Phillips 66 (NYSE: PSX) is a leading integrated downstream energy company. It manufactures, transports and markets fuels, lubricants, natural gas liquids and other petroleum products that drive the global economy. Headquartered in Houston, Phillips 66’s portfolio includes Midstream (pipelines and gas processing), Chemicals (via Chevron Phillips Chemical), Refining, Marketing & Specialties, and Renewable Fuels. It also holds a 50/50 stake in DCP Midstream, which processes about 12% of U.S. natural gas supplies.
Phillips 66 operates 13 refineries worldwide, with a combined crude throughput of about 2.2 million barrels per day. Its downstream infrastructure includes roughly 9,180 branded retail fuel outlets and about 21,000 miles of pipelines. The midstream segment is anchored by that 50% stake in DCP Midstream, and the chemicals segment is the Chevron Phillips Chemical joint venture. This integrated downstream focus distinguishes Phillips 66 from pure upstream firms.
In 2023, Phillips 66 delivered roughly $7.0 billion in net income and about $8.8 billion of operating cash flow. The company returned about $5.9 billion to shareholders through dividends and buybacks in 2023. Strong refining utilization and high NGL fractionation volumes supported these results. Phillips 66 has also invested in low-carbon projects, such as its Rodeo Renewed renewable diesel facility and industrial carbon capture initiatives.
Although a Fortune 500 company, Phillips 66 is smaller than the oil supermajors. Its competitors include both large integrated oil firms and independent refiners/logistics players. The following sections profile Phillips 66’s key competitors in 2025, summarizing recent financial results, operations/projects and areas where they overlap or compete with Phillips 66.
Top Competitors of Phillips 66
1. Valero Energy
Website – https://www.valero.com/
Valero Energy Corporation (NYSE: VLO) is the world’s largest independent petroleum refiner. It owns 15 refineries in the U.S., Canada and the UK, with combined crude oil throughput of roughly 3.2 million barrels per day. Valero’s asset base also includes about 3,000 miles of product pipelines and a broad fuels/petrochemicals logistics network. In 2024, Valero earned about $2.8 billion in net income (adjusted), sharply down from $8.8 billion in 2023, as refining margins plunged. It generated roughly $8.5 billion of cash flow in 2024 and returned $4.3 billion to shareholders that year.
Valero is a major renewable fuels producer. Its Diamond Green Diesel (DGD) joint venture, which makes renewable diesel from waste oils, earned $170 million in Q4 2024 (vs. $84M a year earlier). The company is expanding biofuels capacity and upgrading refineries (for example, a $230M FCC unit upgrade at its St. Charles refinery). Valero and Phillips 66 overlap in fuels markets: both supply gasoline, diesel and jet fuel along the U.S. Gulf Coast and worldwide. Valero’s larger refining footprint and global logistics network help it capture those markets at high volume.
2. Marathon Petroleum
Website – https://www.marathonpetroleum.com/
Marathon Petroleum Corporation (NYSE: MPC) is a leading U.S. refiner and fuel marketer with about 2.9 million barrels per day of capacity (post-Andeavor merger). In 2024, Marathon earned roughly $3.4 billion (adjusted), down from $9.7 billion in 2023; fourth-quarter net income was $371 million (adjusted $249M) versus $1.5B a year earlier. It generated about $8.7B of operating cash flow and returned $10.2B to shareholders in 2024. Marathon’s Gulf Coast and Rocky Mountain refineries ran at high utilization throughout 2024, producing strong throughputs even as margins softened.
Marathon’s strategy includes growth in renewable fuels and midstream. Its affiliate MPLX is developing a major NGL fractionation and export complex on the U.S. Gulf Coast. Marathon also added renewable diesel capacity: it owns a 184 million-gallon-per-year plant in Dickinson, ND, and a joint venture (with Neste) 730MGY plant at Martinez, CA. Marathon competes directly with Phillips 66 in refining and logistics: both have large Gulf Coast and West Coast refineries serving the same domestic and export markets. For example, Marathon’s refineries in Texas and California produce many of the same transportation fuels and petrochemical feedstocks as Phillips 66’s Bayway (NJ), Sweeny (TX) and Rodeo (CA) plants.
