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Phillips 66 (PSX) Goldman Sachs Energy, CleanTech & Utilities Conference January 6, 2026 10:20 AM EST
Company Participants
Mark Lashier – CEO & Chairman
Donald Baldridge – Executive Vice President of Midstream & Chemicals
Kevin Mitchell – Executive VP & CFO
Conference Call Participants
Neil Mehta – Goldman Sachs Group, Inc., Research Division
John Mackay – Goldman Sachs Group, Inc., Research Division
Presentation
Neil Mehta
Goldman Sachs Group, Inc., Research Division
All right. We got a great turnout for this session. We’re very honored every year to have Mark come and Phillips 66 team, Kevin, Don. I’m Neil Mehta. I’m joined by my colleague, John Mackay here, and we’re going to have a great conversation on refining. This morning, we started off talking about the Permian, then we went to the Marcellus and the Haynesville and now we’re going to move to the world of refining, and there’s a lot to talk about.
So Mark, I want to give you an opportunity to talk about some of the big strategic initiatives and plans in ’26, and then we’re going to jump right into refining because there’s a lot of moving pieces. A lot of that we can talk about.
Mark Lashier
CEO & Chairman
Well, first off, Neil, I want to thank you and John and the rest of the Goldman team for hosting this every year. It’s a great way to come out of the holidays, rested and refreshed and see what’s going on in the world, and there’s a lot going on in the world. But first and foremost, I just want to make the point that Phillips 66 is positioned to deliver durable through-cycle cash flow with a ratable dividend.
We’ve got a lower volatility business model. We’re an integrated player, but we don’t have exposure to the volatility of the
