PSX · 10-Q · 2026Q2 · Full report

Revenue Concentration Risk

Phillips 66 · 2026-08-05 · Importance 46 · Surprise 42

Dakota Access’ senior unsecured notes had an aggregate principal amount outstanding of $850 million at June 30, 2026. Phillips 66’s 25% share of the maximum potential equity contributions under the Contingent Equity Contribution Undertaking was approximately $215 million. If Dakota Access operations cease, Phillips 66 could be required to support its 25% share of ongoing expenses, including approximately $10 million of scheduled annual interest payments. The company stated that a shutdown could materially adversely affect results of operations and cash flows.

Key facts

• Results from the M&S segment increased $12 million for the three months ended June 30, 2026 and decreased $1,431 million for the six months ended June 30, 2026. source