Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

The carrying value of the major categories of assets and liabilities and operating results

Sales and other operating revenues and income from discontinued operations related to Phillips 66 for the
three- and six-month periods ended June 30, 2012, were as follows:

		Millions of Dollars
		2012
		Three Months Ended		Six Months Ended
		June 30		June 30

Sales and other operating revenues from discontinued
	operations	$	16,609		62,107

Income from discontinued operations before-tax		$	782		1,790
Income tax expense			248		542
Income from discontinued operations		$	534		1,248

		Millions of Dollars
			June 30	December 31
			2013	2012
Assets
Accounts and notes receivable		$	247	268
Accounts and notes receivable—related parties			2	1
Inventories			51	44
Prepaid expenses and other current assets			127	220
	Total current assets of discontinued operations		427	533
Investments and long-term receivables			293	272
Loans and advances—related parties			16	29
Net properties, plants and equipment			6,959	6,629
Other assets			2	4
Total assets of discontinued operations		$	7,697	7,467

Liabilities
Accounts payable		$	417	471
Accrued income and other taxes			37	125
	Total current liabilities of discontinued operations		454	596
Asset retirement obligations and accrued environmental costs			135	131
Deferred income taxes			853	759
Total liabilities of discontinued operations		$	1,442	1,486

Sales and other operating revenues and income (loss) from discontinued operations related to the Disposition
Group were as follows:

		Millions of Dollars
		Three Months Ended			Six Months Ended
		June 30			June 30
		2013		2012	2013	2012

Sales and other operating revenues from discontinued
	operations	$	210	324	539	715

Income from discontinued operations before-tax		$	85	144	205	346
Income tax expense			88	109	79	249
Income (loss) from discontinued operations		$	(3)	35	126	97

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details