|Traded as||NYSE: PSX
S&P 500 Component
|Industry||Oil and gas|
|Predecessor(s)||Phillips Petroleum Co.|
|Founded||Bartlesville, Oklahoma (1917 )|
|Founder(s)||L.E. Phillips and Frank Phillips|
|Headquarters||Westchase, Houston, Texas|
|Key people||Greg Garland (Chairman and CEO)|
|Products||Refined oil products
|Revenue||US$ 171.59 billion (2013)|
|Operating income||US$ 2.548 billion (2013)|
|Net income||US$ 3.726 billion (2013)|
|Total assets||US$ 48.07 billion (2013)|
|Total equity||US$ 20.77 billion (2013)|
Phillips 66 is a holding company created when ConocoPhillips spun off its downstream assets into the new company. Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The company is engaged in producing natural gas liquids (NGL) and petrochemicals. It is led by Greg C. Garland, chairman and CEO. Phillips 66 is headquartered in Westchase, Houston, Texas. The company has approximately 13,500 employees worldwide. Phillips 66 is in fourth position on the Fortune 500 list as of 2013[update].
The company that makes Phillips 66 gasoline began in 1917 as Phillips Petroleum Co., founded by L.E. Phillips and Frank Phillips of Bartlesville, Oklahoma. In 1927, the company's gasoline was being tested on U.S. Highway 66 in Oklahoma, and when it turned out that the car was going 66 mph (106 km/h), which was fast at the time, the company decided to name the new fuel Phillips 66.
The Phillips 66 shield logo, created for its link to the highway of the same number, was introduced in 1930 in a black and orange color scheme that would last nearly 30 years. In 1959, Phillips introduced a revised version of the shield in red, white and black, a color scheme still used by Phillips 66 Co. for the brand.
From the late 1930s until the 1960s, Phillips employed registered nurses as "highway hostesses," who made periodic and random visits to Phillips 66 stations within their regions. The women inspected station restroom facilities to ensure they were well cleaned and stocked. The highway hostesses also served as ambassadors for the company by directing motorists to suitable dining and lodging facilities.
Phillips was among the first oil companies to introduce a multi-grade motor oil, TropArtic, in 1954. Such motor oils were designed to be used year-round in automobile engines, as opposed to single grades for which different grades of motor oils were recommended to meet weather variances.
Phillips also had gasoline stations in Canada's western provinces of Alberta, British Columbia, Manitoba, and Saskatchewan under the name Pacific 66 until the late 1970s. In 1946, Phillips purchased the Utah-based Wasatch Oil Co., bringing the Phillips 66 brand to the northern Rocky Mountain states and the far eastern portions of Oregon and Washington. In 1966, Phillips entered the West Coast market by purchasing Tidewater Oil Co.'s refining and marketing properties in that region and rebranding all Flying A distributorships and service stations to Phillips 66.
In 1967, Phillips became the nation's second oil company, after Texaco, to sell and market gasoline in all 50 states, by opening a Phillips 66 station in Anchorage, Alaska. However, Phillips' experiment in 50-state marketing was short-lived. The company withdrew from gasoline marketing in the northeastern U.S. in 1972 (although it has been returning; for example, there is a Phillips 66 in Westport, Connecticut and Hadley, Massachusetts), and sold the former Tidewater properties on the West Coast to The Oil & Shale Corporation (Tosco) in 1976. Today, Phillips 66 primarily operates in the Midwest and Southwest, evidenced by its sponsorship of the Big 12 Men's Basketball Tournament dating back to its Big Eight days.
Phillips purchased Tosco, which included Circle K convenience stores and Union 76 gasoline, in 2000. The 76 brand, long familiar in the western and southern U.S., was created by Union Oil Company of California (later Unocal) in 1932.
In 2002, Phillips merged with Conoco to form ConocoPhillips. The merged company continued marketing gasoline and other products under the Phillips 66, Conoco, and 76 brands. However, Phillips 66 Co. licenses the Phillips 66 brand to Suncor Energy for its Phillips 66 branded stations in Colorado.
The advertising slogan from circa 1973 until the ConocoPhillips merger was "The Performance Company," promoting not only the performance of Phillips 66 gasoline and other petroleum products, but also innovations with asphaltic materials, fertilizers and other non-automotive products. Other slogans through the years have included: "Go first-class... go Phillips 66", "The gasoline that won the West", "Good things for cars and the people who drive them", "Hard working gas", and "At Phillips 66, it's performance that counts". Their current slogan (July 2011) is "Experts in gas since 1927".
