PSX
Phillips 66
Is PSX Halal?
Oil refining and midstream — financial ratios pass but activity remains methodology-dependent.
What You Should Know
Phillips 66's March 31, 2026 filing reports debt/assets of 32.26%, liquidity/assets of 6.12% and receivables plus cash/assets of 20.29%; the consolidated disclosure reports no interest income for the quarter. Refining, chemicals, midstream and renewable fuels require qualitative review because no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Refining, chemicals and fossil-fuel products require review
- •Accounts-receivable securitization and commodity derivatives
- •No universal prohibited-revenue numerator
- •Financial ratios pass but do not resolve activity classification
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
27,124 / 84,084
5,150 / 84,084
17,060 / 84,084
0 / 32,540
- Financial
- Pass
- Overall
- Incomplete
Debt is 32.26% of total assets, liquidity is 6.12%, receivables plus cash are 20.29% and disclosed interest income is 0.00% of revenue; financial ratios pass but business classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 32.26%, liquidity is 6.12% and receivables plus cash are 20.29% of total assets, below the examined MSCI total-assets limits; business classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.26% and liquidity/assets is 6.12%, below the examined Malaysia SAC limits; business activity remains incomplete and this is not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
Phillips 66 operates refining, midstream, chemicals, marketing and renewable-fuels businesses. Refining and energy infrastructure can be permissible under some approaches, while fossil-fuel end uses, chemicals, renewable-fuels contracts, environmental liabilities, commodity derivatives and financing require qualitative review.
Limitation: The filing does not allocate revenue into a universal prohibited-revenue numerator by product, end use or customer; no exact activity percentage is asserted.
Purification
The filing reports no interest income for the quarter, but no scholar-approved purification methodology is prescribed and business activity remains incompletely classified.
Inputs, assumptions and primary sources
- Amounts are USD millions from Phillips 66's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $8,448 million of short-term debt and $18,676 million of long-term debt; operating and other lease obligations are excluded.
- Cash and cash equivalents are $5,150 million. Investments and long-term receivables are not added as interest-bearing securities because the filing does not identify an unrestricted debt-security balance.
- Receivables include $11,284 million of accounts and notes receivable and $626 million of related-party receivables; first-quarter revenue is $32,540 million.
- The consolidated segment disclosure reports no interest income for the quarter; this is a disclosed zero, not a purification prescription.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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