[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | September 30, 2016 |
or |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission file number: | 001-35349 |
Delaware | 45-3779385 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [ ] |
Page | |
Consolidated Statement of Income | Phillips 66 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Revenues and Other Income | ||||||||||
Sales and other operating revenues* | $ | 21,624 | 25,792 | 60,882 | 77,082 | |||||
Equity in earnings of affiliates | 391 | 583 | 1,159 | 1,446 | ||||||
Net gain on dispositions | 3 | 22 | 9 | 283 | ||||||
Other income | 24 | 20 | 59 | 109 | ||||||
Total Revenues and Other Income | 22,042 | 26,417 | 62,109 | 78,920 | ||||||
Costs and Expenses | ||||||||||
Purchased crude oil and products | 15,961 | 18,580 | 44,089 | 57,528 | ||||||
Operating expenses | 1,061 | 1,083 | 3,078 | 3,220 | ||||||
Selling, general and administrative expenses | 411 | 437 | 1,218 | 1,237 | ||||||
Depreciation and amortization | 293 | 270 | 863 | 797 | ||||||
Impairments | 2 | 1 | 4 | 3 | ||||||
Taxes other than income taxes* | 3,424 | 3,610 | 10,479 | 10,621 | ||||||
Accretion on discounted liabilities | 5 | 5 | 15 | 16 | ||||||
Interest and debt expense | 81 | 71 | 250 | 236 | ||||||
Foreign currency transaction (gains) losses | (9 | ) | 1 | (16 | ) | 50 | ||||
Total Costs and Expenses | 21,229 | 24,058 | 59,980 | 73,708 | ||||||
Income before income taxes | 813 | 2,359 | 2,129 | 5,212 | ||||||
Provision for income taxes | 277 | 767 | 679 | 1,598 | ||||||
Net Income | 536 | 1,592 | 1,450 | 3,614 | ||||||
Less: net income attributable to noncontrolling interests | 25 | 14 | 58 | 37 | ||||||
Net Income Attributable to Phillips 66 | $ | 511 | 1,578 | 1,392 | 3,577 | |||||
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||
Basic | $ | 0.97 | 2.92 | 2.62 | 6.56 | |||||
Diluted | 0.96 | 2.90 | 2.61 | 6.52 | ||||||
Dividends Paid Per Share of Common Stock (dollars) | $ | 0.63 | 0.56 | 1.82 | 1.62 | |||||
Average Common Shares Outstanding (in thousands) | ||||||||||
Basic | 525,991 | 540,357 | 528,650 | 544,362 | ||||||
Diluted | 528,798 | 544,696 | 531,650 | 549,034 | ||||||
* Includes excise taxes on petroleum products sales: | $ | 3,357 | 3,513 | 10,225 | 10,338 | |||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Comprehensive Income | Phillips 66 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Net Income | $ | 536 | 1,592 | 1,450 | 3,614 | |||||
Other comprehensive income (loss) | ||||||||||
Defined benefit plans | ||||||||||
Actuarial gain (loss): | ||||||||||
Actuarial loss arising during the period | (28 | ) | (116 | ) | (28 | ) | (116 | ) | ||
Amortization to net income of net actuarial loss and settlements | 23 | 98 | 70 | 147 | ||||||
Curtailment gain | 31 | — | 31 | — | ||||||
Plans sponsored by equity affiliates | 2 | 4 | 11 | 14 | ||||||
Income taxes on defined benefit plans | (9 | ) | 6 | (29 | ) | (14 | ) | |||
Defined benefit plans, net of tax | 19 | (8 | ) | 55 | 31 | |||||
Foreign currency translation adjustments | (61 | ) | (106 | ) | (183 | ) | (91 | ) | ||
Income taxes on foreign currency translation adjustments | (1 | ) | (5 | ) | (4 | ) | 3 | |||
Foreign currency translation adjustments, net of tax | (62 | ) | (111 | ) | (187 | ) | (88 | ) | ||
Cash flow hedges | 4 | — | (12 | ) | — | |||||
Income taxes on hedging activities | (1 | ) | — | 5 | — | |||||
Hedging activities, net of tax | 3 | — | (7 | ) | — | |||||
Other Comprehensive Loss, Net of Tax | (40 | ) | (119 | ) | (139 | ) | (57 | ) | ||
Comprehensive Income | 496 | 1,473 | 1,311 | 3,557 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 25 | 14 | 58 | 37 | ||||||
Comprehensive Income Attributable to Phillips 66 | $ | 471 | 1,459 | 1,253 | 3,520 |
Consolidated Balance Sheet | Phillips 66 |
Millions of Dollars | ||||||
September 30 2016 | December 31 2015 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 2,337 | 3,074 | |||
Accounts and notes receivable (net of allowances of $38 million in 2016 and $55 million in 2015) | 4,101 | 4,411 | ||||
Accounts and notes receivable—related parties | 900 | 762 | ||||
Inventories | 3,905 | 3,477 | ||||
Prepaid expenses and other current assets | 721 | 532 | ||||
Total Current Assets | 11,964 | 12,256 | ||||
Investments and long-term receivables | 13,277 | 12,143 | ||||
Net properties, plants and equipment | 20,447 | 19,721 | ||||
Goodwill | 3,267 | 3,275 | ||||
Intangibles | 892 | 906 | ||||
Other assets | 407 | 279 | ||||
Total Assets | $ | 50,254 | 48,580 | |||
Liabilities | ||||||
Accounts payable | $ | 5,767 | 5,155 | |||
Accounts payable—related parties | 795 | 500 | ||||
Short-term debt | 1,583 | 44 | ||||
Accrued income and other taxes | 869 | 878 | ||||
Employee benefit obligations | 453 | 576 | ||||
Other accruals | 633 | 378 | ||||
Total Current Liabilities | 10,100 | 7,531 | ||||
Long-term debt | 7,275 | 8,843 | ||||
Asset retirement obligations and accrued environmental costs | 654 | 665 | ||||
Deferred income taxes | 6,568 | 6,041 | ||||
Employee benefit obligations | 1,061 | 1,285 | ||||
Other liabilities and deferred credits | 285 | 277 | ||||
Total Liabilities | 25,943 | 24,642 | ||||
Equity | ||||||
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2016—640,916,732 shares; 2015—639,336,287 shares) | ||||||
Par value | 6 | 6 | ||||
Capital in excess of par | 19,474 | 19,145 | ||||
Treasury stock (at cost: 2016—120,066,527 shares; 2015—109,925,907 shares) | (8,558 | ) | (7,746 | ) | ||
Retained earnings | 12,775 | 12,348 | ||||
Accumulated other comprehensive loss | (792 | ) | (653 | ) | ||
Total Stockholders’ Equity | 22,905 | 23,100 | ||||
Noncontrolling interests | 1,406 | 838 | ||||
Total Equity | 24,311 | 23,938 | ||||
Total Liabilities and Equity | $ | 50,254 | 48,580 |
Consolidated Statement of Cash Flows | Phillips 66 |
Millions of Dollars | ||||||
Nine Months Ended September 30 | ||||||
2016 | 2015 | |||||
Cash Flows From Operating Activities | ||||||
Net income | $ | 1,450 | 3,614 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation and amortization | 863 | 797 | ||||
Impairments | 4 | 3 | ||||
Accretion on discounted liabilities | 15 | 16 | ||||
Deferred taxes | 467 | (125 | ) | |||
Undistributed equity earnings | (772 | ) | 17 | |||
Net gain on dispositions | (9 | ) | (283 | ) | ||
Other | (192 | ) | 70 | |||
Working capital adjustments | ||||||
Decrease (increase) in accounts and notes receivable | 185 | 2,158 | ||||
Decrease (increase) in inventories | (510 | ) | (1,047 | ) | ||
Decrease (increase) in prepaid expenses and other current assets | (453 | ) | 165 | |||
Increase (decrease) in accounts payable | 1,025 | (1,136 | ) | |||
Increase (decrease) in taxes and other accruals | 223 | (33 | ) | |||
Net Cash Provided by Operating Activities | 2,296 | 4,216 | ||||
Cash Flows From Investing Activities | ||||||
Capital expenditures and investments | (2,031 | ) | (3,286 | ) | ||
Proceeds from asset dispositions* | 159 | 68 | ||||
Advances/loans—related parties | (266 | ) | (50 | ) | ||
Collection of advances/loans—related parties | 107 | 50 | ||||
Other | (132 | ) | 2 | |||
Net Cash Used in Investing Activities | (2,163 | ) | (3,216 | ) | ||
Cash Flows From Financing Activities | ||||||
Issuance of debt | 400 | 1,169 | ||||
Repayment of debt | (418 | ) | (918 | ) | ||
Issuance of common stock | (30 | ) | (27 | ) | ||
Repurchase of common stock | (812 | ) | (1,106 | ) | ||
Dividends paid on common stock | (954 | ) | (874 | ) | ||
Distributions to noncontrolling interests | (45 | ) | (30 | ) | ||
Net proceeds from issuance of Phillips 66 Partners LP common units | 972 | 384 | ||||
Other | 6 | 2 | ||||
Net Cash Used in Financing Activities | (881 | ) | (1,400 | ) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 11 | 15 | ||||
Net Change in Cash and Cash Equivalents | (737 | ) | (385 | ) | ||
Cash and cash equivalents at beginning of period | 3,074 | 5,207 | ||||
Cash and Cash Equivalents at End of Period | $ | 2,337 | 4,822 |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||
Attributable to Phillips 66 | |||||||||||||||
Common Stock | |||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | |||||||||
December 31, 2014 | $ | 6 | 19,040 | (6,234 | ) | 9,309 | (531 | ) | 447 | 22,037 | |||||
Net income | — | — | — | 3,577 | — | 37 | 3,614 | ||||||||
Other comprehensive loss | — | — | — | — | (57 | ) | — | (57 | ) | ||||||
Cash dividends paid on common stock | — | — | — | (874 | ) | — | — | (874 | ) | ||||||
Repurchase of common stock | — | — | (1,106 | ) | — | — | — | (1,106 | ) | ||||||
Benefit plan activity | — | 76 | — | (12 | ) | — | — | 64 | |||||||
Issuance of Phillips 66 Partners LP common units | — | — | — | — | — | 384 | 384 | ||||||||
Distributions to noncontrolling interests and other | — | — | — | — | — | (30 | ) | (30 | ) | ||||||
September 30, 2015 | $ | 6 | 19,116 | (7,340 | ) | 12,000 | (588 | ) | 838 | 24,032 | |||||
December 31, 2015 | $ | 6 | 19,145 | (7,746 | ) | 12,348 | (653 | ) | 838 | 23,938 | |||||
Net income | — | — | — | 1,392 | — | 58 | 1,450 | ||||||||
Other comprehensive loss | — | — | — | — | (139 | ) | — | (139 | ) | ||||||
Cash dividends paid on common stock | — | — | — | (954 | ) | — | — | (954 | ) | ||||||
Repurchase of common stock | — | — | (812 | ) | — | — | — | (812 | ) | ||||||
Benefit plan activity | — | 66 | — | (11 | ) | — | — | 55 | |||||||
Issuance of Phillips 66 Partners LP common units | — | 263 | — | — | — | 555 | 818 | ||||||||
Distributions to noncontrolling interests and other | — | — | — | — | — | (45 | ) | (45 | ) | ||||||
September 30, 2016 | $ | 6 | 19,474 | (8,558 | ) | 12,775 | (792 | ) | 1,406 | 24,311 |
Shares in Thousands | ||||
Common Stock Issued | Treasury Stock | |||
December 31, 2014 | 637,032 | 90,650 | ||
Repurchase of common stock | — | 14,544 | ||
Shares issued—share-based compensation | 1,602 | — | ||
September 30, 2015 | 638,634 | 105,194 | ||
December 31, 2015 | 639,336 | 109,926 | ||
Repurchase of common stock | — | 10,141 | ||
Shares issued—share-based compensation | 1,581 | — | ||
September 30, 2016 | 640,917 | 120,067 |
Notes to Consolidated Financial Statements | Phillips 66 |
Millions of Dollars | ||||||
September 30 2016 | December 31 2015 | |||||
Crude oil and petroleum products | $ | 3,643 | 3,214 | |||
Materials and supplies | 262 | 263 | ||||
$ | 3,905 | 3,477 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Revenues | $ | 4,647 | 5,266 | 13,115 | 16,092 | |||||
Income before income taxes | 403 | 881 | 1,347 | 2,611 | ||||||
Net income | 386 | 860 | 1,290 | 2,556 |
Millions of Dollars | ||||||||||||||||||
September 30, 2016 | December 31, 2015 | |||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | |||||||||||||
Midstream | $ | 7,851 | 1,523 | 6,328 | 6,978 | 1,293 | 5,685 | |||||||||||
Chemicals | — | — | — | — | — | — | ||||||||||||
Refining | 20,902 | 8,040 | 12,862 | 20,850 | 8,046 | 12,804 | ||||||||||||
Marketing and Specialties | 1,455 | 790 | 665 | 1,422 | 746 | 676 | ||||||||||||
Corporate and Other | 1,154 | 562 | 592 | 1,060 | 504 | 556 | ||||||||||||
$ | 31,362 | 10,915 | 20,447 | 30,310 | 10,589 | 19,721 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||
Amounts attributed to Phillips 66 Common Stockholders (millions): | ||||||||||||||||||||
Net income attributable to Phillips 66 | $ | 511 | 511 | 1,578 | 1,578 | 1,392 | 1,392 | 3,577 | 3,577 | |||||||||||
Income allocated to participating securities | (2 | ) | (1 | ) | (1 | ) | — | (5 | ) | (3 | ) | (5 | ) | — | ||||||
Net Income available to common stockholders | $ | 509 | 510 | 1,577 | 1,578 | 1,387 | 1,389 | 3,572 | 3,577 | |||||||||||
Weighted-average common shares outstanding (thousands): | 521,815 | 525,991 | 535,618 | 540,357 | 524,365 | 528,650 | 539,616 | 544,362 | ||||||||||||
Effect of stock-based compensation | 4,176 | 2,807 | 4,739 | 4,339 | 4,285 | 3,000 | 4,746 | 4,672 | ||||||||||||
Weighted-average common shares outstanding—EPS | 525,991 | 528,798 | 540,357 | 544,696 | 528,650 | 531,650 | 544,362 | 549,034 | ||||||||||||
Earnings Per Share of Common Stock (dollars) | $ | 0.97 | 0.96 | 2.92 | 2.90 | 2.62 | 2.61 | 6.56 | 6.52 |
• | $500 million aggregate principal amount of 3.55% Senior Notes due 2026. |
• | $625 million aggregate principal amount of 4.90% Senior Notes due 2046. |
Millions of Dollars | ||||||
September 30 2016 | December 31 2015 | |||||
Assets | ||||||
Prepaid expenses and other current assets | $ | 553 | 2,607 | |||
Other assets | 18 | 5 | ||||
Liabilities | ||||||
Other accruals | 618 | 2,425 | ||||
Other liabilities and deferred credits | 18 | 5 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Sales and other operating revenues | $ | (6 | ) | 195 | (274 | ) | 21 | |||
Other income | 8 | 12 | 24 | 59 | ||||||
Purchased crude oil and products | 36 | 117 | (89 | ) | 66 |
Open Position Long/(Short) | |||||
September 30 2016 | December 31 2015 | ||||
Commodity | |||||
Crude oil, refined products and NGL (millions of barrels) | (37 | ) | (17 | ) |
• | Cash and cash equivalents: The carrying amount reported on the consolidated balance sheet approximates fair value. |
• | Accounts and notes receivable: The carrying amount reported on the consolidated balance sheet approximates fair value. |
• | Debt: The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on quoted market prices. |
• | Commodity swaps and forward purchases and sales: Fair value is estimated based on forward market prices and approximates the exit price at period end. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. |
• | Futures: Fair values are based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange, or other traded exchanges. |
• | Forward-exchange contracts: Fair value is estimated by comparing the contract rate to the forward rate in effect at the end of the reporting period, which approximates the exit price at that date. |
• | Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. |
• | Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. |
• | Level 3: Fair value measured with unobservable inputs that are significant to the measurement. |
Millions of Dollars | ||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 292 | 213 | — | 505 | (505 | ) | — | — | — | — | |||||||||||
OTC instruments | — | 1 | — | 1 | — | — | — | 1 | — | |||||||||||||
Physical forward contracts* | — | 62 | 3 | 65 | — | — | — | 65 | — | |||||||||||||
Rabbi trust assets | 96 | — | — | 96 | N/A | N/A | — | 96 | N/A | |||||||||||||
$ | 388 | 276 | 3 | 667 | (505 | ) | — | — | 162 | |||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 328 | 271 | — | 599 | (505 | ) | (94 | ) | — | — | — | ||||||||||
OTC instruments | — | 1 | — | 1 | — | — | — | 1 | — | |||||||||||||
Physical forward contracts* | — | 35 | 1 | 36 | — | — | — | 36 | — | |||||||||||||
Interest-rate derivatives | — | 13 | — | 13 | — | — | — | 13 | — | |||||||||||||
Floating-rate debt | 100 | — | — | 100 | N/A | N/A | — | 100 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 9,517 | — | 9,517 | N/A | N/A | (935 | ) | 8,582 | N/A | ||||||||||||
$ | 428 | 9,837 | 1 | 10,266 | (505 | ) | (94 | ) | (935 | ) | 8,732 |
Millions of Dollars | ||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity Derivative Assets | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 1,851 | 703 | — | 2,554 | (2,389 | ) | (100 | ) | — | 65 | — | ||||||||||
OTC instruments | — | 13 | — | 13 | (12 | ) | — | — | 1 | — | ||||||||||||
Physical forward contracts* | 3 | 40 | 2 | 45 | — | — | — | 45 | — | |||||||||||||
Rabbi trust assets | 83 | — | — | 83 | N/A | N/A | — | 83 | N/A | |||||||||||||
$ | 1,937 | 756 | 2 | 2,695 | (2,401 | ) | (100 | ) | — | 194 | ||||||||||||
Commodity Derivative Liabilities | ||||||||||||||||||||||
Exchange-cleared instruments | $ | 1,745 | 646 | — | 2,391 | (2,389 | ) | — | — | 2 | — | |||||||||||
OTC instruments | — | 17 | — | 17 | (12 | ) | — | — | 5 | — | ||||||||||||
Physical forward contracts* | — | 22 | — | 22 | — | — | — | 22 | — | |||||||||||||
Floating-rate debt | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | |||||||||||||
Fixed-rate debt, excluding capital leases** | — | 8,434 | — | 8,434 | N/A | N/A | 195 | 8,629 | N/A | |||||||||||||
$ | 1,795 | 9,119 | — | 10,914 | (2,401 | ) | — | 195 | 8,708 |
Millions of Dollars | ||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | |||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 32 | 8 | 32 | 9 | 1 | 1 | |||||||||||
Interest cost | 29 | 7 | 27 | 7 | 2 | 2 | ||||||||||||
Expected return on plan assets | (32 | ) | (9 | ) | (35 | ) | (9 | ) | — | — | ||||||||
Amortization of prior service cost | 1 | — | — | — | — | — | ||||||||||||
Recognized net actuarial loss | 18 | 4 | 19 | 4 | — | — | ||||||||||||
Settlements | 2 | — | 75 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 50 | 10 | 118 | 11 | 3 | 3 | |||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
Service cost | $ | 96 | 26 | 94 | 29 | 5 | 5 | |||||||||||
Interest cost | 87 | 22 | 81 | 21 | 6 | 6 | ||||||||||||
Expected return on plan assets | (96 | ) | (29 | ) | (105 | ) | (28 | ) | — | — | ||||||||
Amortization of prior service cost (credit) | 2 | (1 | ) | 2 | (1 | ) | (1 | ) | (1 | ) | ||||||||
Recognized net actuarial loss (gain) | 54 | 11 | 56 | 12 | — | (1 | ) | |||||||||||
Settlements | 5 | — | 76 | — | — | — | ||||||||||||
Net periodic benefit cost | $ | 148 | 29 | 204 | 33 | 10 | 9 |
Millions of Dollars | ||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Income (Loss) | |||||||||
December 31, 2014 | $ | (696 | ) | 167 | (2 | ) | (531 | ) | ||||
Other comprehensive loss before reclassifications | (63 | ) | (88 | ) | — | (151 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses and settlements | 94 | — | — | 94 | ||||||||
Net current period other comprehensive income (loss) | 31 | (88 | ) | — | (57 | ) | ||||||
September 30, 2015 | $ | (665 | ) | 79 | (2 | ) | (588 | ) | ||||
December 31, 2015 | $ | (662 | ) | 11 | (2 | ) | (653 | ) | ||||
Other comprehensive income (loss) before reclassifications | 10 | (187 | ) | (7 | ) | (184 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss)* | ||||||||||||
