Phillips 66 (PSX) CFO Kevin Mitchell Exercises Options, Sells Shares

What Happened

• Kevin J. Mitchell, Executive Vice President and CFO of Phillips 66, exercised 11,021 stock options (code M) and immediately sold those 11,021 shares on July 9, 2026. The options were exercised at $94.97/sh ($1,046,637 total cost) and the shares were sold at a weighted average price of $190.03/sh for $2,094,285 in proceeds, leaving roughly $1,047,648 in net proceeds. The sale was executed under a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction date: July 9, 2026 (reported on Form 4 filed July 13, 2026) — filing appears timely.
• Options exercised: 11,021 shares at $94.97 each (total exercise cost $1,046,637).
• Shares sold: 11,021 shares at weighted avg $190.03 (range $190.00–$190.25) for $2,094,285 (F3).
• Net cash: approx. $2.09M proceeds minus $1.05M exercise cost ≈ $1.05M net.
• Sale mechanism: automatic sale under a Rule 10b5-1 plan adopted Nov 21, 2025 (F2).
• Vesting note: the options became exercisable in three equal annual installments starting Feb 5, 2020 (F4).
• Ownership note: filing references 31,849 restricted stock units that settle 1-for-1 for shares (F1). The filing did not disclose an updated total beneficial ownership figure in the summary provided here.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold immediately under the 10b5-1 plan. Code M indicates option exercise; the separate derivative line reporting $0 reflects conversion/settlement of the derivative upon exercise. Sales executed under pre-set trading plans are typically routine and do not by themselves indicate management’s view of the company’s prospects.