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2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year endedDecember 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto
Commission file number: 001-35349
Phillips 66
(Exact name of registrant as specified in its charter)
Delaware 45-3779385
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
2331 CityWest Blvd., Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 832-765-3010
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par ValuePSXNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
YesNo
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
YesNo
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 Non-accelerated filer
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).YesNo
The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2023, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price on that date of $95.38, was $42.4 billion. The registrant, solely for the purpose of this required presentation, had deemed its Board of Directors and executive officers to be affiliates, and deducted their stockholdings in determining the aggregate market value.
The registrant had 427,824,429 shares of common stock outstanding at January 31, 2024.
Documents incorporated by reference:
Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 15, 2024 (Part III).


TABLE OF CONTENTS
Item
Page
         Stockholder Matters
       Signatures


Unless otherwise indicated, the “company,” “we,” “our,” “us” and “Phillips 66” are used in this report to refer to the businesses of Phillips 66 and its consolidated subsidiaries.

This Annual Report on Form 10-K contains forward-looking statements including, without limitation, statements relating to the company’s plans, strategies, objectives, expectations and intentions that are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and similar expressions often identify forward-looking statements, but the absence of these words does not mean a statement is not forward-looking. The company does not undertake to update, revise or correct any of the forward-looking information unless required to do so pursuant to applicable law. Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the headings “Risk Factors” and “CAUTIONARY STATEMENT FOR THE PURPOSES OF THE ‘SAFE HARBOR’ PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.”


PART I

Items 1 and 2. BUSINESS AND PROPERTIES

CORPORATE STRUCTURE

Phillips 66, headquartered in Houston, Texas, was incorporated in Delaware in 2011 in connection with, and in anticipation of, a restructuring of ConocoPhillips that separated its downstream businesses into an independent, publicly traded company named Phillips 66. The two companies were separated by ConocoPhillips distributing to its stockholders all the shares of common stock of Phillips 66 after the market closed on April 30, 2012 (the separation). Phillips 66 stock trades on the New York Stock Exchange under the “PSX” stock symbol.

Our businesses are organized into four operating segments:

1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and natural gas liquids (NGL) transportation, storage, fractionation, gathering, processing and marketing services, mainly in the United States. This segment also includes our 16% investment in NOVONIX Limited (NOVONIX).

2)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.

3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, as well as renewable fuels. This segment includes 12 refineries in the United States and Europe.

4)Marketing & Specialties—Purchases for resale and markets refined petroleum products and renewable fuels, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants.

Corporate and Other includes general corporate overhead, interest income, interest expense, our investment in research of new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Corporate and Other also includes restructuring costs related to our business transformation. See Note 31—Restructuring, in the Notes to Consolidated Financial Statements, for additional information regarding restructuring costs.






1

SEGMENT AND GEOGRAPHIC INFORMATION


MIDSTREAM

The Midstream segment consists of three businesses:

Transportation—Transports crude oil and other feedstocks to our refineries and other locations, delivers refined petroleum products to market, and provides terminaling and storage services for crude oil and refined petroleum products.

NGL and Other—Gathers, processes, transports and markets natural gas and transports, fractionates and markets NGL.

NOVONIX—Represents our 16% investment in NOVONIX, a company that develops technology and supplies materials for lithium-ion batteries.

At December 31, 2023, our Midstream business was comprised of over 72,000 miles of crude oil, refined petroleum product, NGL and natural gas pipeline systems in the United States, including those partially owned or operated by our affiliates. We owned or operated 39 refined petroleum product terminals, 36 gathering and processing plants, 17 crude oil terminals, eight fractionation facilities, six NGL terminals, a petroleum coke exporting facility and various other storage and loading facilities.

