Phillips 66 is one of the largest independent refiners in the US and the world by sales (though rival Valero Energy leads it by capacity). The company has global refining and marketing, midstream, and chemical operations. It has a crude processing capacity of more than 3.6 million barrels per day, and it sells fuel at about 8,350 retail outlets in the US and Europe under such brands as 76, Conoco, JET, and Phillips 66. Its midstream business handles natural gas gathering and processing partly through DCP Midstream, a joint venture with Spectra Energy. Phillips 66's chemicals business is conducted through CPChem, a joint venture with Chevron.