PSX · 10-Q · 2026Q2 · Full report

Acquisitions and Divestitures

Phillips 66 · 2026-08-05 · Importance 47 · Surprise 60

On October 1, 2025, Phillips 66 acquired the remaining 50% ownership interest in WRB from subsidiaries of Cenovus Energy Inc., bringing 100% of the Borger and Wood River refineries into consolidated results. The WRB acquisition increased operating expenses by $370 million in the second quarter and $629 million in the first six months of 2026, partially offset by lower costs after the Los Angeles Refinery ceased operations. Phillips 66 sold 65% of its Germany and Austria Marketing business in December 2025 and recognized a $110 million post-closing-adjustment gain in the second quarter of 2026. The company’s 2025 sale of its 49% Coop investment generated $1.2 billion of cash proceeds and a $1 billion before-tax gain, reducing the six-month 2026 comparison with 2025.

Key facts

• On January 31, 2025, Phillips 66 sold its 49% ownership interest in Coop and received cash proceeds of $1.2 billion, consisting of a sales price of $1.15 billion and a final dividend of $92 million. source
• On January 30, 2025, DCP LP sold its 25% ownership interest in GCX for cash proceeds of $853 million. source
• On April 28, 2026 we acquired the assets and associated infrastructure of the Lindsey Oil Refinery for a purchase price of $115 million. source
• The Lindsey acquisition will provide storage and other infrastructure assets to enhance Humber Refinery operations and improve fuel supply to U.K. customers upon integration with the Humber Refinery. source
• Net gain on dispositions for the three months ended June 30, 2026 was $117 million, compared with a net loss on dispositions of $93 million for the three months ended June 30, 2025. source
• For the six months ended June 30, 2026 and 2025, Phillips 66 had a net gain on dispositions of $123 million and $994 million, respectively. source