Mickelson is trying to become the first three-time winner in the event. His 128 is the lowest 36-hole total in his career and the lowest two-day total in the history of the tournament.
Mickelson matched the course record with a first-round 63 Thursday at the TPC at Sugarloaf. Now he could be chasing bigger records.
The PGA record for most strokes under par through four rounds on a par-72 course is 29 under by Joe Durant in the 2001 Bob Hope Classic.
Mickelson is on pace to finish at 32-under 256. The PGA record low total for 72 holes is 254 by Tommy Armour III in the 2003 Texas Open.
Lorena Ochoa went from firing at flags to grinding over every shot as winds swirled under hazy clouds and made the Kraft Nabisco Championship feel more like a major on Friday.
All that mattered was keeping her lead, and a 1-under 71 was enough to do that.
"It's amazing how easy things were yesterday, and today I worked really hard for my 1 under," Ochoa said. "I was pleased with my round. I really like my position."
Coming off a 62 in the first round, which tied the lowest score ever in a major, Ochoa twice scrambled for par.
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