The five-time major winner, who practiced at Augusta National for two days this week in advance of next week's Masters, was two shots behind early leaders Keegan Bradley and Matt Kuchar; both finished at 6-under 66. J.B. Holmes was also at 6 under after 17 holes.
Mickelson and Bradley were part of a threesome with Webb Simpson, who also finished at 4 under. All three players navigated the 7,441-yard Golf Club of Houston layout without a bogey.
Stewart Cink finished his morning round with a 5-under 67.
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