The energy sector in 2026 is experiencing a split-margin scenario that few investors are pricing cleanly. That’s why Phillips 66 (NYSE:PSX) is worth a deeper study. Leverage ConstraintsEven with these improved operating measures, Wall Street can’t reach a consensus on the company due to ongoing balance sheet friction. Phillips 66 (NYSE:PSX) ended the quarter with $27.1 billion in total debt, raising its debt-to-capital ratio to 48% in the first quarter of 2026 compared to 39% in the previous quarter. To deal with this money crunch, Phillips 66 (NYSE:PSX) fully drew down a new $2.25 billion term loan facility.