Phillips 66 is a Downstream (Refining) and Midstream (Transportation) company that has core business units in Midstream, Chemicals, Refining, and Marketing & Specialties.

Midstream: Provides crude oil and refined product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, processing and marketing services, mainly in the United States. This segment includes our investment in DCP Midstream and our 16% investment in NOVONIX Limited.

Chemicals: Consists of our 50% joint venture interest in CPChem, which manufactures and markets petrochemicals and plastics worldwide. CPChem has cost-advantaged assets concentrated in North America and the Middle East. Our new Phillips 66 Chemicals business will allow us to leverage our assets. Phillips 66 Chemicals focuses on Solvents and Polypropylene.

Refining: Refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels at 12 refineries in the United States and Europe.

Product output of refineries will change in the future. As gasoline and diesel demand changes, we will need determine new placement for these molecules and have been looking at the chemicals space.

Marketing and Specialties: Markets refined petroleum products and renewable fuels, mainly in the United States and Europe. The segment also includes the manufacturing and marketing of specialty products such as base oils and lubricants.