Phillips 66 operates through four primary business segments: Refining, Midstream, Chemicals, and Marketing and Specialties. The Refining segment manages a global network of facilities that process crude oil into gasoline, diesel, aviation fuels, and renewable fuels. Its Midstream operations provide crude oil and refined product transportation, terminaling, and processing services, anchored by a significant natural gas liquids (NGL) infrastructure network. The Chemicals segment operates primarily through a 50% joint venture in Chevron Phillips Chemical Company (CPChem), producing olefins, polyolefins, and aromatics. Furthermore, the Marketing and Specialties division distributes fuels through thousands of branded retail outlets and manufactures specialty products such as lubricants. The company's integrated structure allows it to capture value across the entire downstream supply chain.