Amortization of defined benefit plan items** | ||||||||||||
Actuarial losses and settlements | 45 | — | — | 45 | ||||||||
Net current period other comprehensive income (loss) | 55 | (187 | ) | (7 | ) | (139 | ) | |||||
September 30, 2016 | $ | (607 | ) | (176 | ) | (9 | ) | (792 | ) |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Operating revenues and other income (a) | $ | 588 | 581 | 1,544 | 1,872 | |||||
Purchases (b) | 2,118 | 1,927 | 5,769 | 6,281 | ||||||
Operating expenses and selling, general and administrative expenses (c) | 31 | 29 | 92 | 91 |
(a) | We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, and we sold gas oil and hydrogen feedstocks to Excel Paralubes. We sold certain feedstocks and intermediate products to WRB and also acted as agent for WRB in supplying crude oil and other feedstocks for a fee. We also sold refined products to our OnCue Holdings, LLC joint venture. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. |
(b) | We purchased crude oil and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents for a fee. We purchased natural gas and NGL from DCP Midstream, LLC (DCP Midstream) and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products and NGL. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. |
(c) | We paid utility and processing fees to various affiliates. |
1) | Midstream—Gathers, processes, transports and markets natural gas; and transports, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. The Midstream segment includes our master limited partnership, Phillips 66 Partners LP, as well as our 50 percent equity investment in DCP Midstream. |
2) | Chemicals—Manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50 percent equity investment in CPChem. |
3) | Refining—Buys, sells and refines crude oil and other feedstocks at 13 refineries, mainly in the United States and Europe. |
4) | Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations. |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Sales and Other Operating Revenues | ||||||||||
Midstream | ||||||||||
Total sales | $ | 934 | 821 | 2,784 | 2,703 | |||||
Intersegment eliminations | (296 | ) | (250 | ) | (866 | ) | (747 | ) | ||
Total Midstream | 638 | 571 | 1,918 | 1,956 | ||||||
Chemicals | 1 | 1 | 3 | 4 | ||||||
Refining | ||||||||||
Total sales | 13,465 | 16,511 | 37,242 | 49,737 | ||||||
Intersegment eliminations | (9,035 | ) | (10,758 | ) | (24,840 | ) | (31,434 | ) | ||
Total Refining | 4,430 | 5,753 | 12,402 | 18,303 | ||||||
Marketing and Specialties | ||||||||||
Total sales | 16,799 | 19,852 | 47,327 | 57,943 | ||||||
Intersegment eliminations | (252 | ) | (386 | ) | (792 | ) | (1,146 | ) | ||
Total Marketing and Specialties | 16,547 | 19,466 | 46,535 | 56,797 | ||||||
Corporate and Other | 8 | 1 | 24 | 22 | ||||||
Consolidated sales and other operating revenues | $ | 21,624 | 25,792 | 60,882 | 77,082 | |||||
Net Income (Loss) Attributable to Phillips 66 | ||||||||||
Midstream | $ | 75 | 101 | 179 | 90 | |||||
Chemicals | 101 | 252 | 447 | 750 | ||||||
Refining | 177 | 1,003 | 412 | 2,145 | ||||||
Marketing and Specialties | 267 | 338 | 701 | 956 | ||||||
Corporate and Other | (109 | ) | (116 | ) | (347 | ) | (364 | ) | ||
Consolidated net income attributable to Phillips 66 | $ | 511 | 1,578 | 1,392 | 3,577 |
Millions of Dollars | ||||||
September 30 2016 | December 31 2015 | |||||
Total Assets | ||||||
Midstream | $ | 12,186 | 11,043 | |||
Chemicals | 5,746 | 5,237 | ||||
Refining | 22,939 | 21,993 | ||||
Marketing and Specialties | 6,056 | 5,631 | ||||
Corporate and Other | 3,327 | 4,676 | ||||
Consolidated total assets | $ | 50,254 | 48,580 |
• | 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. |
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2016 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 15,264 | 6,360 | — | 21,624 | |||||
Equity in earnings of affiliates | 571 | 521 | 108 | (809 | ) | 391 | |||||
Net gain (loss) on dispositions | — | (11 | ) | 14 | — | 3 | |||||
Other income | — | 10 | 14 | — | 24 | ||||||
Intercompany revenues | — | 173 | 2,685 | (2,858 | ) | — | |||||
Total Revenues and Other Income | 571 | 15,957 | 9,181 | (3,667 | ) | 22,042 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 12,377 | 6,388 | (2,804 | ) | 15,961 | |||||
Operating expenses | — | 864 | 206 | (9 | ) | 1,061 | |||||
Selling, general and administrative expenses | 1 | 314 | 99 | (3 | ) | 411 | |||||
Depreciation and amortization | — | 206 | 87 | — | 293 | ||||||
Impairments | — | 1 | 1 | — | 2 | ||||||
Taxes other than income taxes | — | 1,390 | 2,034 | — | 3,424 | ||||||
Accretion on discounted liabilities | — | 3 | 2 | — | 5 | ||||||
Interest and debt expense | 91 | 6 | 26 | (42 | ) | 81 | |||||
Foreign currency transaction gains | — | — | (9 | ) | — | (9 | ) | ||||
Total Costs and Expenses | 92 | 15,161 | 8,834 | (2,858 | ) | 21,229 | |||||
Income before income taxes | 479 | 796 | 347 | (809 | ) | 813 | |||||
Provision (benefit) for income taxes | (32 | ) | 225 | 84 | — | 277 | |||||
Net Income | 511 | 571 | 263 | (809 | ) | 536 | |||||
Less: net income attributable to noncontrolling interests | — | — | 25 | — | 25 | ||||||
Net Income Attributable to Phillips 66 | $ | 511 | 571 | 238 | (809 | ) | 511 | ||||
Comprehensive Income | $ | 471 | 531 | 207 | (713 | ) | 496 |
Millions of Dollars | |||||||||||
Three Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 18,122 | 7,670 | — | 25,792 | |||||
Equity in earnings of affiliates | 1,637 | 946 | 89 | (2,089 | ) | 583 | |||||
Net gain on dispositions | — | — | 22 | — | 22 | ||||||
Other income | — | 12 | 8 | — | 20 | ||||||
Intercompany revenues | — | 264 | 2,556 | (2,820 | ) | — | |||||
Total Revenues and Other Income | 1,637 | 19,344 | 10,345 | (4,909 | ) | 26,417 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 14,210 | 7,138 | (2,768 | ) | 18,580 | |||||
Operating expenses | — | 887 | 203 | (7 | ) | 1,083 | |||||
Selling, general and administrative expenses | 2 | 339 | 107 | (11 | ) | 437 | |||||
Depreciation and amortization | — | 206 | 64 | — | 270 | ||||||
Impairments | — | 1 | — | — | 1 | ||||||
Taxes other than income taxes | — | 1,396 | 2,214 | — | 3,610 | ||||||
Accretion on discounted liabilities | — | 4 | 1 | — | 5 | ||||||
Interest and debt expense | 90 | 7 | 8 | (34 | ) | 71 | |||||
Foreign currency transaction losses | — | 1 | — | — | 1 | ||||||
Total Costs and Expenses | 92 | 17,051 | 9,735 | (2,820 | ) | 24,058 | |||||
Income before income taxes | 1,545 | 2,293 | 610 | (2,089 | ) | 2,359 | |||||
Provision (benefit) for income taxes | (33 | ) | 656 | 144 | — | 767 | |||||
Net Income | 1,578 | 1,637 | 466 | (2,089 | ) | 1,592 | |||||
Less: net income attributable to noncontrolling interests | — | — | 14 | — | 14 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,578 | 1,637 | 452 | (2,089 | ) | 1,578 | ||||
Comprehensive Income | $ | 1,459 | 1,518 | 365 | (1,869 | ) | 1,473 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2016 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 42,199 | 18,683 | — | 60,882 | |||||
Equity in earnings of affiliates | 1,574 | 1,406 | 268 | (2,089 | ) | 1,159 | |||||
Net gain (loss) on dispositions | — | (11 | ) | 20 | — | 9 | |||||
Other income | — | 34 | 25 | — | 59 | ||||||
Intercompany revenues | — | 570 | 6,398 | (6,968 | ) | — | |||||
Total Revenues and Other Income | 1,574 | 44,198 | 25,394 | (9,057 | ) | 62,109 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 33,844 | 17,047 | (6,802 | ) | 44,089 | |||||
Operating expenses | — | 2,477 | 628 | (27 | ) | 3,078 | |||||
Selling, general and administrative expenses | 5 | 914 | 307 | (8 | ) | 1,218 | |||||
Depreciation and amortization | — | 609 | 254 | — | 863 | ||||||
Impairments | — | 1 | 3 | — | 4 | ||||||
Taxes other than income taxes | — | 4,131 | 6,348 | — | 10,479 | ||||||
Accretion on discounted liabilities | — | 11 | 4 | — | 15 | ||||||
Interest and debt expense | 275 | 23 | 83 | (131 | ) | 250 | |||||
Foreign currency transaction gains | — | — | (16 | ) | — | (16 | ) | ||||
Total Costs and Expenses | 280 | 42,010 | 24,658 | (6,968 | ) | 59,980 | |||||
Income before income taxes | 1,294 | 2,188 | 736 | (2,089 | ) | 2,129 | |||||
Provision (benefit) for income taxes | (98 | ) | 614 | 163 | — | 679 | |||||
Net Income | 1,392 | 1,574 | 573 | (2,089 | ) | 1,450 | |||||
Less: net income attributable to noncontrolling interests | — | — | 58 | — | 58 | ||||||
Net Income Attributable to Phillips 66 | $ | 1,392 | 1,574 | 515 | (2,089 | ) | 1,392 | ||||
Comprehensive Income | $ | 1,253 | 1,435 | 398 | (1,775 | ) | 1,311 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Revenues and Other Income | |||||||||||
Sales and other operating revenues | $ | — | 53,612 | 23,470 | — | 77,082 | |||||
Equity in earnings (losses) of affiliates | 3,760 | 2,362 | (13 | ) | (4,663 | ) | 1,446 | ||||
Net gain (loss) on dispositions | — | (115 | ) | 398 | — | 283 | |||||
Other income | — | 77 | 32 | — | 109 | ||||||
Intercompany revenues | — | 753 | 7,699 | (8,452 | ) | — | |||||
Total Revenues and Other Income | 3,760 | 56,689 | 31,586 | (13,115 | ) | 78,920 | |||||
Costs and Expenses | |||||||||||
Purchased crude oil and products | — | 42,959 | 22,899 | (8,330 | ) | 57,528 | |||||
Operating expenses | 4 | 2,543 | 704 | (31 | ) | 3,220 | |||||
Selling, general and administrative expenses | 5 | 934 | 311 | (13 | ) | 1,237 | |||||
Depreciation and amortization | — | 614 | 183 | — | 797 | ||||||
Impairments | — | 3 | — | — | 3 | ||||||
Taxes other than income taxes | — | 4,212 | 6,409 | — | 10,621 | ||||||
Accretion on discounted liabilities | — | 12 | 4 | — | 16 | ||||||
Interest and debt expense | 273 | 19 | 22 | (78 | ) | 236 | |||||
Foreign currency transaction losses | — | 1 | 49 | — | 50 | ||||||
Total Costs and Expenses | 282 | 51,297 | 30,581 | (8,452 | ) | 73,708 | |||||
Income before income taxes | 3,478 | 5,392 | 1,005 | (4,663 | ) | 5,212 | |||||
Provision (benefit) for income taxes | (99 | ) | 1,632 | 65 | — | 1,598 | |||||
Net Income | 3,577 | 3,760 | 940 | (4,663 | ) | 3,614 | |||||
Less: net income attributable to noncontrolling interests | — | — | 37 | — | 37 | ||||||
Net Income Attributable to Phillips 66 | $ | 3,577 | 3,760 | 903 | (4,663 | ) | 3,577 | ||||
Comprehensive Income | $ | 3,520 | 3,703 | 878 | (4,544 | ) | 3,557 |
Millions of Dollars | |||||||||||
September 30, 2016 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 885 | 1,452 | — | 2,337 | |||||
Accounts and notes receivable | 10 | 3,417 | 3,313 | (1,739 | ) | 5,001 | |||||
Inventories | — | 2,578 | 1,327 | — | 3,905 | ||||||
Prepaid expenses and other current assets | — | 408 | 313 | — | 721 | ||||||
Total Current Assets | 10 | 7,288 | 6,405 | (1,739 | ) | 11,964 | |||||
Investments and long-term receivables | 31,651 | 22,892 | 8,077 | (49,343 | ) | 13,277 | |||||
Net properties, plants and equipment | — | 12,997 | 7,450 | — | 20,447 | ||||||
Goodwill | — | 3,032 | 235 | — | 3,267 | ||||||
Intangibles | — | 721 | 171 | — | 892 | ||||||
Other assets | 12 | 221 | 176 | (2 | ) | 407 | |||||
Total Assets | $ | 31,673 | 47,151 | 22,514 | (51,084 | ) | 50,254 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 5,320 | 2,981 | (1,739 | ) | 6,562 | ||||
Short-term debt | 1,499 | 29 | 55 | — | 1,583 | ||||||
Accrued income and other taxes | — | 342 | 527 | — | 869 | ||||||
Employee benefit obligations | — | 405 | 48 | — | 453 | ||||||
Other accruals | 143 | 410 | 80 | — | 633 | ||||||
Total Current Liabilities | 1,642 | 6,506 | 3,691 | (1,739 | ) | 10,100 | |||||
Long-term debt | 5,919 | 135 | 1,221 | — | 7,275 | ||||||
Asset retirement obligations and accrued environmental costs | — | 491 | 163 | — | 654 | ||||||
Deferred income taxes | — | 4,508 | 2,062 | (2 | ) | 6,568 | |||||
Employee benefit obligations | — | 866 | 195 | — | 1,061 | ||||||
Other liabilities and deferred credits | 1,178 | 3,036 | 3,675 | (7,604 | ) | 285 | |||||
Total Liabilities | 8,739 | 15,542 | 11,007 | (9,345 | ) | 25,943 | |||||
Common stock | 10,922 | 25,404 | 10,781 | (36,185 | ) | 10,922 | |||||
Retained earnings | 12,804 | 6,997 | (386 | ) | (6,640 | ) | 12,775 | ||||
Accumulated other comprehensive loss | (792 | ) | (792 | ) | (294 | ) | 1,086 | (792 | ) | ||
Noncontrolling interests | — | — | 1,406 | — | 1,406 | ||||||
Total Liabilities and Equity | $ | 31,673 | 47,151 | 22,514 | (51,084 | ) | 50,254 |
Millions of Dollars | |||||||||||
December 31, 2015 | |||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||
Assets | |||||||||||
Cash and cash equivalents | $ | — | 575 | 2,499 | — | 3,074 | |||||
Accounts and notes receivable | 14 | 3,643 | 2,217 | (701 | ) | 5,173 | |||||
Inventories | — | 2,171 | 1,306 | — | 3,477 | ||||||
Prepaid expenses and other current assets | 2 | 382 | 148 | — | 532 | ||||||
Total Current Assets | 16 | 6,771 | 6,170 | (701 | ) | 12,256 | |||||
Investments and long-term receivables | 33,315 | 24,068 | 7,395 | (52,635 | ) | 12,143 | |||||
Net properties, plants and equipment | — | 12,651 | 7,070 | — | 19,721 | ||||||
Goodwill | — | 3,040 | 235 | — | 3,275 | ||||||
Intangibles | — | 726 | 180 | — | 906 | ||||||
Other assets | 16 | 154 | 113 | (4 | ) | 279 | |||||
Total Assets | $ | 33,347 | 47,410 | 21,163 | (53,340 | ) | 48,580 | ||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | — | 4,015 | 2,341 | (701 | ) | 5,655 | ||||
Short-term debt | — | 25 | 19 | — | 44 | ||||||
Accrued income and other taxes | — | 320 | 558 | — | 878 | ||||||
Employee benefit obligations | — | 528 | 48 | — | 576 | ||||||
Other accruals | 59 | 240 | 79 | — | 378 | ||||||
Total Current Liabilities | 59 | 5,128 | 3,045 | (701 | ) | 7,531 | |||||
Long-term debt | 7,413 | 158 | 1,272 | — | 8,843 | ||||||
Asset retirement obligations and accrued environmental costs | — | 496 | 169 | — | 665 | ||||||
Deferred income taxes | — | 4,500 | 1,545 | (4 | ) | 6,041 | |||||
Employee benefit obligations | — | 1,094 | 191 | — | 1,285 | ||||||
Other liabilities and deferred credits | 2,746 | 2,765 | 3,734 | (8,968 | ) | 277 | |||||
Total Liabilities | 10,218 | 14,141 | 9,956 | (9,673 | ) | 24,642 | |||||
Common stock | 11,405 | 25,404 | 10,688 | (36,092 | ) | 11,405 | |||||
Retained earnings | 12,377 | 8,518 | (200 | ) | (8,347 | ) | 12,348 | ||||
Accumulated other comprehensive loss | (653 | ) | (653 | ) | (119 | ) | 772 | (653 | ) | ||
Noncontrolling interests | — | — | 838 | — | 838 | ||||||
Total Liabilities and Equity | $ | 33,347 | 47,410 | 21,163 | (53,340 | ) | 48,580 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2016 | |||||||||||
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 Operating Activities | $ | 3,111 | 1,790 | 1,174 | (3,779 | ) | 2,296 | ||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (1,025 | ) | (1,044 | ) | 38 | (2,031 | ) | |||
Proceeds from asset dispositions** | — | — | 159 | — | 159 | ||||||
Intercompany lending activities | (1,303 | ) | 2,692 | (1,389 | ) | — | — | ||||
Advances/loans—related parties | — | (75 | ) | (191 | ) | — | (266 | ) | |||
Collection of advances/loans—related parties | — | — | 107 | — | 107 | ||||||
Other | — | 30 | (162 | ) | — | (132 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | (1,303 | ) | 1,622 | (2,520 | ) | 38 | (2,163 | ) | |||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | — | 400 | — | 400 | ||||||
Repayment of debt | — | (21 | ) | (397 | ) | — | (418 | ) | |||
Issuance of common stock | (30 | ) | — | — | — | (30 | ) | ||||
Repurchase of common stock | (812 | ) | — | — | — | (812 | ) | ||||
Dividends paid on common stock | (954 | ) | (3,099 | ) | (680 | ) | 3,779 | (954 | ) | ||
Distributions to noncontrolling interests | — | — | (45 | ) | — | (45 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 972 | — | 972 | ||||||
Other* | (12 | ) | 18 | 38 | (38 | ) | 6 | ||||
Net Cash Provided by (Used in) Financing Activities | (1,808 | ) | (3,102 | ) | 288 | 3,741 | (881 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 11 | — | 11 | ||||||
Net Change in Cash and Cash Equivalents | — | 310 | (1,047 | ) | — | (737 | ) | ||||
Cash and cash equivalents at beginning of period | — | 575 | 2,499 | — | 3,074 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 885 | 1,452 | — | 2,337 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||
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 Operating Activities | $ | 884 | 2,179 | 2,131 | (978 | ) | 4,216 | ||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments* | — | (925 | ) | (3,195 | ) | 834 | (3,286 | ) | |||
Proceeds from asset dispositions** | — | 774 | 176 | (882 | ) | 68 | |||||
Intercompany lending activities | 1,938 | (2,201 | ) | 263 | — | — | |||||
Advances/loans—related parties | — | (50 | ) | — | — | (50 | ) | ||||
Collection of advances/loans—related parties | — | 50 | — | — | 50 | ||||||
Other | — | (22 | ) | 24 | — | 2 | |||||
Net Cash Provided by (Used in) Investing Activities | 1,938 | (2,374 | ) | (2,732 | ) | (48 | ) | (3,216 | ) | ||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | — | — | 1,169 | — | 1,169 | ||||||
Repayment of debt | (800 | ) | (19 | ) | (99 | ) | — | (918 | ) | ||
Issuance of common stock | (27 | ) | — | — | — | (27 | ) | ||||
Repurchase of common stock | (1,106 | ) | — | — | — | (1,106 | ) | ||||
Dividends paid on common stock | (874 | ) | (874 | ) | (64 | ) | 938 | (874 | ) | ||
Distributions to controlling interests | — | — | (186 | ) | 186 | — | |||||
Distributions to noncontrolling interests | — | — | (30 | ) | — | (30 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 384 | — | 384 | ||||||
Other* | (15 | ) | 27 | 88 | (98 | ) | 2 | ||||
Net Cash Provided by (Used in) Financing Activities | (2,822 | ) | (866 | ) | 1,262 | 1,026 | (1,400 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 15 | — | 15 | ||||||
Net Change in Cash and Cash Equivalents | — | (1,061 | ) | 676 | — | (385 | ) | ||||
Cash and cash equivalents at beginning of period | — | 2,045 | 3,162 | — | 5,207 | ||||||
Cash and Cash Equivalents at End of Period | $ | — | 984 | 3,838 | — | 4,822 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Midstream | $ | 75 | 101 | 179 | 90 | |||||
