Phillips 66 refines crude oil into gasoline, diesel, jet fuel and other products, and moves energy through its own pipelines, terminals and gas processing plants. Its Midstream business gathers, processes and fractionates natural gas liquids, and the company owns half of Chevron Phillips Chemical, a large petrochemicals producer. It sells fuel to drivers and businesses under the Phillips 66, 76 and Conoco brands and makes Kendall lubricants. Revenue comes from refining margins, fee-based midstream services, fuel marketing, renewable fuels and its chemicals stake. Its roots trace to Phillips Petroleum, founded in 1917 in Bartlesville, Oklahoma, and it has operated independently from Houston, Texas, since 2012.
Company Size
10,001+
Company Stage
IPO
Headquarters
Houston, Texas
Founded
1917
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Phillips 66 (PSX) will report fiscal third quarter earnings on October 28, with investors expecting stronger profits. Its shares closed at $281.47, up 8.48% in 30 days and 115.57% so far this year. The one-year total shareholder return is 123.29%. The most followed narrative puts fair value at about $251.95, which makes the stock 12% overvalued. It rests on midstream earnings of roughly $1 billion in EBITDA per quarter, refining cost savings, and set capital return targets. Midstream has a $4.5 billion target for 2027. A discounted cash flow model from Simply Wall St gives a value of $483.25, pointing to large upside. Risks include derivatives losses and refinery or labour disruptions.
Compliance Jobs Report: oct. 9. New internal audit exec at OpenAI, new CCO at Phillips 66, new head of compliance at Rutgers - it's another big Compliance Jobs Report this week. Radical Compliance has lots of other hiring news too, plus promotions at Wise, Sandoz, Diageo, WSFS, and elsewhere. Job leads are in home tech, cloud security, and pharmaceuticals; and Meme of the Week goes out to Ted Lasso! Radical Compliance gather the Jobs Report news items from LinkedIn, press releases, and wherever else Radical Compliance can find tips - and thank you to everyone who sends them in, you make the Jobs Report possible! If you have any gossip to share (even confidentially) email me at [email protected] or find me on LinkedIn. Compliance Jobs. This week Radical Compliance start at OpenAI; the artificial intelligence giant has named Hassan Javed head of technology audit. Javed comes to AI after 11 years at ServiceNow, most recently as senior director of internal audit and automation. A rather poetic career move, since ServiceNow saw its share price hammered earlier this year amid fears that AI would eat its business model and the company subsequently laid off hundreds as part of an AI push. Marianne Ibrahim has been named chief compliance officer at Phillips 66. Ibrahim had previously been chief compliance officer for several years at ChampionX, an oil business recently acquired by Schlumberger. Christine Stallman has left her job as chief compliance officer at Syracuse University to be the next senior VP for compliance and risk and chief risk officer at Rutgers University. This also means she's moving from the Atlantic Coast Conference to the Big 10 Conference, which seems like a wash to me for football and basketball games. Two hires to note this week at American Express. First, Amex has hired Michael Moore as a compliance manager; Moore previously worked at New York law firm Chaves Perlowiiz and Luftig as an associate. The company has also hired Bridget Pausche as part of the internal audit team, working on third-party risk issues; she previously worked at payments firm Early Warning as a senior manager for risk management. The two are the latest in a long line of compliance hires at American Express this year. Now that the company is paying $350 million to settle charges of money laundering compliance program failures, Radical Compliance know why. Prediction markets giant Kalshi has brought aboard Sean Fern as its new head of financial crimes compliance. Fern comes to Kalshi after four years at the Justice Department, most recently as a prosecutor in the Eastern District of New York; prior to that Fern was an agent at the FBI. Remember Kevin McMahon, chief compliance officer (and head of internal audit) at Calpine Energy (recently acquired by Constellation) until earlier this year? McMahon just turned up on the board of Zeta Energy, a startup working on rechargeable batteries. He'll be chair of the audit committee. U.S. Fencing has appointed Severin Wirz to the sport's ethics committee. When Wirz isn't fencing, he's also senior director of ethics and compliance at Applied Materials. #MakingAPoint Vitality Medicare Solutions, an insurance business, has named Danielle Van De Hey vice president of compliance. Van De Hey comes to Vitality from Innovative Financial Group, where she had been director of compliance. Peter Chang just charged into Mastercard as director of its supervision and controls program. Chang comes to Mastercard after six years at Deloitte, where he worked on cybersecurity and privacy control issues. NextDecade, an energy company in Houston developing natural gas fields, has named Patrick Hays compliance officer and assistant general counsel. Hays previously worked at Cheniere Energy as