Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income



	Millions of Dollars
	Three Months Ended June 30, 2016
Statement of Income	Phillips 66			Phillips 66 Company	All Other Subsidiaries	Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		15,237	6,612	—		21,849
Equity in earnings of affiliates	556			487	74	(682	)	435
Net gain on dispositions	—			—	6	—		6
Other income	—			9	8	—		17
Intercompany revenues	—			219	2,126	(2,345	)	—
Total Revenues and Other Income	556			15,952	8,826	(3,027	)	22,307

Costs and Expenses
Purchased crude oil and products	—			12,473	6,014	(2,289	)	16,198
Operating expenses	—			781	223	(10	)	994
Selling, general and administrative expenses	1			313	109	(2	)	421
Depreciation and amortization	—			203	87	—		290
Impairments	—			—	2	—		2
Taxes other than income taxes	—			1,397	2,197	—		3,594
Accretion on discounted liabilities	—			4	1	—		5
Interest and debt expense	91			9	27	(44	)	83
Foreign currency transaction (gains) losses	—			—	—	—		—
Total Costs and Expenses	92			15,180	8,660	(2,345	)	21,587
Income before income taxes	464			772	166	(682	)	720
Provision (benefit) for income taxes	(32		)	216	20	—		204
Net Income	496			556	146	(682	)	516
Less: net income attributable to noncontrolling interests	—			—	20	—		20
Net Income Attributable to Phillips 66	$	496		556	126	(682	)	496

Comprehensive Income	$	401		461	39	(480	)	421



	Millions of Dollars
	Three Months Ended June 30, 2015
Statement of Income	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		19,903		8,609		—		28,512
Equity in earnings (losses) of affiliates	1,071			694		(151	)	(1,207	)	407
Net gain (loss) on dispositions	—			(110	)	249		—		139
Other income	—			6		13		—		19
Intercompany revenues	—			349		2,994		(3,343	)	—
Total Revenues and Other Income	1,071			20,842		11,714		(4,550	)	29,077

Costs and Expenses
Purchased crude oil and products	—			16,472		9,088		(3,307	)	22,253
Operating expenses	—			782		271		(10	)	1,043
Selling, general and administrative expenses	1			303		103		(1	)	406
Depreciation and amortization	—			214		60		—		274
Impairments	—			2		—		—		2
Taxes other than income taxes	—			1,435		2,114		—		3,549
Accretion on discounted liabilities	—			4		2		—		6
Interest and debt expense	90			6		8		(25	)	79
Foreign currency transaction (gains) losses	—			—		—		—		—
Total Costs and Expenses	91			19,218		11,646		(3,343	)	27,612
Income before income taxes	980			1,624		68		(1,207	)	1,465
Provision (benefit) for income taxes	(32		)	553		(81	)	—		440
Net Income	1,012			1,071		149		(1,207	)	1,025
Less: net income attributable to noncontrolling interests	—			—		13		—		13
Net Income Attributable to Phillips 66	$	1,012		1,071		136		(1,207	)	1,012

Comprehensive Income	$	1,237		1,296		364		(1,647	)	1,250



	Millions of Dollars
	Six Months Ended June 30, 2016
Statement of Income	Phillips 66			Phillips 66 Company	All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		26,935	12,323		—		39,258
Equity in earnings of affiliates	1,003			885	160		(1,280	)	768
Net gain on dispositions	—			—	6		—		6
Other income	—			24	11		—		35
Intercompany revenues	—			397	3,713		(4,110	)	—
Total Revenues and Other Income	1,003			28,241	16,213		(5,390	)	40,067

Costs and Expenses
Purchased crude oil and products	—			21,467	10,659		(3,998	)	28,128
Operating expenses	—			1,613	422		(18	)	2,017
Selling, general and administrative expenses	4			600	208		(5	)	807
Depreciation and amortization	—			403	167		—		570
Impairments	—			—	2		—		2
Taxes other than income taxes	—			2,741	4,314		—		7,055
Accretion on discounted liabilities	—			8	2		—		10
Interest and debt expense	184			17	57		(89	)	169
Foreign currency transaction (gains) losses	—			—	(7	)	—		(7	)
Total Costs and Expenses	188			26,849	15,824		(4,110	)	38,751
Income before income taxes	815			1,392	389		(1,280	)	1,316
Provision (benefit) for income taxes	(66		)	389	79		—		402
Net Income	881			1,003	310		(1,280	)	914
Less: net income attributable to noncontrolling interests	—			—	33		—		33
Net Income Attributable to Phillips 66	$	881		1,003	277		(1,280	)	881