Chemicals | 101 | 252 | 447 | 750 | ||||||
Refining | 177 | 1,003 | 412 | 2,145 | ||||||
Marketing and Specialties | 267 | 338 | 701 | 956 | ||||||
Corporate and Other | (109 | ) | (116 | ) | (347 | ) | (364 | ) | ||
Net income attributable to Phillips 66 | $ | 511 | 1,578 | 1,392 | 3,577 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Millions of Dollars | ||||||||||
Net Income (Loss) Attributable to Phillips 66 | ||||||||||
Transportation | $ | 63 | 77 | 200 | 207 | |||||
DCP Midstream | 9 | (2 | ) | 4 | (165 | ) | ||||
NGL | 3 | 26 | (25 | ) | 48 | |||||
Total Midstream | $ | 75 | 101 | 179 | 90 |
Dollars Per Gallon | ||||||||||
Weighted Average NGL Price* | ||||||||||
DCP Midstream | $ | 0.45 | 0.42 | 0.43 | 0.46 | |||||
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix. |
Thousands of Barrels Daily | |||||||||
Transportation Volumes | |||||||||
Pipelines* | 3,495 | 3,239 | 3,540 | 3,225 | |||||
Terminals | 2,417 | 2,021 | 2,356 | 1,991 | |||||
Operating Statistics | |||||||||
NGL extracted** | 403 | 421 | 400 | 409 | |||||
NGL fractionated*** | 173 | 110 | 170 | 109 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Millions of Dollars | ||||||||||
Net Income Attributable to Phillips 66 | $ | 101 | 252 | 447 | 750 |
Millions of Pounds | |||||||||
CPChem Externally Marketed Sales Volumes* | |||||||||
Olefins and Polyolefins (O&P) | 4,155 | 4,446 | 12,296 | 12,723 | |||||
Specialties, Aromatics and Styrenics (SA&S) | 1,284 | 1,259 | 3,750 | 4,097 | |||||
5,439 | 5,705 | 16,046 | 16,820 | ||||||
* Includes 100 percent of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates. |
Olefins and Polyolefins Capacity Utilization (percent) | 91 | % | 94 | 92 | 91 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Millions of Dollars | ||||||||||
Net Income Attributable to Phillips 66 | ||||||||||
Atlantic Basin/Europe | $ | 5 | 180 | 41 | 383 | |||||
Gulf Coast | 30 | 269 | 103 | 423 | ||||||
Central Corridor | 142 | 360 | 217 | 771 | ||||||
West Coast | — | 194 | 51 | 568 | ||||||
Worldwide | $ | 177 | 1,003 | 412 | 2,145 | |||||
Dollars Per Barrel | ||||||||||
Refining Margins* | ||||||||||
Atlantic Basin/Europe | $ | 5.04 | 10.27 | 5.66 | 10.22 | |||||
Gulf Coast | 5.47 | 10.72 | 5.78 | 9.54 | ||||||
Central Corridor | 11.18 | 20.97 | 9.10 | 16.02 | ||||||
West Coast | 9.07 | 18.29 | 9.91 | 18.24 | ||||||
Worldwide | 7.23 | 13.96 | 7.16 | 12.68 | ||||||
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. | ||||||||||
Thousands of Barrels Daily | ||||||||||
Operating Statistics | ||||||||||
Refining operations* | ||||||||||
Atlantic Basin/Europe | ||||||||||
Crude oil capacity | 571 | 588 | 582 | 588 | ||||||
Crude oil processed | 573 | 570 | 581 | 520 | ||||||
Capacity utilization (percent) | 100 | % | 97 | 100 | 88 | |||||
Refinery production | 611 | 614 | 617 | 571 | ||||||
Gulf Coast | ||||||||||
Crude oil capacity | 743 | 738 | 743 | 738 | ||||||
Crude oil processed | 701 | 735 | 706 | 642 | ||||||
Capacity utilization (percent) | 94 | % | 100 | 95 | 87 | |||||
Refinery production | 776 | 826 | 783 | 724 | ||||||
Central Corridor | ||||||||||
Crude oil capacity | 493 | 492 | 493 | 492 | ||||||
Crude oil processed | 487 | 448 | 486 | 468 | ||||||
Capacity utilization (percent) | 99 | % | 91 | 99 | 95 | |||||
Refinery production | 510 | 465 | 508 | 488 | ||||||
West Coast | ||||||||||
Crude oil capacity | 360 | 360 | 360 | 360 | ||||||
Crude oil processed | 344 | 346 | 339 | 337 | ||||||
Capacity utilization (percent) | 96 | % | 96 | 94 | 94 | |||||
Refinery production | 374 | 375 | 365 | 364 | ||||||
Worldwide | ||||||||||
Crude oil capacity | 2,167 | 2,178 | 2,178 | 2,178 | ||||||
Crude oil processed | 2,105 | 2,099 | 2,112 | 1,967 | ||||||
Capacity utilization (percent) | 97 | % | 96 | 97 | 90 | |||||
Refinery production | 2,271 | 2,280 | 2,273 | 2,147 | ||||||
* Includes our share of equity affiliates. |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Millions of Dollars | ||||||||||
Net Income Attributable to Phillips 66 | ||||||||||
Marketing and Other | $ | 228 | 285 | 589 | 805 | |||||
Specialties | 39 | 53 | 112 | 151 | ||||||
Total Marketing and Specialties | $ | 267 | 338 | 701 | 956 |
Dollars Per Barrel | ||||||||||
Realized Marketing Fuel Margin* | ||||||||||
U.S. | $ | 1.88 | 2.26 | 1.83 | 1.74 | |||||
International | 5.19 | 5.94 | 4.16 | 4.28 |
Dollars Per Gallon | ||||||||||
U.S. Average Wholesale Prices* | ||||||||||
Gasoline | $ | 1.69 | 2.11 | 1.60 | 2.01 | |||||
Distillates | 1.60 | 1.76 | 1.43 | 1.85 | ||||||
* Excludes excise taxes. |
Thousands of Barrels Daily | |||||||||
Marketing Petroleum Products Sales Volumes | |||||||||
Gasoline | 1,247 | 1,253 | 1,228 | 1,195 | |||||
Distillates | 969 | 985 | 949 | 943 | |||||
Other products | 17 | 15 | 17 | 15 | |||||
Total | 2,233 | 2,253 | 2,194 | 2,153 |
Millions of Dollars | ||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Net Income (Loss) Attributable to Phillips 66 | ||||||||||
Net interest | $ | (49 | ) | (43 | ) | (155 | ) | (142 | ) | |
Corporate general and administrative expenses | (39 | ) | (37 | ) | (121 | ) | (118 | ) | ||
Technology | (15 | ) | (15 | ) | (43 | ) | (44 | ) | ||
Other | (6 | ) | (21 | ) | (28 | ) | (60 | ) | ||
Total Corporate and Other | $ | (109 | ) | (116 | ) | (347 | ) | (364 | ) |
Millions of Dollars Except as Indicated | ||||||
September 30 2016 | December 31 2015 | |||||
Cash and cash equivalents | $ | 2,337 | 3,074 | |||
Short-term debt | 1,583 | 44 | ||||
Total debt | 8,858 | 8,887 | ||||
Total equity | 24,311 | 23,938 | ||||
Percent of total debt to capital* | 27 | % | 27 | |||
Percent of floating-rate debt to total debt | 1 | % | 1 | |||
* Capital includes total debt and total equity. |
Millions of Dollars | ||||||
Nine Months Ended September 30 | ||||||
2016 | 2015 | |||||
Capital Expenditures and Investments | ||||||
Midstream | $ | 1,045 | 2,368 | |||
Chemicals | — | — | ||||
Refining | 827 | 775 | ||||
Marketing and Specialties | 63 | 86 | ||||
Corporate and Other | 96 | 57 | ||||
Total consolidated from continuing operations | $ | 2,031 | 3,286 | |||
Selected Equity Affiliates* | ||||||
DCP Midstream | $ | 76 | 377 | |||
CPChem | 746 | 839 | ||||
WRB | 116 | 118 | ||||
$ | 938 | 1,334 |
• | Installation of facilities to comply with U.S. Environmental Protection Agency (EPA) Tier 3 gasoline regulations at the Sweeny, Alliance, Bayway and Lake Charles refineries. |
• | Installation of facilities to improve clean product yield at the Bayway and Ponca City refineries. |
• | Installation of facilities to improve processing of advantaged crudes at the Billings refinery. |
• | Fluctuations in NGL, crude oil, petroleum products and natural gas prices and refining, marketing and petrochemical margins. |
• | Failure of new products and services to achieve market acceptance. |
• | Unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products. |
• | Unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemicals products. |
• | Lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas and refined products. |
• | The level and success of drilling and quality of production volumes around DCP Midstream’s assets and its ability to connect supplies to its gathering and processing systems, residue gas and NGL infrastructure. |
• | Inability to timely obtain or maintain permits, including those necessary for capital projects; comply with government regulations; or make capital expenditures required to maintain compliance. |
• | Failure to complete definitive agreements and feasibility studies for, and to timely complete construction of, announced and future capital projects. |
• | Potential disruption or interruption of our operations due to accidents, weather events, civil unrest, political events, terrorism or cyber attacks. |
• | International monetary conditions and exchange controls. |
• | Substantial investment or reduced demand for products as a result of existing or future environmental rules and regulations. |
• | Liability resulting from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations. |
• | General domestic and international economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas or refined product pricing, regulation or taxation; and other political, economic or diplomatic developments. |
• | Changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business. |
• | Limited access to capital or significantly higher cost of capital related to changes to our credit profile or illiquidity or uncertainty in the domestic or international financial markets. |
• | The operation, financing and distribution decisions of our joint ventures. |
• | Domestic and foreign supplies of crude oil and other feedstocks. |
• | Domestic and foreign supplies of petrochemicals and refined products, such as gasoline, diesel, aviation fuel and home heating oil. |
• | Governmental policies relating to exports of crude oil and natural gas. |
• | Overcapacity or undercapacity in the midstream, chemicals and refining industries. |
• | Fluctuations in consumer demand for refined products. |
• | The factors generally described in Item 1A.—Risk Factors in our 2015 Annual Report on Form 10-K. |
Millions of Dollars | ||||||||||
Period | Total Number of Shares Purchased* | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||
July 1-31, 2016 | 898,253 | $ | 76.28 | 898,253 | $ | 1,902 | ||||
August 1-31, 2016 | 780,620 | 77.39 | 780,620 | 1,842 | ||||||
September 1-30, 2016 | 629,875 | 79.08 | 629,875 | 1,792 | ||||||
Total | 2,308,748 | $ | 77.42 | 2,308,748 |
Exhibit Number | Exhibit Description | |
12 | Computation of Ratio of Earnings to Fixed Charges. | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |
32 | Certifications pursuant to 18 U.S.C. Section 1350. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Schema Document. | |
101.CAL | XBRL Calculation Linkbase Document. | |
101.LAB | XBRL Labels Linkbase Document. | |
101.PRE | XBRL Presentation Linkbase Document. | |
101.DEF | XBRL Definition Linkbase Document. | |
PHILLIPS 66 | |
/s/ Chukwuemeka A. Oyolu | |
Chukwuemeka A. Oyolu Vice President and Controller (Chief Accounting and Duly Authorized Officer) | |
October 28, 2016 |
Millions of Dollars | ||||||||||||||||||
Nine Months Ended September 30 | Years Ended December 31 | |||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 2,122 | 6,035 | 5,711 | 5,509 | 6,624 | 6,619 | |||||||||||
Distributions less than equity in earnings of affiliates | (772 | ) | 185 | 197 | (354 | ) | (872 | ) | (951 | ) | ||||||||
Fixed charges, excluding capitalized interest* | 362 | 456 | 397 | 365 | 376 | 142 | ||||||||||||
$ | 1,712 | 6,676 | 6,305 | 5,520 | 6,128 | 5,810 | ||||||||||||
Fixed Charges | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 250 | 310 | 267 | 275 | 246 | 17 | |||||||||||
Capitalized interest | 62 | 106 | 20 | — | — | — | ||||||||||||
Interest portion of rental expense | 105 | 140 | 125 | 83 | 121 | 116 | ||||||||||||
$ | 417 | 556 | 412 | 358 | 367 | 133 | ||||||||||||
Ratio of Earnings to Fixed Charges | 4.1 | 12.0 | 15.3 | 15.4 | 16.7 | 43.7 |
1. | I have reviewed this quarterly report on Form 10-Q of Phillips 66; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Greg C. Garland | |
Greg C. Garland | |
Chairman and Chief Executive Officer | |
1. | I have reviewed this quarterly report on Form 10-Q of Phillips 66; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Kevin J. Mitchell | |
Kevin J. Mitchell | |
Executive Vice President, Finance and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Greg C. Garland | |
Greg C. Garland | |
Chairman and Chief Executive Officer | |
/s/ Kevin J. Mitchell | |
Kevin J. Mitchell | |
Executive Vice President, Finance and Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2016
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Phillips 66 |
Entity Central Index Key | 0001534701 |
Trading Symbol | PSX |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 520,850,205 |
Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Statement [Abstract] | ||||
Includes excise taxes on petroleum products sales | $ 3,357 | $ 3,513 | $ 10,225 | $ 10,338 |
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 536 | $ 1,592 | $ 1,450 | $ 3,614 |
Actuarial gain (loss): | ||||
Actuarial loss arising during the period | (28) | (116) | (28) | (116) |
Amortization to net income of net actuarial loss and settlements | 23 | 98 | 70 | 147 |
Curtailment gain | 31 | 31 | ||
Plans sponsored by equity affiliates | 2 | 4 | 11 | 14 |
Income taxes on defined benefit plans | (9) | 6 | (29) | (14) |
Defined benefit plans, net of tax | 19 | (8) | 55 | 31 |
Foreign currency translation adjustments | (61) | (106) | (183) | (91) |
Income taxes on foreign currency translation adjustments | (1) | (5) | (4) | 3 |
Foreign currency translation adjustments, net of tax | (62) | (111) | (187) | (88) |
Cash flow hedges | 4 | (12) | 0 | |
Income taxes on hedging activities | (1) | 5 | ||
Hedging activities, net of tax | 3 | (7) | ||
Other Comprehensive Loss, Net of Tax | (40) | (119) | (139) | (57) |
Comprehensive Income | 496 | 1,473 | 1,311 | 3,557 |
Less: comprehensive income attributable to noncontrolling interests | 25 | 14 | 58 | 37 |
Comprehensive Income Attributable to Phillips 66 | $ 471 | $ 1,459 | $ 1,253 | $ 3,520 |
Consolidated Balance Sheet - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets | ||
Cash and cash equivalents | $ 2,337 | $ 3,074 |
Accounts and notes receivable (net of allowances of $38 million in 2016 and $55 million in 2015) | 4,101 | 4,411 |
Accounts and notes receivable—related parties | 900 | 762 |
Inventories | 3,905 | 3,477 |
Prepaid expenses and other current assets | 721 | 532 |
Total Current Assets | 11,964 | 12,256 |
Investments and long-term receivables | 13,277 | 12,143 |
Net properties, plants and equipment | 20,447 | 19,721 |
Goodwill | 3,267 | 3,275 |
Intangibles | 892 | 906 |
Other assets | 407 | 279 |
Total Assets | 50,254 | 48,580 |
Liabilities | ||
Accounts payable | 5,767 | 5,155 |
Accounts payable—related parties | 795 | 500 |
Short-term debt | 1,583 | 44 |
Accrued income and other taxes | 869 | 878 |
Employee benefit obligations | 453 | 576 |
Other accruals | 633 | 378 |
Total Current Liabilities | 10,100 | 7,531 |
Long-term debt | 7,275 | 8,843 |
Asset retirement obligations and accrued environmental costs | 654 | 665 |
Deferred income taxes | 6,568 | 6,041 |
Employee benefit obligations | 1,061 | 1,285 |
Other liabilities and deferred credits | 285 | 277 |
Total Liabilities | 25,943 | 24,642 |
Equity | ||
Par value | 6 | 6 |
Capital in excess of par | 19,474 | 19,145 |
Treasury stock (at cost: 2016—120,066,527 shares; 2015—109,925,907 shares) | (8,558) | (7,746) |
Retained earnings | 12,775 | 12,348 |
Accumulated other comprehensive loss | (792) | (653) |
Total Stockholders’ Equity | 22,905 | 23,100 |
Noncontrolling interests | 1,406 | 838 |
Total Equity | 24,311 | 23,938 |
Total Liabilities and Equity | $ 50,254 | $ 48,580 |
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable - allowance | $ 38 | $ 55 |
Common stock authorized, shares | 2,500,000,000 | 2,500,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock issued, shares | 640,916,732 | 639,336,287 |
Treasury stock, shares | 120,066,527 | 109,925,907 |
Consolidated Statement of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Cash Flows From Operating Activities | |||||||
Net Income | $ 1,450 | $ 3,614 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 863 | 797 | |||||
Impairments | 4 | 3 | |||||
Accretion on discounted liabilities | 15 | 16 | |||||
Deferred taxes | 467 | (125) | |||||
Undistributed equity earnings | (772) | 17 | |||||
Net gain on dispositions | (9) | (283) | |||||
Other | (192) | 70 | |||||
Working capital adjustments | |||||||
Decrease (increase) in accounts and notes receivable | 185 | 2,158 | |||||
Decrease (increase) in inventories | (510) | (1,047) | |||||
Decrease (increase) in prepaid expenses and other current assets | (453) | 165 | |||||
Increase (decrease) in accounts payable | 1,025 | (1,136) | |||||
Increase (decrease) in taxes and other accruals | 223 | (33) | |||||
Net Cash Provided by Operating Activities | 2,296 | 4,216 | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures and investments | [1] | (2,031) | (3,286) | ||||
Proceeds from asset dispositions | [2] | 159 | 68 | ||||
Advances/loans—related parties | (266) | (50) | |||||
Collection of advances/loans—related parties | 107 | 50 | |||||
Other | (132) | 2 | |||||
Net Cash Used in Investing Activities | (2,163) | (3,216) | |||||
Cash Flows From Financing Activities | |||||||
Issuance of debt | 400 | 1,169 | |||||
Repayment of debt | (418) | (918) | |||||
Issuance of common stock | (30) | (27) | |||||
Repurchase of common stock | (812) | (1,106) | |||||
Dividends paid on common stock | (954) | (874) | |||||
Distributions to noncontrolling interests | (45) | (30) | |||||
Net proceeds from issuance of Phillips 66 Partners LP common units | 972 | 384 | |||||
Other | [1] | 6 | 2 | ||||
Net Cash Used in Financing Activities | (881) | (1,400) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 11 | 15 | |||||
Net Change in Cash and Cash Equivalents | (737) | (385) | |||||
Cash and cash equivalents at beginning of period | 3,074 | 5,207 | |||||
Cash and Cash Equivalents at End of Period | $ 2,337 | $ 4,822 | |||||
|
Consolidated Statement of Changes in Equity - USD ($) $ in Millions |
Total |
Par Value [Member] |
Capital in Excess of Par [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2014 | $ 22,037 | $ 6 | $ 19,040 | $ (6,234) | $ 9,309 | $ (531) | $ 447 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 3,614 | 3,577 | 37 | ||||
Other comprehensive loss | (57) | (57) | |||||
Cash dividends paid on common stock | (874) | (874) | |||||
Repurchase of common stock | (1,106) | (1,106) | |||||
Benefit plan activity | 76 | ||||||
Benefit plan activity | (12) | ||||||
Benefit plan activity | 64 | ||||||
Issuance of Phillips 66 Partners LP common units | 384 | 384 | |||||
Distributions to noncontrolling interests and other | (30) | ||||||