director of compliance and ethics. French fintech firm NGPES has hired Alya Belfalah as "chief of compliance," which in classic French style, does sound more elegant than chief compliance officer. Anyway, Belfalah joins NGPES from Lyzi, another French fintech firm, where she had been head of compliance. The 1970 Group, an insurance tech startup, has tapped Nicholas Bosworth as compliance and operations counsel. Bosworth joins the group after two years at Bank of Ireland, where he had been compliance manager. Vicki Clevenger has been hired by Presbyterian Health Services as chief compliance and privacy officer. Clevenger joins Presbyterian after a few years as a solo compliance consultant and previously had been compliance and privacy officer at Great Falls Hospital in Montana. Healthcare technology firm Zelis has hired Kathleen Kelton as chief compliance and risk officer. Kelton comes to Zelis after a few years serving as a senior consultant at Regenerous Labs (an AI startup), Thoropass (healthcare compliance platform) and Vault Health (telehealth startup). GoEasy Ltd., a rather cleverly named "non-prime consumer lending" business in Ontario, has hired Dan Gilpin as vice president of internal audit. Gilpin previously worked at CPP Investments as managing director for assurance. Renewable energy investment platform GoodFinch has hired Azra Korjenic as chief compliance officer. Korjenic comes to GoodFinch from EQ-IQ, where she had been director of compliance. Canadian insurance business Equitable has hired Kirubel Abebe as a senior regulatory compliance consultant. Abebe comes to the firm from the Financial Regulatory Services Agency of Ontario, where he had been senior policy and technical lead since 2023. Compliance tech startup NextReg has hired João Chagas as chief compliance officer. Chagas joins the Miami-based firm TerraCap Management, where he had also been chief compliance officer. And Sumitomo Mitsui Banking Corp. has hired Timur Aksoy as an assistant vice president for internal audit in SMBC's Germany offices. Aksoy joins the bank after four years at KPMG, where he most recently was an assistant manager in the financial services audit practice. Moving up the ladder. Giulia Tamburini has been promoted at Sandoz, from senior manager of third-party risk governance to head of compliance risk intelligence and assurance. That's a rather interesting commentary of compliance careers, that extensive experience in third-party risk can lead you to a role providing a more holistic look at compliance risk data. Payments firm Wise has promoted Ben Tallick to lead a new financial intelligence unit. Tallick had previously been deputy head of anti-money laundering at the firm. Agios Pharmaceuticals has promoted Suzanne Ruminer from associate director of compliance to director of compliance strategy, culture, and business partnership. WSFS Bank, one of the larger regional banks around Philadelphia, has promoted Charles Mosher from chief accounting officer to chief audit executive. (Mosher had been interim chief auditor for several months.) Succeeding Mosher in the chief accounting officer role is Mike Thompson, a vice president of finance and a long-time WSFS employee. Brittnie Criss has moved up at Toyota North America from senior analyst for project management to data privacy and governance consultant. The Bancorp has promoted Randall Baugh from chief compliance officer to chief compliance and risk officer. Brittany Little has moved into higher gear at Copart, an online car auction site, going from cybersecurity manager to GRC manager. Norwegian electronics manufacturer Norauton has promoted Anja Homleid from ESG and compliance manager to global compliance officer. In Britain, Diageo has promoted Daniel Jarman from business integrity director for Europe, Africa, and Asia-Pacific to group director of integrity, compliance, and risk. Global engineering business Oceaneering has promoted Jacob Berry from cybersecurity compliance engineer to global GRC manager. Brown University Health has promoted Kevin Kowal from manager of privacy and compliance education to deputy privacy officer. And in Spain, Lucia de Leon Rogel has been promoted from compliance intern to compliance officer at Rothschild & Co. Welcome to the profession, Srta. Rogel. Open req orders. Pharmaceutical giant Sanofi is looking for a head of global ethics and business principles. Job can be based in either Morristown, N.J., or Cambridge, Mass. (no contest; Cambridge is better), with a salary range of $210,000 to $303,000. Assurant, maker of technologies for smart homes and autos, is hiring a director of global trade compliance. Job can be virtual (Assurant is headquartered in Atlanta), with a salary range of $122,000 to $204,000. Cloud security company Zscaler is looking for a senior compliance and investigations counsel. Job can be virtual (Zscaler is based in Santa Clara, Calif.) and the salary range is $171,000 to $245,000. Compliance Meme of the Week. That's all for this week's report. As always, if you have a tip or want to brag about your new job, promotion, career milestone, or anything else, email me at [email protected] or find me on LinkedIn. I'm always happy to give credit to the many hard-working people here in its corner of the business universe.
