<SEC-DOCUMENT>0001534827-15-000005.txt : 20151002
<SEC-HEADER>0001534827-15-000005.hdr.sgml : 20151002
<ACCEPTANCE-DATETIME>20151002170804
ACCESSION NUMBER:		0001534827-15-000005
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150513
FILED AS OF DATE:		20151002
DATE AS OF CHANGE:		20151002

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS 66 PARTNERS LP
		CENTRAL INDEX KEY:			0001572910
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				383899432
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		855-283-9237

	MAIL ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Phillips 66
		CENTRAL INDEX KEY:			0001534701
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		151141246

	BUSINESS ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-293-6600

	MAIL ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Phillips 66 Co
		CENTRAL INDEX KEY:			0001534827
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		151141247

	BUSINESS ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-293-6600

	MAIL ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_144382007447038.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2015-05-13</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001572910</issuerCik>
        <issuerName>PHILLIPS 66 PARTNERS LP</issuerName>
        <issuerTradingSymbol>PSXP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001534827</rptOwnerCik>
            <rptOwnerName>Phillips 66 Co</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3010 BRIARPARK DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001534701</rptOwnerCik>
            <rptOwnerName>Phillips 66</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3010 BRIARPARK DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units (Limited Partner Interests)</value>
            </securityTitle>
            <transactionDate>
                <value>2015-05-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35217112</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>57742986</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Subordinated Units (Limited Partner Interests)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2015-05-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35217112</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35217112.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Effective May 13, 2015, as disclosed in the Issuer's Quarterly Report on Form 10-Q for the period ended June 30, 2015, all 35,217,112 issued and outstanding subordinated units representing limited partner interests in the Issuer were converted into Common Units on a one-for-one basis at the end of the subordination period pursuant to the terms of the Issuer's First Amended and Restated Agreement of Limited Partnership.</footnote>
        <footnote id="F2">This Form 4 is filed jointly by Phillips 66 (&quot;PSX&quot;) and Phillips 66 Company (&quot;P66 Company&quot;). P66 Company is a direct wholly owned subsidiary of PSX.  On August 1, 2015, P66 Company transferred all of its common units in the Issuer and all of the membership interests in Phillips 66 Partners GP LLC, the general partner of the Issuer (the &quot;General Partner&quot;), to Phillips 66 Project Development Inc. (&quot;PDI&quot;), a wholly owned subsidiary of P66 Company. Accordingly, the General Partner is an indirect wholly owned subsidiary of each of PSX and P66 Company.  PSX and P66 Company may each be deemed to indirectly own the securities of the Issuer directly owned by PDI and the General Partner, but disclaim beneficial ownership except to the extent of their pecuniary interest therein. PDI may also be deemed to indirectly own the securities of the Issuer directly held by the General Partner, but disclaims beneficial ownership except to the extent of its pecuniary interest therein.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive VP of Phillips 66</signatureName>
        <signatureDate>2015-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive VP of Phillips 66 Company</signatureName>
        <signatureDate>2015-10-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