3. ExxonMobil
Website – https://corporate.exxonmobil.com/
ExxonMobil (NYSE: XOM) is the largest U.S. integrated oil company and one of the world’s biggest energy firms. In 2024, ExxonMobil earned $33.7 billion in net income (down from $36.0B in 2023) and generated $55.0 billion in operating cash flow. It distributed about $36.0B to shareholders through dividends and share repurchases in 2024. Upstream production set records (notably in the Permian Basin and Guyana), and its chemical division sold about 19.4 million tons of products in 2024. Exxon refined roughly 4.0 million barrels per day globally in 2024, with major U.S. refineries at Baytown and Baton Rouge (TX) and Torrance (CA) among others.
ExxonMobil’s large refining and chemical businesses put it in direct competition with Phillips 66’s downstream. Both companies produce and trade vast volumes of gasoline, diesel and jet fuel. For example, Exxon’s Gulf Coast refineries and export pipelines supply many of the same end markets (U.S. Northeast, Latin America) that Phillips 66’s refineries serve. In petrochemicals, ExxonMobil Chemical and Chevron Phillips Chemical (Phillips 66’s JV) are both top producers of olefins and polyolefins, competing head-to-head in the plastics feedstock markets.
4. Chevron Corporation
Website – https://www.chevron.com/
Chevron Corporation (NYSE: CVX) is a major integrated oil & gas company. It earned $17.7 billion in 2024 and returned a record $27.0 billion to shareholders via dividends and buybacks. Chevron set production records in 2024 (U.S. output up 19%) and started key projects (Anchor deepwater in the Gulf of Mexico, Tengiz Future Growth in Kazakhstan). Its downstream operations include roughly 1.9 million barrels per day of refining capacity (five wholly-owned U.S. refineries and stakes in Asia). Chevron’s downstream profit was $1.7B in 2024 (versus $6.1B in 2023) as refining margins weakened, but Chevron is investing in low-carbon fuels (for example, a renewable diesel JV with Brightmark) and carbon capture (the Bayou Bend CCS project).
Chevron’s fuel marketing (Chevron/Texaco brands) overlaps Phillips 66’s markets. Both sell gasoline and diesel across the U.S. Gulf Coast and globally. Chevron competes with Phillips 66 in refining: for example, Chevron’s U.S. refineries in Mississippi (Pascagoula), Utah (Salt Lake City) and California (Richmond, El Segundo) source similar crude blends and sell into many of the same product markets as Phillips 66’s Bayway, Sweeny and Rodeo refineries. Notably, both companies are joint owners of the Motiva Port Arthur refinery (Chevron 50%, Phillips 66 50%), making that Gulf Coast complex a shared interest.
5. Shell plc
Website – https://www.shell.com/
Shell plc (NYSE: SHEL) is a global energy and petrochemicals giant. In 2024 Shell reported $16.5 billion in net income (adjusted earnings $23.7B) and $54.7 billion in operating cash flow. The company has shifted toward “multi-energy” by investing in renewables (wind, solar, EV charging) and natural gas, while maintaining its core oil production. It sanctioned projects like the Whale deepwater field (Gulf of Mexico) and expanded its LNG and hydrogen portfolio. In 2024, Shell returned ~$22.6B to shareholders via buybacks and dividends (repurchasing $13.9B of shares and paying $8.7B in dividends).
Shell owns major refineries (e.g. Pernis in the Netherlands, Sines in Portugal, Pulau Bukom in Singapore) totaling ~900,000 barrels per day of capacity. Shell-branded fuels are sold at roughly 46,000 service stations worldwide (including about 8,000 in the U.S.). In 2024, weaker global refining margins dampened Shell’s downstream earnings, although its chemicals and LNG divisions stayed strong. Shell competes with Phillips 66 in fuels and chemicals: Shell-branded gasoline serves many of the same global markets (North America, Europe, Asia) as Phillips 66’s Conoco/Phillips 66/76 brands, and Shell Chemical’s polymers overlap the portfolio of Chevron Phillips Chemical.
6. BP plc
Website – https://www.bp.com/
BP plc (NYSE: BP) is a UK-based oil major. In 2024, BP’s underlying replacement-cost profit was about $8.9 billion (down 35% from $13.8B in 2023), with $27.3B of operating cash flow. Its upstream production was roughly 2.36 million barrels oil equivalent per day, while refining and marketing margins weakened late in the year. BP is refocusing on core assets: it is divesting non-core holdings (targeting ~$30B in sales) and investing in growth areas like LNG (Tangguh expansion) and hydrogen projects. BP guided 2025 underlying profit of $12–15B and returned about $15.0B to shareholders in 2024 (dividends + buybacks).
