Phillips 66 Partners’ Revenue by Segment (2016-2023)

This statistic highlights Phillips 66 Partners’ Revenue by Segment, split across Chemicals, Corporate and other, Marketing and Specialties, Midstream, and Refining, reported on a quarterly basis from Q1 2016 onwards.

Phillips 66 Partners’ Revenue by Segment

(All figures are in millions, except percentages)

The total revenue has consistently increased through the quarters. It peaked in the latest quarter of 2021, standing at $32,604 million. The revenue collected in Q3 2021 was $30,243 million. This marked a quarter-on-quarter increase of 7.8%. The year-on-year growth in revenue stood at a massive 98.7%, from Q4 2020’s revenue of $16,409 million to $32,604 million in Q4 2021.

Phillips 66 Partner’s total revenue can be further bifurcated into the following segments:

Chemicals

Marketing and Specialties (M&S)

This is the company’s greatest revenue contributor. It purchases for resale and markets refined petroleum products and renewable fuels. Additionally, the segment comprises the production and marketing of specialty products like lubricants and base oils. The revenue from M&S has consistently risen through the quarters. In the latest quarter of 2021, it recorded a revenue of $22,109 million which occupied 67.81% of the revenue total. Q3 2021 recorded a revenue collection of $20,615 million which grew QoQ by 7.25%. $10,180 million was the revenue collected in the fourth quarter of 2020. This amount grew YoY by 117.18%. Thus, the revenue more than doubled in a year. The revenue mix for Q3 2021 was 68% and that for Q4 2020 was 62%. Therefore, though the revenue amount gathered may have doubled in a year, the revenue proportion remained fairly similar. 

Refining

The company refines crude oil and other feedstocks into petroleum products like distillates, gasoline, aviation fuels, and renewable fuels, at 12 refineries spanning Europe and the United States. This segment is the company’s second-highest revenue contributor. In the latest quarter of 2021, it contributed revenue of $7.582 million which occupied 23.25% of the quarterly revenue total. The revenue grew QoQ from Q3 2021’s $7,353 million to the subsequent quarter by 3.11%. YoY revenue growth (from Q4 2020 to 2021) was 57.34%. Unlike M&S and Midstream, this segment’s revenue did not double over the period of a year. The revenue mix for Q3 2021 was 24% and that for Q4 2020 was 29%–much higher than that of the latest quarter of 2021 despite revenue being lower. 

Midstream

Midstream includes the provision of crude oil and refined petroleum product transportation, processing services, terminaling and NGL transportation, storage, processing, and marketing. The segment includes their master limited partnership (MLP), Phillips 66 Partners LP, 50% equity investment in DCP Midstream, and 16% investment in NOVONIX. The revenue contributed by this segment was the highest in Q4 2021 when it recorded $2,902 million. In Q3 2021, the revenue recorded was $2,265 million. Thus, there was a QoQ growth of 28.12%. YoY growth in revenue was a rather huge 107.14% (Q4 2020 to 2021). Hence, the revenue almost doubled over. However, the proportion of revenue contributed by Midstream in Q4 2020 was almost the same as the revenue mix of Q4 2021—9% (of their respective quarterly totals), despite the revenue doubling over.

Chemicals

This segment includes a 50% equity investment in CPChem which produces and markets plastics and petrochemicals globally. The segment was not reported in Q4 2021. It recorded $1 million in Q3 2021 and did not garner any revenue in Q4 2020. 

Corporate and other

Interest expense, general corporate overhead, and investment in new technologies are some of the corporate activities that this segment comprises. It recorded a revenue of $11 million which formed 0.03% of the quarterly revenue. Q3 2021 recorded $9 million which grew QoQ by 22.22% till the subsequent quarter. Q4 2020 recorded $9 million thereby marking a YoY growth equal to the aforementioned QoQ growth. The revenue mix for Q3 2021 was 0.05% and that for Q4 2021 was 0.03%. 

About the Company

The company was incorporated in Delaware in 2011. It is an American multinational energy company. It was established as an independent energy company when ConocoPhillips executed a spin-off of its downstream as well as midstream assets. The company headquarters are situated in Houston, Texas. The CEO of the company is Greg C. Garland. It is listed on the NYSE under the ticker symbol ‘PSX’.

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