Mitchell Kevin J 4

What Happened
Kevin J. Mitchell, Executive Vice President and Chief Financial Officer of Phillips 66 (PSX), exercised 15,629 stock options on March 30, 2026 at an exercise price of $94.97 per share (cost $1,484,247) and sold the same 15,629 shares in the open market at a weighted average price of $190.07 per share for proceeds of $2,970,546. The filing shows the option-to-share conversion as a separate derivative line at $0, reflecting the exercise/conversion event.

Key Details

• Transaction date: 2026-03-30 (Form 4 filed 2026-04-01) — filing appears timely.
• Exercise: 15,629 shares @ $94.97 = $1,484,247 (acquisition via option exercise).
• Sale: 15,629 shares @ weighted avg $190.07 = $2,970,546 (sold in multiple trades at $190.00–$190.40; F2).
• Derivative conversion: 15,629 shares reported disposed at $0.00 in the filing (reflects option conversion; F3 notes options vested in three equal annual installments beginning Feb 5, 2020).
• Ownership after transaction: filing text supplied here does not list total common shares beneficially owned; footnote F1 notes 31,849 Restricted Stock Units that will settle 1-for-1 into Phillips 66 common shares.

Context
This was effectively a cashless exercise: options were exercised and the resulting shares were immediately sold in the open market. Such transactions are common for executives to realize gains or cover exercise/tax costs; they do not, by themselves, indicate a change in company outlook. The weighted-average sale price and vesting footnote (F3) provide additional detail on the exercise timing and pricing.