PHILLIPS 66, DEF 14A filed on 4/2/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Phillips 66
Entity Central Index Key 0001534701
v3.26.1
Pay vs Performance Disclosure
 6 Months Ended 12 Months Ended
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Year
Summary
Compensation
Table Total for
First PEO(1)
($)
Summary
Compensation
Table Total
 for Second
PEO(1)
($)
Compensation
Actually Paid
to First
PEO(2)
($)
Compensation
Actually Paid
to Second
PEO(2)
($)
Average
Summary
Compensation
Table Total
 for Non-PEO
NEOs(3)
($)
Average
Compensation
Actually Paid
to Non-PEO
NEOs(2),(3)
($)
Value of Initial Fixed $100
Investment Based On:		GAAP
Net
Income
(Loss)
($ MM)
Annual
Adjusted
PSP
ROCE(5)
(%)
Total
Shareholder
Return(4)
($)
Peer Group
Total
Shareholder
Return(4)
($)
(a)
(b)
(b)
(c)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
202523,113,403 — 32,433,844 — 7,441,786 9,973,548 224.57 342.94 4,528 9.5 
202422,586,946 — 20,026,633 — 7,234,588 5,645,898 191.02 283.16 2,175 7.0 
202319,409,262 — 34,732,785 — 8,830,452 18,432,934 216.10 250.96 7,239 16.9 
202218,229,917 16,288,870 36,488,607 24,349,594 7,564,734 12,019,418 162.32 193.73 11,391 24.5 
202120,953,206 — 21,535,633 — 8,163,303 7,817,258 108.50 132.63 1,594 8.5 
        
Company Selected Measure Name     Adjusted PSP ROCE        
Named Executive Officers, Footnote     For 2025, 2024 and 2023, the first Principal Executive Officer ("PEO") reflected in column (b) refers to Mr. Lashier, President and Chief Executive Officer until May 15, 2024 and Chairman and Chief Executive Officer beginning on May 15, 2024. For 2022 and 2021, the first PEO reflected in column (b) refers to Greg Garland, Chairman and Chief Executive Officer until June 30, 2022 and Executive Chairman from July 1, 2022 to May 15, 2024. For 2022, the second PEO reflected in column (b) refers to Mr. Lashier, President and Chief Operating Officer until June 30, 2022, and President and Chief Executive Officer beginning July 1, 2022.The Non-PEO NEOs reflected in columns (d) and (e) represent the following individuals: For 2025, Mr. Mitchell, Mr. Mandell, Mr. Harbison, and Ms. Sutherland; for 2024, Mr. Mitchell, Mr. Mandell, Mr. Harbison, Ms. Sutherland, and Mr. Roberts; for 2023, Mr. Garland, Mr. Mitchell, Mr. Mandell, and Mr. Roberts, for 2022, Mr. Mitchell, Ms. Sutherland, Mr. Mandell, and Mr. Roberts; and for 2021, Mr. Lashier, Mr. Mitchell, Mr. Roberts, and Mr. Herman.        
Peer Group Issuers, Footnote     These values represent the cumulative value of a $100 investment in our common stock and in the peer group, including reinvestment of dividends, at market close on December 31, 2020. The Peer Group TSR in column (g) represents the market capitalization-weighted average of our peer group used for purposes of Item 201(e) of Regulation S-K, which is composed of: Delek US Holdings, Inc.; HF Sinclair Corporation; Marathon Petroleum Corporation; PBF Energy Inc.; Valero Energy Corporation; CVR Energy Inc.; Dow Inc.; Westlake Corporation; LyondellBasell Industries N.V; ONEOK, Inc.; Targa Resources Corp.; and The Williams Companies, Inc.        
PEO Total Compensation Amount     $ 23,113,403        
PEO Actually Paid Compensation Amount     $ 32,433,844        
Adjustment To PEO Compensation, Footnote     To calculate CAP for 2025, the following adjustments were made to Summary Compensation Table total compensation, in accordance with SEC rules.
Compensation Actually Paid to PEO2025
(Mr. Lashier)
Summary Compensation Table Total23,113,403 
Less, value of “Stock Awards” reported in Summary Compensation Table(16,185,204)
Less, Change in Pension Value reported in Summary Compensation Table(558,558)
Plus, year-end fair value of outstanding and unvested equity awards granted in the year15,936,834 
Plus, fair value as of vesting date of equity awards granted and vested in the year(a)
167,495 
Plus (less), year-over-year change in fair value of outstanding and unvested equity awards granted in prior years2,206,630 
Plus (less), change in fair value from fiscal year end until the vesting date of equity awards granted in prior years that vested in the year7,045,496 
Plus, the value of dividend equivalents or other earnings paid on equity awards in the year430,220 
Plus, pension service cost for services rendered during the year 277,529 
Compensation Actually Paid to PEO32,433,844 
(a)Represents value of RSUs withheld to satisfy Federal Insurance Contributions Act ("FICA") tax obligations.
        
