Phillips 66

Company facts

Industry

Petroleum Refining

Headquarters

Houston, Texas

Most recent report

10-Q, filed Oct 28, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1534701

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 4 positive, 10 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with material acquisitions, litigation, and debt activity.
  Notable

  • Acquired remaining 50% of WRB for $1.3 billion cash; total consideration including fair value of prior stake was $3.4 billion.
  • Acquired Coastal Bend for $2.2 billion net of cash, adding NGL pipelines and fractionation facilities.
  • Dakota Access pipeline received new easement for expanded capacity of 1.1 million barrels per day; new lawsuit filed Oct 2026.
  • Repaid $1.25 billion term loan early on July 31, 2026; no borrowings outstanding under $5 billion revolver.
  • Issued $2 billion of junior subordinated notes due 2056 in September 2025, with interest deferral options.
  • Sold $3.6 billion of accounts receivable under factoring facilities in 9M 2026, up from $593 million in 9M 2025.
  Negative

  • Accrued $947 million for Propel Fuels verdict as of Sep 30 2026, up from $867 million at Dec 31 2025.

• Management's Discussion (Item 2)

  Massive profit swing, buyback boost, dividend hike, and a $947M litigation liability.
  Positive

  • Cash from operations was $7.3B in Q3; $12.3B for nine months.
  • Board approved a $10B increase to share repurchase authorization in July 2026.
  • Composite crack spread surged to $60.17/bbl from $23.64/bbl in Q3 2026.
  • Q3 net income $5.6B vs $133M, driven by refining margins and absence of 2025 WRB impairment.
  Notable

  • Formed JV for Western Gateway pipeline; Phillips 66 owns 49.9%; will push 2027 capex above ~$2.5B target.
  • Spent $557M on RIN purchases in 9 months 2026 vs $0 in 2025 for wholly owned refineries, due to WRB acquisition.

• Legal Proceedings (Item 1)

  Propel Fuels $833M judgment and ongoing environmental enforcement actions.
  Notable

  • New environmental consent order from NMED to DCP; proposed combined civil penalty above $1M disclosure threshold. Q3 2026.
  • DOJ/EPA discussions over Clean Air Act violations at four refineries; expected civil penalty above disclosure threshold. Q3 2026.
  Negative

  • Final judgment of $833M entered Aug 2025 (compensatory + exemplary + interest); 10% post-judgment interest accruing; appeal pending. Q3 2026.

What changed: Sep 2026 vs. Jun 2026

About 7% of PSX's Sep 2026 10-Q is new information. 28 paragraphs were added, 181 changed, and 33 removed. Below are the most important lines SECSift identified.

• Item 2 87
• Item 1 71
• Item 3 2
• Item 4 2
• Item 5 1