Phillips 66

PSX · Petroleum Refining · 400.9M shares · -0%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $3.7B (gross $4.0B, SBC $297M)

Reference price $171.56 · est. market cap ~$68.8B — last insider sale, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B81

Large integrated downstream energy franchise with top-decile ROE and strong cash generation, held back by refining cyclicality.

Strengths

ROE 15.1% (90th pct) and ROA 6.0% (77th pct) — strong returns for the sector
Diversified Midstream/Chemicals/M&S earnings stream with fee-based stability and low leverage (D/E 0.04)
$5B operating cash flow funding dividends, buybacks and Midstream growth

Risks

Refining margins are cyclical and volatile, driving lumpy earnings
LA refinery idling and ongoing portfolio restructuring
Commodity and regulatory (RFS/low-carbon) policy exposure

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $1.1B cash & investments
Insider sellingInsider selling — 10 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$22M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $33.3B2025-09-30 · $34.5B2025-12-31 · $34.1B2026-03-31 · $32.5B

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

12.3%

Net margin

3.3%

Return on equity

15.1%

Return on assets

6.0%

Revenue growth (QoQ)

-4.6%

Net-income growth

108.0%

Debt / equity

0.0×

Current ratio

1.3×

Tangible book value

$26.7B

Cash & investments

$1.1B

Stock comp / revenue

0.2%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-11	Mitchell Kevin J	Option exercise	600	$94.97
2026-05-11	Mitchell Kevin J	Sell	600	$171.56
2026-05-08	Mitchell Kevin J	Option exercise	24K	$94.97
2026-05-08	Mitchell Kevin J	Sell	29K	$170.00
2026-05-08	Mitchell Kevin J	Option exercise	5.4K	$94.85
2026-05-06	Meyers Kevin Omar	Buy	175	$173.12
2026-04-01	Baldridge Don	Tax withheld	5.9K	$177.21
2026-03-30	Mitchell Kevin J	Option exercise	16K	$94.97
2026-03-30	Mitchell Kevin J	Sell	16K	$190.07
2026-03-17	Meyers Kevin Omar	Buy	175	$173.20
2026-03-16	Ungerleider Howard I	Grant	949	$172.84
2026-03-16	Meyers Kevin Omar	Grant	949	$172.84
2026-03-13	Davis Lisa Ann	Sell	3.8K	$174.37
2026-03-12	Mandell Brian	Option exercise	43K	$89.57
2026-03-12	Mandell Brian	Sell	43K	$169.53
2026-03-05	Mitchell Kevin J	Sell	17K	$168.22
2026-03-05	Mitchell Kevin J	Option exercise	17K	$94.85
2026-03-04	Mitchell Kevin J	Sell	4.9K	$165.03
2026-03-04	Mitchell Kevin J	Option exercise	4.9K	$94.85
2026-02-17	Baldridge Don	Sell	7.5K	$160.00
2026-02-10	Mitchell Kevin J	Grant	11K	$156.70
2026-02-10	Mandell Brian	Grant	7.2K	$156.70
2026-02-10	Baldridge Don	Grant	7.1K	$156.70
2026-02-10	Kluppel Ann M	Grant	2.0K	$156.70
2026-02-10	Harbison Richard G	Grant	8.2K	$156.70
2026-02-10	Lashier Mark E	Grant	29K	$156.70
2026-02-10	Sutherland Vanessa Allen	Grant	7.5K	$156.70
2026-02-07	Mitchell Kevin J	Tax withheld	3.4K	$156.93
2026-02-07	Kluppel Ann M	Tax withheld	228	$156.93
2026-02-07	Harbison Richard G	Tax withheld	1.4K	$156.93
2026-02-07	Lashier Mark E	Tax withheld	9.7K	$156.93
2026-02-07	Sutherland Vanessa Allen	Tax withheld	1.7K	$156.93
2026-02-07	Mandell Brian	Tax withheld	2.2K	$156.93
2026-02-07	Baldridge Don	Tax withheld	604	$156.93
2026-02-04	Sutherland Vanessa Allen	Sell	4.4K	$150.00
2026-01-15	Pease Robert W	Grant	1.4K	$140.56
2026-01-15	HEARNE ANDREW NIGEL	Grant	1.4K	$140.56
2026-01-15	Terreson Douglas T	Grant	1.4K	$140.56
2026-01-15	Davis Lisa Ann	Grant	1.4K	$140.56
2026-01-15	Whiteford Grace Puma	Grant	1.4K	$140.56
2026-01-15	Singleton Denise R	Grant	1.4K	$140.56
2026-01-15	Bushman Julie L	Grant	1.4K	$140.56
2026-01-15	CORNELIUS SIGMUND L	Grant	1.4K	$140.56
2026-01-15	Heim Michael A	Grant	1.4K	$140.56
2026-01-15	WHITTINGTON MARNA C	Grant	1.4K	$140.56
