<SEC-DOCUMENT>0001534701-21-000200.txt : 20211027
<SEC-HEADER>0001534701-21-000200.hdr.sgml : 20211027
<ACCEPTANCE-DATETIME>20211027171838
ACCESSION NUMBER:		0001534701-21-000200
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211026
FILED AS OF DATE:		20211027
DATE AS OF CHANGE:		20211027

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Phillips 66
		CENTRAL INDEX KEY:			0001534701
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		211353968

	BUSINESS ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-293-6600

	MAIL ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Phillips 66 Project Development Inc.
		CENTRAL INDEX KEY:			0001654510
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		211353970

	BUSINESS ADDRESS:	
		STREET 1:		3010 BRIARPARK DRIVE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-293-6600

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 4428
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Phillips 66 Co
		CENTRAL INDEX KEY:			0001534827
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36011
		FILM NUMBER:		211353969

	BUSINESS ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-293-6600

	MAIL ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS 66 PARTNERS LP
		CENTRAL INDEX KEY:			0001572910
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				383899432
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		855-283-9237

	MAIL ADDRESS:	
		STREET 1:		2331 CITYWEST BLVD.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_163536950175574.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-10-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001572910</issuerCik>
        <issuerName>PHILLIPS 66 PARTNERS LP</issuerName>
        <issuerTradingSymbol>PSXP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001654510</rptOwnerCik>
            <rptOwnerName>Phillips 66 Project Development Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2331 CITYWEST BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001534827</rptOwnerCik>
            <rptOwnerName>Phillips 66 Co</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2331 CITYWEST BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001534701</rptOwnerCik>
            <rptOwnerName>Phillips 66</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2331 CITYWEST BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2021-10-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1697601</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>169760137</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents an in-kind dividend by Phillips 66 Project Development Inc. (&quot;P66 PDI&quot;) for no consideration to Phillips 66 Company (&quot;P66 Company&quot;) pursuant to the terms of a dividend and assignment agreement by and between P66 PDI and P66 Company.</footnote>
        <footnote id="F2">Following the transaction reported herein, P66 PDI and P66 Company are the record holders of 168,062,536 and 1,697,601 Common Units, respectively. P66 PDI is a direct wholly owned subsidiary of P66 Company, which is a direct wholly owned subsidiary of Phillips 66 (&quot;PSX&quot;). Accordingly, PSX may be deemed to indirectly own the securities of the Issuer directly held by P66 Company and P66 PDI, and P66 Company may be deemed to indirectly own the securities of the Issuer directly held by P66 PDI, but they disclaim beneficial ownership except to the extent of their pecuniary interest therein.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Paula A. Johnson, VP of Phillips 66 Project Development Inc.</signatureName>
        <signatureDate>2021-10-27</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive VP of Phillips 66 Company</signatureName>
        <signatureDate>2021-10-27</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Paula A. Johnson, Executive VP of Phillips 66</signatureName>
        <signatureDate>2021-10-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
