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Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Disclosures and Related Information
Segment Disclosures and Related Information

Our operating segments are:

1)
Midstream—Gathers, processes, transports and markets natural gas; and transports, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. The Midstream segment includes our master limited partnership, Phillips 66 Partners LP, as well as our 50 percent equity investment in DCP Midstream.

2)
Chemicals—Manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50 percent equity investment in CPChem.

3)
Refining—Buys, sells and refines crude oil and other feedstocks at 14 refineries, mainly in the United States and Europe.

4)
Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations.

Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents.

We evaluate performance and allocate resources based on net income attributable to Phillips 66. Intersegment sales are at prices that approximate market.



Analysis of Results by Operating Segment

 
Millions of Dollars
 
Three Months Ended
June 30
 
Six Months Ended
June 30
 
2016

2015

 
2016

2015

Sales and Other Operating Revenues
 
 
 
 
 
Midstream
 
 
 
 
 
Total sales
$
919

913

 
1,850

1,882

Intersegment eliminations
(278
)
(243
)
 
(570
)
(497
)
Total Midstream
641

670

 
1,280

1,385

Chemicals
1

1

 
2

3

Refining
 
 
 
 
 
Total sales
13,539

18,955

 
23,777

33,226

Intersegment eliminations
(9,246
)
(11,920
)
 
(15,805
)
(20,676
)
Total Refining
4,293

7,035

 
7,972

12,550

Marketing and Specialties
 
 
 
 
 
Total sales
17,180

21,343

 
30,528

38,091

Intersegment eliminations
(274
)
(549
)
 
(540
)
(760
)
Total Marketing and Specialties
16,906

20,794

 
29,988

37,331

Corporate and Other
8

12

 
16

21

Consolidated sales and other operating revenues
$
21,849

28,512

 
39,258

51,290

 
 
 
 
 
 
Net Income (Loss) Attributable to Phillips 66
 
 
 
 
 
Midstream
$
39

(78
)
 
104

(11
)
Chemicals
190

295

 
346

498

Refining
149

604

 
235

1,142

Marketing and Specialties
229

314

 
434

618

Corporate and Other
(111
)
(123
)
 
(238
)
(248
)
Consolidated net income attributable to Phillips 66
$
496

1,012

 
881

1,999



 
Millions of Dollars
 
June 30
2016

 
December 31
2015

Total Assets
 
 
 
Midstream
$
11,896

 
11,043

Chemicals
5,644

 
5,237

Refining
23,214

 
21,993

Marketing and Specialties
6,397

 
5,631

Corporate and Other
3,210

 
4,676

Consolidated total assets
$
50,361

 
48,580