Berkshire Hathaway Trade
On December 30, 2013, it was announced that Berkshire Hathaway Inc. would trade more than 19 million of its 27.2 million shares in Phillips 66 to acquire a business that makes additives that help crude oil flow through pipelines. The final number of shares will be determined when the deal actually closes. 
In the United States, the company operates Conoco, Phillips 66 and (Union) 76 stations. In Europe, ConocoPhillips operates Jet filling stations in Austria, Denmark, Germany, Sweden and the United Kingdom. It sold its Jet stations in Belgium, the Czech Republic, Finland, Hungary, Poland and Slovakia to its Russian affiliate, Lukoil. It uses the COOP identity in Switzerland. The company is the fourth largest finished lubricants supplier in the United States.
Phillips 66 owns 15 refineries with a net crude oil capacity of 2.2 million barrels per day (350×103 m3/d), 10,000 branded marketing outlets, and 15,000 miles (24,000 km) of pipelines. It has 50 percent stake in DCP Midstream, LLC, a natural gas gatherers and processors with 7.2 billion cubic feet per day (200×106 m3/d) of processing capacity. It also owns 50 percent stake in Chevron Phillips Chemical Co.
|Country||Name||Location||Nelson Complexity Factor||Crude Oil Processing Capacity (MBD)|
|Wood River Refinery*||Roxana, IL||9.8||305|
|Alliance Refinery||Belle Chasse, LA||12.0||247|
|Sweeny Refinery||Old Ocean, TX||13.2||247|
|Bayway Refinery||Linden, NJ||8.5||238|
|Lake Charles Refinery||Westlake, LA||10.2||239|
|Ponca City Refinery||Ponca City, OK||9.8||187|
|Borger Refinery*||Borger, TX||12.3||73|
|Los Angeles Refinery||Carson/Wilmington, CA||14.1||139|
|San Francisco Refinery||Rodeo, CA/Arroyo Grande, CA||13.6||120|
|Ferndale Refinery||Ferndale, WA||7.4||100|
|Billings Refinery||Billings, MT||14.3||58|
|Humber Refinery||North Lincolnshire||11.6||221|
* Denotes joint ventures. Crude capacity reflects that proportion.
In 2012, after Phillips 66 split from ConocoPhillips, it moved its operations from the ConocoPhillips headquarters to the Pinnacle Westchase building, a nine-story Class A office building located on 8.4 acres (3.4 ha) of land in Westchase, Houston. This is a temporary headquarters location.
Phillips 66 announced it will construct a new permanent headquarters on a 14-acre (5.7 ha) plot of land in Westchase. The new headquarters will be between Westheimer Road and Briar Forest, in close proximity to the Sam Houston Tollway. Phillips 66 had purchased the land from a subsidiary of Thomas Properties Group. The company did not disclose when it plans to begin construction. The new headquarters will include conference spaces, food service facilities, a gymnasium, and training facilities.
- "2013 Phillips 66 Summary Annual Report". Phillips 66. Retrieved 10 January 2014.
- "Conoco says refining co will be Phillips 66". "Conoco says refining co will be named Phillips 66" (Reuters). November 10, 2011. Retrieved November 10, 2011.
- Aaseng, Nathan (2000). Business Builders in Oil. The Oliver Press, Inc. ISBN 1-881508-56-0. P. 104.
- ConocoPhillips (Mar 31, 2011). "Refining". ConocoPhillips. ConocoPhillips. Retrieved Aug 6, 2011.
- ConocoPhillips (Mar 31, 2011). "Europe". ConocoPhillips. ConocoPhillips. Retrieved Aug 6, 2011.
- ConocoPhillips (Mar 31, 2011). "Asia Pacific". ConocoPhillips. ConocoPhillips. Retrieved Aug 6, 2011.
- Sebastian, Simone. "Phillips 66 to build global headquarters in West Houston." FuelFix (Houston Chronicle). September 12, 2012. Retrieved on September 13, 2012.
- "Location." (Archive) Pinnacle Westchase. Retrieved on September 13, 2012.
|Wikimedia Commons has media related to Phillips 66.|
- Phillips 66 Official Web Site
- Investor Update with Phillips 66 Business Prospects April, 2012
- Independent Business Analysis of Phillips 66