transporte	Valor do contrato
Ferrovia BNSF	150.000 barris por dia	US $ 750 milhões
Union Pacific	100.000 barris por dia	US $ 500 milhões
Produtos corporativos	200.000 barris por dia	US $ 1,1 bilhão

Phillips 66 (PSX) - Modelo de negócios: Atividades -chave

Refino e processamento de petróleo

Phillips 66 opera 13 refinarias com uma capacidade total de processamento de 2.202.000 barris por dia a partir de 2023. O portfólio de refino da empresa se estende para os Estados Unidos, com presença significativa em:

• Texas
• Califórnia
• Illinois
• Novo México
• Wyoming

Localização da refinaria	Capacidade de processamento (barris/dia)
Wood River, Illinois	356,000
Sweeny, Texas	247,000
Aliança, Louisiana	247,000

Transporte e armazenamento no meio da corrente

Phillips 66 gerencia Aproximadamente 15.000 milhas de oleodutos e opera 50 terminais para transporte e armazenamento de produtos petrolíferos.

Fabricação química e marketing

Através de sua joint venture da CPCHEM, a Phillips 66 produz:

• Etileno: 9 bilhões de libras anualmente
• Propileno: 4,3 bilhões de libras anualmente
• Produtos químicos especiais para várias aplicações industriais

Exploração e produção

Phillips 66 produz aproximadamente 194.000 barris de petróleo equivalente por dia Através de suas atividades de exploração e produção.

Desenvolvimento de energia renovável

Investimento em capacidade de produção de diesel renovável de 800 milhões de galões por ano em várias instalações.

Instalação renovável	Localização	Capacidade (galões/ano)
Diamond Green Diesel	Louisiana	400,000,000
Rodeio Renovável	Califórnia	400,000,000

Phillips 66 (PSX) - Modelo de negócios: Recursos -chave

Extensa rede de refinarias

Capacidade total de refino: 2.202.000 barris por dia em 13 refinarias

Localização	Capacidade de refinaria (BPD)
Wood River, Il	356,000
Sweeny, TX	247,000
Aliança, LA	247,000

Infraestrutura tecnológica avançada

Investimentos de tecnologia: US $ 1,2 bilhão alocado para atualizações tecnológicas em 2023

• Sistemas de monitoramento de refinaria digital
• Tecnologias avançadas de controle de processos
• Plataformas de análise de dados em tempo real

Força de trabalho qualificada

Total de funcionários: 14.000 a partir de 2023

Categoria de funcionários	Número
Trabalhadores da refinaria	6,500
Equipe corporativa	3,200
Especialistas técnicos	4,300

Capital financeiro

Total de ativos: US $ 55,3 bilhões (Q4 2023)

• Caixa e equivalentes em dinheiro: US $ 2,1 bilhões
• Total dos acionistas do patrimônio: US $ 22,7 bilhões
• Dívida de longo prazo: US $ 12,4 bilhões

Tecnologias proprietárias

Portfólio de patentes: 87 Processamento de energia ativa e refino de patentes

Tipo de tecnologia	Número de patentes
Processo de refino	42
Captura de carbono	19
Processamento químico	26

Phillips 66 (PSX) - Modelo de negócios: proposições de valor

Soluções de energia integradas em vários segmentos de mercado

A Phillips 66 opera em quatro segmentos de negócios primários, com US $ 71,8 bilhões em receitas totais para 2022:

Segmento	Contribuição da receita	Principais produtos
Midstream	US $ 8,4 bilhões	Líquidos de gás natural, transporte
Produtos químicos	US $ 12,3 bilhões	Petroquímicos, plásticos
Refino	US $ 36,5 bilhões	Gasolina, diesel, combustível de aviação
Marketing	US $ 14,6 bilhões	Combustível de varejo, lubrificantes

Petróleo refinado de alta qualidade e produtos químicos

Os recursos de produção incluem:

• 2,2 milhões de barris por dia de capacidade de refino
• 13 refinarias nos Estados Unidos
• Produção química de 3,5 milhões de toneladas métricas anualmente

Preços competitivos em mercados de combustível e química

Estratégia de preços baseada em:

• Eficiência operacional de US $ 1,8 bilhão de economia de custos em 2022
• Preços competitivos de referência em segmentos
• Mecanismos estratégicos de hedge

Compromisso com produção de energia sustentável e eficiente

Investimentos de sustentabilidade:

• US $ 500 milhões alocados a iniciativas de baixo carbono
• Redução de 10% nas emissões de carbono até 2030
• Capacidade de produção de diesel renovável de 800 milhões de galões anualmente

Portfólio diversificado Riscos de volatilidade do mercado

Mitigação de riscos através da diversificação:

Estratégia de mitigação de risco	Impacto financeiro
Diversificação geográfica	Operações em 14 estados
Diversificação de produtos	5 fluxos de receita distintos
Cobertura do segmento de mercado	Varejo, atacado, mercados industriais

Phillips 66 (PSX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e comerciais

A Phillips 66 mantém acordos estratégicos de fornecimento de longo prazo com os principais clientes industriais e comerciais em vários setores. A partir de 2023, a empresa registrou 87 contratos de fornecimento de longo prazo significativos em segmentos de petróleo, produtos químicos e médias.