Distributions to noncontrolling interests and other | (30) | ||||||
Ending Balance at Sep. 30, 2015 | $ 24,032 | 6 | 19,116 | (7,340) | 12,000 | (588) | 838 |
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2014 | 637,032,000 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Shares issued - share-based compensation | 1,602,000 | ||||||
Ending Balance, Common Stock Issued, shares at Sep. 30, 2015 | 638,634,000 | ||||||
Beginning Balance, Treasury Stock, shares at Dec. 31, 2014 | 90,650,000 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Repurchase of common stock, shares | 14,544,000 | ||||||
Ending Balance, Treasury Stock, shares at Sep. 30, 2015 | 105,194,000 | ||||||
Beginning Balance at Dec. 31, 2015 | $ 23,938 | 6 | 19,145 | (7,746) | 12,348 | (653) | 838 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 1,450 | 1,392 | 58 | ||||
Other comprehensive loss | (139) | (139) | |||||
Cash dividends paid on common stock | (954) | (954) | |||||
Repurchase of common stock | (812) | (812) | |||||
Benefit plan activity | 66 | ||||||
Benefit plan activity | (11) | ||||||
Benefit plan activity | 55 | ||||||
Issuance of Phillips 66 Partners LP common units | 818 | 263 | 555 | ||||
Distributions to noncontrolling interests and other | (45) | ||||||
Distributions to noncontrolling interests and other | (45) | ||||||
Ending Balance at Sep. 30, 2016 | $ 24,311 | $ 6 | $ 19,474 | $ (8,558) | $ 12,775 | $ (792) | $ 1,406 |
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2015 | 639,336,287 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Shares issued - share-based compensation | 1,581,000 | ||||||
Ending Balance, Common Stock Issued, shares at Sep. 30, 2016 | 640,916,732 | ||||||
Beginning Balance, Treasury Stock, shares at Dec. 31, 2015 | 109,925,907 | ||||||
Stockholders' Equity, Shares [Roll Forward] | |||||||
Repurchase of common stock, shares | 10,141,000 | ||||||
Ending Balance, Treasury Stock, shares at Sep. 30, 2016 | 120,066,527 |
Interim Financial Information |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2015 Annual Report on Form 10-K. The results of operations for the three- and nine-month periods ended September 30, 2016, are not necessarily indicative of the results to be expected for the full year. |
Changes in Accounting Principles |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Changes in Accounting Principles [Abstract] | |
Changes in Accounting Principles | Changes in Accounting Principles Effective January 1, 2016, we early adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The new update simplified the presentation of deferred income taxes and required deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The classification was made at the taxpaying component level of an entity, after reflecting any offset of deferred tax liabilities, deferred tax assets and any related valuation allowances. We applied this ASU prospectively to all deferred tax liabilities and assets. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities (VIE) Guidance in Topic 810, Consolidation.” The new update removes the definition of a development stage entity from the Master Glossary of the Accounting Standard Codification (ASC) and the related financial reporting requirements specific to development stage entities. This ASU is intended to reduce cost and complexity of financial reporting for entities that have not commenced planned principal operations. For financial reporting requirements other than the VIE guidance in ASC Topic 810, ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2014. For the financial reporting requirements related to VIEs in ASC Topic 810, ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. We adopted the provisions of this ASU related to the financial reporting requirements other than the VIE guidance effective January 1, 2015. We adopted the remaining provisions effective January 1, 2016, and updated our disclosures about the risks and uncertainties related to our joint venture entities that have not commenced their principal operations. |
Variable Interest Entities |
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Sep. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities In 2013, we formed Phillips 66 Partners LP, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines and terminals, as well as other transportation and midstream assets. We consolidate Phillips 66 Partners as we determined that Phillips 66 Partners is a VIE and we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. See Note 19—Phillips 66 Partners LP, for additional information. We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant non-consolidated VIEs follows. Merey Sweeny, L.P. (MSLP) is a limited partnership that owns a delayed coker and related facilities at the Sweeny Refinery. As discussed more fully in Note 6—Investments, Loans and Long-Term Receivables, in August 2009, a call right was exercised to acquire the 50 percent ownership interest in MSLP of the co-venturer, Petróleos de Venezuela S.A. (PDVSA). That exercise was challenged, and the dispute has been arbitrated. Until current legal challenges are resolved, we will continue to use the equity method of accounting for MSLP, and the VIE analysis below is based on the ownership and governance structure in place prior to the exercise of the call right. MSLP is a VIE because, in securing lender consents in connection with our separation from ConocoPhillips in 2012 (the Separation), we provided a 100 percent debt guarantee to the lender of MSLP’s 8.85% senior notes (MSLP Senior Notes). PDVSA did not participate in the debt guarantee. In our VIE assessment, this disproportionate debt guarantee, plus other liquidity support provided jointly by us and PDVSA independently of equity ownership, results in MSLP not being exposed to all potential losses. We have determined we are not the primary beneficiary while our call exercise award is subject to being vacated, because under the partnership agreement, the co-venturers jointly direct the activities of MSLP that most significantly impact economic performance. At September 30, 2016, our maximum exposure to loss was $325 million, which represents the outstanding principal balance of the MSLP Senior Notes of $140 million and our investment in MSLP of $185 million. We have a 25 percent ownership interest in Dakota Access, LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOP), whose planned principal operations have not commenced. Until the planned principal operations have commenced, these entities do not have sufficient equity at risk to fully fund the construction of all assets required for principal operations, and thus represent VIEs. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of DAPL and ETCOP that most significantly impact economic performance. We use the equity method of accounting for these investments. At September 30, 2016, our maximum exposure to loss was $884 million, which represents the aggregate book value of our equity investments of $525 million, our loans to DAPL and ETCOP for an aggregated balance of $84 million and our share of borrowings under the project financing facility of $275 million. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
Inventories valued on the last-in, first-out (LIFO) basis totaled $3,537 million and $3,085 million at September 30, 2016, and December 31, 2015, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $3.0 billion and $1.3 billion at September 30, 2016, and December 31, 2015, respectively. Excluding the disposition of the Whitegate Refinery, certain planned year-to-date reductions in inventory caused liquidations of LIFO inventory values that are not expected to be replaced by the end of the year. These liquidations decreased net income by approximately $13 million and $71 million during the three- and nine-month periods ended September 30, 2016, and $37 million for the nine-month period ended September 30, 2015. In conjunction with the Whitegate Refinery disposition, the refinery’s LIFO inventory values were liquidated causing a decrease in net income of $62 million during the three- and nine-month periods ended September 30, 2016. This LIFO liquidation impact was included in the gain recognized on the disposition. |
Assets Held for Sale or Sold |
9 Months Ended |
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Sep. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract] | |
Assets Held for Sale or Sold | Assets Held for Sale or Sold In September 2016, we sold the Whitegate Refinery and related marketing assets, which were included primarily in our Refining segment. The net carrying value of the assets was $135 million, which related to $127 million of inventory, other working capital, and properties, plants and equipment (PP&E); and $8 million of allocated goodwill. An immaterial gain was recognized on the disposition. In July 2013, we completed the sale of the Immingham Combined Heat and Power Plant (ICHP), which was included in our Marketing and Specialties (M&S) segment. A gain on this disposition was deferred at the time of sale due to an indemnity provided to the buyer. We recognized the deferred gain in earnings as our exposure under the indemnity declined, beginning in the third quarter of 2014 and ending in the second quarter of 2015 when the indemnity expired. We recognized $242 million of the deferred gain in the nine-month period ended September 30, 2015, and this amount is included in the “Net gain on dispositions” line of our consolidated statement of income. |
Investments, Loans and Long-Term Receivables |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Loans and Long-Term Receivables | Investments, Loans and Long-Term Receivables Equity Investments Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC (CPChem) was as follows:
Dakota Access, LLC/Energy Transfer Crude Oil Company, LLC We own a 25 percent interest in the DAPL and ETCOP joint ventures, which are constructing pipelines to deliver crude oil produced in the Bakken area of North Dakota to market centers in the Midwest and the Gulf Coast. In May 2016, we and our co-venturer executed agreements under which we and our co-venturer would loan DAPL and ETCOP up to a maximum of $2,256 million and $227 million, respectively, with the amounts loaned by us and our co-venturer being proportionate to our ownership interests (Sponsor Loans). In August 2016, DAPL and ETCOP secured a $2.5 billion facility (Facility) with a syndicate of financial institutions on a limited recourse basis with certain guarantees, and the outstanding Sponsor Loans were repaid. Allowable draws under the Facility were initially reduced and finally suspended in September 2016 pending resolution of permitting delays. As a result, DAPL and ETCOP have resumed making draws under the Sponsor Loans. The maximum amounts that could be loaned under the Sponsor Loans were reduced on September 22, 2016, to $1,411 million for DAPL and $76 million for ETCOP. As of September 30, 2016, DAPL and ETCOP have $312 million and $22 million, respectively, outstanding under the Sponsor Loans. Our 25 percent share of those loans was $78 million and $6 million, respectively. The book values of our investments in DAPL and ETCOP at September 30, 2016 were $396 million and $129 million, respectively. Other MSLP owns a delayed coker and related facilities at the Sweeny Refinery. MSLP processes long residue, which is produced from heavy sour crude oil, for a processing fee. Fuel-grade petroleum coke is produced as a by-product and becomes the property of MSLP. Prior to August 28, 2009, MSLP was owned 50/50 by ConocoPhillips and PDVSA. Under the agreements that govern the relationships between the partners, certain defaults by PDVSA with respect to supply of crude oil to the Sweeny Refinery triggered the right to acquire PDVSA’s 50 percent ownership interest in MSLP, which was exercised on August 28, 2009. PDVSA initiated arbitration with the International Chamber of Commerce challenging the exercise of the call right and claiming it was invalid. The arbitral tribunal held hearings on the merits of the dispute in December 2012, and post-hearing briefs were exchanged in March 2013. The arbitral tribunal issued its ruling in April 2014, which upheld the exercise of the call right and the acquisition of the 50 percent ownership interest. In July 2014, PDVSA filed a petition in U.S. district court to vacate the tribunal’s ruling, and in September 2015, the petition was denied. In January 2016, PDVSA filed an appeal in the appellate court to vacate this ruling. Following the Separation, Phillips 66 generally indemnifies ConocoPhillips for liabilities, if any, arising out of the exercise of the call right or otherwise with respect to the joint venture or the refinery. Until current legal challenges are resolved, we will continue to use the equity method of accounting for our investment in MSLP. |
Properties, Plants and Equipment |
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Properties, Plants and Equipment | Properties, Plants and Equipment Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was:
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
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Debt |
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Sep. 30, 2016 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt In early October 2016, we amended our Phillips 66 revolving credit facility, primarily to extend the term from December 2019 to October 2021. Borrowing capacity under the Phillips 66 facility remained at $5 billion. Phillips 66 Partners LP also amended its revolving credit facility in early October, primarily to increase its borrowing capacity to $750 million and to extend the term from November 2019 to October 2021. At both September 30, 2016, and December 31, 2015, we had no direct outstanding borrowings under our $5 billion revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. At September 30, 2016, $50 million was outstanding under the revolving credit agreement of Phillips 66 Partners, compared with no borrowings outstanding under the facility at December 31, 2015. Accordingly, as of September 30, 2016, an aggregate $5.4 billion of total capacity was available under these facilities. During the second quarter of 2016, we reclassified $1.5 billion of 2.95% Senior Notes due 2017 from long-term debt to short-term debt on our consolidated balance sheet, due to the notes maturing within the next twelve months. In October 2016, Phillips 66 Partners closed on a public debt offering pursuant to its effective shelf registration statement and issued the following unsecured senior notes:
Interest on each series of senior notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2017. |
Guarantees |
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Sep. 30, 2016 | |
Guarantees [Abstract] | |
Guarantees | Guarantees At September 30, 2016, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. Guarantees of Joint Venture Debt In 2012, in connection with the Separation, we issued a guarantee for 100 percent of the MSLP Senior Notes issued in July 1999. At September 30, 2016, the maximum potential amount of future payments to third parties under the guarantee was estimated to be $140 million, which could become payable if MSLP fails to meet its obligations under the senior notes agreement. The MSLP Senior Notes mature in 2019. Other Guarantees In the second quarter of 2016, the operating lease commenced on our new headquarters facility in Houston, Texas, after construction was deemed substantially complete. Under this lease agreement, we have a residual value guarantee with a maximum future exposure of $554 million. The operating lease has a term of five years and provides us the option, at the end of the lease term, to request to renew the lease, purchase the facility, or assist the lessor in marketing it for resale. We have residual value guarantees associated with railcar and airplane leases with maximum future exposures totaling $369 million. We have other guarantees with maximum future exposures totaling $110 million, which consist primarily of guarantees to fund the short-term cash liquidity deficits of certain joint ventures and guarantees of the lease payment obligations of a joint venture. These guarantees generally extend up to eight years or the life of the venture. Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses, and employee claims; and real estate indemnity against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues with generally indefinite terms, and the maximum amount of future payments is generally unlimited. The carrying amount recorded for indemnifications at September 30, 2016, was $195 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize the liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. Included in the recorded carrying amount were $100 million of environmental accruals for known contamination that were primarily included in “Asset retirement obligations and accrued environmental costs” at September 30, 2016. For additional information about environmental liabilities, see Note 11—Contingencies and Commitments. Indemnification and Release Agreement In 2012, we entered into the Indemnification and Release Agreement with ConocoPhillips. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters. |