Family-run Napa propane business sues petroleum giant Phillips 66, alleging fraud. PUBLISHED: October 9, 2026 at 7:16 AM PDT UPDATED: October 9, 2026 at 8:04 AM PDT An energy deal gone wrong. A family-run business claiming it was cut out of the money by petroleum giant Phillips 66. A tussle over propane tanks, trucks and customers. That's where Stan Teaderman and his family have operated a successful company, Allied Fuel Services, for 80 years. They offer a range of refined fuels, petroleum and renewable fuel products to residential, industrial, commercial, and agricultural customers across Napa and Sonoma counties. For most of the company's history, Allied Fuel's core product was propane. Teaderman and his grandson, Dustin Kaiser, are currently suing several energy entities, including Phillips 66, for fraud, concealment, breach of contract and a dozen other causes of action. The family alleges in its July 16 amended complaint, filed in Napa County Superior Court, that Allied entered into a joint venture with a petroleum company in 2013, only to see their new partners - Joshua and Joseph Hunt of Sacramento - move assets and customers into a different business, Hunt & Sons, that later became a wholly owned subsidiary of multinational energy company Phillips 66. That maneuver was executed without the approval of Teaderman and Kaiser, they say. And when the joint venture fell apart, the Hunts began selling petroleum products in Allied's coverage area. Those were violations of the partnership's operating agreement, the plaintiffs say. "What we want is, we want our customers back from Phillips," Teaderman, 88, told The Press Democrat. "We never sold those customers." Hunt & Sons is another of the named defendants, along with Hunt Oil of California, Hunt Propane and Joshua and Joseph Hunt. The lawsuit doesn't request a particular dollar amount. But citing a 2023 annual report prepared for the U.S. Securities and Exchange Commission, it sets the value of Phillips 66's acquisition of Hunt & Sons at approximately $272 million. That figure includes about $146 million in intangible assets - primarily customer relationships - and $67 million in "goodwill." The co-defendants have rejected each of the accusations. A media spokesperson for Phillips 66 and an attorney representing the Hunt brothers each said they could not comment on pending litigation. The Hunts are attempting to compel the plaintiffs into binding arbitration rather than settling the dispute in court. Judge Cynthia P. Smith is scheduled to rule on that request at a Nov. 17 hearing in Napa. The Teadermans are steeped in the petroleum business. Stan Teaderman's uncle started a Union Oil operation in Sonoma and later became a vice president for the company. With the uncle's encouragement, Stan's father got into the propane business - first in Concord, then Santa Rosa and Sebastopol, then Napa. They moved to Napa County in 1947. Stan, a 1957 graduate of Napa High School, has lived in the valley since then, along with three children and seven grandchildren. He and his wife, Patty, live in unincorporated Napa County, south of Yountville. He and Kaiser also own Teaderman Vineyards. Allied Propane has offices and a work yard, and a gas station and convenience store next door, off Devlin Road in south Napa. Teaderman, the CEO, still works there daily. Kaiser is senior vice president of operations. To this day, according to Teaderman, Allied Pacific Energy (the successor to Allied Fuel Services) is the only branded marketer in the country representing Chevron in the sale of natural gas renewables. It gets most of its product from the Chevron refinery in Richmond. Teaderman and the Hunts formed a strategic alliance in December 2013. At that time, Allied had a network of propane infrastructure in Napa and Sonoma counties, including tanks, trucks, customers, accounting records and know-how. The Hunts had established similar petroleum operations in 12 other counties. Their joint venture, Hunt Allied Petroleum, was meant to expand opportunities for both companies. The partners would sell the full range of petroleum products - including bulk fuel, oil, lubes and greases - in all the represented counties. But relations began to deteriorate in 2016, according to a court document filed by the Hunts, and the partners agreed to invest no further money in Hunt Allied Petroleum. They formally severed ties in October 2023. Shortly thereafter, the Allied leaders say, they discovered the Hunt brothers had sold the entirety of their petroleum operations to Hunt & Sons - a wholly owned subsidiary of Phillips 66 - just two months before the dissolution. That sale was built, in part, on the expertise, customer relations and reputation built over decades by Stan Teaderman and his family, the plaintiffs contend. In addition, according to the lawsuit, the Hunt brothers targeted new customers using their independent entities rather than the joint venture, and included those accounts in the assets they transferred to Phillips 66. That transfer violated their contract, including Allied's right of first refusal. "We had these ongoing relationships, particularly in Sonoma County, forever," Teaderman said. "And the business had all been