Phillips 66 (NYSE: PSX) lifts receivables facility and extends to 2026

Rhea-AI Filing Summary

Phillips 66 reported that its wholly owned subsidiary, Phillips 66 Company, amended its accounts receivable securitization program. The amendment increases the maximum size of the receivables financing facility from $1 billion to $1.25 billion, giving the company more capacity to fund receivables through this structure.

The amendment also extends the facility’s maturity date from September 29, 2025 to September 28, 2026, keeping this source of liquidity in place for an additional year. The change is documented in a Third Amendment to the existing Receivables Purchase and Financing Agreement, which is filed as an exhibit and incorporated by reference.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 29, 2025

Phillips 66

(Exact name of registrant as specified in its charter)

Delaware		001-35349		45-3779385
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

(832) 765-3010

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock, $0.01 par value		PSX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On September 29, 2025, Phillips 66 Company (the “Company”), a wholly owned subsidiary of Phillips 66, amended the Company’s accounts receivable securitization program. In connection therewith, the Company entered into the Third Amendment to Receivables Purchase and Financing Agreement (the “Amendment”) to amend its existing Receivables Purchase and Financing Agreement dated September 30, 2024 (the “RPFA”), among the Company, as servicer, Phillips 66 Receivables LLC, as SPE, the Purchaser/Lenders party thereto from time to time, PNC Capital Markets LLC, as structuring agent, and PNC Bank, National Association, as Administrative Agent.

The Amendment amends the RPFA to, among other things, (i) increase the maximum facility size from $1 billion to $1.25 billion and (ii) extend the maturity date from September 29, 2025 to September 28, 2026.

The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Third Amendment to Receivables Purchase and Financing Agreement, dated as of September 29, 2025, among Phillips 66 Receivables LLC, the persons from time to time party thereto as Purchaser/Lenders, PNC Bank, National Association, as Administrative Agent, Phillips 66 Company, as servicer, and PNC Capital Markets LLC, as structuring agent.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILLIPS 66
By:		/s/ Vanessa A. Sutherland
Name:		Vanessa A. Sutherland
Title:		Executive Vice President

September 30, 2025

FAQ

What financing change did Phillips 66 (PSX) disclose in this 8-K?

Phillips 66 disclosed that its subsidiary, Phillips 66 Company, amended its accounts receivable securitization program by entering into a Third Amendment to its Receivables Purchase and Financing Agreement.

How did Phillips 66 (PSX) change its receivables facility size?

The amendment increases the maximum facility size under the receivables securitization program from $1 billion to $1.25 billion.

What happened to the maturity date of Phillips 66’s receivables facility?

The maturity date of the receivables securitization facility was extended from September 29, 2025 to September 28, 2026.

Which entities are parties to Phillips 66’s amended receivables agreement?

Parties include Phillips 66 Company as servicer, Phillips 66 Receivables LLC as SPE, the Purchaser/Lenders party from time to time, PNC Capital Markets LLC as structuring agent, and PNC Bank, National Association, as Administrative Agent.

Where can investors find the full text of the Phillips 66 receivables amendment?

The full text of the Third Amendment to the Receivables Purchase and Financing Agreement is filed as Exhibit 10.1 and is incorporated by reference.

Does the 8-K indicate who signed the filing for Phillips 66 (PSX)?

Yes, the filing was signed on behalf of Phillips 66 by Vanessa A. Sutherland, Executive Vice President.