Contingencies and Commitments |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using all information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At September 30, 2016, our total environmental accrual was $484 million, compared with $485 million at December 31, 2015. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At September 30, 2016, we had performance obligations secured by letters of credit and bank guarantees of $582 million (of which $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit and bank guarantees) related to various purchase and other commitments incident to the ordinary conduct of business. |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Financial Instruments | Derivatives and Financial Instruments Derivative Instruments We use financial and commodity-based derivative contracts to manage exposures to fluctuations in foreign currency exchange rates, interest rates and commodity prices or to capture market opportunities. Because we have not used cash-flow hedge accounting for commodity derivative contracts, all gains and losses, realized or unrealized, from these contracts have been recognized in the consolidated statement of income. Gains and losses from derivative contracts held for trading not directly related to our physical business, whether realized or unrealized, have been reported net in “Other income” on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section of the consolidated statement of cash flows. Purchase and sales contracts with fixed minimum notional volumes for commodities that are readily convertible to cash (e.g., crude oil and gasoline) are recorded on the balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception (i.e., contracts to purchase or sell quantities we expect to use or sell over a reasonable period in the normal course of business). We generally apply this normal purchases and normal sales exception to eligible crude oil, refined product, NGL, natural gas and power commodity purchase and sales contracts; however, we may elect not to apply this exception (e.g., when another derivative instrument will be used to mitigate the risk of the purchase or sales contract but hedge accounting will not be applied, in which case both the purchase or sales contract and the derivative contract mitigating the resulting risk will be recorded on the balance sheet at fair value). Our derivative instruments are held at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 13—Fair Value Measurements. Commodity Derivative Contracts—We sell into or receive supply from the worldwide crude oil, refined products, natural gas, NGL, and electric power markets, exposing our revenues, purchases, cost of operating activities, and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited, immaterial amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities presented net (i.e., commodity derivative assets and liabilities with the same counterparty are netted where the right of setoff exists); however, the balances in the following table are presented gross. For information on the impact of counterparty netting and collateral netting, see Note 13—Fair Value Measurements.
Hedge accounting has not been used for any item in the table. The recognized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
Hedge accounting has not been used for any item in the table. The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from non-derivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was approximately 97 percent and 99 percent at September 30, 2016, and December 31, 2015, respectively.
Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of over-the-counter (OTC) derivative contracts and trade receivables. The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less. We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on historical write-off experience or specific counterparty collectability. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments, and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were not material at September 30, 2016, or December 31, 2015. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments:
We carry certain assets and liabilities at fair value, which we measure at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy:
We classify the fair value of an asset or liability based on the lowest level of input significant to its measurement; however, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. For the nine-month period ended September 30, 2016, derivative assets with an aggregate value of $180 million and derivative liabilities with an aggregate value of $149 million were transferred into Level 1 from Level 2, as measured from the beginning of the reporting period. The measurements were reclassified within the fair value hierarchy due to the availability of unadjusted quoted prices from an active market. Recurring Fair Value Measurements Financial assets and liabilities recorded at fair value on a recurring basis consist primarily of investments to support nonqualified deferred compensation plans and derivative instruments. The deferred compensation investments are measured at fair value using unadjusted prices available from national securities exchanges; therefore, these assets are categorized as Level 1 in the fair value hierarchy. We value our exchange-traded commodity derivatives using closing prices provided by the exchange as of the balance sheet date, and these are also classified as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity or are valued using either adjusted exchange-provided prices or non-exchange quotes, we classify those contracts as Level 2. OTC financial swaps and physical commodity forward purchase and sales contracts are generally valued using quotes provided by brokers and price index developers such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC swaps and physical commodity purchase and sales contracts are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Financial OTC and physical commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a mid-market pricing convention (the mid-point between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. The following tables display the fair value hierarchy for our material financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown gross (i.e., without the effect of netting where the legal right of setoff exists) in the hierarchy sections of these tables. These tables also show that our Level 3 activity was not material. We have master netting agreements for all of our exchange-cleared derivative instruments, the majority of our OTC derivative instruments, and certain physical commodity forward contracts (primarily pipeline crude oil deliveries). The following tables show the fair value of these contracts on a net basis in the column “Effect of Counterparty Netting,” which is how these also appear on the consolidated balance sheet. The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were:
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost.
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost. The rabbi trust assets appear on our consolidated balance sheet in the “Investments and long-term receivables” line, while the floating-rate and fixed-rate debt appear in the “Short-term debt” and “Long-term debt” lines. For information regarding where our commodity derivative assets and liabilities appear on the balance sheet, see the first table in Note 12—Derivatives and Financial Instruments. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost for the three- and nine-month periods ended September 30, 2016 and 2015, were as follows:
During the first nine months of 2016, we contributed $333 million to our U.S. benefit plans and $30 million to our international benefit plans. We currently expect to make additional contributions of approximately $5 million to our U.S. benefit plans and $10 million to our international benefit plans during the remainder of 2016. In conjunction with the Whitegate Refinery disposition, the fair market value of plan assets was updated and the pension benefit obligation was remeasured for the Ireland Pension Plan as of August 31, 2016. At the measurement date, the pension liability had a net decrease of $3 million, which resulted in an increase to other comprehensive income, due to the following two components: 1) a curtailment gain (decrease in projected benefit obligation) of $31 million, as all future benefit accruals were eliminated from projected benefit obligation, and 2) an actuarial loss (increase in projected benefit obligation) of $28 million, which was primarily related to a decline in the discount rate from 2.3 percent at December 31, 2015, to 1.3 percent at August 31, 2016. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss):
* There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans, for additional information). |
Related Party Transactions |
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Related Party Transactions | Related Party Transactions Significant transactions with related parties were:
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Segment Disclosures and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Disclosures and Related Information | Segment Disclosures and Related Information Our operating segments are:
Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents. We evaluate performance and allocate resources based on net income attributable to Phillips 66. Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment
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Income Taxes |
9 Months Ended |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rates for the third quarter and the first nine months of 2016 were 34 percent and 32 percent, respectively, compared with 33 percent and 31 percent for the corresponding periods of 2015. The effective tax rate varies from the federal statutory tax rate of 35 percent primarily as a result of foreign operations, partially offset by state tax expense. |
Phillips 66 Partners LP |
9 Months Ended |
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Sep. 30, 2016 | |
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract] | |
Phillips 66 Partners LP | Phillips 66 Partners LP In 2013, we formed Phillips 66 Partners, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other transportation and midstream assets. In March 2016, we contributed to Phillips 66 Partners a 25 percent interest in our then wholly owned subsidiary, Phillips 66 Sweeny Frac LLC, which owns the Sweeny Fractionator, an NGL fractionator located within our Sweeny Refinery complex in Old Ocean, Texas, and the Clemens Caverns, an NGL salt dome storage facility located near Brazoria, Texas. Total consideration for the transaction was $236 million, which consisted of Phillips 66 Partners’ assumption of a $212 million note payable to us and the issuance of common units and general partner units to us with an aggregate fair value of $24 million. In May 2016, we contributed to Phillips 66 Partners the remaining 75 percent interest in Phillips 66 Sweeny Frac LLC and a 100 percent interest in our wholly owned subsidiary, Phillips 66 Plymouth LLC, which owned the Standish Pipeline, a refined petroleum product pipeline system extending from the Ponca City Refinery in Ponca City, Oklahoma, and terminating at the North Wichita Terminal in Wichita, Kansas. Total consideration for the transaction was $775 million, consisting of Phillips 66 Partners’ assumption of $675 million of notes payable to us and the issuance of common units and general units to us with an aggregate fair value of $100 million. On May 10, 2016, Phillips 66 Partners completed a public offering of 12,650,000 common units representing limited partner interests, at a price of $52.40 per unit. The net proceeds at closing were $656 million. Phillips 66 Partners used these net proceeds to repay a portion of the assumed notes discussed above. In June 2016, Phillips 66 Partners began issuing common units under a continuous offering program, which allows for the issuance of up to an aggregate of $250 million of Phillips 66 Partners’ common units, in amounts, at prices and on terms to be determined by market conditions and other factors at the time of the offerings. We refer to this as an at-the-market, or ATM, program. Through September 30, 2016, on a settlement-date basis, Phillips 66 Partners issued an aggregate of 346,152 common units under the ATM program, generating net proceeds of approximately $19 million. On August 12, 2016, Phillips 66 Partners completed a public offering of 6,000,000 common units representing limited partner interests, at a price of $50.22 per unit. The net proceeds at closing were $299 million. The net proceeds from the offering were used to repay the note assumed in the March transaction discussed above, as well as short-term borrowings incurred to fund Phillips 66 Partners’ acquisition of an additional interest in Explorer Pipeline Company and its contribution to the recently formed STACK pipeline joint venture. On October 11, 2016, we contributed to Phillips 66 Partners certain crude oil, refined product and NGL pipeline and terminal assets supporting four of our refineries. The transaction closed on October 14, 2016, at which time Phillips 66 Partners paid Phillips 66 total consideration of approximately $1.3 billion, consisting of $1,109 million in cash and the issuance of common and general partner units to us with a fair value of $196 million. Phillips 66 Partners funded the cash portion of the transaction with proceeds from a public debt offering of unsecured senior notes of $1,125 million in the aggregate. See Note 9—Debt for additional information on the notes offering. At September 30, 2016, we owned a 57 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 41 percent limited partner interest. We consolidate Phillips 66 Partners because we control the partnership through our general partner interest (see Note 3—Variable Interest Entities, for additional information). The public’s ownership interest in Phillips 66 Partners is reflected as a noncontrolling interest in our financial statements. The most significant assets of Phillips 66 Partners that are available to settle only its obligations at September 30, 2016, were equity investments of $1,103 million and net PP&E of $1,674 million. |
New Accounting Standards |
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Sep. 30, 2016 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | New Accounting Standards In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies the treatment of several cash flow categories. In addition, ASU No. 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. Public business entities should apply the guidance in ASU No. 2016-15 for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2016-15 and assessing the impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. Public business entities should apply the guidance in ASU No. 2016-13 for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption will be permitted for annual periods beginning after December 15, 2018. We are currently evaluating the provisions of ASU No. 2016-13 and assessing the impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment award transactions including accounting for income taxes and classification of excess tax benefits on the statement of cash flows, forfeitures and minimum statutory tax withholding requirements. Public business entities should apply the guidance in ASU No. 2016-09 for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU No. 2016-09 and assessing the impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” In the new standard, the FASB modified its determination of whether a contract is a lease rather than whether a lease is a capital or operating lease under the previous accounting principles generally accepted in the United States (GAAP). A contract represents a lease if a transfer of control occurs over an identified property, plant and equipment for a period of time in exchange for consideration. Control over the use of the identified asset includes the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct its use. The FASB continued to maintain two classifications of leases — financing and operating — which are substantially similar to capital and operating leases in the previous lease guidance. Under the new standard, recognition of assets and liabilities arising from operating leases will require recognition on the balance sheet. The effect of all leases in the statement of comprehensive income and the statement of cash flows will be largely unchanged. Lessor accounting will also be largely unchanged. Additional disclosures will be required for financing and operating leases for both lessors and lessees. Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” to meet its objective of providing more decision-useful information about financial instruments. The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, one provision will also affect net income. Equity investments carried under the cost method or lower of cost or fair value method of accounting, in accordance with current GAAP, will have to be carried at fair value upon adoption of ASU No. 2016-01, with changes in fair value recorded in net income. For equity investments that do not have readily determinable fair values, a company may elect to carry such investments at cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. Public business entities should apply the guidance in ASU No. 2016-01 for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption prohibited. We are currently evaluating the provisions of ASU No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited impact on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new standard converged guidance on recognizing revenues in contracts with customers under GAAP and International Financial Reporting Standards. This ASU is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. Retrospective or modified retrospective application of the accounting standard is required. We are currently evaluating the provisions of ASU No. 2014-09 and assessing the impact on our financial statements. As part of our assessment work to-date, we have formed an implementation work team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. |
Condensed Consolidating Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information $7.5 billion of our senior notes were issued by Phillips 66, and are guaranteed by Phillips 66 Company, a 100-percent-owned subsidiary. Phillips 66 Company has fully and unconditionally guaranteed the payment obligations of Phillips 66 with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for:
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.
* Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions.
* Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. |
Interim Financial Information (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Interim Financial Information [Abstract] | |
Earnings Per Share | The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. |
Commitments and Contingencies | In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. |
Inventories (Tables) |
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Summary of Inventories | Inventories consisted of the following:
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Investments, Loans and Long-Term Receivables (Tables) |
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Summary of Financial Information | Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC (CPChem) was as follows:
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Properties, Plants and Equipment (Tables) |
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Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization | Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was:
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Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share |
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Derivatives and Financial Instruments (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts | The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities presented net (i.e., commodity derivative assets and liabilities with the same counterparty are netted where the right of setoff exists); however, the balances in the following table are presented gross. For information on the impact of counterparty netting and collateral netting, see Note 13—Fair Value Measurements.
Hedge accounting has not been used for any item in the table. The recognized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
Hedge accounting has not been used for any item in the table. |
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Summary of Material Net Exposures and Notional Amount of Derivative Contracts |
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Fair Value Measurements (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting | The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were:
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost.
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost. |
Employee Benefit Plans (Tables) |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the three- and nine-month periods ended September 30, 2016 and 2015, were as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component | The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss):
* There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans, for additional information). |
Related Party Transactions (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Transactions with Related Parties | Significant transactions with related parties were:
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Segment Disclosures and Related Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of Results by Operating Segment |
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Condensed Consolidating Financial Information (Tables) |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income |
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Condensed Consolidating Balance Sheet |
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Condensed Consolidating Statement of Cash Flows |
* Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions.
* Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. |
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2012 |
Sep. 30, 2016 |
Aug. 31, 2009 |
Aug. 28, 2009 |
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Merey Sweeny [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Additional ownership interest acquired in MSLP that is in dispute | 50.00% | 50.00% | ||
Maximum exposure under debt guarantee | $ 185 | |||
Merey Sweeny [Member] | Guarantees of Joint Venture Debt [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Maximum exposure under debt guarantee | 325 | |||
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Debt guarantee to lender of 8.85% senior notes issued by MSLP, percentage | 100.00% | |||
Stated interest rate of debt issued, percentage | 8.85% | |||
Maximum exposure under debt guarantee | $ 140 | |||
Dakota Access LLC [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Percentage of ownership interest | 25.00% | |||
Energy Transfer Crude Oil Company, LLC [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Percentage of ownership interest | 25.00% | |||
DAPL And ETCOP [Member] | ||||
Variable interest entities VIEs (Textual) [Abstract] | ||||
Maximum exposure under debt guarantee | $ 884 | |||
Book value of investment | 525 | |||
Loans and leases receivable, related parties | 84 | |||
Borrowings under the project financing facility | $ 275 |
Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Summary of inventories | ||
Crude oil and petroleum products | $ 3,643 | $ 3,214 |
Materials and supplies | 262 | 263 |
Inventories | $ 3,905 | $ 3,477 |
Inventories (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
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Long Lived Assets Held-for-sale [Line Items] | ||||
Inventories valued on the last-in, first out (LIFO) basis | $ 3,537 | $ 3,537 | $ 3,085 | |
Estimated excess of current replacement cost over LIFO cost of inventories | 3,000 | 3,000 | $ 1,300 | |
Decreased net income due to LIFO inventory liquidations | 13 | 71 | $ 37 | |
Refining [Member] | Whitegate Refinery [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Decreased net income due to LIFO inventory liquidations | $ 62 | $ 62 |
Assets Held for Sale or Sold (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Assets Held for Sale or Sold (Narrative) [Abstract] | ||||
Net gain on dispositions | $ 3 | $ 22 | $ 9 | $ 283 |
Whitegate Refinery [Member] | Refining [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Net carrying value of assets | 135 | 135 | ||
Inventory, other working capital, and properties, plants and equipment | 127 | 127 | ||
Goodwill | $ 8 | $ 8 | ||
Immingham Combined Heat and Power Plant [Member] | Marketing and Specialties [Member] | ||||
Assets Held for Sale or Sold (Narrative) [Abstract] | ||||
Net gain on dispositions | $ 242 |
Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - WRB Refining LP And Chevron Phillips Chemical Company LLC [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Summary of financial information | ||||
Revenues | $ 4,647 | $ 5,266 | $ 13,115 | $ 16,092 |
Income before income taxes | 403 | 881 | 1,347 | 2,611 |
Net income | $ 386 | $ 860 | $ 1,290 | $ 2,556 |
Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($) |
Sep. 30, 2016 |
Sep. 22, 2016 |
Aug. 31, 2016 |
May 31, 2016 |
Aug. 31, 2009 |
Aug. 28, 2009 |
Aug. 27, 2009 |
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Energy Transfer Crude Oil Company, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership interest | 25.00% | ||||||
Borrowing outstanding | $ 6,000,000 | ||||||
Loan agreement, maximum borrowing capacity | $ 76,000,000 | $ 227,000,000 | |||||
Contribution obligation by co-venturer | 22,000,000 | ||||||
Equity Method Investments | $ 129,000,000 | ||||||
Dakota Access LLC and Energy Transfer Crude Oil Company, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 2,500,000,000 | ||||||
Dakota Access LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership interest | 25.00% | ||||||
Borrowing outstanding | $ 78,000,000 | ||||||
Loan agreement, maximum borrowing capacity | $ 1,411,000,000 | $ 2,256,000,000 | |||||
Contribution obligation by co-venturer | 312,000,000 | ||||||
Equity Method Investments | $ 396,000,000 | ||||||
Merey Sweeny [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Additional ownership interest acquired | 50.00% | 50.00% | |||||
Petroleos De Venezuela S.A. (PDVSA) [Member] | Merey Sweeny [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of equity interest of others | 50.00% | ||||||
Conocophillips [Member] | Merey Sweeny [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership interest | 50.00% |
Properties, Plants and Equipment (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Properties, plants and equipment with the associated accumulated depreciation and amortization | ||
Gross PP&E | $ 31,362 | $ 30,310 |
Accum. D&A | 10,915 | 10,589 |
Net PP&E | 20,447 | 19,721 |
Midstream [Member] | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ||
Gross PP&E | 7,851 | 6,978 |
Accum. D&A | 1,523 | 1,293 |
Net PP&E | 6,328 | 5,685 |
Refining [Member] | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ||
Gross PP&E | 20,902 | 20,850 |
Accum. D&A | 8,040 | 8,046 |
Net PP&E | 12,862 | 12,804 |
Marketing and Specialties [Member] | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ||
Gross PP&E | 1,455 | 1,422 |
Accum. D&A | 790 | 746 |
Net PP&E | 665 | 676 |
Corporate and Other [Member] | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ||
Gross PP&E | 1,154 | 1,060 |
Accum. D&A | 562 | 504 |
Net PP&E | $ 592 | $ 556 |
Earnings per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Basic EPS Calculation | ||||
Net income attributable to Phillips 66 | $ 511 | $ 1,578 | $ 1,392 | $ 3,577 |
Income allocated to participating securities | (2) | (1) | (5) | (5) |
Net Income available to common stockholders | $ 509 | $ 1,577 | $ 1,387 | $ 3,572 |
Weighted-average common shares outstanding (thousands) | 521,815 | 535,618 | 524,365 | 539,616 |
Effect of stock-based compensation (thousands) | 4,176 | 4,739 | 4,285 | 4,746 |
Weighted-average commons shares outstanding - EPS (thousands) | 525,991 | 540,357 | 528,650 | 544,362 |
Diluted EPS Calculation | ||||
Income allocated to participating securities | $ (1) | $ (3) | ||
Net Income available to common stockholders | $ 510 | $ 1,578 | $ 1,389 | $ 3,577 |
Effect of stock-based compensation (thousands) | 2,807 | 4,339 | 3,000 | 4,672 |
Weighted-average commons shares outstanding - EPS (thousands) | 528,798 | 544,696 | 531,650 | 549,034 |
Earnings Per Share of Common Stock (dollars), Basic (in usd per share) | $ 0.97 | $ 2.92 | $ 2.62 | $ 6.56 |
Earnings Per Share of Common Stock (dollars), Diluted (in usd per share) | $ 0.96 | $ 2.90 | $ 2.61 | $ 6.52 |
Debt (Narrative) (Details) - USD ($) |
Oct. 28, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Short-term debt | $ 1,583,000,000 | $ 44,000,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate total capacity available under credit facilities | 5,400,000,000 | |||
5 Billion US Dollars Revolver [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of outstanding borrowings under revolving credit agreement | 0 | 0 | ||
Borrowing capacity under revolving credit agreement | 5,000,000,000 | |||
Letters of credit issued | 51,000,000 | 51,000,000 | ||
Phillips 66 Partners Revolving Credit Facility Due Two Thousand Nineteen At One Point Thirty Three Percent [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of outstanding borrowings under revolving credit agreement | $ 50,000,000 | $ 0 | ||
Senior Notes [Member] | Two Point Nine Five Zero Senior Notes Due Two Thousand Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | $ 1,500,000,000 | |||
Stated interest rate of debt issued, percentage | 295.00% | |||
Subsequent Event [Member] | 5 Billion US Dollars Revolver [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity under revolving credit agreement | $ 5,000,000,000 | |||
Phillips 66 Partners LP [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity under revolving credit agreement | 750,000,000 | |||
Phillips 66 Partners LP [Member] | Subsequent Event [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 1,125,000,000 | |||
Phillips 66 Partners LP [Member] | Subsequent Event [Member] | Senior Notes [Member] | Three Point Five Five Senior Notes Due Two Thousand Twenty Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate of debt issued, percentage | 3.55% | |||
Debt instrument, face amount | $ 500,000,000 | |||
Phillips 66 Partners LP [Member] | Subsequent Event [Member] | Senior Notes [Member] | Four Point Nine Senior Notes Due Two Thousand Forty Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate of debt issued, percentage | 4.90% | |||
Debt instrument, face amount | $ 625,000,000 |
Guarantees (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2012 |
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Guarantees (Textual) [Abstract] | ||||
Environmental accruals included in recorded carrying amount | $ 484 | $ 485 | ||
Other Guarantees [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Maximum potential amount of future payments under the guarantees | 110 | |||
Indemnifications [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Carrying amount of indemnifications | 195 | |||
Asset Retirement Obligations And Accrued Environmental Cost [Member] | Indemnifications [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Environmental accruals included in recorded carrying amount | $ 100 | |||
Maximum [Member] | Other Guarantees [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Term of the guarantees, in years | 8 years | |||
Merey Sweeny [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Maximum potential amount of future payments under the guarantees | $ 185 | |||
Merey Sweeny [Member] | Guarantees of Joint Venture Debt [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Maximum potential amount of future payments under the guarantees | 325 | |||
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Percentage of guarantee | 100.00% | |||
Maximum potential amount of future payments under the guarantees | 140 | |||
Facilities [Member] | Residual Value Guarantees [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Maximum potential amount of future payments under the guarantees | $ 554 | |||
Facilities [Member] | Maximum [Member] | Other Guarantees [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Lessee leasing arrangements, operating leases, term of contract | 5 years | |||
Railcar and Airplane [Member] | Residual Value Guarantees [Member] | ||||
Guarantees (Textual) [Abstract] | ||||
Maximum potential amount of future payments under the guarantees | $ 369 |
Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
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Contingencies and Commitments (Textual) [Abstract] | ||
Total environmental accrual | $ 484 | $ 485 |
Expected years to incur a substantial amount of expenditures | 30 years | |
Performance Guarantee [Member] | ||
Contingencies and Commitments (Textual) [Abstract] | ||
Letters of credit and bank guarantees | $ 582 | |
Performance Guarantee [Member] | Revolving Credit Facility [Member] | ||
Contingencies and Commitments (Textual) [Abstract] | ||
Letters of credit and bank guarantees | $ 51 |
Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Prepaid Expenses and Other Current Assets [Member] | |||||
Fair value of commodity derivative assets and liabilities, without netting | |||||
Commodity derivative assets, fair value gross | [1] | $ 553 | $ 2,607 | ||
Other Assets [Member] | |||||
Fair value of commodity derivative assets and liabilities, without netting | |||||
Commodity derivative assets, fair value gross | [1] | 18 | 5 | ||
Other Accruals [Member] | |||||
Fair value of commodity derivative assets and liabilities, without netting | |||||
Commodity derivative liabilities, fair value gross | [1] | 618 | 2,425 | ||
Other Liabilities and Deferred Credits [Member] | |||||
Fair value of commodity derivative assets and liabilities, without netting | |||||
Commodity derivative liabilities, fair value gross | [1] | $ 18 | $ 5 | ||
|
Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Sales and Other Operating Revenues [Member] | |||||||
Summary of gains (losses) from commodity derivatives | |||||||
Gains (losses) from commodity derivatives | [1] | $ (6) | $ 195 | $ (274) | $ 21 | ||
Other Income [Member] | |||||||
Summary of gains (losses) from commodity derivatives | |||||||
Gains (losses) from commodity derivatives | [1] | 8 | 12 | 24 | 59 | ||
Purchased Crude Oil and Products [Member] | |||||||
Summary of gains (losses) from commodity derivatives | |||||||
Gains (losses) from commodity derivatives | [1] | $ 36 | $ 117 | $ (89) | $ 66 | ||
|
Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Crude oil, refined products and NGL (millions of barrels) | (37) | (17) |