DCP Midstream, LLC and Gray Oak Holdings LLC Merger (DCP Midstream Merger)
On August 17, 2022, we announced a realignment of our economic and governance interests in DCP Midstream, LP (DCP LP) and Gray Oak Pipeline, LLC (Gray Oak Pipeline) resulting from the DCP Midstream Merger. In connection with the DCP Midstream Merger, we were delegated DCP Midstream’s governance rights over DCP LP and its general partner entities, referred to as DCP Midstream Class A Segment, and our indirect economic interest in DCP LP increased to 43.3%. Starting on August 18, 2022, our financial results reflect the consolidation of DCP Midstream Class A Segment, as well as DCP Sand Hills and DCP Southern Hills within our NGL and Other business. Prior to August 18, 2022, our investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills were accounted for using the equity method. In connection with the merger, our indirect interest in Gray Oak Pipeline was reduced to 6.5% and is now held through DCP Midstream Class B Segment. We account for our remaining interest in Gray Oak Pipeline using the equity method.

DCP Midstream, LP Merger (DCP LP Merger)
On June 15, 2023, we completed the acquisition of all publicly held common units of DCP LP pursuant to the terms of the Agreement and Plan of Merger, dated as of January 5, 2023 (DCP LP Merger Agreement). The DCP LP Merger Agreement was entered into with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries merged with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the DCP LP Merger Agreement, at the effective time of the DCP LP Merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by DCP Midstream and its subsidiaries) issued and outstanding as of immediately prior to the effective time was converted into the right to receive $41.75 per common unit in cash. The DCP LP Merger increased our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, in the Notes to Consolidated Financial Statements, for additional information on the DCP Midstream and DCP LP Mergers.

Phillips 66 Partners Merger
On March 9, 2022, we completed the merger between us and Phillips 66 Partners. The merger resulted in the acquisition of all limited partnership interests in Phillips 66 Partners not already owned by us. Upon closing, Phillips 66 Partners became a wholly owned subsidiary of Phillips 66 and its common units are no longer publicly traded. See Note 30—Phillips 66 Partners LP, in the Notes to Consolidated Financial Statements, for additional information on this merger.


2

Asset Dispositions
In August 2023, Phillips 66 sold its 25% interest in the South Texas Gateway Terminal for approximately $275 million. On February 28, 2023, we closed on the sale of the Belle Chasse Terminal for approximately $76 million.

Transportation

We own or lease various assets to provide transportation, terminaling and storage services. These assets include crude oil, refined petroleum product, NGL, and natural gas pipeline systems; crude oil, refined petroleum product and NGL terminals; a petroleum coke handling facility; marine vessels; railcars and trucks.

Pipelines and Terminals
The following table depicts our ownership interest in major pipeline systems included in our Transportation business at December 31, 2023:
NameState of
Origination/Terminus
InterestLength
(Miles)
Gross Capacity
(MBD)
Crude Oil
Bakken PipelineNorth Dakota/Texas25 %1,918 750 
Bayou BridgeTexas/Louisiana40 213 480 
Clifton RidgeLouisiana100 10 260 
CushPoOklahoma100 62 130 
Eagle Ford GatheringTexas100 28 58 
GlacierMontana79 800 124 
Gray Oak PipelineTexas862 900 
Line 100California100 79 61 
Line 200California100 228 100 
Line 300California100 61 34 
Line 400California100 153 46 
Line OOklahoma/Texas100 276 38 
New Mexico CrudeNew Mexico/Texas100 227 106 
Oklahoma CrudeTexas/Oklahoma100 217 100 
SacagaweaNorth Dakota50 95 183 
STACK PLOklahoma50 149 250 
Sweeny CrudeTexas100 56 617 
West Texas CrudeTexas100 1,079 140 

