Phillips 66 (PSX) EVP Richard Harbison Sells Shares, Exercises Options

What Happened

• Richard G. Harbison, Executive Vice President — Refining at Phillips 66, exercised stock options to acquire 52,100 shares on Aug 12, 2026 and sold 52,100 shares in an open-market transaction the same day.
• Exercise details (three tranches): 13,500 shares @ $74.70 ($1,008,450); 14,800 shares @ $89.05 ($1,317,940); 23,800 shares @ $100.44 ($2,390,353). Total cash paid to exercise: $4,716,743.
• Sale: 52,100 shares sold at a weighted-average price of $223.76 for total proceeds of $11,658,120 (per filing, sale prices ranged $223.61–$223.95). The net difference before taxes/fees is roughly $6.94M (proceeds minus exercise cost).

Key Details

• Transaction date: Aug 12, 2026; Form 4 filed Aug 13, 2026 (timely filing).
• Exercise type: Derivative exercise (code M) followed by an open-market sale (code S) of the same number of shares — effectively a same-day exercise-and-sell (cashless-style) transaction.
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes from the filing:
  • F1: Holding reported includes 23,008 restricted stock units (RSUs) that settle 1-for-1 into shares.
  • F2: The sale price is a weighted average; individual sale prices ranged $223.61–$223.95.
  • F3: Some reported holdings include shares acquired via 401(k) or routine dividend transactions (exempt under Rule 16a-11).
  • F4–F6: The exercised options vested in prior annual installments (vesting schedules noted for the respective option grants).
• This is an executive transaction (not a 10% owner disclosure).

Context

• For retail investors: exercising options and immediately selling the resulting shares is common (often done to cover exercise costs, taxes, or diversify) and should not be read as a definitive signal of long-term view. Purchases are generally a stronger bullish signal than routine exercises followed by sales.
• The filing shows a straightforward exercise + sale on the same day; any tax withholding or broker handling of shares (common in such transactions) is reflected indirectly in the exercise/disposition entries.