Phillips 66, together with Chevron and TotalEnergies Trading SA, was awarded a joint long‑term contract to supply U.S. liquefied petroleum gas (LPG) to Indian state refiners. The deal, announced on November 15 2025, covers approximately 2 million metric tons of LPG per year—roughly 48 very‑large gas carriers—beginning in 2026.
The contract marks Phillips 66’s first joint tender in India and expands its midstream and refining footprint in a high‑growth market. It also diversifies India’s LPG imports away from Middle Eastern suppliers, aligning with the country’s strategy to reduce its trade surplus with the United States. For Phillips 66, the deal complements its existing LNG and LPG operations on the U.S. Gulf Coast and supports its broader goal of growing international exports.
While the specific pricing terms have not been disclosed, the contract is expected to generate a stable revenue stream and enhance Phillips 66’s LNG and LPG export portfolio. The announcement follows a strong Q3 2025 earnings performance, in which the company reported earnings per share of $2.52—$0.38 above the $2.14 consensus—driven by disciplined cost management and robust demand in core segments.
Analysts have highlighted the India LPG deal as a key catalyst for future growth, noting that securing long‑term contracts in emerging markets strengthens Phillips 66’s competitive position against traditional Middle Eastern suppliers. The deal signals the company’s ability to execute its international expansion strategy and capitalize on shifting global energy trade dynamics.
CEO Mark Lashier emphasized that the contract supports Phillips 66’s focus on strategic priority targets and improving refining performance. He noted that expanding into high‑growth markets like India is essential to sustaining long‑term shareholder value and advancing the company’s integrated portfolio strategy.
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