Phillips 66 filings document the regulatory record of an integrated downstream energy company with common stock listed on the New York Stock Exchange under PSX. Recent 8-K reports furnish quarterly operating and financial results, preliminary financial guidance, segment-related metrics, derivative and mark-to-market disclosures, dividend actions and business updates across refining, midstream, chemicals, marketing and renewable fuels.
The company's filings also cover material financing arrangements, including term loan agreements and amendments to receivables facilities, as well as direct financial obligations and off-balance-sheet financing structures. Proxy materials disclose annual meeting matters, board composition, committee assignments, executive compensation, shareholder voting items and governance practices.
Phillips 66 reported net income attributable to Phillips 66 of $207 million for the quarter ended March 31, 2026, compared with $487 million a year earlier. Revenue rose to $33.0 billion from $31.7 billion, but results were pressured by large derivative losses and higher costs.
Earnings per diluted share were $0.51, down from $1.18. The company recorded a $2.65 billion net loss from commodity derivative activity and used $2.26 billion of cash in operating activities, driven mainly by higher inventories, receivables and about $3 billion of cash collateral on derivatives.
To support liquidity amid rising commodity prices, Phillips 66 had net debt borrowings of $7.7 billion, ending the quarter with $5.2 billion of cash and $0.8 billion of unused committed credit capacity. It paid $509 million in dividends and repurchased $269 million of stock, while capital spending totaled $582 million, largely in Midstream and Refining. The company also carried an $887 million accrual related to the Propel Fuels litigation judgment, which remains under appeal.
Phillips 66 reported a sharp earnings slowdown for the first quarter of 2026. Net income was $207 million, or $0.51 per diluted share, down from $2.9 billion in the prior quarter. Adjusted earnings were $200 million, or $0.49 per share.
Results were heavily affected by $839 million of mark‑to‑market losses on short derivative positions used to hedge commodity price risk, while the related inventory gains are not recognized under LIFO accounting. Refining ran at 95% crude capacity utilization with an 87% clean product yield, and the company increased its annualized quarterly dividend by 7%.
Liquidity remained significant at about $6.0 billion, including $5.2 billion of cash and $800 million of committed credit facilities. Total debt rose to $27.1 billion, lifting the debt‑to‑capital ratio to 48% from 39% in the prior quarter.
Phillips 66 issued preliminary guidance for first-quarter 2026, flagging about $900 million in pre-tax mark-to-market losses on commodity derivatives after a sharp run-up in prices. These unrealized hedge losses are not offset in book value by higher inventory values, despite a net short position of roughly 50 million barrels.
Estimated income before taxes ranges from $550–$600 million in Midstream and $80–$130 million in Chemicals, offset by expected losses in Refining, Marketing & Specialties, Renewable Fuels and Corporate. The company also projects adjusted income before taxes that excludes certain special items.
Liquidity was affected by about $3 billion of cash collateral outflows on derivatives, prompting draws on credit lines, a fully drawn $2.25 billion 364-day term loan and an upsized receivables facility. As of March 31, 2026, Phillips 66 reports roughly $6 billion of liquidity, with $27 billion of total debt and $22 billion of net debt, while reaffirming a total debt target of $17 billion by end of 2027.
Phillips 66 Executive Vice President Don Baldridge reported a routine tax-related share disposition. On April 1, he had 5,885 shares of common stock withheld to cover tax obligations tied to the vesting of Restricted Stock Units granted on April 1, 2023.
The shares were valued at an average price of $177.205 per share, based on the high and low prices that day. After this withholding, he directly owned 32,603 Phillips 66 shares, which include 15,982 RSUs that will settle into common stock on a one-for-one basis.
Phillips 66 is the subject of a Schedule 13D in which reporting owner Loreto Manolo Zamora and Link Co state beneficial ownership of 1 common share, described as representing about 10% of the class. The filing ties this percentage to an administrative claim over equity entitlements and institutional assets with an estimated value of $4,000,000,000.00 for the 2015–2026 period.
The reporting owner indicates sole voting and dispositive power over this interest, held through authority as Principal and Account Administrator of LMZ & Berkshire Hathaway Co. The stated purpose is long-term administrative and investment holding and to facilitate institutional repatriation and asset reconciliation, with no current plans for extraordinary corporate transactions.
Phillips 66 is asking shareholders to vote at its May 13, 2026 virtual annual meeting on three items: electing four Class II directors through 2029, an advisory say-on-pay resolution, and ratifying Ernst & Young LLP as auditor.
The company highlights 2025 results, including $5.0 billion in net operating cash flow and $3.1 billion returned to shareholders via dividends and buybacks. Management reports a 146% total shareholder return from June 30, 2022 to March 20, 2026, record refining utilization and clean product yields, and record NGL volumes in Midstream.
The proxy emphasizes board refreshment—ten new independent directors over five years—strong governance practices such as majority voting, proxy access and robust lead independent director duties, and a pay-for-performance program where most executive compensation is long term and performance-based. It also underscores sustainability goals, including 2030 and 2050 GHG emissions intensity reduction targets and progress on Scope 1, 2 and 3 intensity since 2019.
Phillips 66 Executive VP and CFO Kevin J. Mitchell exercised stock options and sold the resulting shares. He exercised options for 15,629 shares of common stock at an exercise price of $94.9675 per share, then sold 15,629 shares of common stock in an open-market transaction at a weighted average price of $190.0663 per share.
After these transactions, he directly holds 97,376 shares of Phillips 66 common stock and indirectly holds 1,300.777 shares through the COP Savings Plan. His direct position includes 31,849 Restricted Stock Units that settle into common stock on a 1-for-1 basis.
Phillips 66 (PSX) reported proposed sales of Common Stock under Form 144. The filing lists 53,300 shares available to be sold under a Stock Option method with a sale date of 03/30/2026 for cash. The filing records two recent sales: 4,944 shares on 03/04/2026 for $815,672.66 and 16,856 shares on 03/05/2026 for $2,833,273.26. The broker listed is Merrill Lynch, 800 Capitol Street, Houston, TX.
Phillips 66 receives a Schedule 13G/A amendment from The Vanguard Group reporting zero beneficial ownership. The filing states that, following an internal realignment effective 01/12/2026, certain Vanguard subsidiaries now report holdings separately under SEC Release No. 34-39538.
The amendment lists Amount beneficially owned: 0 and Percent of class: 0%, with all voting and dispositive powers reported as 0. The filing is signed by Ashley Grim, Head of Global Fund Administration, dated 03/27/2026.