Derivatives and Financial Instruments (Narrative) (Details) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial instruments and derivative contracts (Textual) [Abstract] | ||
Percentage of derivative contract volume expiring within twelve months | 97.00% | 99.00% |
Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, floating-rate debt | $ 100 | $ 50 | |||||
Difference In carrying value and fair value liability | (935) | 195 | |||||
Net carrying value presented on balance sheet, fixed-rate debt, excluding capital leases | [1] | 8,582 | 8,629 | ||||
Fixed Rate Debt Excluding Capital Leases [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Difference In carrying value and fair value liability | [1] | (935) | 195 | ||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, commodity derivative assets and investments | 162 | 194 | |||||
Net carrying value presented on balance sheet, commodity derivative liabilities and debt | 8,732 | 8,708 | |||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Rabbi Trust Assets [Member] | Investments And Long-term Receivables [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Rabbi trust assets | 96 | 83 | |||||
Exchange-cleared Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash Collateral Received of Paid Not Offset on Balance Sheet | 0 | ||||||
Exchange-cleared Instruments [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, commodity derivative assets | 65 | ||||||
Net carrying value presented on balance sheet, commodity derivative liabilities | 2 | ||||||
OTC Instruments [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, commodity derivative assets | 1 | 1 | |||||
Net carrying value presented on balance sheet, commodity derivative liabilities | 1 | 5 | |||||
Physical Forward Contracts [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, commodity derivative assets | [2] | 65 | 45 | ||||
Net carrying value presented on balance sheet, commodity derivative liabilities | [2] | 36 | 22 | ||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Effect of counterparty netting, commodity derivative assets | (505) | (2,401) | |||||
Effect of collateral netting, commodity derivative assets | (100) | ||||||
Total assets, fair value disclosure gross | 667 | 2,695 | |||||
Effect of counterparty netting, commodity derivative liabilities | (505) | (2,401) | |||||
Effect of collateral netting, commodity derivative liabilities | (94) | ||||||
Total liabilities, fair value disclosure gross | 10,266 | 10,914 | |||||
Fair Value, Measurements, Recurring [Member] | Floating Rate Debt [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, fair value gross | 100 | 50 | |||||
Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Excluding Capital Leases [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, fair value gross | [1] | 9,517 | 8,434 | ||||
Fair Value, Measurements, Recurring [Member] | Rabbi Trust Assets [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Rabbi trust assets | 96 | 83 | |||||
Fair Value, Measurements, Recurring [Member] | Exchange-cleared Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | 505 | 2,554 | |||||
Effect of counterparty netting, commodity derivative assets | (505) | (2,389) | |||||
Effect of collateral netting, commodity derivative assets | (100) | ||||||
Commodity derivative liabilities, fair value gross | 599 | 2,391 | |||||
Effect of counterparty netting, commodity derivative liabilities | (505) | (2,389) | |||||
Effect of collateral netting, commodity derivative liabilities | (94) | ||||||
Fair Value, Measurements, Recurring [Member] | OTC Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | 1 | 13 | |||||
Effect of counterparty netting, commodity derivative assets | (12) | ||||||
Commodity derivative liabilities, fair value gross | 1 | 17 | |||||
Effect of counterparty netting, commodity derivative liabilities | (12) | ||||||
Fair Value, Measurements, Recurring [Member] | Physical Forward Contracts [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | [2] | 65 | 45 | ||||
Commodity derivative liabilities, fair value gross | [2] | 36 | 22 | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets, fair value disclosure gross | 388 | 1,937 | |||||
Total liabilities, fair value disclosure gross | 428 | 1,795 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Floating Rate Debt [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, fair value gross | 100 | 50 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Rabbi Trust Assets [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Rabbi trust assets | 96 | 83 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Exchange-cleared Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | 292 | 1,851 | |||||
Commodity derivative liabilities, fair value gross | 328 | 1,745 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Physical Forward Contracts [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | [2] | 3 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets, fair value disclosure gross | 276 | 756 | |||||
Total liabilities, fair value disclosure gross | 9,837 | 9,119 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fixed Rate Debt Excluding Capital Leases [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, fair value gross | [1] | 9,517 | 8,434 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Exchange-cleared Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | 213 | 703 | |||||
Commodity derivative liabilities, fair value gross | 271 | 646 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | OTC Instruments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | 1 | 13 | |||||
Commodity derivative liabilities, fair value gross | 1 | 17 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Physical Forward Contracts [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | [2] | 62 | 40 | ||||
Commodity derivative liabilities, fair value gross | [2] | 35 | 22 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total assets, fair value disclosure gross | 3 | 2 | |||||
Total liabilities, fair value disclosure gross | 1 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Physical Forward Contracts [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Commodity derivative assets, fair value gross | [2] | 3 | $ 2 | ||||
Commodity derivative liabilities, fair value gross | [2] | 1 | |||||
Interest Rate Contract [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net carrying value presented on balance sheet, commodity derivative liabilities | 13 | ||||||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest-rate derivatives | 13 | ||||||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest-rate derivatives | $ 13 | ||||||
|
Fair Value Measurements (Narrative) (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Asset value transferred into Level 1, as measured from the beginning of the reporting period | $ 180 |
Liability value transferred into Level 1, as measured from the beginning of the reporting period | $ 149 |
Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
United States Pension Plans of U S Entity, Defined Benefit [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | $ 32 | $ 32 | $ 96 | $ 94 | |
Interest cost | 29 | 27 | 87 | 81 | |
Expected return on plan assets | (32) | (35) | (96) | (105) | |
Amortization of prior service cost (credit) | 1 | 2 | 2 | ||
Recognized net actuarial loss (gain) | 18 | 19 | 54 | 56 | |
Settlements | 2 | 75 | 5 | 76 | |
Net periodic benefit cost | 50 | 118 | 148 | 204 | |
Foreign Pension Plans, Defined Benefit [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 8 | 9 | 26 | 29 | |
Interest cost | 7 | 7 | 22 | 21 | |
Expected return on plan assets | (9) | (9) | (29) | (28) | |
Amortization of prior service cost (credit) | (1) | (1) | |||
Recognized net actuarial loss (gain) | $ 28 | 4 | 4 | 11 | 12 |
Net periodic benefit cost | 10 | 11 | 29 | 33 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 1 | 1 | 5 | 5 | |
Interest cost | 2 | 2 | 6 | 6 | |
Amortization of prior service cost (credit) | (1) | (1) | |||
Recognized net actuarial loss (gain) | (1) | ||||
Net periodic benefit cost | $ 3 | $ 3 | $ 10 | $ 9 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
United States Pension Plans of U S Entity, Defined Benefit [Member] | ||||||
Employee Benefit Plans (Textual) [Abstract] | ||||||
Company contributions to plans | $ 333 | |||||
Additional contributions expected to be made during remainder of 2016 | 5 | |||||
Recognized net actuarial loss (gain) | $ 18 | $ 19 | 54 | $ 56 | ||
Foreign Pension Plans, Defined Benefit [Member] | ||||||
Employee Benefit Plans (Textual) [Abstract] | ||||||
Company contributions to plans | 30 | |||||
Additional contributions expected to be made during remainder of 2016 | 10 | |||||
Benefit obligation, Period Decrease | $ 3 | |||||
Curtailments | 31 | |||||
Recognized net actuarial loss (gain) | $ 28 | $ 4 | $ 4 | $ 11 | $ 12 | |
Discount rate | 1.30% | 2.30% |
Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||
Accumulated other comprehensive income (loss), beginning balance | $ (653) | $ (531) | |||||||
Other comprehensive income (loss) before reclassifications | (184) | (151) | |||||||
Actuarial losses and settlements | [1],[2] | 45 | 94 | ||||||
Other Comprehensive Loss, Net of Tax | $ (40) | $ (119) | (139) | (57) | |||||
Accumulated other comprehensive income (loss), ending balance | (792) | (588) | (792) | (588) | |||||
Defined Benefit Plans [Member] | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||
Accumulated other comprehensive income (loss), beginning balance | (662) | (696) | |||||||
Other comprehensive income (loss) before reclassifications | 10 | (63) | |||||||
Actuarial losses and settlements | [1],[2] | 45 | 94 | ||||||
Other Comprehensive Loss, Net of Tax | 55 | 31 | |||||||
Accumulated other comprehensive income (loss), ending balance | (607) | (665) | (607) | (665) | |||||
Foreign Curency Translation [Member] | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||
Accumulated other comprehensive income (loss), beginning balance | 11 | 167 | |||||||
Other comprehensive income (loss) before reclassifications | (187) | (88) | |||||||
Other Comprehensive Loss, Net of Tax | (187) | (88) | |||||||
Accumulated other comprehensive income (loss), ending balance | (176) | 79 | (176) | 79 | |||||
Hedging [Member] | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||
Accumulated other comprehensive income (loss), beginning balance | (2) | (2) | |||||||
Other comprehensive income (loss) before reclassifications | (7) | ||||||||
Other Comprehensive Loss, Net of Tax | (7) | ||||||||
Accumulated other comprehensive income (loss), ending balance | $ (9) | $ (2) | $ (9) | $ (2) | |||||
|
Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||
Significant transactions with related parties | |||||||||||
Operating revenues and other income | [1] | $ 588 | $ 581 | $ 1,544 | $ 1,872 | ||||||
Purchases | [2] | 2,118 | 1,927 | 5,769 | 6,281 | ||||||
Operating expenses and selling, general and administrative expenses | [3] | $ 31 | $ 29 | $ 92 | $ 91 | ||||||
|
Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | [1] | $ 21,624 | $ 25,792 | $ 60,882 | $ 77,082 | ||
Net Income (Loss) Attributable to Phillips 66 | 511 | 1,578 | 1,392 | 3,577 | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 50,254 | 50,254 | $ 48,580 | ||||
Midstream [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 638 | 571 | 1,918 | 1,956 | |||
Net Income (Loss) Attributable to Phillips 66 | 75 | 101 | 179 | 90 | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 12,186 | 12,186 | 11,043 | ||||
Chemicals [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 1 | 1 | 3 | 4 | |||
Net Income (Loss) Attributable to Phillips 66 | 101 | 252 | 447 | 750 | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 5,746 | 5,746 | 5,237 | ||||
Refining [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 4,430 | 5,753 | 12,402 | 18,303 | |||
Net Income (Loss) Attributable to Phillips 66 | 177 | 1,003 | 412 | 2,145 | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 22,939 | 22,939 | 21,993 | ||||
Marketing and Specialties [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 16,547 | 19,466 | 46,535 | 56,797 | |||
Net Income (Loss) Attributable to Phillips 66 | 267 | 338 | 701 | 956 | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 6,056 | 6,056 | 5,631 | ||||
Corporate and Other [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 8 | 1 | 24 | 22 | |||
Net Income (Loss) Attributable to Phillips 66 | (109) | (116) | (347) | (364) | |||
Analysis of results of assets by operating segment | |||||||
Total Assets | 3,327 | 3,327 | $ 4,676 | ||||
Operating Segments [Member] | Midstream [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 934 | 821 | 2,784 | 2,703 | |||
Operating Segments [Member] | Refining [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 13,465 | 16,511 | 37,242 | 49,737 | |||
Operating Segments [Member] | Marketing and Specialties [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | 16,799 | 19,852 | 47,327 | 57,943 | |||
Intersegment Eliminations [Member] | Midstream [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | (296) | (250) | (866) | (747) | |||
Intersegment Eliminations [Member] | Refining [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | (9,035) | (10,758) | (24,840) | (31,434) | |||
Intersegment Eliminations [Member] | Marketing and Specialties [Member] | |||||||
Analysis of results by operating segment | |||||||
Sales and other operating revenues | $ (252) | $ (386) | $ (792) | $ (1,146) | |||
|
Segment Disclosures and Related Information (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
refinery
| |
Midstream Segment [Member] | DCP Midstream [Member] | |
Segment Disclosures And Related Information (Textual) [Abstract] | |
Percentage of ownership interest | 50.00% |
Chemicals Segment [Member] | CP Chem [Member] | |
Segment Disclosures And Related Information (Textual) [Abstract] | |
Percentage of ownership interest | 50.00% |
Refining [Member] | Mainly United States And Europe [Member] | |
Segment Disclosures And Related Information (Textual) [Abstract] | |
Number of refineries | 13 |
Income Taxes (Narrative) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Taxes (Textual) [Abstract] | ||||
Effective tax rate, percent | 34.00% | 33.00% | 32.00% | 31.00% |
Federal statutory tax rate, percent | 35.00% |
Phillips 66 Partners LP (Narrative) (Details) |
1 Months Ended | 4 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 14, 2016
USD ($)
refinery
|
Aug. 12, 2016
USD ($)
$ / shares
shares
|
May 10, 2016
USD ($)
$ / shares
shares
|
Jun. 30, 2016
USD ($)
|
May 31, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
shares
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Oct. 28, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Issuance of Phillips 66 Partners LP common units | $ 818,000,000 | $ 384,000,000 | |||||||||
Net properties, plants and equipment | $ 20,447,000,000 | $ 20,447,000,000 | $ 19,721,000,000 | ||||||||
Phillips 66 Partners LP [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Limited partner interest in Phillips 66 Partners owned by public, percentage | 41.00% | ||||||||||
Phillips 66 Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Limited partnership interest in Phillips 66 Partners, percentage | 57.00% | ||||||||||
General partnership interest in Phillips 66 Partners, percentage | 2.00% | ||||||||||
Equity investments | 1,103,000,000 | $ 1,103,000,000 | |||||||||
Net properties, plants and equipment | $ 1,674,000,000 | $ 1,674,000,000 | |||||||||
Phillips 66 Partners LP [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Entities under common control, ownership percentage transferred | 25.00% | ||||||||||
Total consideration for contributed assets | $ 236,000,000 | ||||||||||
Note payable to us | 212,000,000 | ||||||||||
Entities under common control, ownership percentage transferred, wholly owned | 100.00% | ||||||||||
Phillips 66 Partners LP [Member] | Common And General Partner Units [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Aggregate fair value of units received | $ 24,000,000 | ||||||||||
Phillips 66 Partners LP [Member] | Phillips 66 Sweeny Frac LLC [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Entities under common control, ownership percentage transferred | 75.00% | ||||||||||
Phillips 66 Partners LP [Member] | Sweeny Frac LLC And Phillips 66 Plymouth LLC [Member] [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Note payable to us | $ 675,000,000 | ||||||||||
