---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-050838"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T08:44:49.643128+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 subsidiary enters $5B revolver and issues $1.5B in senior notes

## Summary
- New $5B revolving credit facility matures February 2029; replaces prior $5B facility.
- Issued $600M (5.250% due 2031), $400M (5.300% due 2033), $500M (5.650% due 2054) senior notes.
- Proceeds to redeem $300M of DCP Midstream 5.375% notes due 2025 and repay $700M of term loan.
- Credit agreement contains customary covenants including max 65% net debt-to-capitalization ratio.

## SEC filing metadata
- accession: 0001193125-24-050838
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312524050838/0001193125-24-050838-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312524050838/d720476d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-050838
- JSON: https://secwatch.observer/filing/0001193125-24-050838.json
- Plain text: https://secwatch.observer/filing/0001193125-24-050838.txt

## Key facts
- Material Agreements
  Phillips 66 entered into Credit Agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd. valued at $5 billion (effective 2024-02-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd.
  - Value: $5 billion
  - Effective: 2024-02-28
  source text: On February 28, 2024, Phillips 66 Company (the “Company”), a wholly-owned subsidiary of Phillips 66, entered into a $5 billion revolving credit agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent (the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000119312524050838/0001193125-24-050838-index.htm
- Material Agreements
  Phillips 66 terminated Existing Credit Agreement (effective 2024-02-28).
  - Action: termination
  - Agreement: credit facility
  - Effective: 2024-02-28
  source text: The Credit Agreement is guaranteed by Phillips 66 and replaces the $5 billion Credit Agreement dated as of June 23, 2022 (the “Existing Credit Agreement”) with the Company as the borrower and Phillips 66 as guarantor.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000119312524050838/0001193125-24-050838-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.