Tipo de contrato	Número de contratos	Impacto anual da receita
Acordos de fornecimento de petróleo	42	US $ 3,2 bilhões
Contratos da indústria química	27	US $ 1,8 bilhão
Contratos de serviço médio	18	US $ 1,1 bilhão

Plataformas digitais para envolvimento e serviço do cliente

Phillips 66 opera plataformas digitais abrangentes com as seguintes métricas principais:

• Portal de clientes on -line com taxa de satisfação do usuário de 98,6%
• Aplicativo móvel com 275.000 usuários mensais ativos
• Recursos em tempo real e recursos de serviço digital para 92% dos clientes comerciais

Suporte ao cliente dedicado e assistência técnica

A empresa mantém uma infraestrutura robusta de suporte ao cliente com:

• Centro de Suporte Técnico 24/7
• Tempo médio de resposta de 17 minutos
• Equipe de suporte ao cliente de 423 profissionais especializados

Comunicação transparente sobre a qualidade e confiabilidade do produto

Phillips 66 fornece documentação detalhada do desempenho do produto com:

Métrica de relatório	Pontuação de transparência
Relatórios de qualidade do produto	94%
Precisão da documentação de desempenho	99.7%

Soluções personalizadas para necessidades específicas da indústria

A Phillips 66 oferece soluções personalizadas específicas do setor:

• Setor automotivo: 37 Formulações especializadas de produtos de petróleo
• Fabricação: 22 configurações exclusivas de produtos químicos
• Infraestrutura energética: 15 pacotes de serviço médio personalizado

Phillips 66 (PSX) - Modelo de Negócios: Canais

Equipes de vendas diretas para mercados industriais e comerciais

A Phillips 66 mantém 15.742 representantes de vendas diretas em seus segmentos de mercado industrial e comercial a partir do quarto trimestre 2023. A equipe de vendas gera US $ 47,3 bilhões em receita anual por meio de interações diretas de clientes industriais.

Tipo de canal de vendas	Receita anual	Número de representantes
Mercados industriais	US $ 27,6 bilhões	8,342
Mercados comerciais	US $ 19,7 bilhões	7,400

Plataformas digitais on-line e soluções de comércio eletrônico

A Phillips 66 opera uma plataforma digital gerando US $ 3,2 bilhões em vendas on -line para 2023, com 2,7 milhões de usuários digitais registrados.

• Volume de transação da plataforma digital: US $ 3,2 bilhões
• Usuários digitais registrados: 2,7 milhões
• Porcentagem de transações online: 8,4% do total de vendas

Redes de distribuição por atacado

Phillips 66 gerencia 4.287 pontos de distribuição no atacado na América do Norte, gerando US $ 62,5 bilhões em receita de atacado para 2023.

Região	Pontos de distribuição	Receita no atacado
Estados Unidos	3,642	US $ 52,3 bilhões
Canadá	645	US $ 10,2 bilhões

Parcerias estratégicas de varejo

A Phillips 66 colabora com 14.500 parceiros de varejo, gerando US $ 18,6 bilhões por meio de canais de parceria em 2023.

Conferências de marketing e vendas

A Phillips 66 participou de 47 conferências do setor em 2023, gerando US $ 1,4 bilhão em contratos possíveis e oportunidades de negócios.

Tipo de conferência	Número de conferências	Valor potencial do contrato
Conferências do setor energético	32	US $ 980 milhões
Conferências de Parceria Industrial	15	US $ 420 milhões

Phillips 66 (PSX) - Modelo de negócios: segmentos de clientes

Empresas de manufatura industriais

A Phillips 66 serve empresas industriais de manufatura por meio de seus refinados produtos de petróleo e soluções químicas.

Tipo de cliente	Volume anual de compra	Quota de mercado
Fabricação de produtos químicos	3,2 milhões de barris	12.5%
Fabricação de plásticos	2,7 milhões de barris	10.3%

Empresas de transporte e logística

A Phillips 66 fornece soluções de combustível e lubrificante para o setor de transporte.

