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Phillips 66 is an independent refiner that owns or holds an interest in 10 refineries with a total crude throughput capacity of 2.0 million barrels per day at the end of 2025. The midstream segment comprises extensive transportation and natural gas liquids processing assets. It includes 70,000 miles of crude oil, refined petroleum product, NGL, and natural gas pipeline systems and a comprehensive set of refined petroleum product, NGL and crude oil terminals, gathering and processing plants, fractionation facilities, and various other storage and loading facilities. Its CPChem chemical joint venture operates facilities primarily in the United States and the Middle East and produces olefins and polyolefins.

Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2025, it produced 1.5 million barrels of liquids and 7.3 billion cubic feet of natural gas per day. At end-2025, reserves stood at 8.1 billion barrels of oil equivalent, 44% of which consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. The company operates refineries with a capacity of 1.4 mmb/d located in the Americas, Asia, and Europe, and sells about 9 million tons per year of chemicals. Its largest chemical plants, often integrated with its local refineries, are in NorthWestern Europe, China, and North America.