<SEC-DOCUMENT>0001572910-16-000085.txt : 20160301
<SEC-HEADER>0001572910-16-000085.hdr.sgml : 20160301
<ACCEPTANCE-DATETIME>20160301161740
ACCESSION NUMBER:		0001572910-16-000085
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160301
FILED AS OF DATE:		20160301
DATE AS OF CHANGE:		20160301

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:		161473464

	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:		161473465

	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 Project Development Inc.
		CENTRAL INDEX KEY:			0001654510
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		161473466

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

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 4428
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_145686704863204.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2016-03-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001654510</rptOwnerCik>
            <rptOwnerName>Phillips 66 Project Development Inc.</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>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</value>
            </securityTitle>
            <transactionDate>
                <value>2016-03-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>412823</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>56.9736</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>58761865</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On March 1, 2016, in connection with the closing of the transactions contemplated by the Contribution, Conveyance and Assumption Agreement dated February 17, 2016, by and among the  Issuer, Phillips 66 Partners GP LLC (the &quot;General Partner&quot;), Phillips 66 Company (&quot;P66 Company&quot;), and Phillips 66 Project Development Inc. (&quot;P66 PDI&quot;), the Issuer acquired an interest in a fractionator and storage caverns from P66 PDI. The consideration paid by the Issuer included assumption of a $212 million note; 412,823 common units of the Issuer issued to P66 PDI; and 8,425 general partner units issued to the General Partner.</footnote>
        <footnote id="F2">This Form 4 is filed jointly by Phillips 66 (&quot;PSX&quot;), P66 Company, and P66 PDI. P66 PDI is a direct wholly owned subsidiary of P66 Company, which is a direct wholly owned subsidiary of PSX.  P66 PDI owns all of the outstanding membership interests in the General Partner. Accordingly, the General Partner is an indirect wholly owned subsidiary of P66 Company and PSX. P66 Company and PSX may be deemed to indirectly own the securities of the Issuer directly held by the General Partner, but disclaim beneficial ownership except to the extent of their pecuniary interest therein. P66 Company and PSX may also be deemed to indirectly own the securities of the Issuer directly held by P66 PDI, but disclaim beneficial ownership except to the extent of their pecuniary interest therein.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Paula A. Johnson, VP of Phillips 66 Project Development Inc.</signatureName>
        <signatureDate>2016-03-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive VP of Phillips 66</signatureName>
        <signatureDate>2016-03-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive Vice President of Phillips 66 Company</signatureName>
        <signatureDate>2016-03-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
