Phillips 66

The Phillips 66 Company (NYSE: PSX) is an American multinational energy company headquartered in Westchase, Houston, Texas. It debuted as an independent energy company when ConocoPhillips executed a spin-off of its downstream and midstream assets. Taking its name from the 1927 "Phillips 66" trademark of ConocoPhillips predecessor Phillips Petroleum Company, Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The company is engaged in producing natural gas liquids (NGL) and petrochemicals. The company has approximately 14,000 employees worldwide and is active in more than 65 countries. Phillips 66 is ranked No. 7 on the Fortune 500 list and No. 19 on the Fortune Global 500 list as of 2015.

History

Beginning

Founded by Lee Eldas "L.E." Phillips and Frank Phillips of Bartlesville, Oklahoma, Phillips Petroleum Co. was incorporated on June 13, 1917. The new company had assets of $3 million, 27 employees and land throughout Oklahoma and Kansas. After discovery of Texas's huge Panhandle gas field in 1918 and the Hugoton Field to its north in Kansas, Phillips became increasingly involved in the rapidly developing natural gas industry. In particular, the company specialized in extracting liquids from natural gas and by 1925 was the nation's largest producer of natural gas liquids. In 1927, the company's gasoline was being tested on U.S. Highway 66 in Oklahoma, and when it turned out that the car was going 66 mph (106 km/h), which was fast at the time, the company decided to name the new fuel Phillips 66.