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Condensed Consolidating Financial Information | 6 Months Ended
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Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Phillips 66 has senior notes outstanding, the payment obligations of which are fully and unconditionally guaranteed by Phillips 66 Company, a 100 percent-owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: •Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). •All other nonguarantor subsidiaries. •The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.
| Millions of Dollars |  |  |  |
| Three Months Ended June 30, 2020 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income (Loss) |  |  |  |  |
Sales and other operating revenues | $ | — |  | 8,236 |  | 2,677 |  | — |  | 10,913 |
Equity in earnings (losses) of affiliates | (86) |  | 230 |  | 174 |  | (161) |  | 157 |
Net gain on dispositions | — |  | — |  | 85 |  | — |  | 85 |
Other income | — |  | 19 |  | 9 |  | — |  | 28 |
Intercompany revenues | 1 |  | 604 |  | 1,553 |  | (2,158) |  | — |
Total Revenues and Other Income (Loss) | (85) |  | 9,089 |  | 4,498 |  | (2,319) |  | 11,183 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 7,990 |  | 3,665 |  | (2,047) |  | 9,608 |
Operating expenses | — |  | 810 |  | 248 |  | (32) |  | 1,026 |
Selling, general and administrative expenses | 1 |  | 319 |  | 92 |  | (3) |  | 409 |
Depreciation and amortization | — |  | 235 |  | 108 |  | — |  | 343 |
Taxes other than income taxes | — |  | 86 |  | 28 |  | — |  | 114 |
Accretion on discounted liabilities | — |  | 4 |  | 1 |  | — |  | 5 |
Interest and debt expense | 92 |  | 22 |  | 79 |  | (76) |  | 117 |
Foreign currency transaction losses | — |  | — |  | 6 |  | — |  | 6 |
Total Costs and Expenses | 93 |  | 9,466 |  | 4,227 |  | (2,158) |  | 11,628 |
Income (loss) before income taxes | (178) |  | (377) |  | 271 |  | (161) |  | (445) |
Income tax benefit | (37) |  | (291) |  | (50) |  | — |  | (378) |
Net Income (Loss) | (141) |  | (86) |  | 321 |  | (161) |  | (67) |
Less: net income attributable to noncontrolling interests | — |  | — |  | 74 |  | — |  | 74 |
Net Income (Loss) Attributable to Phillips 66 | $ | (141) |  | (86) |  | 247 |  | (161) |  | (141) |
Comprehensive Income (Loss) | $ | (298) |  | (243) |  | 343 |  | (26) |  | (224) |
| Millions of Dollars |  |  |  |
| Three Months Ended June 30, 2019 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 21,698 |  | 6,149 |  | — |  | 27,847 |
Equity in earnings of affiliates | 1,495 |  | 1,000 |  | 202 |  | (2,049) |  | 648 |
Other income | — |  | 22 |  | 1 |  | — |  | 23 |
Intercompany revenues | — |  | 722 |  | 4,095 |  | (4,817) |  | — |
Total Revenues and Other Income | 1,495 |  | 23,442 |  | 10,447 |  | (6,866) |  | 28,518 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 20,185 |  | 9,082 |  | (4,713) |  | 24,554 |
Operating expenses | — |  | 917 |  | 271 |  | (23) |  | 1,165 |
Selling, general and administrative expenses | 1 |  | 319 |  | 91 |  | (3) |  | 408 |
Depreciation and amortization | — |  | 229 |  | 105 |  | — |  | 334 |
Impairments | — |  | 1 |  | 1 |  | — |  | 2 |
