On Wednesday, Phillips 66 Chairman and CEO Mark Lashier appeared on CNBC’s ‘Squawk Box’ to share insights into the company’s strong third-quarter performance, growth opportunities and strategic priorities heading into year-end.

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Summary:

• Strategy and integration: Phillips 66 is unlocking value and boosting competitiveness through integrated Midstream, Refining and Chemicals assets.

• Culture, innovation and growth: A high-performance culture rooted in safety, honor and commitment, drives innovation, continuous improvement and long-term shareholder value.

Today & Tomorrow, a new thought leadership series from Phillips 66, highlights the company’s strategy and focus areas. In this first episode, Chairman and CEO Mark Lashier discusses strategically unlocking value and competing to win. 

From integration across Midstream, Refining and Chemicals to a high-performance culture grounded in safety, honor and commitment, Lashier shares how the company is positioned to thrive in a competitive and evolving energy landscape.

“We focus on capturing the maximum value from the marketplace, managing those molecules and leveraging our integration to be more competitive,” said Lashier. “We’ve created this environment where everybody wants to come in, compete, maximize the value of our assets and deliver consistent, growing value to our shareholders.”

Watch now to hear how strategy, integration and culture are shaping the future of Phillips 66.

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Chevron Phillips Chemical (CPChem), a joint venture between Phillips 66 and Chevron, celebrated 25 years of innovation and growth alongside the grand opening of its new headquarters this month.  

Since its founding in 2000, CPChem has grown into a leader in the petrochemicals industry, offering deep integration value to the Phillips 66 portfolio. At the ribbon-cutting ceremony in The Woodlands, Texas, Phillips 66 Chairman and CEO Mark Lashier reflected on the company’s journey and its future in his remarks to those in attendance.  

“This is a company built on bold vision and smart execution,” said Lashier, who once served as CPChem’s president and CEO. “This new headquarters is more than just a building, it’s a signal. A signal that CPChem is not just keeping pace but setting the pace for the future of work and innovation.” 

CPChem operates more than 30 manufacturing and research facilities, employs over 5,000 people on four continents and serves nearly 3,000 customers in more than 100 countries. Lashier previously commented on the synergies between CPChem and Phillips 66 during the Phillips 66 first-quarter earnings call in April, specifically mentioning the integration value found at the company’s Sweeny Hub.  

“For the last 25 years, CPChem has grown faster and more profitably than its competitors,” said Lashier. “There are synergies between CPChem and Phillips 66 as an NGL provider and as an asset operator at Sweeny, whether it’s the storage facilities at the Clemens Terminal or the physical location and streams going back and forth between assets.” 

A world-renowned leader in safety and operational excellence, CPChem has also increased production at wholly owned facilities by 21% and reduced injury rates by 87% over the last 25 years. It has also pursued world-scale projects like the Q-Chem integrated petrochemical plant, a joint venture with QatarEnergy.  

Lashier closed his remarks, noting these and other successes, pointing to employees as key drivers.  

“To every CPChem employee, past and present, this building stands because of you,” he said. “Congratulations, and here’s to the next 25 years.”  

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Phillips 66 has reached a major milestone in its Midstream growth strategy with the successful startup of the Dos Picos II gas plant in the Permian Basin last week.

The new facility plays a key role in strengthening the company’s integrated value chain — enabling greater natural gas liquids (NGL) capture and flow from the wellhead through midstream systems and into Phillips 66 fractionation and export assets.

The plant adds 220 million standard cubic feet per day (MMscfd) of processing capacity, bringing total throughput from the company’s Pinnacle acquisition assets to 440 MMscfd.

Located in the heart of the Midland Basin, Dos Picos II is a cryogenic gas processing plant featuring advanced ethane extraction capabilities. It is the first gas plant the company has built since 2019, when the last facility was constructed under DCP Midstream — marking a significant step in the ongoing expansion of Phillips 66’s NGL infrastructure.

“The momentum we’re building is impressive,” said Don Baldridge, Executive Vice President, Midstream and Chemicals. “This project reflects what our Midstream team can accomplish together. It positions us to serve our customers more efficiently and supports long-term growth.”

Strong collaboration and a disciplined focus on safety were key to the project’s success.