3


NameState of
Origination/Terminus
InterestLength
(Miles)
Gross Capacity
(MBD)
Refined Petroleum Products
ATA LineTexas/New Mexico50 %293 34 
Borger to AmarilloTexas100 93 74 
Borger-DenverTexas100 38 39 
Borger-DenverTexas/Colorado65 207 39 
Borger-DenverColorado70 152 39 
Cherokee EastOklahoma/Missouri100 320 59 
Cherokee NorthOklahoma/Kansas100 29 55 
Cherokee SouthOklahoma100 98 47 
Cross Channel ConnectorTexas100 197 
ExplorerTexas/Indiana22 1,830 660 
Gold LineTexas/Illinois100 686 120 
Heartland*Kansas/Iowa50 49 30 
LAX Jet LineCalifornia50 19 25 
Los Angeles ProductsCalifornia100 22 132 
Paola ProductsKansas100 106 120 
PioneerWyoming/Utah50 562 63 
Powder RiverColorado/Texas100 350 13 
RichmondCalifornia100 14 31 
SAALTexas33 102 32 
SAALTexas54 19 30 
SeminoeMontana/Wyoming100 342 50 
StandishOklahoma/Kansas100 92 77 
Sweeny to PasadenaTexas100 120 335 
Torrance ProductsCalifornia100 279 
Watson ProductsCalifornia100 238 
YellowstoneMontana/Washington46 710 68 
NGL
Blue LineTexas/Illinois100 688 26 
Brown LineOklahoma/Kansas100 76 26 
Conway to WichitaKansas100 55 26 
MedfordOklahoma100 42 25 
Skelly-BelvieuTexas50 571 45 
TX Panhandle Y1/Y2Texas100 249 78 
Natural Gas
Rockies Express**
East to WestOhio/Illinois25 661 2.6 Bcf/d
West to EastColorado/Ohio25 1,712 1.8 Bcf/d
Sacagawea GasNorth Dakota50 24 0.18 Bcf/d
* Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles.
** Total pipeline system consists of three zones for a total of 1,712 miles. The third zone of the pipeline is bidirectional for 661 miles and can transport 2.6 Bcf/d of natural gas from east to west.





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The following table depicts our ownership interest in terminal and storage facilities included in our Transportation business at December 31, 2023:
Facility NameLocationCommodity HandledInterestGross Storage Capacity (MBbl)Gross Rack Capacity (MBD)
AlbuquerqueNew MexicoRefined Petroleum Products100 %274 20 
AmarilloTexasRefined Petroleum Products100 296 23 
BeaumontTexasCrude Oil, Refined Petroleum Products100 16,800 
BillingsMontanaRefined Petroleum Products100 81 12 
Billings CrudeMontanaCrude Oil100 236  N/A
BorgerTexasCrude Oil50 772  N/A
BozemanMontanaRefined Petroleum Products100 90 
Buffalo CrudeMontanaCrude Oil100 303  N/A
CasperWyomingRefined Petroleum Products100 365 
Clifton RidgeLouisianaCrude Oil100 3,800  N/A
CoalingaCaliforniaCrude Oil100 817  N/A
ColtonCaliforniaRefined Petroleum Products100 207 20 
CushingOklahomaCrude Oil100 675  N/A
Cut BankMontanaCrude Oil100 315  N/A
DenverColoradoRefined Petroleum Products100 441 43 
Des MoinesIowaRefined Petroleum Products50 217 12 
East St. LouisIllinoisRefined Petroleum Products100 1,529 55 
GlenpoolOklahomaRefined Petroleum Products100 571 18 
Great FallsMontanaRefined Petroleum Products100 198 
HartfordIllinoisRefined Petroleum Products100 1,468 21 
HelenaMontanaRefined Petroleum Products100 195 
Jefferson CityMissouriRefined Petroleum Products100 103 15 
JunctionCaliforniaCrude Oil, Refined Petroleum Products100 524  N/A
Kansas CityKansasRefined Petroleum Products100 1,410 50 
KeeneNorth DakotaCrude Oil50 503  N/A
La JuntaColoradoRefined Petroleum Products100 99 
Lake Charles Pipeline StorageLouisianaRefined Petroleum Products50 3,143  N/A
LincolnNebraskaRefined Petroleum Products100 217 12 
LindenNew JerseyRefined Petroleum Products100 360 95 
Los AngelesCaliforniaRefined Petroleum Products100 156 80 
LubbockTexasRefined Petroleum Products100 182 18 
Medford SpheresOklahomaNGL100 70  N/A
MissoulaMontanaRefined Petroleum Products50 365 14 
Moses LakeWashingtonRefined Petroleum Products50 216 10 
Mount VernonMissouriRefined Petroleum Products100 365 40 
North Salt LakeUtahRefined Petroleum Products50 755 60 
North SpokaneWashingtonRefined Petroleum Products100 492  N/A
OdessaTexasCrude Oil100 521  N/A
Oklahoma CityOklahomaCrude Oil, Refined Petroleum Products100 355 42 





