Phillips 66 (PSX) Protective Put Calculator

Calculator · free · no signup · PSX

Price a protective put, zero-cost collar, or put spread on Phillips 66. Annual cost, max loss, upside cap, tax treatment, auto-filled from current PSX option chain.

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You priced one hedge. The beta picks the right hedge structure given your full equity stack and tax situation.

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About Phillips 66

Phillips 66 (PSX) is a public Energy company, incorporated in Delaware and headquartered in Houston, TX.

Last close: $264.58 per share (as of 2026-10-03).

Equity grants at Phillips 66 typically include restricted stock units (RSUs).

The Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. Its name, dating back to 1927 as a trademark of the Phillips Petroleum Company, assisted in establishing the newly reconfigured Phillips 66. The company today was formed ten years after Phillips merged with Conoco to form ConocoPhillips. The merged company spun off its refining, chemical, and retail assets – known in the oil industry as downstream operations – into a new company bearing the Phillips 66 name. It began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX.

Source: Wikipedia (CC BY-SA 4.0)

ConocoPhillips separated its refining, marketing, and midstream businesses in 2012 to create the company, which refines crude and markets fuel under the Phillips 66, Conoco, and 76 brands. Refining margins are volatile, so the chemicals joint venture with Chevron and the midstream segment are held partly to dampen that swing. Renewable fuel conversion at existing refineries responds to policy incentives. Activist pressure has centered on whether the midstream assets should be separated. Headquarters are in Houston.

Sources: sec.gov · en.wikipedia.org

Equity comp at Phillips 66

  • Phillips 66 uses an explicit double-trigger change-in-control severance plan (CICSP) for equity awards. A 2013 board amendment to the CICSP added the requirement that equity awards only accelerate vesting if BOTH a change in control occurs AND the employee is terminated without cause (or resigns for good reason) within 2 years after that change in control.
  • Early exercise is not allowed: you have to wait for shares to vest before you can buy them.
  • RSUs use double-trigger vesting. Two things must both happen before the shares are yours: (1) the normal time-based vesting completes, and (2) the company has a liquidity event (an IPO or an acquisition). Until both happen, you do not yet own the shares and you do not owe tax on them.
  • Vesting schedule: Annual RSU grants under the P66 Omnibus Plan cliff vest (all units vest at once, not gradually) at the end of 3 years, rather than the more common 4-year graded schedule..

Sources: sec.gov · sec.gov · sec.gov

Researched 2026-08-25.

OptionsAhoy is an independent tool and is not affiliated with, endorsed by, or sponsored by Phillips 66.

A protective put caps your downside on the PSX position at a chosen floor; a zero-cost collar pays for that floor by capping the upside. This calculator prices both structures off the current PSX option chain, with annual cost, max loss, and tax-treatment notes.

Example: a 5,000-share PSX position at $264.58 is worth $1,322,900. A 1-year 30%-OTM put on that position typically runs 2-4% of position value per year (about $26,458 to $52,916) before any premium offset from a short call. The calculator prices both structures off PSX's current option chain so you see the actual cost for your chosen floor, tenor, and cap.

All Phillips 66 tools → · Use the generic Protect Your Stock Calculator for any company.

Phillips 66 equity questions

How much does it cost to hedge PSX stock?
The cost of a protective put depends on how far below the current price you set the floor, how long the protection lasts, and PSX's option-implied volatility. A zero-cost collar lowers that cost by selling away some upside. The calculator above prices both structures off the current PSX option chain and shows the annual cost, maximum loss, and tax treatment.
Does Phillips 66 grant ISOs, NSOs, or RSUs?
Equity compensation at Phillips 66 typically takes the form of restricted stock units (RSUs). Restricted stock units are taxed as ordinary income when they vest.
Does Phillips 66 allow early exercise of stock options?
No. Phillips 66 requires options to vest before you can exercise them, so the holding-period clock for long-term capital-gains treatment starts as each tranche vests and you exercise it.
Do Phillips 66 RSUs use double-trigger vesting?
Yes. Phillips 66 restricted stock units (RSUs) vest only when two things both happen: the time-based schedule completes, and the company has a liquidity event such as an initial public offering (IPO) or an acquisition. Until both occur you do not own the shares and owe no tax on them.
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