developed over years and years. Business that has now been changed." After discovering the Hunt-Phillips deal, they say, the Allied team received detailed sales reports that divulged "significant irregularities between the prior annual reporting and the true sales information of the joint venture." Meanwhile, the lawsuit claims, the Hunts have continued to sell propane and other petroleum products in Napa and Sonoma, an ongoing violation of the Hunt Allied Petroleum operating agreement. After discovering "the fraud perpetrated against them," grandfather and grandson say in their suit, they spent most of a year in negotiations with Phillips 66, attempting to reach an amicable solution. Those efforts came to nothing. Allied originally sued in December 2025. The defendants had the case removed to federal court, but a U.S. district judge ordered it back to Napa County Superior Court on July 1. Teaderman and Kaiser filed an amended complaint two weeks later, adding several defendants. Phillips 66, based in Houston, traces its roots to the oil fields of Oklahoma in 1917. After merging with Conoco in 2002, the company became the world's sixth-largest publicly traded oil entity, with annual revenues of more than $115 billion. The partnership between Phillips 66 and the Hunt brothers hasn't gone smoothly, either. The former sued the latter in the U.S. District Court for the District of Delaware in August 2024, alleging fraud, trademark infringement and other counts. You can reach Staff Writer Phil Barber at 707-521-5263 or [email protected]. On X (Twitter) @Skinny_Post.
Phillips 66 announces refining leadership transition. HOUSTON-(BUSINESS WIRE)-Phillips 66 (NYSE: PSX) today announced that Rich Harbison, executive vice president, Refining, has decided to retire, effective Dec. 31, 2026, following a distinguished career and significant contributions to the company. As part of the company's ongoing succession planning, Chris Chandler will join Phillips 66 as strategic advisor to the CEO effective Oct. 6, 2026. Chandler will become executive vice president, Refining, effective Jan. 1, 2027. "Rich has made extraordinary contributions to Phillips 66 throughout his career, and we are deeply grateful for his leadership and service," said Mark Lashier, chairman and CEO of Phillips 66. "His deep operational expertise, disciplined leadership and commitment to safety and our people have strengthened our company and our Refining organization. We look forward to recognizing Rich and his remarkable career in the months ahead." Chandler brings more than 30 years of experience in the energy industry, including more than two decades in leadership roles at Phillips 66. His previous Phillips 66 responsibilities included refinery site and operations leadership, midstream commercial and business development and corporate strategy. He most recently served as chief operating officer of Plains All American, with executive responsibility for operations, engineering, health, safety and environmental matters, and government affairs across the company's U.S. and Canadian entities. Chandler's experience spans frontline operations, enterprise strategy and the leadership of complex, integrated businesses. He also brings experience in regulatory and stakeholder engagement, organizational transformation and the execution of major commercial and operating priorities. "Chris is an enterprise leader with deep refining and operational experience," said Lashier. "His disciplined approach, commitment to safety and people, and valuable perspective will help us continue executing our strategy and advancing our priorities." During his initial months serving as strategic advisor to the CEO, he will engage with leaders and teams across the enterprise before assuming leadership of Refining. "I am honored to rejoin Phillips 66 and excited about the opportunity to become part of an organization with a strong culture, talented people and a deep commitment to operational excellence," said Chandler. "My earlier experience with Phillips 66 gave me a strong appreciation for the company's businesses and people, and the years since have broadened my perspective as a leader. I look forward to listening, learning and building on the strong foundation Rich and the Refining team have established." About Phillips 66 Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Phillips 66 has announced a leadership transition in its refining division. Rich Harbison, executive vice president of Refining, will retire on 31 December 2026 after a distinguished career with the company. Chris Chandler will join Phillips 66 as strategic advisor to the CEO on 6 October 2026 and become executive vice president of Refining on 1 January 2027. Chandler brings over 30 years of energy industry experience, including more than two decades in leadership roles at Phillips 66. Most recently, Chandler served as chief operating officer of Plains All American. His previous responsibilities at Phillips 66 included refinery operations leadership, midstream commercial activities, and corporate strategy. Chairman and CEO Mark Lashier praised Harbison's contributions whilst highlighting Chandler's operational expertise and disciplined approach to leadership.