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Facility NameLocationCommodity HandledInterestGross Storage Capacity (MBbl)Gross Rack Capacity (MBD)
PalermoNorth DakotaCrude Oil70 %235  N/A
PaolaKansasRefined Petroleum Products100 978  N/A
PasadenaTexasRefined Petroleum Products, NGL100 3,558 65 
Pecan GroveLouisianaLubricant Base Stocks, Refined Petroleum Products100 177  N/A
Ponca CityOklahomaRefined Petroleum Products100 63 22 
Ponca City CrudeOklahomaCrude Oil100 1,229  N/A
PortlandOregonRefined Petroleum Products100 650 38 
RentonWashingtonRefined Petroleum Products100 243 19 
RichmondCaliforniaRefined Petroleum Products100 343 28 
Rock SpringsWyomingRefined Petroleum Products100 132 
SacramentoCaliforniaRefined Petroleum Products100 146 12 
Santa MargaritaCaliforniaCrude Oil100 398  N/A
SheridanWyomingRefined Petroleum Products100 94 
SpokaneWashingtonRefined Petroleum Products100 351 20 
TacomaWashingtonRefined Petroleum Products100 316 19 
TorranceCaliforniaCrude Oil, Refined Petroleum Products100 2,128  N/A
Tremley PointNew JerseyRefined Petroleum Products100 1,701 25 
WestlakeLouisianaRefined Petroleum Products100 128 10 
Wichita FallsTexasCrude Oil100 225  N/A
Wichita NorthKansasRefined Petroleum Products100 769 20 
Wichita SouthKansasRefined Petroleum Products100 272  N/A


The following table depicts our ownership interest in marine, rail and petroleum coke loading and offloading facilities included in our Transportation business at December 31, 2023:
Facility NameLocationCommodity HandledInterest Gross Loading Capacity*
Marine
BeaumontTexasCrude Oil, Refined Petroleum Products100 %75 
Clifton RidgeLouisianaCrude Oil, Refined Petroleum Products100 50 
HartfordIllinoisRefined Petroleum Products100 
Pecan GroveLouisianaLubricant Base Stocks, Refined Petroleum Products100 
PortlandOregonRefined Petroleum Products100 10 
RichmondCaliforniaRefined Petroleum Products100 
TacomaWashingtonCrude Oil100 12 
Tremley PointNew JerseyRefined Petroleum Products100 
Rail
BaywayNew Jersey Crude Oil100 75 
BeaumontTexas Crude Oil100 20 
FerndaleWashington Crude Oil100 35 
MissoulaMontanaRefined Petroleum Products50 41 
PalermoNorth DakotaCrude Oil70 100 
Thompson FallsMontana Refined Petroleum Products50 41 
Petroleum Coke
Lake CharlesLouisianaPetroleum Coke50 N/A
* Marine facilities in thousands of barrels per hour (MB/h); Rail in thousands of barrels daily (MBD).



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Marine Vessels
At December 31, 2023, we had 11 international-flagged crude oil, refined petroleum product and NGL tankers under time charter contracts, with capacities ranging in size from 300,000 to 1,100,000 barrels.  Additionally, we had a variety of inland and offshore tug/barge units.  These vessels are used primarily to transport crude oil and other feedstocks, as well as refined petroleum products for our refineries.  In addition, the NGL tankers are used to export propane and butane from our fractionation, transportation and storage infrastructure.

