Phillips 66 (PSX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía, Phillips 66 (PSX) se erige como una potencia de innovación estratégica, combina sin problemas la experiencia tradicional de petróleo con tecnologías renovables de vanguardia. Este lienzo de modelo comercial integral revela un ecosistema complejo de soluciones energéticas integradas que trascienden los límites convencionales de la industria, posicionando a la compañía como un jugador versátil en un panorama energético global cada vez más competitivo y transformador. Desde capacidades de refinación sofisticadas hasta asociaciones estratégicas y diversas fuentes de ingresos, Phillips 66 demuestra un enfoque extraordinario para navegar por los intrincados desafíos de la producción y distribución de energía moderna.

Phillips 66 (PSX) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con grandes compañías de exploración de petróleo y gas

Phillips 66 mantiene asociaciones estratégicas con varias compañías de exploración clave:

Empresa asociada	Enfoque de asociación	Valor anual estimado
Conocophillips	Exploración y producción aguas arriba	$ 2.3 mil millones
Cheurón	Proyectos de exploración conjunta	$ 1.7 mil millones
Petróleo de maratón	Compartir la infraestructura de Midstream	$ 1.5 mil millones

Empresas conjuntas con empresas de infraestructura de energía medio y aguas abajo

Las asociaciones clave de infraestructura midstream y aguas abajo incluyen:

• DCP Midstream (empresa conjunta 50/50)
• Phillips 66 Partners LP (propiedad mayoritaria)
• Refinería Stanlow en Reino Unido (propiedad conjunta)

Asociaciones con proveedores de tecnología de energía renovable

Proveedor de tecnología	Enfoque renovable	Monto de la inversión
Enchufe de enchufe	Tecnología de hidrógeno	$ 100 millones
Lanzajet	Combustible de aviación sostenible	$ 50 millones
Novozymes	Desarrollo de enzimas de biocombustibles	$ 35 millones

Colaboración con empresas de transporte y logística

Detalles de la asociación de transporte y logística:

• BNSF Railway: contrato de transporte de petróleo crudo
• Union Pacific Railroad: Logística de productos de petróleo
• Socios de productos empresariales: Transporte Midstream

Socio de logística	Volumen de transporte anual	Valor de contrato
Ferrocarril BNSF	150,000 barriles por día	$ 750 millones
Pacífico sindical	100,000 barriles por día	$ 500 millones
Productos empresariales	200,000 barriles por día	$ 1.1 mil millones

Phillips 66 (PSX) - Modelo de negocio: actividades clave

Refinación y procesamiento de petróleo

Phillips 66 opera 13 refinerías con una capacidad de procesamiento total de 2,202,000 barriles por día a partir de 2023. La cartera de refinación de la compañía en todo Estados Unidos, con una presencia significativa en:

• Texas
• California
• Illinois
• Nuevo Méjico
• Wyoming

Ubicación de la refinería	Capacidad de procesamiento (barriles/día)
Wood River, Illinois	356,000
Sweeny, Texas	247,000
Alianza, Louisiana	247,000

Transporte y almacenamiento de Midstream

Phillips 66 maneja aproximadamente 15,000 millas de tuberías y opera 50 terminales para transporte y almacenamiento del producto petrolero.

Fabricación y marketing de productos químicos

A través de su empresa conjunta CPCHEM, Phillips 66 produce:

• Etileno: 9 mil millones de libras anuales
• Propileno: 4.300 millones de libras anuales
• Productos químicos especializados para diversas aplicaciones industriales

Exploración y producción

Phillips 66 produce aproximadamente 194,000 barriles de aceite equivalente por día a través de sus actividades de exploración y producción.

Desarrollo de energía renovable

Inversión en capacidad de producción diesel renovable de 800 millones de galones por año a través de múltiples instalaciones.

