Coming after his 60 on Thursday, Mickelson's round left him at 17-under par 125 at TPC Scottsdale.
Bill Haas, Keegan Bradley and Charlie Wi also had big days on Friday.
Here's a look at the leaderboard, analysis and highlights through Day 2.
Day 2 Leaderboard
|2||Bill Haas ||-13|
For the full leaderboard, check out PGA.com.
Mickelson posted a 6-under par on Friday, complete with six birdies and one eagle. Unfortunately, Lefty did finish with a double bogey on the 18th, missing the PGA Tour 36-hole record by a single stroke.
Bradley and Wi were among the biggest movers of the day. Each posted an 8-under par score. Bradley has a 12-under 130 through two days, tied for third. Wi has an 11-under 131, tied for fifth.
Haas registered a 7-under par for the day, knocking down seven birdies with no bogeys. He finds himself in second place with a 13-under 129. The 30-year-old finished ninth at the Farmers Insurance Open.
Brandt Snedeker, who finished second and third at the Farmers Insurance Open and Hyundai Tournament of Champions, respectively, has posted a 12-under through two rounds.
Robert Garrigus, who finished in the top 10 at the Farmers Insurance Open, is at 10-under par after posting consecutive 66s.
*Clips courtesy of PGATour.com.
Brandt Snedeker nailed a 14-foot putt to birdie hole No. 6 on Friday.
Continuing his outstanding putting, Mickelson sunk a 23-foot putt to birdie hole No. 7.
While Harris English finds himself nine shots behind Mickelson for the lead, it was hard to ignore his 30-foot putt for eagle on hole No. 15.