Phillips 66: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Phillips 66: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Phillips 66 Overweight

PSX, PSX US

J.P. Morgan Natural Resources Conference Takeaways Price (22 Jun 26):$168.41

Oil & Gas Exploration & Production

We hosted Phillips 66’s Chairman of the Board and CEO Mark Lashier for a Arun Jayaram AC

fireside chat at our J.P. Morgan Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Net Takeaway: Positive. Coming out of the J.P. Morgan Natural Resources Kartikey H Pandey

Conference fireside chat, the central message from Chairman and CEO Mark (1-212) 622-5006

Lashier was one of operational agility and disciplined execution against clearly kartikey.pandey@jpmorgan.com

defined targets, set against the backdrop of an unusually constructive, but J.P. Morgan Securities LLC

volatile, refining macro following the Strait of Hormuz disruption.

Management framed PSX as "unlike any other company in our peer group," an

integrated downstream energy provider with no upstream torque that focuses

on the flexibility to adapt to whatever crude slate makes the most sense, while

leaning into integration across midstream, refining, and marketing &

specialties. PSX does not control the energy price or the global macro, but CEO

Lashier emphasized the company’s focus on controlling how it operates its

assets and capturing margins as they appear. This posture was validated by the

company’s quick move to leverage Jones Act waivers during the Hormuz

crisis. The narrative continues to center on the familiar pillars: operational

improvement (anchored by the $5.50/bbl refining cost milestone), midstream

growth toward the $4.5bn EBITDA target, and balance sheet deleveraging

toward $17bn gross debt by YE27.