Phillips 66 filed a current report on August 21, 2026, disclosing that its wholly owned subsidiary, Phillips 66 Company, entered into the Fifth Amendment to its accounts receivable securitization program on August 20, 2026.

Key Highlights

  • New uncommitted facility: The amendment establishes an uncommitted facility of up to $250 million.
  • Committed facility increase: The maximum committed facility size was raised from $1.75 billion to $2 billion.
  • Extended maturity: The maturity date was extended from September 28, 2026 to August 19, 2027.
  • Original agreement: The amendment modifies the Receivables Purchase and Financing Agreement originally dated September 30, 2024.
  • Key parties: PNC Bank, National Association serves as administrative agent, and PNC Capital Markets LLC serves as structuring agent.
  • SPE structure: Phillips 66 Receivables LLC acts as the special purpose entity in the program.

Phillips 66 Expands and Extends Its Receivables Financing Arrangement

According to the filing, Phillips 66 Company, a wholly owned subsidiary of Phillips 66 (NYSE:PSX), amended its existing accounts receivable securitization program on August 20, 2026. The program operates under a Receivables Purchase and Financing Agreement, and this action represents the fifth amendment to that agreement since it was originally executed on September 30, 2024. Phillips 66 is an energy manufacturing and logistics company incorporated in Delaware and headquartered at 2331 CityWest Boulevard, Houston, Texas.

The amendment makes three principal changes to the program, as described in the filing. First, it establishes a new uncommitted facility of up to $250 million. Second, it increases the maximum committed facility size from $1.75 billion to $2 billion. Third, it extends the program's maturity date from September 28, 2026 to August 19, 2027, providing the company with an additional approximately eleven months of availability under the arrangement.

The filing notes that certain banks and financial institutions party to the agreement, and their affiliates, "have provided and may, from time to time, continue to provide investment banking, financial advisory, lending and/or commercial banking services to Phillips 66, the Company and their affiliates, for which they have received, and may in the future receive, customary compensation and reimbursement of expenses." The filing also states that the description of the amendment "is not complete and is qualified in its entirety by reference to the full text of the Amendment," which was filed as Exhibit 10.1.

What Was Disclosed

Phillips 66 disclosed that its subsidiary amended an accounts receivable securitization facility on August 20, 2026, adding a $250 million uncommitted tranche, raising the committed maximum to $2 billion, and pushing the maturity to August 19, 2027.