2026-01-15	HAYES GREGORY	Grant	1.4K	$140.56
2026-01-15	HOLLEY CHARLES M	Grant	1.4K	$140.56
2026-01-15	TILTON GLENN F	Grant	1.4K	$140.56
2026-01-09	Sutherland Vanessa Allen	Sell	4.4K	$145.00
2025-12-10	Kluppel Ann M	Tax withheld	72	$141.37
2025-12-10	Harbison Richard G	Tax withheld	319	$141.37
2025-12-10	Lashier Mark E	Tax withheld	1.2K	$141.37
2025-12-10	Mitchell Kevin J	Tax withheld	445	$141.37
2025-12-10	Mandell Brian	Tax withheld	299	$141.37
2025-12-10	Baldridge Don	Tax withheld	257	$141.37
2025-12-01	HAYES GREGORY	Grant	93	$138.77
2025-12-01	Mandell Brian	Option exercise	26K	$94.97
2025-12-01	Mandell Brian	Sell	26K	$140.04
2025-11-18	Mandell Brian	Option exercise	14K	$78.47
2025-11-18	Mandell Brian	Sell	14K	$137.40
2025-11-18	Mandell Brian	Option exercise	12K	$94.85
2025-11-18	Mandell Brian	Sell	12K	$138.00
2025-11-07	Mitchell Kevin J	Option exercise	16K	$94.85
2025-11-07	Mitchell Kevin J	Option exercise	14K	$74.70
2025-11-07	Mitchell Kevin J	Sell	30K	$138.00
2025-11-03	HAYES GREGORY	Grant	94	$136.75
2025-10-01	HAYES GREGORY	Grant	95	$135.34
2025-09-26	Sutherland Vanessa Allen	Sell	4.4K	$140.00
2025-09-09	Sutherland Vanessa Allen	Sell	4.4K	$135.00
2025-09-02	HAYES GREGORY	Grant	97	$132.98
2025-08-14	HAYES GREGORY	Buy	8.3K	$119.90
2025-08-01	HAYES GREGORY	Grant	107	$120.78
2025-07-31	CORNELIUS SIGMUND L	Buy	500	$123.55
2025-07-30	Heim Michael A	Buy	1.0K	$125.97
2025-07-08	Sutherland Vanessa Allen	Sell	4.4K	$130.00
2025-07-01	HAYES GREGORY	Grant	106	$121.65
2025-07-01	Lashier Mark E	Tax withheld	2.2K	$121.65
2025-06-18	Mandell Brian	Sell	9.8K	$125.00
2025-06-18	Mandell Brian	Option exercise	9.8K	$78.62
2025-06-06	CORNELIUS SIGMUND L	Grant	1.0K	$113.97
2025-06-06	Heim Michael A	Grant	1.0K	$113.97
2025-06-06	HEARNE ANDREW NIGEL	Grant	1.0K	$113.97
2025-06-05	Lashier Mark E	Gift	16K	—
2025-06-05	Lashier Mark E	Gift	16K	—
2025-06-02	HAYES GREGORY	Grant	114	$113.27
2025-05-22	Pease Robert W	Buy	439	$113.85
2025-05-16	Lashier Mark E	Gift	16K	—
2025-05-16	Lashier Mark E	Gift	16K	—
2025-05-01	HAYES GREGORY	Grant	124	$104.53
2025-04-01	HAYES GREGORY	Grant	105	$122.58
2025-03-03	HAYES GREGORY	Grant	102	$127.80
2025-02-27	Baldridge Don	Tax withheld	3.9K	$126.96
2025-02-11	Kluppel Ann M	Grant	1.9K	$129.83
2025-02-11	Lashier Mark E	Grant	32K	$129.83
2025-02-11	Sutherland Vanessa Allen	Grant	8.4K	$129.83
2025-02-11	Harbison Richard G	Grant	8.5K	$129.83
2025-02-11	Mitchell Kevin J	Grant	12K	$129.83
2025-02-11	Golodryga Zhanna	Grant	4.8K	$129.83
2025-02-11	Mandell Brian	Grant	8.0K	$129.83
2025-02-11	Baldridge Don	Grant	6.9K	$129.83
2025-02-08	Golodryga Zhanna	Tax withheld	1.1K	$120.78
2025-02-08	Kluppel Ann M	Tax withheld	238	$120.78
2025-02-08	Mitchell Kevin J	Tax withheld	3.7K	$120.78
2025-02-08	Sutherland Vanessa Allen	Tax withheld	2.7K	$120.78
2025-02-08	Mandell Brian	Tax withheld	2.0K	$120.78
2025-02-08	Harbison Richard G	Tax withheld	599	$120.78
2025-02-08	Lashier Mark E	Tax withheld	5.4K	$120.78
2025-02-03	HAYES GREGORY	Grant	111	$116.82
2025-01-17	Sutherland Vanessa Allen	Tax withheld	12K	$119.86
2025-01-15	WHITTINGTON MARNA C	Grant	1.7K	$118.78
2025-01-15	Adams Gary Kramer	Grant	1.7K	$118.78
2025-01-15	Whiteford Grace Puma	Grant	1.7K	$118.78
2025-01-15	Ramos Denise L	Grant	1.7K	$118.78
2025-01-15	Singleton Denise R	Grant	1.7K	$118.78
2025-01-15	Davis Lisa Ann	Grant	1.7K	$118.78
2025-01-15	HAYES GREGORY	Grant	1.7K	$118.78
2025-01-15	Terreson Douglas T	Grant	1.7K	$118.78
2025-01-15	Pease Robert W	Grant	1.7K	$118.78
2025-01-15	LOWE JOHN E	Grant	1.7K	$118.78
2025-01-15	TILTON GLENN F	Grant	1.7K	$118.78
2025-01-15	Bushman Julie L	Grant	1.7K	$118.78
2025-01-15	HOLLEY CHARLES M	Grant	1.7K	$118.78
2025-01-02	HAYES GREGORY	Grant	113	$114.66
2024-12-31	Baldridge Don	Tax withheld	5.9K	$113.16

