Phillips 66 operates a highly competitive refining business, focusing on operational excellence and margin enhancement. The company aims to boost returns by enhancing the yield of higher-value products and increasing the processing of advantaged feedstocks. Its refining operations span several key locations, including Bayway, Billings, Borger, Ferndale, Humber, Lake Charles, Los Angeles, MiRO, Ponca City, Santa Maria, Sweeny, and Wood River Refineries.