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Phillips 66 (NYSE: PSX) shares surged on Monday, January 5, 2026, climbing 7.47% to $140.33 as of 10:36:25 AM EST, following the announcement of a strategic acquisition in the United Kingdom. The U.S. refiner revealed it had agreed to acquire the assets and infrastructure of the Lindsey Oil Refinery in northern England, marking a significant expansion of its European operations.

The deal comes after the Lindsey facility entered liquidation in mid-2025, and Phillips 66 plans to integrate key assets into its existing Humber Refinery complex rather than restart standalone operations at the site.

Phillips 66 Expands UK Footprint With Lindsey Asset Purchase

Phillips 66 announced on Monday that it reached an agreement to acquire the Lindsey Oil Refinery assets and infrastructure following a bidding process managed by FTI Consulting, which was appointed as special manager after the Official Receiver became liquidator in June 2025.

The Lindsey refinery had closed in July 2024 after previous owner Prax fell into insolvency, putting approximately 420 jobs at risk. However, Phillips 66 did not disclose the financial terms of the transaction.

After conducting a detailed review during the bidding process, Phillips 66 determined that restarting standalone operations at Lindsey is not viable in its current form due to scale and facility limitations. Instead, the company plans to integrate storage and infrastructure assets from Lindsey into its Humber Refinery complex, which will improve supply flexibility and support production of both traditional and renewable fuels.

A Phillips 66 spokesperson stated that in the coming months, the company will deepen its understanding of the new assets and develop strategic plans for their integration into the Phillips 66 Limited portfolio following completion of the transaction.

UK Energy Minister Michael Shanks commented that the deal will expand Phillips 66’s ability to supply fuel to UK customers, boosting domestic energy security and securing jobs, including hundreds of new construction positions over the next five years. Paul Fursey, Phillips 66 UK lead executive, acknowledged the difficulty of the site closure for the workforce and local community, stating that the sale represents the best path forward to secure jobs, bolster the local economy, and encourage regional investment.

Shares Rise as Investors Assess Strategic Impact

As of 10:36:25 AM EST on Monday, January 5, 2026, Phillips 66 stock was trading at $140.33, up $9.76 or 7.47% from the previous close of $130.57. The stock opened at $136.00 and reached a day’s range between $135.80 and $139.99, with trading volume of 1,179,535 shares compared to an average volume of 2,241,512. The company’s market capitalization stood at $56.379 billion, with a trailing P/E ratio of 37.60 and a forward P/E of 10.76.

Phillips 66 has demonstrated strong performance over multiple timeframes, with year-to-date returns of 8.11%, one-year returns of 24.68%, and five-year returns of 136.39%, significantly outperforming the S&P 500’s five-year return of 85.49%. The stock trades within a 52-week range of $91.01 to $144.96, with analysts setting an average price target of $149.85. The company offers a forward dividend yield of 3.68% with an ex-dividend date of November 17, 2025.

Investor sentiment was also supported by broader market optimism around potential shifts in global oil investment flows, particularly after President Donald Trump indicated that American oil companies are preparing to invest in Venezuela’s energy sector following political changes in that country.

This context, combined with Phillips 66’s strategic UK acquisition and its recent $2.4 billion capital expenditure plan for 2026, contributed to the positive market reaction to the stock on Monday.

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