Risk Sleuth
PSX · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Phillips 66

33 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Sustainable aviation fuel supply agreement (international air cargo logistics company)

earns from · approximately 83 million gallons
In November 2025, we entered into an agreement to supply approximately 83 million gallons of sustainable aviation fuel (SAF) over three years to an international air cargo logistics company.Business (Item 1)

Partners and platforms

Chevron Corporation

50% interest in CPChemnamed as a risk
For example, Phillips 66’s agreement with Chevron Corporation (Chevron) regarding CPChem permits Chevron to buy Phillips 66’s 50% interest in CPChem for fair market value if Phillips 66 experiences a change in control or if both Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc. lower their credit ratings below investment grade and the credit rating from either rating agency remains below investment grade for 365 days thereafter, with fair market value determined by agreement or by nationally recognized investment banks.Risk factors (Item 1A)

Also named by CLH, DMLP

Chevron Phillips Chemical Company LLC (CPChem)

50% equity investmentnamed as a risk
Chemicals - Consists of our 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics on a worldwide basis.Business (Item 1)

DCP Midstream, LP

86.8%
A significant portion of our business is conducted through DCP LP, a consolidated subsidiary in which we hold an aggregate direct and indirect economic interest of 86.8%.Business (Item 1)

Also named by ENB

Other companies

WRB Refining LP / Cenovus Energy Inc.

remaining 50% equity interest
On October 1, 2025, we acquired the remaining 50% equity interest in WRB Refining LP (WRB), a joint venture that owned the Wood River and Borger refineries, from subsidiaries of Cenovus Energy Inc. (Cenovus).Business (Item 1)

JET Management Holding GmbH & Co. KG

35% interest
Additionally, we hold a 35% interest in approximately 960 predominantly JET-branded sites, which are located in Germany and Austria.Business (Item 1)

Golden Triangle Polymers / Ras Laffan Petrochemical (Qatar)

51% equity share
CPChem and a co-venturer are building world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar.Business (Item 1)

OPEC

exposed to its pricenamed as a risk
The ability of the members of OPEC to agree on and to set crude oil price and production controls and changes in trade flows from events such as the conflicts in Eastern Europe and South America have also had, and are likely to continue to have, a significant impact on the market prices of crude oil and certain of our products.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

ConocoPhillips

named as a risk
Further, the indemnity from ConocoPhillips may not be sufficient to protect us against the full amount of such liabilities, and ConocoPhillips may not be able to fully satisfy its indemnification obligations.Risk factors (Item 1A)

Also named by CRGY, LB, SRE

Coastal Bend (EPIC Y-Grade)

On April 1, 2025, we acquired all issued and outstanding equity interests in each of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, together with their respective subsidiaries (collectively referred to herein as Coastal Bend), which own various long haul NGL pipelines, fractionation facilities and distribution systems.Business (Item 1)

Places

Rodeo Renewable Energy Complex

operates in · approximately 50,000 B/D (800 million gallons per year)
The Rodeo Complex can process approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks, such as used cooking oil, vegetable oils and other low-carbon intensity waste oils and byproducts, into renewable fuels, including renewable diesel and renewable jet fuel.Business (Item 1)

Sweeny Hub

operates in · 675,000 B/D
As a result of engineering and optimization projects, the Sweeny Fractionators have demonstrated an expansion of nameplate capacity to fractionate 675,000 B/D.Business (Item 1)

Freeport LPG Export Terminal

operates in · 300,000 B/D
The terminal can simultaneously load a propane vessel and a butane vessel, and has demonstrated a combined LPG export capacity of 300,000 B/D.Business (Item 1)

Humber Refinery (United Kingdom)

operates in · 221
The majority of the gasoline and diesel produced by the refinery are distributed to customers in the United Kingdom by pipeline, barge, railcar and truck.Business (Item 1)

California

operates innamed as a risk
For example, adverse effects on the financial performance of our operations in the state of California or the useful lives of the assets related to such operations may result in the recognition of material asset impairment charges, accelerated depreciation and asset retirement obligations.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Permian Basin

operates in
DCP LP’s gathering and processing assets are strategically located in some of the major producing regions in the United States, including the Permian Basin, the Denver-Julesburg Basin (DJ), the Midcontinent and Eagle Ford.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Los Angeles Refinery

operates in
In the fourth quarter 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery.Business (Item 1)

Hazards

U.S. Gulf Coast hurricanes

concentrated innamed as a risk
We operate facilities located in coastal regions of the United States, which have been impacted by hurricanes that have required us to temporarily, or even permanently, shut down operations at those sites.Risk factors (Item 1A)

