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Phillips 66 (PSX) Risk Factors

EnergyLatest 10-K filed Feb 20, 2026Source: SEC EDGAR

WealthWire extracted and classified 38 risk factors from Phillips 66’s latest SEC filing, mapping each to a standardized risk taxonomy so they can be compared across every company and sector. The breakdown below shows how those disclosures distribute across risk categories.

ESG & reputation

13 factors

Financial

6 factors

Legal & regulatory

6 factors

Operations & people

6 factors

Market & business

5 factors

Technology

2 factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Phillips 66 surfaced in its latest filing.

  • Conversion of the San Francisco Refinery into the Rodeo Complex.
  • California Senate Bill No. 2 (SBx 1-2) enacted, authorizing a maximum gross gasoline refining margin, financial penalties, expanded reporting obligations for California facilities to the California Energy Commission (CEC), creation of the Division of Petroleum Market Oversight, and regulation of facility turnaround and maintenance timing; currently in rulemaking.
  • California Assembly Bill 398 directs cap-and-trade parameters post-2020 to meet a 40% GHG reduction target from 1990 levels by 2030 under Senate Bill 32.
  • CARB adopted regulations to ban sales of new internal combustion engine cars in California from 2035.2022
  • CARB adopted its 2022 Scoping Plan aiming for California carbon neutrality by 2045.2022
  • Vermont passed or is considering the Vermont Climate Superfund Act of 2024 to recover climate change damages from fossil fuel companies.2024
  • Beginning in 2017, cities, counties, and other governmental entities in several U.S. states filed lawsuits against Phillips 66 seeking damages for climate change impacts.2017
  • Lawsuits filed against Phillips 66 alleging false or misleading greenwashing statements related to climate change and E&S matters.
  • Scope 1 and Scope 2 GHG emissions intensity reduction target of 30% by 2030 from 2019 baseline.2030
  • Scope 3 GHG emissions intensity reduction target of 15% by 2030 from 2019 baseline.2030
  • Scope 1 and Scope 2 GHG emissions intensity reduction target of 50% by 2050 from 2019 baseline.2050
  • CPChem joint venture agreement with Chevron: if both S&P and Moody's downgrade Phillips 66 below investment grade and either remains below for 365 days, Chevron can buy Phillips 66's 50% interest in CPChem for fair market value.
  • Indemnification and Release Agreement with ConocoPhillips entered into in connection with the 2012 separation, under which Phillips 66 may be required to provide uncapped indemnities and ConocoPhillips may not fully satisfy its obligations.2012

Go deeper on PSX

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