Taxes other than income taxes | — |  | 70 |  | 27 |  | — |  | 97 |
Accretion on discounted liabilities | — |  | 5 |  | 1 |  | (1) |  | 5 |
Interest and debt expense | 89 |  | 37 |  | 66 |  | (77) |  | 115 |
Foreign currency transaction losses | — |  | — |  | 9 |  | — |  | 9 |
Total Costs and Expenses | 90 |  | 21,763 |  | 9,653 |  | (4,817) |  | 26,689 |
Income before income taxes | 1,405 |  | 1,679 |  | 794 |  | (2,049) |  | 1,829 |
Income tax expense (benefit) | (19) |  | 184 |  | 160 |  | — |  | 325 |
Net Income | 1,424 |  | 1,495 |  | 634 |  | (2,049) |  | 1,504 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 80 |  | — |  | 80 |
Net Income Attributable to Phillips 66 | $ | 1,424 |  | 1,495 |  | 554 |  | (2,049) |  | 1,424 |
Comprehensive Income | $ | 1,366 |  | 1,437 |  | 574 |  | (1,931) |  | 1,446 |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2020 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income (Loss) |  |  |  |  |
Sales and other operating revenues | $ | — |  | 23,746 |  | 8,045 |  | — |  | 31,791 |
Equity in earnings (losses) of affiliates | (2,506) |  | (131) |  | 413 |  | 2,746 |  | 522 |
Net gain on dispositions | — |  | 1 |  | 85 |  | — |  | 86 |
Other income | — |  | 17 |  | 11 |  | — |  | 28 |
Intercompany revenues | 1 |  | 1,534 |  | 3,971 |  | (5,506) |  | — |
Total Revenues and Other Income (Loss) | (2,505) |  | 25,167 |  | 12,525 |  | (2,760) |  | 32,427 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 22,976 |  | 10,354 |  | (5,282) |  | 28,048 |
Operating expenses | — |  | 1,927 |  | 502 |  | (62) |  | 2,367 |
Selling, general and administrative expenses | 4 |  | 530 |  | 199 |  | (5) |  | 728 |
Depreciation and amortization | — |  | 470 |  | 215 |  | — |  | 685 |
Impairments | — |  | 1,805 |  | 1,201 |  | — |  | 3,006 |
Taxes other than income taxes | — |  | 209 |  | 62 |  | — |  | 271 |
Accretion on discounted liabilities | — |  | 9 |  | 2 |  | — |  | 11 |
Interest and debt expense | 170 |  | 58 |  | 157 |  | (157) |  | 228 |
Foreign currency transaction losses | — |  | — |  | 6 |  | — |  | 6 |
Total Costs and Expenses | 174 |  | 27,984 |  | 12,698 |  | (5,506) |  | 35,350 |
Loss before income taxes | (2,679) |  | (2,817) |  | (173) |  | 2,746 |  | (2,923) |
Income tax benefit | (42) |  | (311) |  | (76) |  | — |  | (429) |
Net Loss | (2,637) |  | (2,506) |  | (97) |  | 2,746 |  | (2,494) |
Less: net income attributable to noncontrolling interests | — |  | — |  | 143 |  | — |  | 143 |
Net Loss Attributable to Phillips 66 | $ | (2,637) |  | (2,506) |  | (240) |  | 2,746 |  | (2,637) |
Comprehensive Loss | $ | (3,002) |  | (2,871) |  | (284) |  | 3,298 |  | (2,859) |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |
Sales and other operating revenues | $ | — |  | 39,113 |  | 11,837 |  | — |  | 50,950 |
Equity in earnings of affiliates | 1,776 |  | 1,431 |  | 367 |  | (2,410) |  | 1,164 |
Net gain on dispositions | — |  | — |  | 1 |  | — |  | 1 |
Other income | — |  | 42 |  | 19 |  | — |  | 61 |
Intercompany revenues | — |  | 1,883 |  | 7,310 |  | (9,193) |  | — |
Total Revenues and Other Income | 1,776 |  | 42,469 |  | 19,534 |  | (11,603) |  | 52,176 |
Costs and Expenses |  |  |  |  |