“Bringing this facility online safely, on schedule, and ready for performance is a direct result of the operational discipline and teamwork across our organization,” said Bill Johnson, Vice President, Midstream Operations. “Thank you to the teams across the company — including Commercial, Business Development, and Operations — who made this successful delivery possible.”

Dos Picos II is a clear example of how the company’s integrated strategy, disciplined execution and cross-functional collaboration are delivering real results, supporting long-term value creation across the company’s midstream and downstream businesses.

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Phillips 66 Chairman and CEO Mark Lashier joined CNBC’s “Squawk Box” on Friday to discuss the company’s strong second quarter performance. He also addressed the company’s strategic focus and how it’s onboarding new board members.

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• This strategic sponsorship represents an investment in brand visibility, reflecting the company’s mission to keep communities moving forward by providing energy and improving lives.   

The crack of the bat. The roar of the crowd. And now — the whistle of the Phillips 66 Home Run Train. 
 
Phillips 66 is proud to expand its relationship with the Houston Astros as the official sponsor of not just one but two beloved ballpark traditions: the long-standing Home Run Pump and, for the first time, the iconic Home Run Train atop the left-field wall at Daikin Park. 
 
Featuring Bring the Go — the unifying brand platform for the company’s corporate, fuels and lubricants businesses — the Phillips 66 Home Run Train celebrates each Astros home run with unmistakable energy. Meanwhile, the Home Run Pump continues its 22-season tradition of racking up every homer crushed at the ballpark. Together, they offer fans a high-impact, immersive brand experience that’s both exciting and meaningful. 
 
“Sponsorships like these are more than just fun — they’re a strategic investment in visibility and brand impact,” said John Field, Manager, Brand. “The Home Run Pump and Train give us an ownable presence — and a chance to show, through our brand platform, how everything we do every single day helps keep people moving forward. It’s the essence of our mission to provide energy and improve lives.” 

Phillips 66 has been the proud sponsor of the Home Run Pump, a retro gas pump that sits atop the wall in the left-center field, for more than two decades. With the addition of the newly branded Home Run Train, this season’s sponsorship elevates the company’s presence in the ballpark and strengthens its connection to fans across Houston and beyond. 

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Speaking at the Reuters Energy Transition North America 2024 conference in Houston, Harbison said the Rodeo Renewable Energy Complex is a good example of how Phillips 66 is adapting its operations while retaining its core integrated downstream businesses. 

“Our vision of being the leading integrated downstream energy provider ensures that we prioritize innovation in delivering affordable and reliable energy while exploring lower-carbon opportunities,” Harbison said. “This transformation shows how existing infrastructure can support large-scale, lower-carbon energy production.” 

Part of the Reuters Energy LIVE summit, the event brought together some 400 industry leaders to discuss strategies for advancing sustainable energy. While Harbison talked about the company’s vision, he also discussed its mission of providing energy and improving lives. 

“That mission drives everything we do as we strive to meet today’s energy needs while preparing for the future,” he said.  

Harbison highlighted workforce development as a key part of Phillips 66’s strategy, focusing on equipping employees with skills for traditional and emerging energy roles. The company provides technical and leadership training for employees at all levels, from new hires to executives. 

To build its talent pipeline, Phillips 66 also partners with universities and offers internship programs, identifying promising candidates early and providing pathways for meaningful careers within the company. 

“Investing in people is essential to our success,” Harbison said. “We focus on aligning individual roles with the company’s vision, creating opportunities for growth and fostering a sense of empowerment.” 

Harbison said Phillips 66 would continue to work toward meeting global energy needs through scalable, proven solutions. “Our ability to meet global energy needs depends on scaling proven solutions,” he said. 

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Trust, transparency and simplicity.

Those are the keys to doing business, Phillips 66 Chairman and CEO Mark Lashier told an executive panel in Oklahoma City.

“You’ve got to have trust-based relationships with the people you do business with,” said Lashier at an Oklahoma Energy Institute event held in collaboration with the American Association of Professional Landmen. “You’ve got to be transparent with them and keep things as simple as possible. That’s how things get done.”

Lashier spoke alongside Rick Muncrief, president and CEO of Devon Energy, an Oklahoma City exploration and production company, and Pierce Norton, president and CEO of midstream operator ONEOK, based in Tulsa.

Moderated by Ann Bluntzer, executive director of Oklahoma State University’s Hamm Institute for American Energy, the panel touched on a range of topics, from business practices like trust, transparency and simplicity to energy policy to technology.

