Phillips 66 - M&A Summary and Business Overview

Energy Services And EquipmentCompany

Phillips 66 M&A Summary

Phillips 66 has acquired 6 companies, including 4 in the last 5 years. A total of 3 acquisitions came from private equity firms. It has also divested 4 assets.

Phillips 66’s largest acquisition to date was in 2023, when it acquired DCP Midstream for $3.8B. It’s largest disclosed sale occurred in 2013, when it sold Phillips Specialty Products to Berkshire Hathaway for $1.4B. Phillips 66 has acquired in 3 different US states, and 2 countries. The Company’s most targeted sectors include oil/gas exploration (40%) and energy services and equipment (20%).

Phillips 66 Business Overview

Where is Phillips 66 headquartered?

Phillips 66 is headquartered in Houston, Texas.

What is Phillips 66’s revenue?

Phillips 66 disclosed revenue of 147,399M USD for 2023 and 169,990M USD for 2022.

How many employees does Phillips 66 have?

Phillips 66 has 14,000 employees.

What sector is Phillips 66 in?

Phillips 66 is an energy services and equipment company.

When was Phillips 66 founded?

Phillips 66 was founded in 1875.

M&A Summary

  • M&A Total Activity9
    • M&A Buy Activity5
    • M&A Sell Activity4
  • Total Sectors Invested 4
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 7
  • M&A Advisors 1

Phillips 66

Phillips 66 Co.

2331 CityWest Boulevard,
Houston, Texas 77042
United States,
(281) 293-6600
www.phillips66.com

Phillips 66 is an energy and logistics company. Its midstream segment gathers, processes, transports and markets natural gas; and transports, stores, fractionates and markets natural gas liquids (NGL) in the United States. In addition, this segment transports crude oil and other feedstocks to refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. Its chemicals segments consists of our 50 percent equity investment in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics on a worldwide basis. Its refining segment buys, sells and refines crude oil and other feedstocks at refineries in the United States and Europe. Its marketing and specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. Phillips 66 was founded in 1875 and is based in Houston, Texas.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 1 - 1 1 1 1 5
vol $3.8B $550M $4.4B
Sell (0.4/yr) # 2 1 - 1 - - 4
vol $2.0B $2.0B
  9

Most Recent M&A

Company Date Value Type
Pinnacle Midstream II LLC 2024-05-20 550M USD Add-on Acquisition
Houston, Texas · www.pinnaclemidstream.com
DCP Midstream LLC 2023-06-15 3.8B USD Add-on Acquisition
Denver, Colorado · www.dcpmidstream.com
Phillips 66 - Belle Chasse Terminal Facility 2022-12-21 - Divestiture
Belle Chasse, Louisiana
Phillips 66 Partners LP 2022-03-09 - Add-on Acquisition
Houston, Texas · www.phillips66partners.com
Novonix Ltd. 2021-08-09 - Stake Purchase
Brisbane, Australia · www.novonixgroup.com
Liberty Pipeline Project 2020-02-21 - Stake Sale
, United States · www.liberty-pipeline.com
Malaysian Refining Co., Sdn. Bhd. 2014-11-11 635M USD Stake Sale
Sungai Udang, Malaysia
Spectrum Corp. 2014-06-23 - Add-on Acquisition
Selmer, Tennessee · www.spectrumcorporation.com
Phillips Specialty Products, Inc. 2013-12-30 1.4B USD Divestiture
, United States
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Oil/Gas Exploration 2 (40%) 4.4B (100%) 2 (50%) 635M (31%)
Energy Services and Equipment 1 (20%) - 2 (50%) 1.4B (69%)
Chemicals 1 (20%) - - -
Electrical Equipment 1 (20%) - - -
Total 5 $4.4B 4 $2.0B

By Geo

State/Country Buy Value Sell Value
United States 4 4.4B 3 1.4B
  Texas 2 550M - -
  Tennessee 1 - - -
  Colorado 1 3.8B - -
  Louisiana - - 1 -
Australia 1 - - -
Malaysia - - 1 635M
Domestic 4 (80%) 4.4B (100%) 3 (75%) 1.4B (69%)
Cross-border 1 (20%) - 1 (25%) 635M (31%)
Total 5 $4.4B 4 $2.0B

Top M&A Advisors

Legal Deals
Bracewell
 1

Deal Values

buy # Total
> $1B 1 $3.8B
$100M to $1B 1 $550M
TOTAL $4.4B
Largest DCP Midstream LLC
$3.8B (2023-06-15)
sell # Total
> $1B 1 $1.4B
$100M to $1B 1 $635M
TOTAL $2.0B
Largest Phillips Specialty Products, Inc.
$1.4B (2013-12-30)

M&A Connections

Deals
Acquired from
Investor(s)
40%
2 (40%)
Divested to
Strategic(s)
100%
4 (100%)

Company Summary

SECTOR

Energy Services and Equipment

Revenue

147,399   14% 2023
169,990   53% 2022
111,476   74% 2021
64,129   41% 2020
107,293   4% 2019
111,461   9% 2018
102,354   22% 2017
84,279   15% 2016
98,975   39% 2015
161,212   7% 2014
171,596   5% 2013
179,290   2012
(millions of USD) Show More Show Less

Employees

14,000

Established

1875

Public

NYSE: PSX

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