BP owns 11 U.S. refineries (including Texas City, Whiting IN, and Toledo OH) and a global network of service stations (BP, Amoco, ARAL brands). It is also a major biofuels producer and developing clean-energy projects. BP competes with Phillips 66 mainly in fuel supply and marketing: both companies produce large volumes of gasoline and diesel for global markets and maintain extensive distribution networks. BP’s petrochemicals ventures (for example, a large joint venture in China with Sinopec producing polyethylene/polypropylene) also overlap Chevron Phillips Chemical’s product lines.
7. TotalEnergies SE
Website – https://totalenergies.com/
TotalEnergies SE (EPA:TTE) is a French integrated energy company. In 2024 it earned $18.3 billion in adjusted net income (down 21%) and $29.9B in cash from operations. Its strategy spans oil, gas, renewables and electricity. Five major upstream projects started production in 2024 (Anchor deepwater in the U.S., Mero-2/3 in Brazil, Fenix in Argentina, Tyra in Denmark, etc.), and TotalEnergies has greenlit new developments in Suriname, Brazil and Angola. The company also invested heavily in renewables (wind, solar) and aims to expand its LNG portfolio.
TotalEnergies operates significant refining capacity in Europe (Antwerp, Normandy, Leuna, etc.) and sells products through about 16,000 service stations worldwide. It has no U.S. refineries, but is a major exporter of fuel (especially marine fuels and LPG). In global fuel and chemical markets, TotalEnergies competes with Phillips 66: its refined products (gasoline, diesel, LPG) and petrochemicals (ethylene, propylene, etc.) are sold in overlapping regions (Europe, Asia, Africa). Like Phillips 66, TotalEnergies is investing in low-carbon fuels (e.g. SAF and renewable diesel) alongside its traditional operations.
8. ENEOS Holdings
Website – https://www.hd.eneos.co.jp/english/
ENEOS Holdings (Tokyo: 5020) is Japan’s largest refiner and fuel supplier. In FY2024 (Apr 2024–Mar 2025) ENEOS’s Petroleum Products segment had revenue ~¥10.98 trillion (~$81B), but operating profit (excluding inventory effects) was only ¥163.7 billion (~$1.2B), down 47% from the prior year. ENEOS owns five major Japanese refineries (Yokkaichi, Negishi, Wakayama, Keihin, Sodegaura) that supply virtually all of Japan’s gasoline and diesel demand. The company also operates a large fuels marketing network in Japan and exports some fuel products regionally.
ENEOS is investing in low-carbon technologies. It is building Japan’s first commercial sustainable aviation fuel (SAF) plant (converting waste oils to jet fuel) and advancing large carbon-capture projects at its refineries (e.g. the Sakai CCUS facility). In 2024, ENEOS announced a ¥250 billion share buyback and raised its annual dividend to ¥26. Because ENEOS’s market is mainly domestic Asia, its products only indirectly compete with Phillips 66. However, ENEOS’s fuel and petrochemical exports do enter global markets that also take U.S. refined products and chemicals.
9. Reliance Industries
Website – https://www.ril.com/
Reliance Industries Limited (NSE: RELIANCE) is India’s largest energy and materials conglomerate. Its Oil-to-Chemicals (O2C) business centers on the Jamnagar refining/petrochemical complex – the world’s largest single-site refinery (~1.24M bpd capacity). In FY2024-25, Reliance’s O2C revenue was ₹626,921 crore (~$73.4B) with EBITDA ₹54,988 crore (~$6.4B). India’s fuel demand surged, as seen by Reliance processing 239 million tonnes of crude in 2024 (~2.1M bpd). Despite high throughput, margins were weak due to global oversupply of fuels and petrochemicals.
Reliance is rapidly expanding its integrated capacity. It has brought new steam crackers and polymer units online, adding roughly 600,000 tonnes/year of ethylene capacity. It is also developing one of the world’s largest carbon capture and hydrogen projects at Jamnagar. In fuel retail, Reliance is growing its network (over 1,000 service stations) and improving export logistics (building a dedicated diesel export terminal). Competition with Phillips 66 is mostly on the chemicals side: Reliance’s massive output of polyethylene, polypropylene and polyester feedstocks is sold globally and competes with Chevron Phillips Chemical’s polymers. Reliance’s refined fuels are largely consumed in Asia, so geographic overlap with Phillips 66’s U.S. markets is limited.