Purchased crude oil and products | — |  | 37,265 |  | 17,336 |  | (8,992) |  | 45,609 |
Operating expenses | — |  | 1,917 |  | 597 |  | (42) |  | 2,472 |
Selling, general and administrative expenses | 4 |  | 574 |  | 201 |  | (5) |  | 774 |
Depreciation and amortization | — |  | 456 |  | 209 |  | — |  | 665 |
Impairments | — |  | 1 |  | 2 |  | — |  | 3 |
Taxes other than income taxes | — |  | 165 |  | 60 |  | — |  | 225 |
Accretion on discounted liabilities | — |  | 9 |  | 2 |  | — |  | 11 |
Interest and debt expense | 182 |  | 73 |  | 133 |  | (154) |  | 234 |
Foreign currency transaction losses | — |  | — |  | 14 |  | — |  | 14 |
Total Costs and Expenses | 186 |  | 40,460 |  | 18,554 |  | (9,193) |  | 50,007 |
Income before income taxes | 1,590 |  | 2,009 |  | 980 |  | (2,410) |  | 2,169 |
Income tax expense (benefit) | (38) |  | 233 |  | 200 |  | — |  | 395 |
Net Income | 1,628 |  | 1,776 |  | 780 |  | (2,410) |  | 1,774 |
Less: net income attributable to noncontrolling interests | — |  | — |  | 146 |  | — |  | 146 |
Net Income Attributable to Phillips 66 | $ | 1,628 |  | 1,776 |  | 634 |  | (2,410) |  | 1,628 |
Comprehensive Income | $ | 1,642 |  | 1,790 |  | 785 |  | (2,429) |  | 1,788 |
| Millions of Dollars |  |  |  |
| June 30, 2020 |  |  |  |
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 661 |  | 1,229 |  | — |  | 1,890 |
Accounts and notes receivable | — |  | 3,661 |  | 3,154 |  | (1,963) |  | 4,852 |
Inventories | — |  | 3,622 |  | 1,514 |  | — |  | 5,136 |
Prepaid expenses and other current assets | 1 |  | 377 |  | 243 |  | — |  | 621 |
Total Current Assets | 1 |  | 8,321 |  | 6,140 |  | (1,963) |  | 12,499 |
Investments and long-term receivables | 31,289 |  | 24,786 |  | 10,747 |  | (53,194) |  | 13,628 |
Net properties, plants and equipment | — |  | 13,725 |  | 10,557 |  | — |  | 24,282 |
Goodwill | — |  | 1,047 |  | 378 |  | — |  | 1,425 |
Intangibles | — |  | 740 |  | 134 |  | — |  | 874 |
Other assets | 12 |  | 4,195 |  | 673 |  | (3,070) |  | 1,810 |
Total Assets | $ | 31,302 |  | 52,814 |  | 28,629 |  | (58,227) |  | 54,518 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 4,796 |  | 2,535 |  | (1,963) |  | 5,368 |
Short-term debt | 1,497 |  | 15 |  | 271 |  | — |  | 1,783 |
Accrued income and other taxes | — |  | 439 |  | 607 |  | — |  | 1,046 |
Employee benefit obligations | — |  | 354 |  | 41 |  | — |  | 395 |
Other accruals | 76 |  | 1,292 |  | 417 |  | (354) |  | 1,431 |
Total Current Liabilities | 1,573 |  | 6,896 |  | 3,871 |  | (2,317) |  | 10,023 |
Long-term debt | 8,938 |  | 158 |  | 3,567 |  | — |  | 12,663 |
Asset retirement obligations and accrued environmental costs | — |  | 450 |  | 175 |  | — |  | 625 |
Deferred income taxes | — |  | 3,801 |  | 1,673 |  | (3) |  | 5,471 |
Employee benefit obligations | — |  | 1,142 |  | 218 |  | — |  | 1,360 |
Other liabilities and deferred credits | 46 |  | 10,806 |  | 5,714 |  | (15,485) |  | 1,081 |
Total Liabilities | 10,557 |  | 23,253 |  | 15,218 |  | (17,805) |  | 31,223 |
Common stock | 3,232 |  | 25,873 |  | 9,588 |  | (35,461) |  | 3,232 |
Retained earnings | 18,661 |  | 4,836 |  | 1,700 |  | (6,566) |  | 18,631 |
