PSX · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Phillips 66 · 2026-08-05 · Importance 49 · Surprise 32 · From source text
At June 30, 2026, Phillips 66 held $4.1 billion of cash and cash equivalents, $20.6 billion of total debt and $6.4 billion of committed credit capacity available. During the first six months, operating cash flow was $5 billion, cash increased by $3 billion and net debt borrowings were $1 billion, while capital spending totaled $1.3 billion. Total debt increased from $19.7 billion at December 31, 2025, and the debt-to-capital ratio was 39% at June 30, 2026. The company had $1.25 billion outstanding under a $2.25 billion term loan at June 30, 2026, but fully repaid that balance on July 31, 2026.
Key facts
- Phillips 66 has a $5 billion revolving credit agreement with a scheduled maturity date of February 28, 2029, with an option to increase capacity to $6 billion and to extend maturity up to two additional one-year terms. source
- Phillips 66 is targeting reductions of total debt to $17 billion by the end of 2027. source
- On March 13, 2026, Phillips 66 amended the Receivables Securitization Facility to increase the maximum size from $1.25 billion to $1.75 billion and permit future increase up to $2 billion. source
- Phillips 66 is targeting reductions of its debt-to-capital ratio by the end of 2027. source
- Phillips 66 had net debt repayments of $6.7 billion in the second quarter of 2026. source
- Our debt balance was $20.6 billion at June 30, 2026 and $19.7 billion at December 31, 2025. source
- At June 30, 2026, Phillips 66 had total assets of $81.8 billion. source
- Our 25% share of the maximum potential equity contributions under the Contingent Equity Contribution Undertaking (CECU) was approximately $215 million at June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -8.2% | Phillips 66 had net debt repayments of $6.7 billion in the second quarter of 2026. |
| cash | negative | realized | -8.2% | Phillips 66 had net debt repayments of $6.7 billion in the second quarter of 2026. |
| assets | positive | realized | +5.7% | The Obligor Group total assets were $38,886 million at June 30, 2026 and $34,251 million at December 31, 2025. |
| liability | negative | realized | -5.0% | The Obligor Group total liabilities were $51,155 million at June 30, 2026 and $47,031 million at December 31, 2025. |
| liability | positive | probable | +2.2% | Phillips 66 is targeting reductions of total debt to $17 billion by the end of 2027. |
| liability | negative | contingent | -1.5% | At June 30, 2026 $15.9 billion of publicly held debt securities had been guaranteed by the Obligor Group (Phillips 66 and Phillips 66… |
| liability | negative | realized | -1.1% | Our debt balance was $20.6 billion at June 30, 2026 and $19.7 billion at December 31, 2025. |
| liability | negative | committed | -0.2% | Our 25% share of the maximum potential equity contributions under the Contingent Equity Contribution Undertaking (CECU) was approximately… |
| net_income | negative | contingent | 0.0% | If operations cease, scheduled interest payments on the notes are approximately $10 million annually that we could be required to support. |