Phillips 66 PSX

Phillips 66, incorporated on November 10, 2011, is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States. The Chemicals segment consists of its equity investment in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics. The Refining segment buys, sells and refines crude oil and other feedstocks at refineries, primarily in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, such as gasolines, distillates and aviation fuels, primarily in the United States and Europe, as well as includes the manufacturing and marketing of specialty products, and power generation operations.

Midstream

The Midstream segment consists of three business lines: Transportation, which transports crude oil and other feedstocks to its refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products; DCP Midstream, LLC (DCP Midstream), which gathers, processes, transports and markets natural gas and transports, fractionates and markets NGL, and NGL, which transports, fractionates and markets natural gas liquids, as well as exports liquefied petroleum gas (LPG) at its Freeport terminal. The Midstream segment also stores, refrigerates and exports LPG primarily to Asia and Europe. The Midstream segment includes its master limited partnership, Phillips 66 Partners LP. Phillips 66 Partners LP's assets and equity investments consist of crude oil, NGL and refined petroleum product pipelines, terminals, rail racks and storage systems, as well as an NGL fractionator, that are geographically dispersed throughout the United States.

The Company owns or leases various assets to provide terminaling and storage of crude oil, refined products, natural gas and NGL. These assets include pipeline systems; petroleum product, crude oil and LPG terminals; a petroleum coke handling facility; marine vessels, and railcars and trucks. As of December 31, 2016, its Transportation business managed over 18,000 miles of crude oil, natural gas, NGL and petroleum products pipeline systems in the United States, including those partially owned or operated by affiliates. As of December 31, 2016, the Company owned or operated 40 finished product terminals, 38 storage locations, five LPG terminals, 17 crude oil terminals and one petroleum coke exporting facility. The Company has an interest in Rockies Express Pipeline LLC (REX). As of December 31, 2016, the REX natural gas pipeline ran 1,712 miles from Meeker, Colorado, to Clarington, Ohio, and had a natural gas transmission capacity of 1.8 billion cubic feet per day (BCFD), with its system having a pipeline diameter of 42 inches. As of December 31, 2016, the Company had 13 double-hulled, international-flagged crude oil and product tankers under term charter, with capacities ranging in size from 300,000 to 1,100,000 barrels.

As of December 31, 2016, DCP Midstream owned or operated 61 natural gas processing facilities, with a net processing capacity of approximately 8.0 BCFD. As of December 31, 2016, DCP Midstream's owned or operated natural gas pipeline systems included gathering services for these facilities, as well as natural gas transmission, and totaled approximately 64,000 miles of pipeline. As of December 31, 2016, DCP Midstream also owned or operated 12 NGL fractionation plants, along with natural gas and NGL storage facilities, a propane wholesale marketing business and NGL pipeline assets.

Chemicals

As of December 31, 2016, CPChem owned or had joint-venture interests in 32 global manufacturing facilities and two the United States research and development centers. The Company structures its reporting of CPChem's operations in two primary business segments: Olefins and Polyolefins (O&P) and Specialties, Aromatics and Styrenics (SA&S). The O&P business segment produces and markets ethylene and other olefin products, and the ethylene produced is primarily consumed within CPChem for the production of polyethylene, normal alpha olefins and polyethylene pipe. The SA&S business segment manufactures and markets aromatics and styrenics products, such as benzene, styrene, paraxylene and cyclohexane, as well as polystyrene and styrene-butadiene copolymers. SA&S also manufactures and/or markets a variety of specialty chemical products, including organosulfur chemicals, solvents, catalysts, drilling chemicals and mining chemicals. CPChem and its equity affiliates have manufacturing facilities located in Belgium, China, Colombia, Qatar, Saudi Arabia, Singapore, South Korea and the United States.

Refining

The Bayway Refinery is located on the New York Harbor in Linden, New Jersey. Bayway refining units include a fluid catalytic cracking unit, hydrodesulfurization units, a naphtha reformer, an alkylation unit and other processing equipment. The refinery produces transportation fuels, such as gasoline, diesel and jet fuels, as well as petrochemical feedstocks, residual fuel oil and home heating oil. The Humber Refinery is located on the east coast of England in North Lincolnshire, the United Kingdom. It produces transportation fuels, such as gasoline, diesel and jet fuels. Humber's facilities encompass fluid catalytic cracking, thermal cracking and coking. The Mineraloelraffinerie Oberrhein GmbH (MiRO) Refinery, located on the Rhine River in Karlsruhe in southwest Germany, is a joint venture in which the Company owns interest. Facilities include crude unit trains, fluid catalytic cracking, petroleum coking and calcining, hydrodesulfurization, naphtha reformer, isomerization, ethyl tert-butyl ether and alkylation units.

The Alliance Refinery is located on the Mississippi River in Belle Chasse, Louisiana. The single-train facility includes a fluid catalytic cracking unit, alkylation, delayed coking, hydrodesulfurization units, a naphtha reformer and aromatics unit. The Lake Charles Refinery is located in Westlake, Louisiana. Its facilities include fluid catalytic cracking, hydrocracking, delayed coking and hydrodesulfurization units. The Sweeny Refinery is located in Old Ocean, Texas, approximately 65 miles southwest of Houston. Refinery facilities include fluid catalytic cracking, delayed coking, alkylation, a naphtha reformer and hydrodesulfurization units. Merey Sweeny, L.P. (MSLP) owns a delayed coker and related facilities at the Sweeny Refinery. MSLP processes long residue, which is produced from heavy sour crude oil. The Company is the operator and managing partner of WRB Refining LP (WRB), a joint venture with Cenovus Energy Inc., which consists of the Wood River and Borger refineries.

Marketing and Specialties

In the United States, as of December 31, 2016, the Company marketed gasoline, diesel and aviation fuel through approximately 7,850 marketer-owned or -supplied outlets in 48 states. These sites utilize the Phillips 66, Conoco or 76 brands. In addition to automotive gasoline and diesel, the Company produces and markets jet fuel and aviation gasoline. As of December 31, 2016, aviation gasoline and jet fuel were sold through dealers and independent marketers at approximately 900 Phillips 66-branded locations in the United States. The Company uses the JET brand name to market retail and wholesale products in Austria, Germany and the United Kingdom. In addition, a joint venture in which the Company has an equity interest markets products in Switzerland under the Coop brand name. The Company also markets aviation fuels, LPG, heating oils, transportation fuels, marine bunker fuels, bitumen and fuel coke specialty products to commercial customers and into the bulk or spot markets in the above countries. As of December 31, 2016, the Company had 1,306 marketing outlets in its European operations, of which 969 were company owned and 337 were dealer owned. In addition, through its joint venture operations in Switzerland, the Company had interests in 298 additional sites, as of December 31, 2016.

The Company manufactures and sells a range of specialty products, including petroleum coke products, waxes, solvents and polypropylene. Certain manufacturing operations are included in the Refining segment, while the marketing function for these products is included in the Specialties business. The Company markets graphite and anode-grade petroleum cokes in the United States and Europe for use in a range of industries that include steel, aluminum, titanium dioxide and battery manufacturing. The Company also markets polypropylene in North America under the COPYLENE brand name for use in consumer products, and market specialty solvents that include pentane, iso-pentane, hexane, heptane and odorless mineral spirits for use in the petrochemical, agriculture and consumer markets. The Company owns interest in Excel Paralubes, a joint venture, which owns a hydrocracked lubricant base oil manufacturing plant located adjacent to the Lake Charles Refinery. The Company manufactures and sells automotive, commercial, industrial and specialty lubricants, which are marketed under the Phillips 66, Kendall and Red Line brands, as well as other private label brands.