Phillips 66 management check
PSX · Energy · Oil & Gas Refining & Marketing · CEO Mr. Lashier
Filings as of
2 good · 2 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $225, against $343 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.46 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
Insiders are selling6 insiders sold $7.5bn in the last six months, against $30k bought. 3 of 16 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -5.1% a year over the last three fiscal years. Stock-based pay was 0.2% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Greg Garland, Mr. Lashie, Mr. Lashier. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 7 | 64 | |
| Pay for performance | 73 | 65 | |
| CEO cost | — | — | 66 |
| Skin in the game | — | — | 49 |
| Dilution | 100 | 58 | |
| Stable leadership | 0 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Refining & Marketing, by management score. Phillips 66 is 17th of 20 in its sector.
- 131VLOValero Energy73
- 157MPCMarathon Petroleum72
- 375PSXPhillips 6656
- 388OXYOccidental Petroleum55
- 414OKEOneok51
- 426APAAPA Corporation50
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Lashier | $23.1m | $32.4m | $7.4m | $225 | $343 | — |
| 2024 | Mr. Lashier | $22.6m | $20.0m | $7.2m | $191 | $283 | — |
| 2023 | Mr. Lashier | $19.4m | $34.7m | $8.8m | $216 | $251 | — |
| 2022 | Mr. Lashie, Greg Garland | $18.2m | $36.5m | $7.6m | $162 | $194 | — |
| 2021 | Greg Garland | $21.0m | $21.5m | $8.2m | $109 | $133 | — |
The board says pay is tied most to Adjusted PSP ROCE. Its other key measures: •Adjusted VCIP EBITDA, •Adjusted VCIP Controllable Costs, •Adjusted PSP ROCE, •3-Year Relative TSR.
Insiders and the CEO's stake
6 insiders sold $7.5bn in the last six months, against $30k bought. 3 of 16 sales ran on pre-arranged 10b5-1 plans.
- BoughtKevin Omar MeyersDirector$30kMay 6, 2026
- SoldVanessa Allen SutherlandEVP, GC and Secretary · 10b5-1 plan$7.4bnJul 21, 2026
- SoldBrian MandellExecutive Vice President$13.4mSep 16, 2026
- SoldRichard G HarbisonEVP, Refining$11.7mAug 12, 2026
Leadership and governance on file
- Oct 5, 2026Leadership change8-K 5.02
- Mar 9, 2026Leadership change8-K 5.02
- Feb 18, 2025Leadership change8-K 5.02
- Oct 11, 2024Leadership change8-K 5.02
- Apr 30, 2024Leadership change8-K 5.02
- Apr 4, 2024Leadership change8-K 5.02
- Mar 12, 2024Leadership change8-K 5.02
- Feb 15, 2024Leadership change8-K 5.02
- Oct 26, 2023Leadership change8-K 5.02
- Jul 13, 2022Leadership change8-K 5.02
- May 5, 2022Leadership change8-K 5.02
- Apr 12, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 14, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $19.2bn returned to owners in buybacks and dividends, 74% of net income, and $1.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $111.5bn | $170.0bn | $147.4bn | $143.2bn | $132.4bn |
| Net income | $1.3bn | $11.0bn | $7.0bn | $2.1bn | $4.4bn |
| Stock-based pay | $144.0m | $210.0m | $297.0m | $210.0m | $220.0m |
| Buybacks | $0 | $1.5bn | $4.0bn | $3.5bn | $1.2bn |
| Dividends | $1.6bn | $1.8bn | $1.9bn | $1.9bn | $1.9bn |
| Diluted shares | 440m | 474m | 453m | 422m | 408m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.