Non-PEO NEO Average Total Compensation Amount     $ 7,441,786 $ 7,234,588 $ 8,830,452 $ 7,564,734 $ 8,163,303
Non-PEO NEO Average Compensation Actually Paid Amount     $ 9,973,548 5,645,898 18,432,934 12,019,418 7,817,258
Adjustment to Non-PEO NEO Compensation Footnote    
Average Compensation Actually Paid to Non-PEO NEOs2025
Average Summary Compensation Table Total7,441,786 
Less, average value of “Stock Awards” reported in Summary Compensation Table(4,679,860)
Less, average Change in Pension Value reported in Summary Compensation Table(450,684)
Plus, average year-end fair value of outstanding and unvested equity awards granted in the year4,548,116 
Plus, average fair value as of vesting date of equity awards granted and vested in the year(a)
107,473 
Plus (less), average year over year change in fair value of outstanding and unvested equity awards granted in prior years614,147 
Plus (less), average change in fair value from fiscal year end until the vesting date of equity awards granted in prior years that vested in the year2,133,327 
Plus, the average value of dividend equivalents or other earnings paid on equity awards in the year118,040 
Plus, average pension service cost for services rendered during the year 141,202 
Average Compensation Actually Paid to Non-PEO NEOs9,973,548 
(a)Represents value of RSUs withheld to satisfy FICA tax obligations. 		       
Compensation Actually Paid vs. Total Shareholder Return    
CAP versus Total Shareholder Return
The chart below illustrates the relationship between Compensation Actually Paid to our PEO(s), the average of Compensation Actually Paid to our non-PEO NEOs, and the Company’s and peer group cumulative TSR since December 31, 2020.
03_PRO013581 bar_CAPvs_TSR.jpg
        
Compensation Actually Paid vs. Net Income    
CAP versus Net Income
The chart below illustrates the relationship between Compensation Actually Paid to our PEO(s), the average of Compensation Actually Paid to our non-PEO NEOs, and the Company's Net Income during the five most recently completed fiscal years.
03_PRO013581 bar_CAPvs_NetIncome.jpg
        
Compensation Actually Paid vs. Company Selected Measure    
CAP versus Annual Adjusted PSP ROCE
The chart below illustrates the relationship between Compensation Actually Paid to our PEO(s), the average of Compensation Actually Paid to our non-PEO NEOs, and the Company's three-year performance period average Adjusted PSP ROCE during the five most recently completed fiscal years.
03_PRO013581 bar_CAPvs_ROCE.jpg
        
Total Shareholder Return Vs Peer Group    
CAP versus Total Shareholder Return
The chart below illustrates the relationship between Compensation Actually Paid to our PEO(s), the average of Compensation Actually Paid to our non-PEO NEOs, and the Company’s and peer group cumulative TSR since December 31, 2020.
03_PRO013581 bar_CAPvs_TSR.jpg
        
Tabular List, Table    
Most Important Performance Measures
•Adjusted VCIP EBITDA
•Adjusted VCIP Controllable Costs
•Adjusted PSP ROCE
•3-Year Relative TSR
        
Total Shareholder Return Amount     $ 224.57 191.02 216.10 162.32 108.50
Peer Group Total Shareholder Return Amount     342.94 283.16 250.96 193.73 132.63
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest     $ 4,528,000,000 $ 2,175,000,000 $ 7,239,000,000 $ 11,391,000,000 $ 1,594,000,000
Company Selected Measure Amount     9.5 7.0 16.9 24.5 8.5
PEO Name Mr. Lashie Greg Garland Mr. Lashier Mr. Lashier Mr. Lashier Greg Garland Greg Garland
Additional 402(v) Disclosure     The charts that follow depict the relationship of CAP to our PEOs and other NEOs to (i) the TSR of the Company and its peer group (as described in Footnote 4 above), (ii) the Company's net income, and (iii) the Company's annual Adjusted PSP ROCE. Pursuant to Item 402(v) of Regulation S-K, CAP reflects adjustments to the fair value of equity awards during the years presented. Changes in our stock price and the projected and actual achievement of our performance goals greatly impact the total CAP reported for each year presented. For example, our annual TSR performance of 9%, 50%, 33%, -12%, and 18% for 2021, 2022, 2023, 2024, and 2025, respectively, contributed to significant changes in CAP values reported for each year.        
Measure:: 1              
Pay vs Performance Disclosure              
Name     •Adjusted PSP ROCE        
Non-GAAP Measure Description     See Appendix A for a reconciliation of Adjusted PSP ROCE to the nearest GAAP financial measure.        
Measure:: 2              
Pay vs Performance Disclosure              
Name     •Adjusted VCIP EBITDA        
Measure:: 3              
Pay vs Performance Disclosure              
Name     •Adjusted VCIP Controllable Costs        
Measure:: 4              
Pay vs Performance Disclosure              
Name     •3-Year Relative TSR        
Lashier [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 23,113,403 $ 22,586,946 $ 19,409,262 $ 16,288,870  
PEO Actually Paid Compensation Amount     32,433,844 $ 20,026,633 $ 34,732,785 24,349,594  
Garland [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount           18,229,917 $ 20,953,206
PEO Actually Paid Compensation Amount           $ 36,488,607 $ 21,535,633
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (558,558)        
PEO | Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     277,529        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (16,185,204)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     15,936,834        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,206,630        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     167,495        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     7,045,496        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     430,220        
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (450,684)        
Non-PEO NEO | Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     141,202        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (4,679,860)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     4,548,116        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     614,147        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     107,473        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,133,327        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 118,040        
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
The HRCC generally grants LTI awards to our executive officers, including each of the NEOs, at its regularly scheduled February meeting of each year. In certain circumstances, including the hiring, promotion or retention of an individual, the HRCC may approve grants to be effective at other times. The HRCC did not take material nonpublic information into account when determining the timing and terms of equity awards in 2025 and did not time the disclosure of material nonpublic information in 2025 for the purpose of affecting the value of executive compensation.
Award Timing Method The HRCC generally grants LTI awards to our executive officers, including each of the NEOs, at its regularly scheduled February meeting of each year. In certain circumstances, including the hiring, promotion or retention of an individual, the HRCC may approve grants to be effective at other times.
Award Timing Predetermined true
Award Timing MNPI Considered true
Award Timing, How MNPI Considered The HRCC did not take material nonpublic information into account when determining the timing and terms of equity awards in 2025 and did not time the disclosure of material nonpublic information in 2025 for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true