Accumulated other comprehensive loss | (1,148) |  | (1,148) |  | (457) |  | 1,605 |  | (1,148) |
Noncontrolling interests | — |  | — |  | 2,580 |  | — |  | 2,580 |
Total Liabilities and Equity | $ | 31,302 |  | 52,814 |  | 28,629 |  | (58,227) |  | 54,518 |
| Millions of Dollars |  |  |  |
| December 31, 2019 |  |  |  |
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated
Assets |  |  |  |  |
Cash and cash equivalents | $ | — |  | 136 |  | 1,478 |  | — |  | 1,614 |
Accounts and notes receivable | 86 |  | 6,334 |  | 4,148 |  | (2,058) |  | 8,510 |
Inventories | — |  | 2,594 |  | 1,182 |  | — |  | 3,776 |
Prepaid expenses and other current assets | 2 |  | 362 |  | 131 |  | — |  | 495 |
Total Current Assets | 88 |  | 9,426 |  | 6,939 |  | (2,058) |  | 14,395 |
Investments and long-term receivables | 33,082 |  | 25,039 |  | 10,989 |  | (54,539) |  | 14,571 |
Net properties, plants and equipment | — |  | 13,676 |  | 10,110 |  | — |  | 23,786 |
Goodwill | — |  | 2,853 |  | 417 |  | — |  | 3,270 |
Intangibles | — |  | 732 |  | 137 |  | — |  | 869 |
Other assets | 14 |  | 4,290 |  | 714 |  | (3,189) |  | 1,829 |
Total Assets | $ | 33,184 |  | 56,016 |  | 29,306 |  | (59,786) |  | 58,720 |
Liabilities and Equity |  |  |  |  |
Accounts payable | $ | — |  | 7,024 |  | 3,609 |  | (2,058) |  | 8,575 |
Short-term debt | 500 |  | 16 |  | 31 |  | — |  | 547 |
Accrued income and other taxes | — |  | 386 |  | 593 |  | — |  | 979 |
Employee benefit obligations | — |  | 648 |  | 62 |  | — |  | 710 |
Other accruals | 65 |  | 850 |  | 249 |  | (329) |  | 835 |
Total Current Liabilities | 565 |  | 8,924 |  | 4,544 |  | (2,387) |  | 11,646 |
Long-term debt | 7,434 |  | 155 |  | 3,627 |  | — |  | 11,216 |
Asset retirement obligations and accrued environmental costs | — |  | 460 |  | 178 |  | — |  | 638 |
Deferred income taxes | — |  | 3,727 |  | 1,828 |  | (2) |  | 5,553 |
Employee benefit obligations | — |  | 825 |  | 219 |  | — |  | 1,044 |
Other liabilities and deferred credits | 245 |  | 8,975 |  | 5,465 |  | (13,231) |  | 1,454 |
Total Liabilities | 8,244 |  | 23,066 |  | 15,861 |  | (15,620) |  | 31,551 |
Common stock | 3,634 |  | 25,838 |  | 9,516 |  | (35,354) |  | 3,634 |
Retained earnings | 22,094 |  | 7,900 |  | 1,940 |  | (9,870) |  | 22,064 |
Accumulated other comprehensive loss | (788) |  | (788) |  | (270) |  | 1,058 |  | (788) |
Noncontrolling interests | — |  | — |  | 2,259 |  | — |  | 2,259 |
Total Liabilities and Equity | $ | 33,184 |  | 56,016 |  | 29,306 |  | (59,786) |  | 58,720 |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2020 |  |  |  |
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 (Used in) Operating Activities | $ | 517 |  | (253) |  | 1,273 |  | (556) |  | 981 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments | — |  | (554) |  | (1,350) |  | 42 |  | (1,862) |
Return of investments in equity affiliates | — |  | — |  | 88 |  | — |  | 88 |
Proceeds from asset dispositions | — |  | — |  | 1 |  | — |  | 1 |
Intercompany lending activities | (1,751) |  | 2,123 |  | (372) |  | — |  | — |
Advances/loans—related parties | — |  | (210) |  | (21) |  | — |  | (231) |
Collection of advances/loans—related parties | — |  | 20 |  | 24 |  | — |  | 44 |
