Debt

Long-term debt at December 31 was:



	Millions of Dollars
	2016			2015

2.95% Senior Notes due 2017	$	1,500		1,500
4.30% Senior Notes due 2022	2,000			2,000
4.65% Senior Notes due 2034	1,000			1,000
5.875% Senior Notes due 2042	1,500			1,500
4.875% Senior Notes due 2044	1,500			1,500
Phillips 66 Partners 2.646% Senior Notes due 2020	300			300
Phillips 66 Partners 3.605% Senior Notes due 2025	500			500
Phillips 66 Partners 3.55% Senior Notes due 2026	500			—
Phillips 66 Partners 4.680% Senior Notes due 2045	300			300
Phillips 66 Partners 4.90% Senior Notes due 2046	625			—
Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015	50			50
Sweeny Cogeneration, L.P. notes due 2020 at 7.54%	—			41
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party)	68			83
Phillips 66 Partners revolving credit facility due 2021 at 1.98% at year-end 2016	210			—
Other	1			1
Debt at face value	10,054			8,775
Capitalized leases	188			208
Net unamortized discounts and debt issuance costs	(104		)	(96	)
Total debt	10,138			8,887
Short-term debt	(550		)	(44	)
Long-term debt	$	9,588		8,843

Maturities of borrowings outstanding at December 31, 2016, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2017 through 2021 are $1,550 million, $43 million, $31 million, $335 million and $231 million, respectively. At December 31, 2016, we classified $1 billion of debt maturing in 2017 as long-term debt on our consolidated balance sheet, based on our ability and intent to refinance the obligation on a long-term basis, with such ability demonstrated by our revolving credit facility.

Debt Issuances

In October 2016, Phillips 66 Partners closed on a public offering of $1.125 billion aggregate principal amount of unsecured senior notes, consisting of:


•	$500 million of 3.55% Senior Notes due 2026.


•	$625 million of 4.90% Senior Notes due 2046.

In February 2015, Phillips 66 Partners closed on a public offering of $1.1 billion aggregate principal amount of unsecured

senior notes, consisting of:


•	$300 million of 2.646% Senior Notes due 2020.


•	$500 million of 3.605% Senior Notes due 2025.


•	$300 million of 4.680% Senior Notes due 2045.

Credit Facilities and Commercial Paper

In October 2016, Phillips 66 amended its $5 billion revolving credit facility, primarily to extend the term from December 2019 to October 2021. This facility may be used for direct bank borrowings, as support for issuances of letters of credit, or as support for our commercial paper program. The facility is with a broad syndicate of financial institutions and contains covenants that we consider usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 60 percent. The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. Borrowings under the facility will incur interest at the London Interbank Offered Rate (LIBOR) plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor’s Ratings Services and Moody’s Investors Service. The facility also provides for customary fees, including administrative agent fees and commitment fees. As of December 31, 2016, no amount had been directly drawn under this revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it.

We have a $5 billion commercial paper program for short-term working capital needs that is supported by our revolving credit facility. Commercial paper maturities are generally limited to 90 days. As of December 31, 2016, we had no borrowings under our commercial paper program.

Phillips 66 Partners also amended its $500 million revolving credit facility in October 2016, primarily to increase borrowing capacity to $750 million and to extend the term from November 2019 to October 2021. The Phillips 66 Partners facility is with a broad syndicate of financial institutions. As of December 31, 2016, Phillips 66 Partners had $210 million outstanding under this facility.