Phillips 66 is an American energy company that was formed from a spinoff of ConocoPhillips’ downstream and midstream assets in 2012. The company operates through four main business segments: refining, midstream (processing, storing, transporting, and marketing of oil, natural gas, and natural-gas liquids), marketing, and chemicals. Phillips 66 employs approximately 14,000 people worldwide and has operations in more than 65 countries. The company owns and operates 13 refineries in the U.S. and Europe, which have a global refining capacity of 2.2 million barrels of crude oil per day. In 2020, Phillips 66 struggled in a year when oil prices plunged to all-time lows, and demand for gas and oil dropped tremendously because of the coronavirus pandemic.
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