• Fornecimento de combustível de frota de caminhões comerciais: 850.000 galões/dia
• Contratos de combustível de transporte ferroviário: 425.000 galões/dia
• Fornecimento de combustível de navios marítimos: 225.000 galões/dia

Fabricantes petroquímicos

Phillips 66 fornece matérias -primas críticas para a produção petroquímica.

Categoria de produto	Volume anual de oferta	Contribuição da receita
Matéria -prima de etileno	1,6 milhão de toneladas métricas	US $ 2,3 bilhões
Derivados de propileno	975.000 toneladas métricas	US $ 1,7 bilhão

Negócios agrícolas

A Phillips 66 suporta o setor agrícola com combustível especializado e produtos químicos.

• Combustível diesel para máquinas agrícolas: 350.000 galões/dia
• Entradas químicas de fertilizantes: 275.000 toneladas/ano
• Equipamento de irrigação combustível: 125.000 galões/dia

Organizações governamentais e militares

A Phillips 66 fornece soluções especializadas de combustível e energia para entidades governamentais.

Segmento de clientes	Valor anual do contrato	Tipo de serviço
Agências do governo federal	US $ 975 milhões	Produtos petrolíferos refinados
Apoio à logística militar	US $ 650 milhões	Combustível de aviação e lubrificantes especializados

Phillips 66 (PSX) - Modelo de negócios: estrutura de custos

Refinaria intensiva em capital e manutenção de infraestrutura

Em 2023, Phillips 66 registrou despesas totais de capital de US $ 2,1 bilhões. Os custos de manutenção da refinaria representaram aproximadamente US $ 650 milhões desse total.

Categoria de ativos	Despesa de manutenção
Refinarias	US $ 650 milhões
Infraestrutura média	US $ 425 milhões
Instalações de logística	US $ 275 milhões

Despesas de aquisição de matéria -prima

Os custos de aquisição de petróleo para Phillips 66 em 2023 totalizaram US $ 38,4 bilhões, representando uma parcela significativa das despesas operacionais.

• Custo médio de aquisição de petróleo bruto: US $ 72,50 por barril
• Volume anual de petróleo processado: 1,9 milhão de barris por dia

Investimentos de pesquisa e desenvolvimento

A Phillips 66 investiu US $ 215 milhões em pesquisa e desenvolvimento durante 2023, com foco em tecnologias de transição e eficiência energética.

Área de foco em P&D	Investimento
Tecnologias de baixo carbono	US $ 95 milhões
Refinando eficiência	US $ 65 milhões
Transformação digital	US $ 55 milhões

Custos de gerenciamento de mão -de -obra e força de trabalho

As despesas totais da força de trabalho para Phillips 66 em 2023 foram de US $ 2,3 bilhões, cobrindo aproximadamente 14.000 funcionários.

• Compensação média dos funcionários: US $ 164.285 por ano
• Alocação de benefícios dos funcionários: US $ 410 milhões

Iniciativas de conformidade ambiental e sustentabilidade

Os investimentos em conformidade ambiental e sustentabilidade atingiram US $ 350 milhões em 2023.

Iniciativa de Sustentabilidade	Investimento
Redução de emissões	US $ 140 milhões
Gerenciamento de resíduos	US $ 85 milhões
Projetos de energia renovável	US $ 125 milhões

Phillips 66 (PSX) - Modelo de negócios: fluxos de receita

Vendas de produtos petrolíferos

Receita total de vendas de produtos de petróleo para 2022: US $ 75,2 bilhões

Categoria de produto	Receita ($ B)	Percentagem
Gasolina	32.4	43.1%
Diesel	22.7	30.2%
Combustível de aviação	12.5	16.6%
Outros produtos petrolíferos	7.6	10.1%

Fabricação de produtos químicos

Receita do segmento químico para 2022: US $ 8,9 bilhões

• Receita de produção de plásticos: US $ 6,3 bilhões
• Receita de produtos químicos especiais: US $ 2,6 bilhões

Taxas de transporte e armazenamento no meio da corrente

Receita do segmento do meio da corrente para 2022: US $ 4,5 bilhões

Tipo de serviço	Receita ($ B)
Transporte de pipeline	2.7
Instalações de armazenamento	1.8

Investimentos de projeto de energia renovável

Receita do segmento de energia renovável para 2022: US $ 1,2 bilhão

• Projetos de energia eólica: US $ 0,7 bilhão
• Investimentos em energia solar: US $ 0,5 bilhão

Negociação e marketing de commodities energéticas

Receita do segmento de negociação para 2022: US $ 6,3 bilhões

Tipo de commodities	Receita ($ B)
Negociação de gás natural	3.6
Negociação de petróleo bruto	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.