Instalación renovable	Ubicación	Capacidad (galones/año)
Diesel verde diamante	Luisiana	400,000,000
Rodeo renovable	California	400,000,000

Phillips 66 (PSX) - Modelo de negocio: recursos clave

Extensa red de refinerías

Capacidad de refinación total: 2,202,000 barriles por día en 13 refinerías

Ubicación	Capacidad de refinería (BPD)
Río de madera, IL	356,000
Sweeny, TX	247,000
Alianza, LA	247,000

Infraestructura tecnológica avanzada

Inversiones tecnológicas: $ 1.2 mil millones asignados para actualizaciones tecnológicas en 2023

• Sistemas de monitoreo de refinería digital
• Tecnologías avanzadas de control de procesos
• Plataformas de análisis de datos en tiempo real

Fuerza laboral hábil

Total de empleados: 14,000 a partir de 2023

Categoría de empleado	Número
Trabajadores de refinería	6,500
Personal corporativo	3,200
Especialistas técnicos	4,300

Capital financiero

Activos totales: $ 55.3 mil millones (cuarto trimestre de 2023)

• Equivalentes en efectivo y efectivo: $ 2.1 mil millones
• Total de capital de los accionistas: $ 22.7 mil millones
• Deuda a largo plazo: $ 12.4 mil millones

Tecnologías patentadas

Cartera de patentes: 87 Patentes de procesamiento de energía y refinación activa

Tipo de tecnología	Número de patentes
Proceso de refinación	42
Captura de carbono	19
Procesamiento químico	26

Phillips 66 (PSX) - Modelo de negocio: propuestas de valor

Soluciones de energía integradas en segmentos de mercado múltiple

Phillips 66 opera en cuatro segmentos comerciales principales con $ 71.8 mil millones en ingresos totales para 2022:

Segmento	Contribución de ingresos	Productos clave
Centro de la corriente	$ 8.4 mil millones	Líquidos de gas natural, transporte
Químicos	$ 12.3 mil millones	Petroquímicos, plásticos
Refinación	$ 36.5 mil millones	Gasolina, diesel, combustible para aviones
Marketing	$ 14.6 mil millones	Combustible minorista, lubricantes

Productos de petróleo y productos químicos refinados de alta calidad

Las capacidades de producción incluyen:

• Capacidad de refinación de 2.2 millones de barriles por día
• 13 refinerías en los Estados Unidos
• Producción química de 3,5 millones de toneladas métricas anualmente

Precios competitivos en mercados de combustible y químicos

Estrategia de precios basada en:

• Eficiencia operativa de $ 1.8 mil millones de ahorro de costos en 2022
• Precios de referencia competitivos en los segmentos
• Mecanismos de cobertura estratégica

Compromiso con la producción de energía sostenible y eficiente

Inversiones de sostenibilidad:

• $ 500 millones asignados a iniciativas bajas en carbono
• Reducción del 10% en las emisiones de carbono para 2030
• Capacidad de producción diesel renovable de 800 millones de galones anualmente

Portafolio diversificado Riesgos de volatilidad del mercado

Mitigación de riesgos a través de la diversificación:

Estrategia de mitigación de riesgos	Impacto financiero
Diversificación geográfica	Operaciones en 14 estados
Diversificación de productos	5 fuentes de ingresos distintas
Cobertura del segmento de mercado	Mercados minoristas, al por mayor e industriales

Phillips 66 (PSX) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

Phillips 66 mantiene acuerdos estratégicos de suministro a largo plazo con los principales clientes industriales y comerciales en múltiples sectores. A partir de 2023, la compañía reportó 87 contratos significativos de suministro a largo plazo en segmentos de petróleo, productos químicos y mediados de la corriente.

