Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.

Phillips 66

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Deferred Income Taxes

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Undistributed Equity Earnings

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Loss on Early Redemption of Debt

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Net Gain on Dispositions

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Gain on Consolidation of Business

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Gain Related to Merger of Businesses

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Unrealized Investment Loss

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Other

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Net Working Capital Changes

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Accounts and Notes Receivable

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Inventories

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Prepaid Expenses and Other Current Assets

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Accounts Payable

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Capital Expenditures and Investments

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Acquisitions, Net of Cash Acquired

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Purchases of Government Obligations

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Return of Investments in Equity Affiliates

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Advances/Loans-Related Parties

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Collection of Advances/Loans-Related Parties

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Restricted Cash Received from Consolidation of Business

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Net Cash Provided by Investing Activities

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Issuance of Debt

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Issuance of Common Stock

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Repurchase of Common Stock

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Dividends Paid on Common Stock

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Changes in Other Operating Activities

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Capital Expenditure

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Proceeds from Sale of Property, Plant & Equipment

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Purchases of Investments

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Revenue

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Operating Activities	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24
Net Income	908	526	25	369	1,020	761
Net Income
Depreciation & Amortization	816	791	819	543	497	504
Depreciation and Amortization
Other Adjustments	196	-1,058	55	601	-336	-54
Impairments
Accretion on Discounted Liabilities
Deferred Income Taxes
Undistributed Equity Earnings
Loss on Early Redemption of Debt
Net Gain on Dispositions
Gain on Consolidation of Business
Gain Related to Merger of Businesses
Unrealized Investment Loss
Other
Changes in Trade Receivables	-1,744	901	-788	427	736	199
Accounts and Notes Receivable
Changes in Inventories	-393	-1,214	2,023	499	-245	-2,555
Inventories
Changes in Accounts Payable	691	384	-593	-1,456	-120	1,678
Accounts Payable
Changes in Other Operating Activities	371	-143	-345	149	545	-769
Prepaid Expenses and Other Current Assets
Taxes and Other Accruals
Cash from Operating Activities	845	187	1,198	1,132	2,097	-236
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24
Capital Expenditure	-587	-423	-506	-358	-367	-628
Capital Expenditures and Investments
Proceeds from Sale of Property, Plant & Equipment	-3	2,034	176	219	685	2
Proceeds from Asset Dispositions
Purchases of Investments	—	—	—	-1,100	—	—
Purchases of Government Obligations
Proceeds from Sale of Investments	18	25	19	55	26	41
Return of Investments in Equity Affiliates
Payments for Business Acquisitions	-2,220	—	-58	-567	-567	—
Acquisitions, Net of Cash Acquired
Other Investing Activities	58	-45	24	-26	-18	-80
Advances/Loans-Related Parties
Collection of Advances/Loans-Related Parties
Restricted Cash Received from Consolidation of Business
Other
Cash from Investing Activities	-2,734	1,591	-345	-1,780	327	-665
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24
Issuance of Long-Term Debt	3,499	—	1,135	1,518	-196	3,815
Issuance of Debt
Repayments of Long-Term Debt	-1,088	-1,287	-712	-408	-7	-3,013
Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	2,411	-1,287	423	1,110	-203	802
Issuance of Common Shares	2	23	4	18	14	50
Issuance of Common Stock
Repurchases of Common Shares	-419	-247	-647	-800	-840	-1,164
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-417	-224	-643	-782	-826	-1,114
Common Share Dividends Paid	-487	-469	-472	-477	-485	-448
Dividends Paid on Common Stock
Other Financing Activities	19	-69	-32	-43	-29	-86
Distributions to Noncontrolling Interests
Repurchase of Noncontrolling Interests
Net Proceeds from Issuance of Phillips 66 Partners LP Common and Preferred Units
Contributions from Noncontrolling Interests
Other
Cash from Financing Activities	1,526	-2,049	-724	-192	-1,543	-846
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24
Free Cash Flow	258	-236	692	774	1,730	-864
NOPAT	953.4	-351.5	176.9	7.1	592.1	452.3
Levered Free Cash Flow	4,186	-1,405	1,829	833	1,122	-220
Unlevered Free Cash Flow	1,851.4	-956.5	1,574.9	-615.9	902.1	-1,317.7
Net Change in Cash	-363	-271	129	-840	881	-1,747