Truck and Rail
Our truck and rail fleets support our feedstock and distribution operations. Rail movements are provided via a fleet of approximately 9,600 owned or leased railcars. Truck movements are provided through our wholly owned subsidiary, Sentinel Transportation LLC, and through numerous third-party trucking companies.



7

NGL and Other

At December 31, 2023, our NGL and Other business was comprised of natural gas processing plants, NGL and natural gas pipeline systems, and fractionators in the United States, including those partially owned or operated by our affiliates. A significant portion of our NGL and Other business is conducted through DCP LP, a consolidated subsidiary. DCP LP is one of the largest processors of natural gas and one of the largest producers of NGLs in the United States. 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 Basin), the Midcontinent and Eagle Ford. Pipelines systems owned by DCP Sand Hills and DCP Southern Hills provide takeaway capabilities for DCP LP’s gathering and processing operations and provide access to customers and market outlets on the U.S. Gulf Coast, including our Sweeny fractionation and export facilities. The integration of DCP LP’s, DCP Sand Hills’ and DCP Southern Hills’ operations into our existing operations provides us with a diversified and integrated portfolio of assets across the wellhead-to-market value chain.

Natural Gas Processing
DCP LP owns or operates 36 active natural gas processing facilities, with a net processing capacity of 5.5 billion cubic feet per day (Bcf/d). At some of these facilities, we fractionate NGL into individual components (ethane, propane, butane and natural gasoline).

Pipeline Systems
At December 31, 2023, our aggregate direct and indirect economic interest in DCP LP was 86.8%, and our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills was 91.2%. DCP Sand Hills and DCP Southern Hills own NGL pipeline systems that connect the Eagle Ford, Permian Basin and Midcontinent production areas to the Mont Belvieu,Texas, market hub.

Sweeny Hub Assets
The Sweeny Hub is a U.S. Gulf Coast NGL market hub, consisting of four fractionators with a total fractionation nameplate capacity of 550,000 BPD, a liquified petroleum gas (LPG) export terminal, and NGL storage caverns. The fractionators are located adjacent to our Sweeny Refinery in Old Ocean, Texas, and supply purity ethane to the petrochemical industry and purity NGL to domestic and global markets. Raw NGL supply to the fractionators is delivered from nearby major pipelines, including the DCP Sand Hills Pipeline. The fractionators are supported by significant infrastructure including connectivity to two NGL supply pipelines, a pipeline connecting to the Mont Belvieu market hub and the Clemens Caverns storage facility with access to our LPG export terminal in Freeport, Texas. It also includes our C2G Pipeline, which is a 16-inch ethane pipeline that connects our Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi.

The Freeport LPG Export Terminal leverages our fractionation, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal can simultaneously load a propane vessel and a butane vessel, and has a combined LPG export capacity of 260,000 BPD. In addition, the terminal has the capability to export natural gasoline (C5+) produced by the Sweeny Hub fractionators.






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The following table depicts our ownership interest in major pipeline systems included in our NGL and Other business at December 31, 2023:
NameState of
Origination/Terminus
InterestLength
(Miles)
Gross Capacity
(MBD)
NGL
Black Lake †Louisiana/Texas100 %314 80 
C2GTexas100 155 185 
ChisholmOklahoma/Kansas50 202 42 
Front Range †Colorado/Texas33 450 260 
Panola †Texas15 250 100 
Powder RiverWyoming/Colorado100 366 16 
River Parish NGLLouisiana100 499 104 
Sand Hills †*New Mexico/Texas100 1,400 500 
Southern Hills †*Kansas/Texas100 940 192 
Seabreeze/Wilbreeze †Texas100 80 52 
Sweeny LPGTexas100 260 942 
Sweeny NGLTexas100 18 204 
Texas Express †Texas10 600 370 
Wattenberg †Colorado/Kansas100 450 112 
Natural Gas
Cheyenne Connector †Colorado50 700.6 Bcf/d
Guadalupe †TexasVarious6000.2 Bcf/d
Gulf Coast Express †Texas25 5302.0 Bcf/d
† Owned by DCP LP. At December 31, 2023, Phillips 66 held an aggregate 86.8% direct and indirect economic interest in DCP LP.
* Interest reflects Phillips 66’s 33.33% direct ownership interest in DCP Sand Hills and DCP Southern Hills, as well as its 86.8% aggregate direct and indirect economic interest in DCP LP, which owns a direct two-thirds interest.


