PSXPhillips 66

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Pending cases, settlements and what the company has set aside for them.

“Based on the willfulness finding, Propel Fuels asked the Propel Court to award $1.2 billion in exemplary damages, and Phillips 66 Company filed a brief in opposition to that request.”

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New “A hearing on exemplary damages was held on March 4, 2025, and the Propel Court awarded Propel Fuels $195 million in exemplary damages on July 30, 2025.”

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New “The judgment includes the $604.9 million jury verdict, $195 million of exemplary damages, and $33.3 million of pre-judgment interest at 7%.”

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New “Additionally, the increase in 2025 was impacted by an accrual of $605 million recorded in 2024 related to litigation with Propel Fuels, compared with $262 million recorded in 2025 related to the same matter.”

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“Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required.”

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Promises to pay someone else's debts or losses if they cannot.

New “At December 31, 2025 and 2024, $125 million and $121 million of the sold accounts receivable remained uncollected, respectively, which represents our maximum potential future exposure under the guarantee associated with the Receivables Securitization Facility.”

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New “Under the new operating lease agreement, we have a residual value guarantee with a maximum potential future exposure of $404 million at December 31, 2025.”

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“We also have residual value guarantees associated with railcar, airplane and truck leases with maximum potential future exposures totaling $175 million.”

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“At December 31, 2025, our maximum exposure to loss was $265 million, which represented the book value of our investment in OnCue of $211 million and guaranteed debt obligations of $54 million.”

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“The maximum potential future exposures under these guarantees were approximately $54 million.”

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Conditions in loan agreements that, if broken, can make debt due early.

“The Term Loan Agreement contains customary covenants similar to those contained in our revolving credit agreement, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter.”

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“The Term Loan Agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts after grace periods; and violation of covenants.”

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“The 2025 Uncommitted Facility contains covenants and events of default customary for unsecured uncommitted facilities.”

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“The 2024 Uncommitted Facility contains covenants and events of default customary for unsecured uncommitted facilities.”

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“The Facility contains customary covenants similar to the previous revolving credit facility, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter.”

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Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“At December 31, 2025, our purchase obligations totaled $76.9 billion, with $39.7 billion due within one year.”

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“At December 31, 2025, commodity purchase commitments with third parties and related parties were $43.0 billion and $19.8 billion, respectively.”

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