Phillips 66 Makes Strategic UK Bet With Lindsey Refinery Asset Acquisition
Phillips 66 (NYSE:PSX) stock rose Monday, supported by company-specific developments and broader optimism around potential shifts in global oil investment flows.
• Phillips 66 stock is trading at elevated levels. What’s next for PSX stock?
Investor sentiment was also buoyed after U.S. President Donald Trump said American oil companies are preparing to invest in Venezuela’s energy sector following the removal of President Nicolás Maduro.
Lindsey Oil Refinery Buyout
On Monday, Phillips 66 reached an agreement to acquire the Lindsey Oil Refinery and its associated infrastructure, subject to customary regulatory approvals and closing conditions.
The deal follows a bidding process overseen by FTI Consulting, which has acted as special managers of the refinery since the Official Receiver was appointed liquidator in June 2025.
The company also plans to integrate key Lindsey Oil Refinery assets into its Humber Refinery operations.
After a detailed assessment during the bid process, it was determined that restarting standalone operations at Lindsey is not viable due to scale and facility limitations.
Once completed, the acquisition will strengthen the Humber Refinery’s U.K. supply capacity, enhance energy security, and support hundreds of skilled jobs.
The company stated that integrating Lindsey’s storage and infrastructure will improve fuel delivery, optimize operations, and create opportunities for growth in both traditional and renewable fuels.
Paul Fursey, Phillips 66 U.K. lead executive, stated, “We recognise and deeply sympathise with how difficult the closure of the site has been for the workforce and the local community. This sale is the best way forward to secure jobs, bolster the local economy, and encourage investment in the region.”
2026 Capital Spending Plan
Last month, Phillips 66 disclosed capital expenditure of $2.4 billion, comprising $1.1 billion for sustaining investments and $1.3 billion for growth initiatives.
In addition, Phillips 66 Limited is investing in a multiyear project at the Humber site to support the production of higher-quality gasoline.
Recent Key Events
This month, Phillips 66 closed the sale of a 65% stake in its Germany and Austria retail marketing business to a consortium of subsidiaries of Energy Equation Partners and Stonepeak for roughly 2.5 billion euros (around $2.8 billion).
PSX Price Action: Phillips 66 shares were up 6.18% at $138.63 at the time of publication on Monday, according to Benzinga Pro data.
Read Next:
Photo via Shutterstock