XML 51 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Disclosures and Related Information
 12 Months Ended
Dec. 31, 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, stores, 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 and petroleum products. The segment also stores, refrigerates and exports liquefied petroleum gas primarily to Asia and Europe. 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—Consists of our 50 percent equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.

3)
Refining—Buys, sells and refines crude oil and other feedstocks at 13 refineries, mainly in the United States and Europe.

4)
Marketing and Specialties (M&S)—Purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, as well as power generation operations.

Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate items. Corporate assets include all cash and cash equivalents.
We evaluate segment performance 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
 
2016

 
2015

 
2014

Sales and Other Operating Revenues
 
 
 
 
 
Midstream
 
 
 
 
 
Total sales
$
4,226

 
3,676

 
6,222

Intersegment eliminations
(1,299
)
 
(1,034
)
 
(1,104
)
Total Midstream
2,927

 
2,642

 
5,118

Chemicals
5

 
5

 
7

Refining
 
 
 
 
 
Total sales
52,068

 
63,470

 
115,326

Intersegment eliminations
(34,120
)
 
(40,317
)
 
(68,263
)
Total Refining
17,948

 
23,153

 
47,063

Marketing and Specialties
 
 
 
 
 
Total sales
64,476

 
74,591

 
110,540

Intersegment eliminations
(1,109
)
 
(1,446
)
 
(1,548
)
Total Marketing and Specialties
63,367

 
73,145

 
108,992

Corporate and Other
32

 
30

 
32

Consolidated sales and other operating revenues
$
84,279

 
98,975

 
161,212

 
 
 
 
 
 
Depreciation, Amortization and Impairments
 
 
 
 
 
Midstream
$
218

 
128

 
92

Chemicals
—

 
—

 
—

Refining
770

 
741

 
850

Marketing and Specialties
107

 
100

 
97

Corporate and Other
78

 
116

 
106

Consolidated depreciation, amortization and impairments
$
1,173

 
1,085

 
1,145


 
Millions of Dollars
 
2016

 
2015

 
2014

Equity in Earnings of Affiliates
 
 
 
 
 
Midstream
$
184

 
(268
)
 
360

Chemicals
834

 
1,316

 
1,634

Refining
164

 
325

 
311

Marketing and Specialties
232

 
207

 
162

Corporate and Other
—

 
(7
)
 
(1
)
Consolidated equity in earnings of affiliates
$
1,414

 
1,573

 
2,466

 
 
 
 
 
 
Income Taxes from Continuing Operations
 
 
 
 
 
Midstream
$
123

 
73

 
310

Chemicals
256

 
353

 
495

Refining
61

 
1,104

 
696

Marketing and Specialties
370

 
466

 
440

Corporate and Other
(263
)
 
(232
)
 
(287
)
Consolidated income taxes from continuing operations
$
547

 
1,764

 
1,654

 
 
 
 
 
 
Net Income Attributable to Phillips 66
 
 
 
 
 
Midstream
$
178

 
13

 
507

Chemicals
583

 
962

 
1,137

Refining
374

 
2,555

 
1,771

Marketing and Specialties
891

 
1,187

 
1,034

Corporate and Other
(471
)
 
(490
)
 
(393
)
Discontinued Operations
—

 
—

 
706

Consolidated net income attributable to Phillips 66
$
1,555

 
4,227

 
4,762

 
Millions of Dollars
 
2016

 
2015

 
2014

Investments In and Advances To Affiliates
 
 
 
 
 
Midstream
$
4,769

 
4,198

 
2,461

Chemicals
5,773

 
5,177

 
5,183

Refining
2,420

 
2,262

 
2,103

Marketing and Specialties
391

 
342

 
290

Corporate and Other
1

 
1

 
1

Consolidated investments in and advances to affiliates
$
13,354

 
11,980

 
10,038

 
 
 
 
 
 
Total Assets
 
 
 
 
 
Midstream
$
12,832

 
11,043

 
7,295

Chemicals
5,802

 
5,237

 
5,209

Refining
22,825

 
21,993

 
22,808

Marketing and Specialties
6,227

 
5,631

 
7,051

Corporate and Other
3,967

 
4,676

 
6,329

Consolidated total assets
$
51,653

 
48,580

 
48,692

 
 
 
 
 
 
Capital Expenditures and Investments
 
 
 
 
 
Midstream
$
1,453

 
4,457

 
2,173

Chemicals
—

 
—

 
—

Refining
1,149

 
1,069

 
1,038

Marketing and Specialties
98

 
122

 
439

Corporate and Other
144

 
116

 
123

Consolidated capital expenditures and investments
$
2,844

 
5,764

 
3,773

 
 
 
 
 
 
Interest Income and Expense
 
 
 
 
 
Interest income
 
 
 
 
 
Midstream
$
2

 
—

 
—

Marketing and Specialties
—

 
2

 
—

Corporate and Other
16

 
25

 
21

Consolidated interest income
$
18

 
27

 
21

 
 
 
 
 
 
Interest and debt expense
 
 
 
 
 
Corporate and Other
$
338

 
310

 
267



Sales and Other Operating Revenues by Product Line
 
 
 
 
 
Refined products
$
73,385

 
86,249

 
133,625

Crude oil resales
7,594

 
8,993

 
19,832

NGL
3,107

 
2,998

 
6,447

Other
193

 
735

 
1,308

Consolidated sales and other operating revenues by product line
$
84,279

 
98,975

 
161,212




Geographic Information
 
 
Millions of Dollars
 
Sales and Other Operating Revenues*
 
Long-Lived Assets**
 
2016

 
2015

 
2014

 
2016

 
2015

 
2014

 
 
 
 
 
 
 
 
 
 
 
 
United States
$
59,742

 
69,578

 
110,713

 
32,442

 
29,624

 
25,255

United Kingdom
9,895

 
12,120

 
20,131

 
1,177

 
1,459

 
1,469

Germany
6,128

 
6,584

 
9,424

 
503

 
502

 
534

Other foreign countries
8,514

 
10,693

 
20,944

 
87

 
116

 
126

Worldwide consolidated
$
84,279

 
98,975

 
161,212

 
34,209

 
31,701

 
27,384

*Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.
**Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.