Also named by ALB, ECL, EPD, PAGP, TRGP

Commodities and inputs

Crude oil

exposed to its pricenamed as a risk
We do not produce crude oil and other feedstocks and must purchase all of the feedstocks we process.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Natural gas liquids (NGL)

exposed to its pricenamed as a risk
Our revenues and cash flows can also increase or decrease as the price of natural gas and NGL fluctuates because of certain contractual arrangements whereby natural gas is purchased for an agreed percentage of proceeds from the sale of the residue gas and/or NGL resulting from processing activities.Risk factors (Item 1A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Renewable Identification Numbers (RINs)

exposed to its pricenamed as a risk
We are exposed to the volatility in the market price of RINs.Risk factors (Item 1A)

Also named by CLMT, DAL, HASI, MPC, MUSA, WM

Renewable feedstocks (used cooking oil, vegetable oils, tallow)

exposed to its pricenamed as a risk
Additionally, our Renewable Fuels segment is affected by prices and demand for renewable feedstocks.Risk factors (Item 1A)

Also named by CLMT

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk
The EPA has implemented the RFS pursuant to the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk
The effect of any such OFAC sanctions could disrupt transactions with or operations involving entities affiliated with sanctioned countries, and could limit our ability to obtain optimum crude slates and other feedstocks and effectively distribute refined products.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

California Air Resources Board (CARB)

subject tonamed as a risk
Additionally, in 2022, the CARB adopted regulations that effectively ban the in-state sales of new cars containing internal combustion engines beginning in 2035.Risk factors (Item 1A)

Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more

California Energy Commission

subject tonamed as a risk
The CEC is currently in rulemaking with respect to various aspects of SBx 1-2, and the potential implementation of a financial penalty or any restrictions or delays on our ability to undertake turnaround or other maintenance activities creates uncertainty due to the potential adverse effects on our refining, marketing, renewable and midstream operations in California, which may be material to our results of operations, financial condition, profitability and cash flows.Risk factors (Item 1A)

Also named by LEN, MPC, PBF

Laws and programs

U.S. Renewable Fuel Standard (RFS)

subject tonamed as a risk
As a producer of petroleum-based motor fuels, we are obligated to blend renewable fuels into the products we produce at a rate that is at least commensurate to the EPA’s RVO requirements and, to the extent we do not, we must purchase RINs in the open market to satisfy our obligation under the RFS program.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

Hydraulic fracturing regulation

subject tonamed as a risk
Most of the crude oil and natural gas production of our Midstream segment’s customers is being produced from unconventional oil shale reservoirs.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more

California cap-and-trade program (Assembly Bill 398)

subject tonamed as a risk
For example, in 2017, the California state legislature adopted Assembly Bill 398, which provides direction and parameters on utilizing cap and trade after 2020 to meet the 40% reduction target for GHG emissions from 1990 levels by 2030 specified in Senate Bill 32.Risk factors (Item 1A)

Also named by APD, CRC, CVX, MP, PNW

California SBx 1-2 (Senate Bill No. 2)

subject tonamed as a risk
The CEC is currently in rulemaking with respect to various aspects of SBx 1-2, and the potential implementation of a financial penalty or any restrictions or delays on our ability to undertake turnaround or other maintenance activities creates uncertainty due to the potential adverse effects on our refining, marketing, renewable and midstream operations in California, which may be material to our results of operations, financial condition, profitability and cash flows.Risk factors (Item 1A)

Also named by PBF

Low carbon fuel standards

subject tonamed as a risk
Changes to government policies relating to renewable feedstocks and renewable fuels that adversely affect programs like the renewable fuels standards program, low-carbon fuels standards and tax credits for processing certain renewable feedstocks impact our financial condition and results of operations.Risk factors (Item 1A)

Plastic waste regulation / single-use plastic bans

subject tonamed as a risk
Increased regulation of, or prohibition on, the use of certain plastic products could reduce demand for certain products CPChem produces, which could negatively impact its financial condition, results of operations and cash flows, thereby negatively impacting our equity earnings by reducing the cash distributions that we receive from CPChem.Risk factors (Item 1A)

Vermont Climate Superfund Act

subject tonamed as a risk
Additionally, certain states have recently passed, or are considering, legislation seeking to recover financial damages allegedly associated with climate change from fossil fuel companies like the Vermont Climate Superfund Act passed in 2024.Risk factors (Item 1A)