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Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statement of Income


	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

Condensed Consolidating Balance Sheet


	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

Condensed Consolidating Statement of Cash Flows


	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