The following table depicts our ownership interest in terminal and storage facilities included in our NGL and Other business at December 31, 2023:
Facility NameLocationCommodity HandledInterestGross Storage Capacity (MBbl)Gross Rack Capacity (MBD)
ClemensTexasNGL100 %16,500  N/A
FreeportTexasRefined Petroleum Products, NGL100 3,485  N/A
Marysville †MichiganNGL100 8,000 N/A
River ParishLouisianaNGL100 1,500 N/A
Spindletop †TexasNatural Gas100 12 BcfN/A
† Owned by DCP LP. At December 31, 2023, Phillips 66 held an aggregate 86.8% direct and indirect economic interest in DCP LP.


The following table depicts our ownership interest in a marine facility included in our NGL and Other business at December 31, 2023:
Facility NameLocationCommodity HandledInterest Gross Loading Capacity (MB/h)
Marine
FreeportTexasRefined Petroleum Products, NGL100 %46 



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The following table depicts our ownership interest in NGL fractionators included in our NGL and Other business at December 31, 2023:
Facility NameLocationInterestCapacity (MBD)
ConwayKansas40 %43 
Enterprise †*Texas25 61 
Gulf Coast Fractionators**Texas23 33 
Mont Belvieu 1 †Texas20 32 
Sweeny FractionatorsTexas100 550 
† Owned by DCP LP. At December 31, 2023, Phillips 66 held an aggregate 86.8% direct and indirect economic interest in DCP LP.
* Interest reflects Phillips 66’s 12.5% direct interest, as well as its 86.8% direct and indirect economic interest in DCP LP, which owns a direct 12.5% interest.
** This facility has been idled since December 2020, with plans to restart in the second quarter of 2024.


The following table depicts our operating data in Gathering and Processing assets included in our NGL and Other business at December 31, 2023:
RegionsPlantsApproximate Gathering and Transmission Systems (Miles)
Approximate Net Nameplate Plant Capacity (MMcf/d) †
North133,400 1,580 
Midcontinent622,800 1,110 
Permian1015,300 1,220 
South76,400 1,630 
† Plant capacity represents DCP LP’s proportional ownership. At December 31, 2023, Phillips 66 held an aggregate 86.8% direct and indirect economic interest in DCP LP.

NOVONIX

We own a 16% interest in NOVONIX, a Brisbane, Australia-based company that develops technology and supplies materials for lithium-ion batteries. Our investment in NOVONIX supports an expansion of synthetic graphite production capacity at NOVONIX’s Chattanooga, Tennessee, plant.


10

CHEMICALS

The Chemicals segment consists of our 50% equity investment in CPChem, which is headquartered in The Woodlands, Texas. At December 31, 2023, CPChem owned or had joint venture interests in 30 manufacturing facilities located in Belgium, Colombia, Qatar, Saudi Arabia, Singapore and the United States. Additionally, CPChem has two research and development centers in the United States.

CPChem produces and markets ethylene and other olefin products. The ethylene produced is primarily used by CPChem to produce polyethylene, normal alpha olefins (NAO) and polyethylene pipe. CPChem manufactures and markets aromatics and styrenics products, such as benzene, cyclohexane, styrene and polystyrene, as well as a variety of specialty chemical products including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining.

