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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities      
Net income $ 1,644 $ 4,280 $ 4,797
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,168 1,078 995
Impairments 5 7 150
Accretion on discounted liabilities 21 21 24
Deferred taxes 612 529 (488)
Undistributed equity earnings (815) 185 197
Net gain on dispositions (10) (283) (295)
Income from discontinued operations [1] 0 0 (706)
Other (163) 117 (127)
Working capital adjustments      
Decrease (increase) in accounts and notes receivable (1,258) 2,129 2,226
Decrease (increase) in inventories 216 (144) (85)
Decrease (increase) in prepaid expenses and other current assets (147) 324 (316)
Increase (decrease) in accounts payable 1,579 (2,300) (3,323)
Increase (decrease) in taxes and other accruals 111 (230) 478
Net cash provided by continuing operating activities 2,963 5,713 3,527
Net cash provided by discontinued operations 0 0 2
Net Cash Provided by Operating Activities 2,963 5,713 3,529
Cash Flows From Investing Activities      
Capital expenditures and investments (2,844) (5,764) (3,773)
Proceeds from asset dispositions [2] 156 70 1,244
Advances/loans—related parties (432) (50) (3)
Collection of advances/loans—related parties 108 50 0
Other (146) (44) 238
Net cash used in continuing investing activities (3,158) (5,738) (2,294)
Net cash used in discontinued operations 0 0 (2)
Net Cash Used in Investing Activities (3,158) (5,738) (2,296)
Cash Flows From Financing Activities      
Issuance of debt 2,090 1,169 2,487
Repayment of debt (833) (926) (49)
Issuance of common stock (12) (19) 1
Repurchase of common stock (1,042) (1,512) (2,282)
Share exchange—PSPI transaction 0 0 (450)
Dividends paid on common stock (1,282) (1,172) (1,062)
Distributions to noncontrolling interests (75) (46) (30)
Net proceeds from issuance of Phillips 66 Partners LP common units 972 384 0
Other 4 5 23
Net cash used in continuing financing activities (178) (2,117) (1,362)
Net cash used in discontinued operations 0 0 0
Net Cash Used in Financing Activities (178) (2,117) (1,362)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 10 9 (64)
Net Change in Cash and Cash Equivalents (363) (2,133) (193)
Cash and cash equivalents at beginning of year 3,074 5,207 5,400
Cash and Cash Equivalents at End of Year $ 2,711 $ 3,074 $ 5,207
[1] Net of provision for income taxes on discontinued operations: $0 million, $0 million, $5 million
[2] Includes return of investments in equity affiliates and working capital true-ups on dispositions.