Looking ahead, Lashier said he expects some permitting reform and a stable tax outlook, but he said both traditional and renewable fuels will be needed to meet energy demand. “Consistent energy policy is what we’re after,” he said.

“It’s going to be an all-of-the-above solution,” said Lashier. “We need technologies with the lowest impact on the environment, and also high energy density liquid hydrocarbons that allow you to move around in ways that are safe.”

On technology, Lashier said Phillips 66’s history of innovation has allowed the company to embrace artificial intelligence.

“AI boils down to helping our people make better decisions faster and to positioning us better in the marketplace,” said Lashier. “We’re going to continue to provide energy no matter what the molecule is, and to focus on molecule management the best possible way to get you the products you need to improve your lives.”

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Phillips 66’s Midstream organization is more than 3,500 employees strong, doubling in size over 18 months and adding $644 million to the company’s third-quarter earnings.

“Safety, reliability and earnings are all coming together consistently in Midstream, and that’s a testament to the caliber of our people and alignment to our corporate strategy,” said Bill Johnson, Vice President of Midstream Operations.

Midstream’s success and transformation stem from portfolio optimization, disciplined cost management and hard work from dedicated individuals across the business to drive operational synergies. The goal: capitalize on rising U.S. production and increasing global demand for liquid petroleum gases.

“We see a lot of growth opportunities in the NGL value chain,” said Don Baldridge, Executive Vice President of Midstream and Chemicals. “We’re well positioned to expand our presence in this area.”

Key acquisitions like DCP Midstream LP in 2023 and Pinnacle Midstream in 2024 have contributed to the company’s wellhead-to-market strategy. Several divestitures have also shaped the business into what it is today, including the sale of the company’s 25% interest in the Rockies Express Pipeline to Tallgrass Energy LP for $1.275 billion. These transactions are a significant part of the company’s $3 billion asset divestiture commitment, with $2.7 billion already delivered.

“When an asset is worth more to another company than it is to us, that’s when we consider divestment,” said Baldridge. “We want to retain or acquire assets that best integrate with our existing downstream infrastructure and support our NGL value chain.”

That’s why the Pinnacle acquisition makes sense, adding a 220 MMCFD gas plant and 80 miles of gathering pipeline to complement Phillips 66’s existing regional footprint and providing a platform for growth in the NGL-rich Permian Basin. The business is already planning a follow-on processing plant expansion, which is expected to be completed in mid-2025.

“Reliability is key to staying competitive,” said Michael Andrew, Managing Director, Midstream Commercial and BD. “Our recent strategic moves help us get the right products to the right market reliably and efficiently.”

As Midstream grows its portfolio, it’s also capturing synergies. It exceeded its target of $400 million in run-rate synergies from the DCP integration and is on track to achieve more than $55 million in run-rate savings through Business Transformation efforts.

“Our teams have seized opportunities to do things differently and more efficiently to capture value,” said Michelle Hilger, GM, Technical Services and Innovation, Midstream Operations. “We pursue continuous improvement as a core part of our culture.”

In addition to capturing the growing NGL market, Phillips 66’s Midstream business is vital in the safe transportation and logistics of refined products to meet gasoline demand. With a fully integrated Midstream value chain, including a robust Chemicals business, Baldridge invites anyone interested in the future of energy to explore career opportunities at Phillips 66.  

“With avenues into crude and clean products, NGLs, gas processing and chemicals, we have diverse career opportunities,” said Baldridge. “We need talented people up and down our value chain to help us meet the energy demands of the future and grow together.”

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Lashier shared those thoughts recently at the New York Stock Exchange, appearing on the “Inside the ICE House” podcast to discuss a variety of topics. While speaking about the energy transition, recent acquisitions and the company’s social impact efforts, Lashier emphasized Phillips 66’s continuous evolution.   

“We’ve been transforming and changing what we do and how we do it for 125 years,” he said. “Every engineer, every operator, every accountant that we have in the company is committed to figuring out better ways to do what we do every day. It’s a journey of continuous improvement throughout our history.” 

Other highlights included the Phillips 66 Rodeo Renewable Energy Complex, the company’s acquisition of DCP in 2023 and Lashier’s personal journey – from considering the medical field to pursuing a career in chemical engineering.  

To listen to the interview, click the image below.  

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