Phillips 66 (PSX) is a diversified energy manufacturing and logistics company that operates in more than 30 countries. Founded in 1917 and named after the Phillips Petroleum Company's famous "Phillips 66" brand of motor oil, the organization is headquartered in Houston, Texas. PSX stands for Phillips Petroleum Company and Conoco Inc.'s merger that took place in 2002 to form ConocoPhillips, during which the Phillips 66 name and trademark remained. Then, on May 1, 2012, Phillips 66 was spun off from ConocoPhillips, becoming a separate, publicly-traded entity.
PSX is engaged in a wide spectrum of energy operations and capitalizes on the growing demand for energy across the globe. The company operates in four main segments: Midstream, Chemicals, Refining, and Marketing and Specialties. The Midstream segment includes its transportation, storage, and marketing of crude oil and other raw materials; the Chemicals segment manufactures and markets petrochemicals and plastics; the Refining segment refines crude oil and other feedstocks into petroleum products, while the Marketing and Specialties segment purchases for resale, refines and markets petroleum products.
PSX's brand is seen every day on highways and roads across America through its over 7,500 owned, joint-venture, and alliance-brand retail sites. It also comprises of multiple refineries in the United States and Europe, thereby making it one of the leading companies in the fuel supply chain. Its chemical business, which is conducted through a 50 percent investment in Chevron Phillips Chemical Company LLC, is one of the world's top producers of olefins and polyolefins and is a leading supplier of aromatics, styrenics, specialty chemicals, piping, and proprietary plastics.
Phillips 66 prides itself on its commitment to safety, honor, and commitment to provide energy and improve lives. This philosophy guides the company's operations and its commitment to sustainable practices. PSX is dedicated to managing environmental impact, promoting diversity and inclusion, ensuring ethical governance, and supporting communities where it operates through its corporate responsibility initiatives.
The company's strong financial performance is a testament to its successful business model and strategic investments. It continues to be a significant player in the energy sector and is poised for growth as demand for energy continues to increase across the globe. As of 2021, Phillips 66 was ranked 23 on the Fortune 500 list of the largest United States corporations by total revenue.