Comprehensive Income	$	782		904	191		(1,062	)	815



	Millions of Dollars
	Six Months Ended June 30, 2015
Statement of Income	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Revenues and Other Income
Sales and other operating revenues	$	—		35,490		15,800		—		51,290
Equity in earnings (losses) of affiliates	2,123			1,416		(102	)	(2,574	)	863
Net gain (loss) on dispositions	—			(115	)	376		—		261
Other income	—			65		24		—		89
Intercompany revenues	—			489		5,143		(5,632	)	—
Total Revenues and Other Income	2,123			37,345		21,241		(8,206	)	52,503

Costs and Expenses
Purchased crude oil and products	—			28,749		15,761		(5,562	)	38,948
Operating expenses	4			1,656		501		(24	)	2,137
Selling, general and administrative expenses	3			595		204		(2	)	800
Depreciation and amortization	—			408		119		—		527
Impairments	—			2		—		—		2
Taxes other than income taxes	—			2,816		4,195		—		7,011
Accretion on discounted liabilities	—			8		3		—		11
Interest and debt expense	183			12		14		(44	)	165
Foreign currency transaction losses	—			—		49		—		49
Total Costs and Expenses	190			34,246		20,846		(5,632	)	49,650
Income before income taxes	1,933			3,099		395		(2,574	)	2,853
Provision (benefit) for income taxes	(66		)	976		(79	)	—		831
Net Income	1,999			2,123		474		(2,574	)	2,022
Less: net income attributable to noncontrolling interests	—			—		23		—		23
Net Income Attributable to Phillips 66	$	1,999		2,123		451		(2,574	)	1,999

Comprehensive Income	$	2,061		2,185		513		(2,675	)	2,084

Condensed Consolidating Balance Sheet



	Millions of Dollars
	June 30, 2016
Balance Sheet	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Assets
Cash and cash equivalents	$	—		864		1,368		—		2,232
Accounts and notes receivable	13			3,614		3,334		(1,364	)	5,597
Inventories	—			2,657		1,336		—		3,993
Prepaid expenses and other current assets	1			488		332		—		821
Total Current Assets	14			7,623		6,370		(1,364	)	12,643
Investments and long-term receivables	31,691			22,722		7,775		(49,252	)	12,936
Net properties, plants and equipment	—			12,867		7,380		—		20,247
Goodwill	—			3,040		235		—		3,275
Intangibles	—			722		174		—		896
Other assets	12			205		149		(2	)	364
Total Assets	$	31,717		47,179		22,083		(50,618	)	50,361

Liabilities and Equity
Accounts payable	$	—		5,333		3,115		(1,364	)	7,084
Short-term debt	1,498			28		6		—		1,532
Accrued income and other taxes	—			378		534		—		912
Employee benefit obligations	—			347		38		—		385
Other accruals	59			339		89		—		487
Total Current Liabilities	1,557			6,425		3,782		(1,364	)	10,400
Long-term debt	5,917			146		1,267		—		7,330
Asset retirement obligations and accrued environmental costs	—			499		173		—		672
Deferred income taxes	—			4,420		1,815		(2	)	6,233
Employee benefit obligations	—			1,146		197		—		1,343
Other liabilities and deferred credits	1,372			2,895		3,705		(7,655	)	317
Total Liabilities	8,846			15,531		10,939		(9,021	)	26,295
Common stock	10,997			25,403		10,782		(36,185	)	10,997
Retained earnings	12,626			6,997		(624	)	(6,402	)	12,597
Accumulated other comprehensive income (loss)	(752		)	(752	)	(238	)	990		(752	)
Noncontrolling interests	—			—		1,224		—		1,224
Total Liabilities and Equity	$	31,717		47,179		22,083		(50,618	)	50,361



	Millions of Dollars
	December 31, 2015
Balance Sheet	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Assets
Cash and cash equivalents	$	—		575		2,499		—		3,074
Accounts and notes receivable	14			3,643		2,217		(701	)	5,173
Inventories	—			2,171		1,306		—		3,477
Prepaid expenses and other current assets	2			382		148		—		532
Total Current Assets	16			6,771		6,170		(701	)	12,256
Investments and long-term receivables	33,315			24,068		7,395		(52,635	)	12,143
Net properties, plants and equipment	—			12,651		7,070		—		19,721
Goodwill	—			3,040		235		—		3,275
Intangibles	—			726		180		—		906
Other assets	16			154		113		(4	)	279
Total Assets	$	33,347		47,410		21,163		(53,340	)	48,580

