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Phillips 66 is one of the top producers of gasoline, crude oil, aviation fuels, and diverse processed petroleum commodities. Established by Lee Elias 'L.E.’ Phillips and Frank Phillips and integrated in 1917, Phillips 66 also offers specialty products like lubricants, oils, solvents, and waxes. The firm originally served the United States and Europe.

The group markets the products under Phillips 66, Conoco, and 76 other brands in the US, whereas it markets globally under the JET and Coop labels. Recognized as one of the biggest refiners of crude oil, Phillips 66 is involved in processing, transporting, and also marketing natural gas, natural gas liquids, and liquified petroleum gas. Through a joint venture with Chevron, the company produces olefins, polyolefins, and various other petrochemical products.

History of Phillips 66

Phillips Petroleum Company was incorporated in 1917 at Bartlesville and has been headquartered there for around 85 years. The Phillips Petroleum Company demonstrates the evolution of the US oil trade. After exploring the Texas Panhandle gas field in the year 1918, Phillips got involved in the natural gas production that was advancing swiftly. It concentrated on deriving liquids from natural gas and grew to become the biggest natural gas liquids producer by 1925.

The first Phillips refinery was opened in 1927 as the company started to enter the refining and retail gasoline sector. In 1940, Phillips became active in the chemical business, and their plant began producing polyolefin plastics in the 1950s. By the 1960s, Phillips extended its international operations and explored petroleum in various countries. 

They entered agreements with China to produce polyethylene plastics, oil, and Marlex and joint ventures with Chevron Corporation in 2000. The ConocoPhillips repositioning was completed in 2012, and then Phillips 66 started trading in the New York Stock Exchange under the PSX ticker.

Business Directions

Phillips 66 company operates through four main segments: refining and marketing, midstream, chemicals, and specialties. Its refining segment buys, sells, and refines crude oil and numerous other feedstock into the petroleum products like gasoline, distillates and aviation fuels, etc. The midstream segment is responsible for collection, processing, carrying, selling natural gas and natural gas liquids.

The chemical segment of Phillips 66 manufactures and markets ethylene, aromatics products, olefin products, and several specialty chemical commodities like organosulfur chemicals, solvents, and drilling chemicals. The marketing and specialties segment buys for resale, markets petroleum goods that are refined, and produces and trades specialty products which include waxes, petroleum coke, solvents, and polypropylene.

Key facts about Phillips 66

The majority of people know Phillips 66 as one of the largest American oil refiners, but many don’t realize that refining is a part of their many business ventures. The history of Phillips 66 doesn't date back to 2012, but its predecessor dates back to 1875 by the name of Continental Oil and Transportation Co., started by Isaac Black.

The current refining capacity of Phillips 66 in the US and Europe is 2.2 million barrels per day, which makes it the second-largest independent refiner. Although the company focuses on turning fossil fuels into high-value products, it also works on different projects related to the renewable energy sector. 

Final Thoughts

Phillips 66 is among the largest energy manufacturing and logistics companies in the United States and is a lot more than an oil refiner. Its diversified business model is the main reason why the company has been growing for so many years and has returned billions to investors. Diversification keeps the company thriving even as the world starts a slow transition away from fossil fuels.

FAQs

What business is Phillips 66 involved in?

Phillips 66 is one of the most diversified energy manufacturing and logistics companies. It has portfolios of chemicals, midstream, refining, marketing, and specialty business, and the company processes, carries, stocks, and markets products related to fuel all over the world.

Is Phillips 66 good oil?

Phillips 66 has more than 92 million miles of field testing and has proven the CK-4 oils. These oils have multiple benefits and also add the advantage of increased fuel efficiency.

What brands of oil are made by ConocoPhillips?

Severson oil is the main source of the full line of lubricants from many known brands like Phillips 66, Conoco, 76, National, and Kendall.

Typical Hours of Operation

Mo Open 24 hours
Tu Open 24 hours
We Open 24 hours
Th Open 24 hours
Fr Open 24 hours
Sa Open 24 hours
Su Open 24 hours

Locations: 2126 locations in 46 states and 1062 cities.

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Specialties: Marine, Heavy Duty, Exhaust Pipes, Interior Accessories, ATV, Exterior Accessories, Auto Parts, Recreational Vehicles, Farm & Agriculture, Hydraulic Hoses Fixing, Lawn & Garden

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