Other | — |  | (32) |  | (32) |  | — |  | (64) |
Net Cash Provided by (Used in) Investing Activities | (1,751) |  | 1,347 |  | (1,662) |  | 42 |  | (2,024) |
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | 3,015 |  | — |  | 215 |  | — |  | 3,230 |
Repayment of debt | (500) |  | (13) |  | (28) |  | — |  | (541) |
Issuance of common stock | 6 |  | — |  | — |  | — |  | 6 |
Repurchase of common stock | (443) |  | — |  | — |  | — |  | (443) |
Dividends paid on common stock | (789) |  | (556) |  | — |  | 556 |  | (789) |
Distributions to noncontrolling interests | — |  | — |  | (127) |  | — |  | (127) |
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 2 |  | — |  | 2 |
Other | (55) |  | — |  | 82 |  | (42) |  | (15) |
Net Cash Provided by (Used in) Financing Activities | 1,234 |  | (569) |  | 144 |  | 514 |  | 1,323 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | (4) |  | — |  | (4) |
Net Change in Cash and Cash Equivalents | — |  | 525 |  | (249) |  | — |  | 276 |
Cash and cash equivalents at beginning of period | — |  | 136 |  | 1,478 |  | — |  | 1,614 |
Cash and Cash Equivalents at End of Period | $ | — |  | 661 |  | 1,229 |  | — |  | 1,890 |
| Millions of Dollars |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |
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 (Used in) Operating Activities | $ | (130) |  | 621 |  | 1,079 |  | (118) |  | 1,452 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures and investments | — |  | (485) |  | (1,243) |  | — |  | (1,728) |
Return of investments in equity affiliates | — |  | 1 |  | 34 |  | — |  | 35 |
Proceeds from asset dispositions | — |  | — |  | 83 |  | — |  | 83 |
Intercompany lending activities | 1,730 |  | (1,385) |  | (345) |  | — |  | — |
Advances/loans—related parties | — |  | — |  | (95) |  | — |  | (95) |
Collection of advances/loans—related parties | — |  | — |  | 95 |  | — |  | 95 |
Other | — |  | (24) |  | 48 |  | — |  | 24 |
Net Cash Provided by (Used in) Investing Activities | 1,730 |  | (1,893) |  | (1,423) |  | — |  | (1,586) |
Cash Flows From Financing Activities |  |  |  |  |
Issuance of debt | — |  | — |  | 860 |  | — |  | 860 |
Repayment of debt | — |  | (9) |  | (588) |  | — |  | (597) |
Issuance of common stock | 9 |  | — |  | — |  | — |  | 9 |
Repurchase of common stock | (799) |  | — |  | — |  | — |  | (799) |
Dividends paid on common stock | (770) |  | — |  | (118) |  | 118 |  | (770) |
Distributions to noncontrolling interests | — |  | — |  | (117) |  | — |  | (117) |
Net proceeds from issuance of Phillips 66 Partners LP common units | — |  | — |  | 42 |  | — |  | 42 |
Other | (40) |  | — |  | 341 |  | — |  | 301 |
Net Cash Provided by (Used in) Financing Activities | (1,600) |  | (9) |  | 420 |  | 118 |  | (1,071) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  | — |  | 5 |  | — |  | 5 |
Net Change in Cash and Cash Equivalents | — |  | (1,281) |  | 81 |  | — |  | (1,200) |
Cash and cash equivalents at beginning of period | — |  | 1,648 |  | 1,371 |  | — |  | 3,019 |
Cash and Cash Equivalents at End of Period | $ | — |  | 367 |  | 1,452 |  | — |  | 1,819 |

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