Phillips 66

Company facts

Industry

Petroleum Refining

Headquarters

Houston, Texas

Most recent report

8-K, filed Aug 21, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 1534701

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 4 positive, 7 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Core financials: income, cash flow, key litigation and acquisition details.
  Notable

  • Dakota Access received a Record of Decision authorizing continued operations; risk of future challenge remains.
  • Lindsey Oil Refinery acquired for $115M in April 2026; adds refining capacity in Europe.
  • Accounts receivable securitization facility capacity increased to $1.75B, with option to grow to $2B.
  Negative

  • Propel Fuels verdict accrual rose to $928M at June 30, 2026; appeal filed but post-judgment interest at 10% accrues.

• Management's Discussion (Item 2)

  Huge earnings swing, major litigation accrual, debt paydown, new buyback authorization.
  Positive

  • Q2 2026 net income $3.8B vs $0.9B in Q2 2025, a 339% increase.
  • Generated $7.3B cash from operations in Q2 2026, a sharp turnaround from using cash in Q1.
  • Net debt repayments of $6.7 billion in Q2 2026 after borrowing heavily in Q1.
  • Board approved a $10 billion increase to share repurchase authorization, aggregate $35B.
  Notable

  • CPChem margin surged: benchmark polyethylene chain margin 43.6 cents/lb in Q2 2026 vs 7.4 cents in Q2 2025.
  • USACE issued Record of Decision in May 2026 authorizing DAPL continued operation under new easement.
  • Total debt $20.6B at June 30, debt-to-capital 39%, same as Dec 2025.
  Negative

  • Post-judgment interest on Propel Fuels accruing at 10% per year, added to expenses.

• Legal Proceedings (Item 1)

  Ongoing $833M judgment with 10% interest; appeal is a material development.
  Notable

  • During Q2 2026, one material development: the company filed its opening appellate brief on July 10, 2026.
  Negative

  • $833M final judgment plus 10% annual post-judgment interest; under appeal. Loss could exceed recorded amount.
  • Company warns losses beyond what is recorded may have a material adverse effect on financial position.

What changed: Jun 2026 vs. Mar 2026

About 11% of PSX's Jun 2026 10-Q is new information. 41 paragraphs were added, 155 changed, and 56 removed. Below are the most important lines SECSift identified.

• Item 2 82
• Item 1 65
• Item 3 3
• Item 4 2
• Item 5 1