10. Sinopec (China Petroleum & Chemical)
Website – https://www.sinopecgroup.com/group/en/
Sinopec (HKEX: 0386) is China’s state-owned refining and petrochemicals giant. In 2024, Sinopec’s operating revenue was RMB 3.07 trillion (~$423B) and net profit was RMB 48.94B (~$6.74B). It processed a record 252 million tonnes of crude (~5.0M bpd) and produced 239 million tonnes of refined products (gasoline, diesel, etc.). In petrochemicals, Sinopec set new records: it produced 13.47 million tonnes of ethylene and sold 83.45 million tonnes of chemical products in 2024. Sinopec’s exports of refined fuels and chemicals have been growing (chemical exports were up ~13.1% in 2024).
Sinopec’s strategy emphasizes market integration and clean energy. It has proposed distributing 75% of profits to shareholders and is rapidly building low-carbon infrastructure. In 2024 it added over 1,000 LNG/CNG fueling stations and 10,000 EV charging outlets in China, and launched hydrogen fueling corridors. Sinopec’s products compete with Phillips 66’s on global markets. For example, Sinopec exports large volumes of gasoline, diesel and petrochemicals to Asia, Europe and the Americas – the same supply chains that Phillips 66’s outputs enter.
For scale perspective, Phillips 66’s refining throughput (~2.1M bpd) is comparable to Reliance’s (~2.1M bpd in 2024) and much smaller than Sinopec’s (~5.0M bpd). This underscores that Phillips 66’s key competitors range from similarly-sized independents to national giants.
11. Saudi Aramco
Website – https://www.aramco.com/en/
Saudi Aramco (TADAWUL: 2222) is the world’s largest oil producer by volume and market value. In 2024, Aramco reported net income of SAR 398.4 billion ($106.2B) (a 12% decline from 2023) and generated SAR 320.0B ($85.3B) in free cash flow. While Aramco dominates upstream output, it has also built extensive downstream assets: it owns or co-owns refineries worldwide (e.g. Motiva Port Arthur in the U.S., SATORP in Saudi Arabia) and holds a 68% stake in chemicals giant SABIC. Aramco continues expanding downstream capacity (upgrading units at existing refineries to make cleaner fuels and petrochemicals).
Aramco’s global reach affects the same markets as Phillips 66. Aramco supplies crude and refined products to Asia, Europe and the Americas, influencing global fuel prices. Both companies participate in joint ventures (for example, Phillips 66 co-owns Motiva with Aramco and Shell) and in petrochemicals (Aramco’s SABIC competes in polymers with Chevron Phillips Chemical). While Aramco’s advantage is scale in oil production, its downstream exports and products compete on worldwide spot markets for gasoline, diesel and plastics – directly affecting the markets where Phillips 66 sells.
Conclusion
Phillips 66’s midstream and downstream businesses operate in a highly competitive global environment. In the U.S., independent refiners Valero and Marathon Petroleum are major rivals, each serving the Gulf Coast and West Coast fuel markets that Phillips 66 targets. Large integrated oil companies – ExxonMobil, Chevron, Shell, BP and TotalEnergies – compete alongside Phillips 66 by supplying crude, refined fuels and petrochemicals worldwide. Major Asian refiners (ENEOS, Reliance, Sinopec) and Middle Eastern producers (Aramco) also shape the same markets.
Each competitor overlaps with Phillips 66 in certain areas: Valero and Marathon overlap in refining throughput and fuel exports; Shell and BP compete in fuel marketing and lubricants; Exxon and Chevron match Phillips 66’s volumes with their own U.S. refineries. All face similar trends – volatile refining margins, flat mature-market gasoline demand, and pressure to invest in low-carbon fuels. For example, Phillips 66’s Rodeo Renewed renewable diesel, Valero’s expanded biofuels and Chevron’s renewable diesel JV all respond to these trends.
Phillips 66 must leverage its integrated model (refineries + pipelines + Chevron Phillips Chemical JV) and pursue efficiency and cleaner fuels to stay competitive. Its refining throughput (~2.1M bpd) is on par with Reliance and smaller than Sinopec, highlighting the challenge of competing against larger state-backed firms. The figures above underscore the scale of competition in 2025. Phillips 66’s future success will depend on managing margin cycles, expanding low-carbon products, and using its global partnerships and operations to maintain market position in these contested energy markets.
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