Tipo de contrato	Número de contratos	Impacto anual de ingresos
Acuerdos de suministro de petróleo	42	$ 3.2 mil millones
Contratos de la industria química	27	$ 1.8 mil millones
Contratos de servicio Midstream	18	$ 1.1 mil millones

Plataformas digitales para la participación y servicio del cliente

Phillips 66 opera plataformas digitales integrales con las siguientes métricas clave:

• Portal de clientes en línea con 98.6% de tasa de satisfacción del usuario
• Aplicación móvil con 275,000 usuarios mensuales activos
• Capacidades de seguimiento en tiempo real y servicio digital para el 92% de los clientes comerciales

Atención al cliente y asistencia técnica dedicada

La compañía mantiene una robusta infraestructura de atención al cliente con:

• Centro de soporte técnico 24/7
• Tiempo de respuesta promedio de 17 minutos
• Equipo de atención al cliente de 423 profesionales especializados

Comunicación transparente sobre calidad y confiabilidad del producto

Phillips 66 proporciona documentación detallada de rendimiento del producto con:

Métrica de informes	Puntaje de transparencia
Informes de calidad del producto	94%
Precisión de la documentación de rendimiento	99.7%

Soluciones personalizadas para necesidades específicas de la industria

Phillips 66 ofrece soluciones personalizadas específicas de la industria en todo:

• Sector automotriz: 37 formulaciones especializadas de productos petroleros
• Fabricación: 22 Configuraciones únicas de productos químicos
• Infraestructura energética: 15 paquetes de servicio midstream a medida

Phillips 66 (PSX) - Modelo de negocio: canales

Equipos de ventas directos para mercados industriales y comerciales

Phillips 66 mantiene 15,742 representantes de ventas directas en sus segmentos de mercado industrial y comercial a partir del cuarto trimestre de 2023. El equipo de ventas genera $ 47.3 mil millones en ingresos anuales a través de interacciones directas de clientes industriales.

Tipo de canal de ventas	Ingresos anuales	Número de representantes
Mercados industriales	$ 27.6 mil millones	8,342
Mercados comerciales	$ 19.7 mil millones	7,400

Plataformas digitales en línea y soluciones de comercio electrónico

Phillips 66 opera una plataforma digital que genera $ 3.2 mil millones en ventas en línea para 2023, con 2.7 millones de usuarios digitales registrados.

• Volumen de transacción de plataforma digital: $ 3.2 mil millones
• Usuarios digitales registrados: 2.7 millones
• Porcentaje de transacción en línea: 8.4% de las ventas totales

Redes de distribución al por mayor

Phillips 66 administra 4,287 puntos de distribución mayorista en América del Norte, generando $ 62.5 mil millones en ingresos mayoristas para 2023.

Región	Puntos de distribución	Ingresos al por mayor
Estados Unidos	3,642	$ 52.3 mil millones
Canadá	645	$ 10.2 mil millones

Asociaciones minoristas estratégicas

Phillips 66 colabora con 14,500 socios minoristas, generando $ 18.6 mil millones a través de canales de asociación en 2023.

Conferencias de marketing y ventas

Phillips 66 participó en 47 conferencias de la industria en 2023, generando $ 1.4 mil millones en posibles contratos y oportunidades de negocios.

Tipo de conferencia	Número de conferencias	Valor de contrato potencial
Conferencias del sector energético	32	$ 980 millones
Conferencias de asociación industrial	15	$ 420 millones

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

Empresas de fabricación industrial

Phillips 66 sirve a empresas de fabricación industrial a través de sus productos refinados de productos petroleros y soluciones químicas.

Tipo de cliente	Volumen de compra anual	Cuota de mercado
Fabricación de productos químicos	3.2 millones de barriles	12.5%
Fabricación de plásticos	2.7 millones de barriles	10.3%

Empresas de transporte y logística

Phillips 66 proporciona soluciones de combustible y lubricante para el sector de transporte.

• Suministro de combustible de flota de transporte comercial: 850,000 galones/día
• Contratos de combustible de transporte ferroviario: 425,000 galones/día
• Suministro de combustible de la embarcación marina: 225,000 galones/día

Fabricantes petroquímicos

Phillips 66 suministra materias primas críticas para la producción petroquímica.

Categoría de productos	Volumen de suministro anual	Contribución de ingresos
Materia prima de etileno	1.6 millones de toneladas métricas	$ 2.3 mil millones
Derivados de propileno	975,000 toneladas métricas	$ 1.7 mil millones

Negocios agrícolas

Phillips 66 apoya el sector agrícola con combustible especializado y productos químicos.

