Phillips 66 reported net income attributable to the company of $4.4 billion for the year ended December 31, 2025, a significant increase from the $2.1 billion reported in the previous year. This improvement was primarily driven by a $1.9 billion gain from the partial sale of its Germany and Austria retail marketing business, coupled with improved refining margins due to higher market crack spreads. These gains were partially offset by a $948 million impairment related to its equity method investment in WRB Refining LP and lower equity earnings from Chevron Phillips Chemical Company LLC (CPChem).
The company's revenue decreased by 8% to $132.4 billion, mainly due to lower prices for crude oil, refined petroleum products, and natural gas liquids (NGLs), despite increased sales volumes of crude oil, NGLs, renewable diesel, and renewable jet fuel. Strategic developments included the acquisition of the remaining 50% interest in WRB Refining LP for $1.3 billion and the acquisition of Coastal Bend for $2.2 billion, enhancing its midstream capabilities. These acquisitions were partially funded by $3.5 billion in proceeds from asset dispositions, including the sale of a portion of its Germany and Austria retail marketing business and its investment in Coop Mineraloel AG.
Operationally, Phillips 66's worldwide refining crude oil capacity utilization rate averaged 94% in 2025, while its clean product yield was 87%. The company continued to advance its renewable fuels strategy, completing a 30.2-megawatt solar facility at the Rodeo Renewable Energy Complex and securing an agreement to supply approximately 83 million gallons of sustainable aviation fuel (SAF) over three years. Employee headcount at the end of 2025 was approximately 12,600.
Looking ahead, Phillips 66 plans to continue focusing on disciplined growth in its Midstream and Chemicals segments, targeting total annual capital expenditures and investments of approximately $2.5 billion. The company aims to reduce total debt to $17 billion and lower its debt-to-capital ratio by the end of 2027. In February 2026, the Board of Directors declared a quarterly cash dividend of $1.27 per common share, reflecting a commitment to shareholder returns. The 2026 capital budget is $2.4 billion, including $1.3 billion for growth projects, primarily in the Midstream segment.
About Phillips 66
Phillips 66 is an integrated energy company engaged in refining, marketing, midstream transportation, chemicals, and renewable fuels. It operates refineries, pipelines, terminals, and produces petrochemicals, plastics, and renewable fuels. Serving global markets, it emphasizes safety, operational efficiency, and innovation. The company leverages extensive infrastructure, strategic investments, and joint ventures to deliver transportation fuels, chemicals, and renewable products worldwide.
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