Phillips 66 (PSX) EVP Brian Mandell Sells Shares After Option Exercise

What Happened

• Brian Mandell, Executive Vice President of Phillips 66 (PSX), exercised options covering 23,400 shares and immediately sold those 23,400 shares in the open market on September 16, 2026. He paid $74.70 per share to exercise (cost ≈ $1,747,980) and sold the shares at a weighted-average price of $265.06 (proceeds ≈ $6,202,381). The filing also reports a related derivative conversion/disposition for 23,400 shares at $0.00 (see Key Details/footnotes).

Key Details

• Transaction date: 2026-09-16.
• Exercise: 23,400 shares at $74.70 per share — total cash paid ≈ $1,747,980.
• Sale: 23,400 shares sold in open market at a weighted-average price of $265.06 — proceeds ≈ $6,202,381 (individual sale prices ranged $264.96–$265.16).
• Additional reported derivative disposition: 23,400 shares @ $0.00 (reported separately on the Form 4).
• Shares owned after transaction: Not specified in the filing; filing notes it includes 22,182 Restricted Stock Units that settle 1-for-1 into Phillips 66 common shares.
• Footnotes: F1 (22,182 RSUs included), F2 (weighted-average sale price; multiple transactions; reporter can provide full breakdown on request), F3 (options vested in three equal annual installments beginning Feb 9, 2022).
• Timeliness: Form filed 2026-09-17 for transactions on 2026-09-16 — filed the next day (no late filing indicated).

Context

• This is an option exercise followed by an immediate sale (a cashless-style transaction): the insider exercised options and sold the resulting shares the same day, which is a common way for executives to realize option value. Such sales are routine transactions and do not by themselves indicate company-wide insider sentiment.