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (0)

Suppliers (1)

EVOLUTION PETROLEUM CORP

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-05-14	Shareholder vote	filing ↗
2026-04-29	ResultsExhibits	filing ↗
2026-04-06	ResultsExhibits	filing ↗
2026-03-18	Material agreementDebt obligationExhibits	filing ↗
2026-03-09	Exec/director change	filing ↗
2026-02-04	ResultsExhibits	filing ↗
2025-10-29	ResultsExhibits	filing ↗
2025-09-30	Material agreementDebt obligationExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-14	2026-05-13	0001193125-26-224232 ↗
8-K	2026-04-29	2026-04-29	0001534701-26-000020 ↗
10-Q	2026-04-29	2026-03-31	0001534701-26-000022 ↗
8-K	2026-04-06	2026-04-06	0001534701-26-000015 ↗
8-K	2026-03-18	2026-03-13	0001193125-26-114070 ↗
8-K	2026-03-09	2026-03-06	0001193125-26-097469 ↗
10-K	2026-02-20	2025-12-31	0001534701-26-000006 ↗
8-K	2026-02-04	2026-02-04	0001534701-26-000003 ↗
8-K	2025-10-29	2025-10-29	0001534701-25-000153 ↗
10-Q	2025-10-29	2025-09-30	0001534701-25-000155 ↗
8-K	2025-09-30	2025-09-29	0001193125-25-225107 ↗
8-K	2025-09-18	2025-09-16	0001193125-25-207435 ↗