How Does Phillips 66 Make its Money?
Phillips 66 is a diversified energy manufacturing and logistics company, operating in four segments: Refining, Midstream, Chemicals (through its 50% stake in CPChem joint venture with Chevron), and Marketing & Specialties. Spun off from ConocoPhillips in 2012, the company operates 12 refineries with 1.8 million barrels per day of crude processing capacity. Phillips 66 has been investing in renewable fuels, converting its Rodeo, California refinery into the world’s largest renewable fuels facility capable of producing 50,000 barrels per day of renewable diesel and sustainable aviation fuel.
Phillips 66 (PSX) Business Model
Phillips 66 operates in the oil & gas sector. Below is a summary of Phillips 66’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Phillips 66’s 2024 fiscal year filings with the SEC.
Phillips 66 Competitors
Phillips 66’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil, Chevron, Marathon Petroleum, and ConocoPhillips. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Phillips 66 stacks up by comparing their revenue breakdown, margins, and growth metrics.
Phillips 66 Competitors
Phillips 66’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil, Chevron, Marathon Petroleum, and ConocoPhillips. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Phillips 66 stacks up by comparing their revenue breakdown, margins, and growth metrics.
Phillips 66 Competitors
Phillips 66’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil, Chevron, Marathon Petroleum, and ConocoPhillips. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Phillips 66 stacks up by comparing their revenue breakdown, margins, and growth metrics.
Phillips 66 Competitors
Phillips 66’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil, Chevron, Marathon Petroleum, and ConocoPhillips. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Phillips 66 stacks up by comparing their revenue breakdown, margins, and growth metrics.
Phillips 66 Competitors
Phillips 66’s key competitors and comparable public companies in the oil & gas sector include ExxonMobil, Chevron, Marathon Petroleum, and ConocoPhillips. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Phillips 66 stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Refining | $107,000 | $114,000 | -6.1% |
| Marketing & Specialties | $32,000 | $30,000 | +6.7% |
| Midstream | $10,300 | $9,800 | +5.1% |
| Chemicals (CPChem JV) | $1,200 | $1,400 | -14.3% |
| Total Revenue | $147,000 | $150,000 | -2.0% |
Refining — 73% of Revenue
Marketing & Specialties — 22% of Revenue
Midstream — 7% of Revenue
Chemicals (CPChem JV) — 1% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $147,000 | $150,000 |
| Cost of Revenue | $136,000 | $137,000 |
| Gross Profit | $11,000 | $13,000 |
| Operating Expenses | $4,400 | $4,200 |
| Operating Income | $6,600 | $8,800 |
| Net Income | $3,200 | $6,400 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 7.5%
- Operating Margin: 4.5%
- Revenue Growth: -2.0%
Is Phillips 66 Profitable?
Yes, Phillips 66 is profitable. The company reported net income of $3,200 on total revenue of $147,000. With an operating margin of 4.5%, Phillips 66 demonstrates solid profitability for the oil & gas sector. The gross margin of 7.5% reflects Phillips 66’s pricing power and cost structure.
What to Watch
- Rodeo Renewed renewable fuels facility ramp-up and profitability
- Refining margin outlook as global capacity additions come online
- Midstream EBITDA growth from NGL fractionation and pipeline expansion
- CPChem joint venture performance and new petrochemical project completions
Phillips 66 (PSX) Financial Summary
Phillips 66 (PSX) is an oil & gas company that generated $147,000 in total revenue in fiscal year 2024. Revenue grew -2.0% year-over-year. The company earned $3,200 in net income, making it profitable. For a deeper look at Phillips 66’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.