Discontinured Operations (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

The carrying value of the major categories of assets and liabilities and operting results

		Millions of
		Dollars
Assets
Accounts and notes receivable		$	8,353
Accounts and notes receivable—related parties			1,671
Inventories			3,403
Prepaid expenses and other current assets			443
	Total current assets of discontinued operations		13,870
Investments and long-term receivables			10,304
Loans and advances—related parties			1
Net properties, plants and equipment			15,047
Goodwill			3,332
Intangibles			732
Other assets			121
Total assets of discontinued operations		$	43,407
Liabilities
Accounts payable		$	10,007
Accounts payable—related parties			785
Short-term debt			30
Accrued income and other taxes			967
Employee benefit obligations			76
Other accruals			411
	Total current liabilities of discontinued operations		12,276
Long-term debt			361
Asset retirement obligations and accrued environmental costs			787
Deferred income taxes			5,533
Employee benefit obligations			1,057
Other liabilities and deferred credits			417
Total liabilities of discontinued operations		$	20,431

Sales and other operating revenues and income from discontinued operations related to Phillips 66 were as
follows:
	Millions of Dollars
	2012		2011	2010
Sales and other operating revenues from discontinued operations	$	62,109	196,068	146,542
Income from discontinued operations before-tax	$	1,768	6,776	1,438
Income tax expense		534	1,729	470
Income from discontinued operations	$	1,234	5,047	968

		Millions of Dollars
			2012	2011
Assets
Accounts and notes receivable		$	268	255
Accounts and notes receivable—related parties			1	4
Inventories			44	48
Prepaid expenses and other current assets			220	279
	Total current assets of discontinued operations		533	586
Investments and long-term receivables			272	261
Loans and advances—related parties			29	13
Net properties, plants and equipment			6,629	6,657
Other assets			4	9
Total assets of discontinued operations		$	7,467	7,526
Liabilities
Accounts payable		$	471	644
Accrued income and other taxes			125	185
Employee benefit obligations			-	1
	Total current liabilities of discontinued operations		596	830
Asset retirement obligations and accrued environmental costs			131	138
Deferred income taxes			759	989
Total liabilities of discontinued operations		$	1,486	1,957

Sales and other operating revenues and income from discontinued operations related to the Disposition Group
during 2012, 2011 and 2010 were as follows:
	Millions of Dollars
	2012		2011	2010
Sales and other operating revenues from discontinued operations	$	1,369	1,560	1,081
Income (loss) from discontinued operations before-tax	$	(6)	829	437
Income tax expense		211	562	293
Income (loss) from discontinued operations	$	(217)	267	144