Liabilities and Equity
Accounts payable	$	—		4,015		2,341		(701	)	5,655
Short-term debt	—			25		19		—		44
Accrued income and other taxes	—			320		558		—		878
Employee benefit obligations	—			528		48		—		576
Other accruals	59			240		79		—		378
Total Current Liabilities	59			5,128		3,045		(701	)	7,531
Long-term debt	7,413			158		1,272		—		8,843
Asset retirement obligations and accrued environmental costs	—			496		169		—		665
Deferred income taxes	—			4,500		1,545		(4	)	6,041
Employee benefit obligations	—			1,094		191		—		1,285
Other liabilities and deferred credits	2,746			2,765		3,734		(8,968	)	277
Total Liabilities	10,218			14,141		9,956		(9,673	)	24,642
Common stock	11,405			25,404		10,688		(36,092	)	11,405
Retained earnings	12,377			8,518		(200	)	(8,347	)	12,348
Accumulated other comprehensive income (loss)	(653		)	(653	)	(119	)	772		(653	)
Noncontrolling interests	—			—		838		—		838
Total Liabilities and Equity	$	33,347		47,410		21,163		(53,340	)	48,580

Condensed Consolidating Statement of Cash Flows



	Millions of Dollars
	Six Months Ended June 30, 2016
Statement of Cash Flows	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$	2,486		1,259		876		(3,208	)	1,413

Cash Flows From Investing Activities
Capital expenditures and investments*	—			(685	)	(723	)	38		(1,370	)
Proceeds from asset dispositions	—			3		12		—		15
Intercompany lending activities	(1,190		)	2,295		(1,105	)	—		—
Advances/loans—related parties	—			(75	)	(107	)	—		(182	)
Other	—			13		(88	)	—		(75	)
Net Cash Provided by (Used in) Investing Activities	(1,190		)	1,551		(2,011	)	38		(1,612	)

Cash Flows From Financing Activities
Issuance of debt	—			—		150		—		150
Repayment of debt	—			(11	)	(155	)	—		(166	)
Issuance of common stock	(29		)	—		—		—		(29	)
Repurchase of common stock	(633		)	—		—		—		(633	)
Dividends paid on common stock	(625		)	(2,528	)	(680	)	3,208		(625	)
Distributions to noncontrolling interests	—			—		(28	)	—		(28	)
Net proceeds from issuance of Phillips 66 Partners LP common units	—			—		669		—		669
Other*	(9		)	18		40		(38	)	11
Net Cash Used in Financing Activities	(1,296		)	(2,521	)	(4	)	3,170		(651	)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—		8		—		8

Net Change in Cash and Cash Equivalents	—			289		(1,131	)	—		(842	)
Cash and cash equivalents at beginning of period	—			575		2,499		—		3,074
Cash and Cash Equivalents at End of Period	$	—		864		1,368		—		2,232

* Includes intercompany capital contributions.



	Millions of Dollars
	Six Months Ended June 30, 2015
Statement of Cash Flows	Phillips 66			Phillips 66 Company		All Other Subsidiaries		Consolidating Adjustments		Total Consolidated
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$	531		1,386		1,524		(662	)	2,779

Cash Flows From Investing Activities
Capital expenditures and investments*	—			(663	)	(2,465	)	834		(2,294	)
Proceeds from asset dispositions**	—			773		104		(882	)	(5	)
Intercompany lending activities	1,611			(1,357	)	(254	)	—		—
Advances/loans—related parties	—			(50	)	—		—		(50	)
Collection of advances/loans—related parties	—			50		—		—		50
Other	—			(28	)	75		—		47
Net Cash Provided by (Used in) Investing Activities	1,611			(1,275	)	(2,540	)	(48	)	(2,252	)

Cash Flows From Financing Activities
Issuance of debt	—			—		1,169		—		1,169
Repayment of debt	(800		)	(9	)	(95	)	—		(904	)
Issuance of common stock	(25		)	—		—		—		(25	)
Repurchase of common stock	(733		)	—		—		—		(733	)
Dividends paid on common stock	(574		)	(574	)	(48	)	622		(574	)
Distributions to controlling interests	—			—		(186	)	186		—
Distributions to noncontrolling interests	—			—		(20	)	—		(20	)
Net proceeds from issuance of Phillips 66 Partners LP common units	—			—		384		—		384
Other*	(10		)	22		88		(98	)	2
Net Cash Provided by (Used in) Financing Activities	(2,142		)	(561	)	1,292		710		(701	)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—		56		—		56

Net Change in Cash and Cash Equivalents	—			(450	)	332		—		(118	)
Cash and cash equivalents at beginning of period	—			2,045		3,162		—		5,207
Cash and Cash Equivalents at End of Period	$	—		1,595		3,494		—		5,089

* Includes intercompany capital contributions.

** Includes return of investments in equity affiliates and working capital true-ups on dispositions.