Mark Lashier

Mark Lashier became CEO of Phillips 66 in 2022, bringing a chemical engineering background and experience at Chevron Phillips Chemical Company (CPChem), the joint venture between Phillips 66 and Chevron that is one of the world's largest petrochemical producers. Phillips 66 was spun off from ConocoPhillips in 2012 as a downstream and midstream energy company, and operates one of the most diversified portfolios in the refining sector. Phillips 66's operations include refining (approximately 1.8 million barrels per day of crude oil processing capacity across 11 refineries), midstream (through its master limited partnership Phillips 66 Partners, now fully consolidated), chemicals (the 50% stake in CPChem), and marketing and specialties (lubricants, specialty products). This diversification provides more stable earnings than pure-play refiners, as midstream and chemicals earnings can partially offset refining margin volatility. Lashier's tenure has been significantly influenced by activism from Elliott Management, which acquired a significant stake and pushed for enhanced shareholder returns, cost reductions, and strategic portfolio optimization. Under this pressure, Lashier has accelerated share buybacks, committed to asset dispositions, and focused on operational efficiency improvements. He has also overseen the conversion of the Rodeo refinery in California from crude oil processing to renewable fuels production — one of the largest such conversions globally. Key stock drivers include refining crack spreads, CPChem earnings, midstream cash flows, shareholder return programs, and the pace of portfolio optimization.