Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Phillips 66 stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Phillips 66 IV rank is 97, so implied volatility is near the top of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 21.4% to 47.6%. See the PSX implied volatility history for a longer view.

Across all open Phillips 66 options on Nov 4, 2026, net gamma exposure was $1.97M and net delta exposure was $378.1M per 1% move in the stock. The PSX gamma exposure chart shows where that gamma sits by strike.

Phillips 66 is an independent refiner that owns or holds an interest in 10 refineries with a total crude throughput capacity of 2.0 million barrels per day at the end of 2025.