• Combustible diesel para maquinaria agrícola: 350,000 galones/día
• Entradas químicas de fertilizantes: 275,000 toneladas métricas/año
• Combustible para equipos de riego: 125,000 galones/día

Organizaciones gubernamentales y militares

Phillips 66 ofrece soluciones especializadas de combustible y energía para entidades gubernamentales.

Segmento de clientes	Valor anual del contrato	Tipo de servicio
Agencias del gobierno federal	$ 975 millones	Productos de petróleo refinados
Apoyo de logística militar	$ 650 millones	Combustible para aviones y lubricantes especializados

Phillips 66 (PSX) - Modelo de negocio: estructura de costos

Refinería intensiva en capital y mantenimiento de infraestructura

En 2023, Phillips 66 reportó gastos de capital totales de $ 2.1 mil millones. Los costos de mantenimiento de la refinería representaron aproximadamente $ 650 millones de este total.

Categoría de activos	Gasto de mantenimiento
Refinerías	$ 650 millones
Infraestructura de la corriente intermedia	$ 425 millones
Instalaciones logísticas	$ 275 millones

Gastos de adquisición de materia prima

Los costos de adquisición de petróleo crudo para Phillips 66 en 2023 totalizaron $ 38.4 mil millones, lo que representa una porción significativa de los gastos operativos.

• Costo promedio de adquisición de petróleo crudo: $ 72.50 por barril
• Volumen anual de petróleo crudo procesado: 1.9 millones de barriles por día

Inversiones de investigación y desarrollo

Phillips 66 invirtió $ 215 millones en investigación y desarrollo durante 2023, centrándose en tecnologías de transición y eficiencia de energía.

Área de enfoque de I + D	Inversión
Tecnologías bajas en carbono	$ 95 millones
Eficiencia de refinación	$ 65 millones
Transformación digital	$ 55 millones

Costos de gestión laboral y de la fuerza laboral

Los gastos totales de la fuerza laboral para Phillips 66 en 2023 fueron de $ 2.3 mil millones, que cubren aproximadamente 14,000 empleados.

• Compensación promedio de empleados: $ 164,285 por año
• Asignación de beneficios para empleados: $ 410 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

El cumplimiento ambiental y las inversiones de sostenibilidad alcanzaron los $ 350 millones en 2023.

Iniciativa de sostenibilidad	Inversión
Reducción de emisiones	$ 140 millones
Gestión de residuos	$ 85 millones
Proyectos de energía renovable	$ 125 millones

Phillips 66 (PSX) - Modelo de negocio: flujos de ingresos

Venta de productos de petróleo

Ingresos de ventas de productos totales de petróleo para 2022: $ 75.2 mil millones

Categoría de productos	Ingresos ($ B)	Porcentaje
Gasolina	32.4	43.1%
Diesel	22.7	30.2%
Combustible para aviones	12.5	16.6%
Otros productos de petróleo	7.6	10.1%

Fabricación de productos químicos

Ingresos del segmento químico para 2022: $ 8.9 mil millones

• Ingresos de producción de plásticos: $ 6.3 mil millones
• Ingresos de productos químicos especializados: $ 2.6 mil millones

Tarifas de transporte y almacenamiento de la corriente media

Ingresos del segmento Midstream para 2022: $ 4.5 mil millones

Tipo de servicio	Ingresos ($ B)
Transporte de tuberías	2.7
Instalaciones de almacenamiento	1.8

Inversiones de proyectos de energía renovable

Ingresos del segmento de energía renovable para 2022: $ 1.2 mil millones

• Proyectos de energía eólica: $ 0.7 mil millones
• Inversiones de energía solar: $ 0.5 mil millones

Comercio y comercialización de productos energéticos

Ingresos del segmento de negociación para 2022: $ 6.3 mil millones

Tipo de mercancía	Ingresos ($ B)
Comercio de gas natural	3.6
Comercio de petróleo crudo	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.