Phillips 66(US:PSX)2026-02-20 17:46Midstream Operations - The Midstream segment owns or holds partial interests in approximately 70,000 miles of pipeline systems, 39 refined product terminals, and 35 natural gas processing plants as of December 31, 2025[18]. - On April 1, 2025, the company acquired Coastal Bend, which includes long haul NGL pipelines and fractionation facilities[19]. - The company holds an aggregate direct and indirect economic interest of 86.8% in DCP Midstream, which sold its 25% ownership interest in Gulf Coast Express Pipeline LLC on January 30, 2025[20]. - The company has a gross storage capacity of 17,251 MBbl at the Clemens facility in Texas, with a 100% ownership interest[39]. - The Sweeny Hub has expanded its fractionation capacity to 675,000 B/D, enhancing its role in the U.S. Gulf Coast NGL market[34]. - The Coastal Bend assets acquired in 2025 include pipelines with a gross capacity of 225 MB/D, enhancing takeaway capabilities for DCP LP's operations[33]. - The company operates approximately 8,900 owned or leased railcars for rail movements, supporting its distribution operations[30]. - The Midstream segment exports liquefied petroleum gas (LPG) to global markets, enhancing its international presence[17]. - DCP LP's natural gas processing plants have a net nameplate processing capacity of 5 billion cubic feet per day (Bcf/d) across 35 active plants[32]. Refining Operations - The Refining segment operates 10 refineries in the United States and Europe, processing crude oil into various petroleum products[17]. - The Bayway Refinery has a capacity of 258 thousand barrels daily, producing 157 thousand barrels of gasoline and 130 thousand barrels of distillates with a yield capability of 93%[53]. - The Humber Refinery produces a high percentage of transportation fuels and is the only refinery in the UK with coking facilities, exporting refined products globally[57]. - The MiRO Refinery, the largest in Germany, operates as a joint venture with a capacity of 58 thousand barrels daily, producing a high percentage of transportation fuels[58]. - The Wood River Refinery has a capacity of 345 thousand barrels daily, producing a high percentage of transportation fuels and petrochemical feedstocks[64]. - On October 1, 2025, the company acquired the remaining 50% equity interest in WRB Refining LP, enhancing its refining capabilities[63]. - The company acquired the remaining 50% equity interest in WRB Refining LP from Cenovus on October 1, 2025, enhancing its operational control[63]. - The total net clean product capacity across all refineries is 1,948 thousand barrels daily, with a projected increase to 1,993 thousand barrels daily by January 1, 2026[53]. Chemicals Segment - The Chemicals segment includes a 50% equity investment in Chevron Phillips Chemical Company, which manufactures petrochemicals and plastics globally[17]. - CPChem's ethylene production capacity is 12,395 million pounds per year in the U.S., contributing to a total of 32,340 million pounds across all products[49]. - The Chemicals segment consists of a 50% equity investment in CPChem, which operates 29 manufacturing facilities globally[46]. - CPChem is constructing world-scale petrochemical facilities with a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year in the U.S. Gulf Coast, and a similar facility in Ras Laffan, Qatar with a total capacity of 3.7 billion pounds per year, expected to be operational by 2027[50]. Marketing and Specialties - The Marketing and Specialties segment includes the manufacturing and marketing of base oils and lubricants, primarily in the U.S. and Europe[17]. - The Marketing and Specialties segment includes approximately 7,620 branded outlets in 48 states as of December 31, 2025, marketing gasoline, diesel, and aviation fuel[71]. - The wholesale operations utilize a network of approximately 5,360 outlets, emphasizing lower capital requirements in the wholesale channel[72]. - The company has a retail joint venture with approximately 780 outlets in the West Coast, Midcontinent, and Rockies regions as of December 31, 2025[75]. - In the UK, the company operates approximately 320 marketing outlets, with a 35% interest in about 960 predominantly JET-branded sites in Germany and Austria[76]. - The company divested 65% of its interest in the Germany and Austria retail marketing business on December 1, 2025, retaining a 35% non-operating equity interest[78]. Renewable Fuels - The Renewable Fuels segment processes renewable feedstocks into products at the Rodeo Renewable Energy Complex and Humber Refinery[17]. - The Rodeo Complex processes approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks into renewable fuels[84]. - A 30.2 megawatt solar facility was completed at the Rodeo Complex, reducing grid power demand by 50% and expected to avoid approximately 33,000 metric tons of CO2 emissions annually[85]. - An agreement was made to supply approximately 83 million gallons of sustainable aviation fuel over three years, expected to reduce greenhouse gas emissions by approximately 737,000 metric tons[86]. - The Renewable Fuels segment includes global activities to procure renewable feedstocks and manage regulatory credits, focusing on renewable diesel and renewable jet fuel[83]. Safety and Human Capital - The personal safety performance metrics include an ISI rate of 0.018 and a combined workforce TRR of 0.11 for 2025[94]. - The company aims for continuous improvement in human capital management, focusing on capability building and leadership development[91]. - The company had approximately 12,600 employees as of December 31, 2025, focusing on delivering energy and improving lives[89]. - The company holds a total of 583 active patents in 18 countries, including 445 active U.S. patents as of December 31, 2025[96]. Environmental and Regulatory - The company is subject to various federal and state environmental regulations, which impact capital expenditures and competitive positioning[98].