Earnings Per Share

6 Months Ended

Jun. 30, 2016

The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.



	Three Months Ended June 30								Six Months Ended June 30
	2016					2015			2016				2015
	Basic			Diluted		Basic		Diluted	Basic		Diluted		Basic		Diluted
Amounts attributed to Phillips 66 Common Stockholders (millions):
Net income attributable to Phillips 66	$	496		496		1,012		1,012	881		881		1,999		1,999
Income allocated to participating securities	(2		)	(1	)	(2	)	—	(3	)	(3	)	(3	)	—
Net Income available to common stockholders	$	494		495		1,010		1,012	878		878		1,996		1,999

Weighted-average common shares outstanding (thousands):	524,080			528,247		539,848		544,617	525,654		529,993		541,649		546,398
Effect of stock-based compensation	4,167			2,813		4,769		4,309	4,339		2,822		4,749		4,587
Weighted-average common shares outstanding—EPS	528,247			531,060		544,617		548,926	529,993		532,815		546,398		550,985

Earnings Per Share of Common Stock (dollars)	$	0.94		0.93		1.85		1.84	1.66		1.65		3.65		3.63