The manufacturing of petrochemicals and plastics involves the conversion of hydrocarbon-based raw material feedstocks into higher-value products, often through a thermal process referred to in the industry as “cracking.” For example, ethylene can be produced by cracking ethane, propane, butane, natural gasoline or certain refinery liquids, such as naphtha and gas oil. Ethylene primarily is used as a raw material in the production of plastics, such as polyethylene. Plastic resins, such as polyethylene, are manufactured in a thermal/catalyst process, and the produced output is used as a further raw material for various applications, such as packaging and plastic pipe.

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The following table reflects CPChem’s petrochemicals and plastics product capacities at December 31, 2023:
 
 Millions of Pounds per Year*
 U.S.Worldwide
Ethylene11,910 14,430 
Propylene3,675 4,180 
High-density polyethylene5,305 7,470 
Low-density polyethylene620 620 
Linear low-density polyethylene1,815 1,815 
Polypropylene— 310 
Normal alpha olefins2,920 3,435 
Polyalphaolefins125 255 
Polyethylene pipe500 500 
Benzene1,600 2,530 
Cyclohexane1,060 1,455 
Styrene1,050 1,875 
Polystyrene835 915 
Specialty chemicals440 575 
Total31,855 40,365 
* Capacities include CPChem’s share in equity affiliates and excludes CPChem’s NGL fractionation capacity.


During 2023, CPChem completed construction and began operations of a 585 million pounds per year 1-hexene unit in Old Ocean, Texas. Additionally, CPChem completed construction and began operations of a 1 billion pounds per year propylene splitter at its Cedar Bayou facility in the fourth quarter of 2023.

CPChem and a co-venturer are building world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. On the U.S. Gulf Coast, the Golden Triangle Polymers (GTP) facility will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year. CPChem owns a 51% equity share in the joint venture. The Ras Laffan Petrochemical (RLP) facility will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a total capacity of 3.7 billion pounds per year. CPChem owns a 30% equity share in the joint venture. Both facilities are expected to start up in 2026.

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REFINING

Our Refining segment refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, as well as renewable fuels. This segment includes 12 refineries in the United States and Europe. 

The table below depicts information for each of our owned and joint venture refineries at December 31, 2023:
   Thousands of Barrels Daily 
Region/RefineryLocationInterestNet Crude Throughput
Capacity
Net Clean Product
Capacity**
Clean
Product
Yield
Capability
At
December 31 2023
Effective January 1 2024GasolinesDistillates
Atlantic Basin/Europe
BaywayLinden, NJ100 %258 258 155 130 92 %
HumberN. Lincolnshire, United Kingdom100 221 221 95 115 81 
MiRO*Karlsruhe, Germany 19 58 58 25 27 87 
537 537 
Gulf Coast
Lake CharlesWestlake, LA100 264 264 105 115 70 
SweenyOld Ocean, TX100 265 265 158 125 86 
529 529 
Central Corridor
Ponca CityPonca City, OK100 217 217 120 100 93 
BillingsBillings, MT100 66 66 37 30 90 
Wood RiverRoxana, IL50 173 173 88 70 81 
BorgerBorger, TX50 75 75 50 35 91 
531 531 
West Coast
FerndaleFerndale, WA100 105 105 65 39 90 
Los AngelesCarson/Wilmington, CA100 139 139 85 65 90 
San Francisco***Rodeo, CA100 52 — — — — 
296 244 
1,893 1,841 
* Mineraloelraffinerie Oberrhein GmbH.
** Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.
*** As part of our plans to convert the San Francisco Refinery into a renewable fuels facility, in early 2023, we ceased operations at the Santa Maria facility in Arroyo Grande, California, which reduced net crude throughput capacity from 120 MBD to 75 MBD. In October 2023, we further reduced net crude throughput capacity from 75 MBD to 52 MBD as we shut down one of the two crude units at the Rodeo facility. Effective January 1, 2024, net crude throughput capacity was 52 MBD, but we expect the remaining net crude throughput capacity