Phillips 66 Partners LP [Member] | Sweeny Frac LLC And Phillips 66 Plymouth LLC [Member] [Member] | Common And General Partner Units [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Aggregate fair value of units received | 100,000,000 | ||||||||||
Majority Shareholder [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Total consideration for contributed assets | $ 775,000,000 | ||||||||||
Common Units [Member] | Phillips 66 Partners LP [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Units, sold in public offering, shares | shares | 6,000,000 | 12,650,000 | |||||||||
Sale of stock, price per share (in usd per share) | $ / shares | $ 50.22 | $ 52.40 | |||||||||
Public sale of units net of offering costs | $ 299,000,000 | $ 656,000,000 | |||||||||
Partners' capital account, units, amount authorized | $ 250,000,000 | ||||||||||
Partners' capital account, units, sale of units | shares | 346,152 | ||||||||||
Issuance of Phillips 66 Partners LP common units | $ 19,000,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Number of refineries | refinery | 4 | ||||||||||
Subsequent Event [Member] | Phillips 66 Partners LP [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Total consideration for contributed assets | $ 1,300,000,000 | ||||||||||
Entities under common control, cash proceeds received on transfer of assets | 1,109,000,000 | ||||||||||
Subsequent Event [Member] | Phillips 66 Partners LP [Member] | Common And General Partner Units [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Aggregate fair value of units received | $ 196,000,000 | ||||||||||
Senior Notes [Member] | Subsequent Event [Member] | Phillips 66 Partners LP [Member] | |||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,125,000,000 |
New Accounting Standards (Narrative) (Details) |
1 Months Ended | ||
---|---|---|---|
Aug. 31, 2015 |
Feb. 29, 2016
classification
|
Jan. 31, 2016
provision
|
|
New Accounting Standards [Abstract] | |||
Number of classifications | classification | 2 | ||
Number of provisions | provision | 1 | ||
Period of deferral of effective date, in years | 1 year |
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Revenues and Other Income | |||||||
Sales and other operating revenues | [1] | $ (21,624) | $ (25,792) | $ (60,882) | $ (77,082) | ||
Equity in earnings of affiliates | 391 | 583 | 1,159 | 1,446 | |||
Net gain (loss) on dispositions | 3 | 22 | 9 | 283 | |||
Other income | 24 | 20 | 59 | 109 | |||
Total Revenues and Other Income | 22,042 | 26,417 | 62,109 | 78,920 | |||
Costs and Expenses | |||||||
Purchased crude oil and products | 15,961 | 18,580 | 44,089 | 57,528 | |||
Operating expenses | 1,061 | 1,083 | 3,078 | 3,220 | |||
Selling, general and administrative expenses | 411 | 437 | 1,218 | 1,237 | |||
Depreciation and amortization | 293 | 270 | 863 | 797 | |||
Impairments | 2 | 1 | 4 | 3 | |||
Taxes other than income taxes | [1] | 3,424 | 3,610 | 10,479 | 10,621 | ||
Accretion on discounted liabilities | 5 | 5 | 15 | 16 | |||
Interest and debt expense | 81 | 71 | 250 | 236 | |||
Foreign currency transaction (gains) loss | (9) | 1 | (16) | 50 | |||
Total Costs and Expenses | 21,229 | 24,058 | 59,980 | 73,708 | |||
Income before income taxes | 813 | 2,359 | 2,129 | 5,212 | |||
Provision (benefit) for income taxes | 277 | 767 | 679 | 1,598 | |||
Net Income | 536 | 1,592 | 1,450 | 3,614 | |||
Less: net income attributable to noncontrolling interests | 25 | 14 | 58 | 37 | |||
Net Income Attributable to Phillips 66 | 511 | 1,578 | 1,392 | 3,577 | |||
Comprehensive Income | 496 | 1,473 | 1,311 | 3,557 | |||
Phillips 66 [Member] | |||||||
Revenues and Other Income | |||||||
Equity in earnings of affiliates | 571 | 1,637 | 1,574 | 3,760 | |||
Total Revenues and Other Income | 571 | 1,637 | 1,574 | 3,760 | |||
Costs and Expenses | |||||||
Operating expenses | 4 | ||||||
Selling, general and administrative expenses | 1 | 2 | 5 | 5 | |||
Interest and debt expense | 91 | 90 | 275 | 273 | |||
Total Costs and Expenses | 92 | 92 | 280 | 282 | |||
Income before income taxes | 479 | 1,545 | 1,294 | 3,478 | |||
Provision (benefit) for income taxes | (32) | (33) | (98) | (99) | |||
Net Income | 511 | 1,578 | 1,392 | 3,577 | |||
Net Income Attributable to Phillips 66 | 511 | 1,578 | 1,392 | 3,577 | |||
Comprehensive Income | 471 | 1,459 | 1,253 | 3,520 | |||
Phillips 66 Company [Member] | |||||||
Revenues and Other Income | |||||||
Equity in earnings of affiliates | 521 | 946 | 1,406 | 2,362 | |||
Net gain (loss) on dispositions | (11) | (11) | (115) | ||||
Other income | 10 | 12 | 34 | 77 | |||
Total Revenues and Other Income | 15,957 | 19,344 | 44,198 | 56,689 | |||
Costs and Expenses | |||||||
Purchased crude oil and products | 12,377 | 14,210 | 33,844 | 42,959 | |||
Operating expenses | 864 | 887 | 2,477 | 2,543 | |||
Selling, general and administrative expenses | 314 | 339 | 914 | 934 | |||
Depreciation and amortization | 206 | 206 | 609 | 614 | |||
Impairments | 1 | 1 | 1 | 3 | |||
Taxes other than income taxes | 1,390 | 1,396 | 4,131 | 4,212 | |||
Accretion on discounted liabilities | 3 | 4 | 11 | 12 | |||
Interest and debt expense | 6 | 7 | 23 | 19 | |||
Foreign currency transaction (gains) loss | 1 | 1 | |||||
Total Costs and Expenses | 15,161 | 17,051 | 42,010 | 51,297 | |||
Income before income taxes | 796 | 2,293 | 2,188 | 5,392 | |||
Provision (benefit) for income taxes | 225 | 656 | 614 | 1,632 | |||
Net Income | 571 | 1,637 | 1,574 | 3,760 | |||
Net Income Attributable to Phillips 66 | 571 | 1,637 | 1,574 | 3,760 | |||
Comprehensive Income | 531 | 1,518 | 1,435 | 3,703 | |||
All Other Subsidiaries [Member] | |||||||
Revenues and Other Income | |||||||
Equity in earnings of affiliates | 108 | 89 | 268 | (13) | |||
Net gain (loss) on dispositions | 14 | 22 | 20 | 398 | |||
Other income | 14 | 8 | 25 | 32 | |||
Total Revenues and Other Income | 9,181 | 10,345 | 25,394 | 31,586 | |||
Costs and Expenses | |||||||
Purchased crude oil and products | 6,388 | 7,138 | 17,047 | 22,899 | |||
Operating expenses | 206 | 203 | 628 | 704 | |||
Selling, general and administrative expenses | 99 | 107 | 307 | 311 | |||
Depreciation and amortization | 87 | 64 | 254 | 183 | |||
Impairments | 1 | 3 | |||||
Taxes other than income taxes | 2,034 | 2,214 | 6,348 | 6,409 | |||
Accretion on discounted liabilities | 2 | 1 | 4 | 4 | |||
Interest and debt expense | 26 | 8 | 83 | 22 | |||
Foreign currency transaction (gains) loss | (9) | (16) | 49 | ||||
Total Costs and Expenses | 8,834 | 9,735 | 24,658 | 30,581 | |||
Income before income taxes | 347 | 610 | 736 | 1,005 | |||
Provision (benefit) for income taxes | 84 | 144 | 163 | 65 | |||
Net Income | 263 | 466 | 573 | 940 | |||
Less: net income attributable to noncontrolling interests | 25 | 14 | 58 | 37 | |||
Net Income Attributable to Phillips 66 | 238 | 452 | 515 | 903 | |||
Comprehensive Income | 207 | 365 | 398 | 878 | |||
Reportable Legal Entities [Member] | Phillips 66 Company [Member] | |||||||
Revenues and Other Income | |||||||
Sales and other operating revenues | (15,264) | (18,122) | (42,199) | (53,612) | |||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | |||||||
Revenues and Other Income | |||||||
Sales and other operating revenues | (6,360) | (7,670) | (18,683) | (23,470) | |||
Consolidating Adjustments [Member] | |||||||
Revenues and Other Income | |||||||
Sales and other operating revenues | 2,858 | 2,820 | 6,968 | 8,452 | |||
Equity in earnings of affiliates | (809) | (2,089) | (2,089) | (4,663) | |||
Total Revenues and Other Income | (3,667) | (4,909) | (9,057) | (13,115) | |||
Costs and Expenses | |||||||
Purchased crude oil and products | (2,804) | (2,768) | (6,802) | (8,330) | |||
Operating expenses | (9) | (7) | (27) | (31) | |||
Selling, general and administrative expenses | (3) | (11) | (8) | (13) | |||
Interest and debt expense | (42) | (34) | (131) | (78) | |||
Total Costs and Expenses | (2,858) | (2,820) | (6,968) | (8,452) | |||
Income before income taxes | (809) | (2,089) | (2,089) | (4,663) | |||
Net Income | (809) | (2,089) | (2,089) | (4,663) | |||
Net Income Attributable to Phillips 66 | (809) | (2,089) | (2,089) | (4,663) | |||
Comprehensive Income | (713) | (1,869) | (1,775) | (4,544) | |||
Consolidating Adjustments [Member] | Phillips 66 Company [Member] | |||||||
Revenues and Other Income | |||||||
Sales and other operating revenues | (173) | (264) | (570) | (753) | |||
Consolidating Adjustments [Member] | All Other Subsidiaries [Member] | |||||||
Revenues and Other Income | |||||||
Sales and other operating revenues | $ (2,685) | $ (2,556) | $ (6,398) | $ (7,699) | |||
|
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Assets | ||||
Cash and cash equivalents | $ 2,337 | $ 3,074 | $ 4,822 | $ 5,207 |
Accounts and notes receivable | 5,001 | 5,173 | ||
Inventories | 3,905 | 3,477 | ||
Prepaid expenses and other current assets | 721 | 532 | ||
Total Current Assets | 11,964 | 12,256 | ||
Investments and long-term receivables | 13,277 | 12,143 | ||
Net properties, plants and equipment | 20,447 | 19,721 | ||
Goodwill | 3,267 | 3,275 | ||
Intangibles | 892 | 906 | ||
Other assets | 407 | 279 | ||
Total Assets | 50,254 | 48,580 | ||
Liabilities and Equity | ||||
Accounts payable | 6,562 | 5,655 | ||
Short-term debt | 1,583 | 44 | ||
Accrued income and other taxes | 869 | 878 | ||
Employee benefit obligations | 453 | 576 | ||
Other accruals | 633 | 378 | ||
Total Current Liabilities | 10,100 | 7,531 | ||
Long-term debt | 7,275 | 8,843 | ||
Asset retirement obligations and accrued environmental costs | 654 | 665 | ||
Deferred income taxes | 6,568 | 6,041 | ||
Employee benefit obligations | 1,061 | 1,285 | ||
Other liabilities and deferred credits | 285 | 277 | ||
Total Liabilities | 25,943 | 24,642 | ||
Common stock | 10,922 | 11,405 | ||
Retained earnings | 12,775 | 12,348 | ||
Accumulated other comprehensive loss | (792) | (653) | (588) | (531) |
Noncontrolling interests | 1,406 | 838 | ||
Total Liabilities and Equity | 50,254 | 48,580 | ||
Phillips 66 [Member] | ||||
Assets | ||||
Accounts and notes receivable | 10 | 14 | ||
Prepaid expenses and other current assets | 2 | |||
Total Current Assets | 10 | 16 | ||
Investments and long-term receivables | 31,651 | 33,315 | ||
Other assets | 12 | 16 | ||
Total Assets | 31,673 | 33,347 | ||
Liabilities and Equity | ||||
Short-term debt | 1,499 | |||
Other accruals | 143 | 59 | ||
Total Current Liabilities | 1,642 | 59 | ||
Long-term debt | 5,919 | 7,413 | ||
Other liabilities and deferred credits | 1,178 | 2,746 | ||
Total Liabilities | 8,739 | 10,218 | ||
Common stock | 10,922 | 11,405 | ||
Retained earnings | 12,804 | 12,377 | ||
Accumulated other comprehensive loss | (792) | (653) | ||
Total Liabilities and Equity | 31,673 | 33,347 | ||
Phillips 66 Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 885 | 575 | 984 | 2,045 |
Accounts and notes receivable | 3,417 | 3,643 | ||
Inventories | 2,578 | 2,171 | ||
Prepaid expenses and other current assets | 408 | 382 | ||
Total Current Assets | 7,288 | 6,771 | ||
Investments and long-term receivables | 22,892 | 24,068 | ||
Net properties, plants and equipment | 12,997 | 12,651 | ||
Goodwill | 3,032 | 3,040 | ||
Intangibles | 721 | 726 | ||
Other assets | 221 | 154 | ||
Total Assets | 47,151 | 47,410 | ||
Liabilities and Equity | ||||
Accounts payable | 5,320 | 4,015 | ||
Short-term debt | 29 | 25 | ||
Accrued income and other taxes | 342 | 320 | ||
Employee benefit obligations | 405 | 528 | ||
Other accruals | 410 | 240 | ||
Total Current Liabilities | 6,506 | 5,128 | ||
Long-term debt | 135 | 158 | ||
Asset retirement obligations and accrued environmental costs | 491 | 496 | ||
Deferred income taxes | 4,508 | 4,500 | ||
Employee benefit obligations | 866 | 1,094 | ||
Other liabilities and deferred credits | 3,036 | 2,765 | ||
Total Liabilities | 15,542 | 14,141 | ||
Common stock | 25,404 | 25,404 | ||
Retained earnings | 6,997 | 8,518 | ||
Accumulated other comprehensive loss | (792) | (653) | ||
Total Liabilities and Equity | 47,151 | 47,410 | ||
All Other Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,452 | 2,499 | $ 3,838 | $ 3,162 |
Accounts and notes receivable | 3,313 | 2,217 | ||
Inventories | 1,327 | 1,306 | ||
Prepaid expenses and other current assets | 313 | 148 | ||
Total Current Assets | 6,405 | 6,170 | ||
Investments and long-term receivables | 8,077 | 7,395 | ||
Net properties, plants and equipment | 7,450 | 7,070 | ||
Goodwill | 235 | 235 | ||
Intangibles | 171 | 180 | ||
Other assets | 176 | 113 | ||
Total Assets | 22,514 | 21,163 | ||
Liabilities and Equity | ||||
Accounts payable | 2,981 | 2,341 | ||
Short-term debt | 55 | 19 | ||
Accrued income and other taxes | 527 | 558 | ||
Employee benefit obligations | 48 | 48 | ||
Other accruals | 80 | 79 | ||
Total Current Liabilities | 3,691 | 3,045 | ||
Long-term debt | 1,221 | 1,272 | ||
Asset retirement obligations and accrued environmental costs | 163 | 169 | ||
Deferred income taxes | 2,062 | 1,545 | ||
Employee benefit obligations | 195 | 191 | ||
Other liabilities and deferred credits | 3,675 | 3,734 | ||
Total Liabilities | 11,007 | 9,956 | ||
Common stock | 10,781 | 10,688 | ||
Retained earnings | (386) | (200) | ||
Accumulated other comprehensive loss | (294) | (119) | ||
Noncontrolling interests | 1,406 | 838 | ||
Total Liabilities and Equity | 22,514 | 21,163 | ||
Consolidating Adjustments [Member] | ||||
Assets | ||||
Accounts and notes receivable | (1,739) | (701) | ||
Total Current Assets | (1,739) | (701) | ||
Investments and long-term receivables | (49,343) | (52,635) | ||
Other assets | (2) | (4) | ||
Total Assets | (51,084) | (53,340) | ||
Liabilities and Equity | ||||
Accounts payable | (1,739) | (701) | ||
Total Current Liabilities | (1,739) | (701) | ||
Deferred income taxes | (2) | (4) | ||
Other liabilities and deferred credits | (7,604) | (8,968) | ||
Total Liabilities | (9,345) | (9,673) | ||
Common stock | (36,185) | (36,092) | ||
Retained earnings | (6,640) | (8,347) | ||
Accumulated other comprehensive loss | 1,086 | 772 | ||
Total Liabilities and Equity | $ (51,084) | $ (53,340) |
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||
Net Cash Provided by Operating Activities | $ 2,296 | $ 4,216 | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures and investments | [1] | (2,031) | (3,286) | ||||
Proceeds from asset dispositions | [2] | 159 | 68 | ||||
Advances/loans—related parties | (266) | (50) | |||||
Collection of advances/loans—related parties | 107 | 50 | |||||
Other | (132) | 2 | |||||
Net Cash Used in Investing Activities | (2,163) | (3,216) | |||||
Cash Flows From Financing Activities | |||||||
Issuance of debt | 400 | 1,169 | |||||
Repayment of debt | (418) | (918) | |||||
Issuance of common stock | (30) | (27) | |||||
Repurchase of common stock | (812) | (1,106) | |||||
Dividends paid on common stock | (954) | (874) | |||||
Distributions to noncontrolling interests | (45) | (30) | |||||
Net proceeds from issuance of Phillips 66 Partners LP common units | 972 | 384 | |||||
Other | [1] | 6 | 2 | ||||
Net Cash Used in Financing Activities | (881) | (1,400) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 11 | 15 | |||||
Net Change in Cash and Cash Equivalents | (737) | (385) | |||||
Cash and cash equivalents at beginning of period | 3,074 | 5,207 | |||||
Cash and Cash Equivalents at End of Period | 2,337 | 4,822 | |||||
Phillips 66 [Member] | |||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||
Net Cash Provided by Operating Activities | 3,111 | 884 | |||||
Cash Flows From Investing Activities | |||||||
Intercompany lending activities | (1,303) | 1,938 | |||||
Net Cash Used in Investing Activities | (1,303) | 1,938 | |||||
Cash Flows From Financing Activities | |||||||
Repayment of debt | (800) | ||||||
Issuance of common stock | (30) | (27) | |||||
Repurchase of common stock | (812) | (1,106) | |||||
Dividends paid on common stock | (954) | (874) | |||||
Other | [1] | (12) | (15) | ||||
Net Cash Used in Financing Activities | (1,808) | (2,822) | |||||
Phillips 66 Company [Member] | |||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||
Net Cash Provided by Operating Activities | 1,790 | 2,179 | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures and investments | [1] | (1,025) | (925) | ||||
Proceeds from asset dispositions | [2] | 774 | |||||
Intercompany lending activities | 2,692 | (2,201) | |||||
Advances/loans—related parties | (75) | (50) | |||||
Collection of advances/loans—related parties | 50 | ||||||
Other | 30 | (22) | |||||
Net Cash Used in Investing Activities | 1,622 | (2,374) | |||||
Cash Flows From Financing Activities | |||||||
Repayment of debt | (21) | (19) | |||||
Dividends paid on common stock | (3,099) | (874) | |||||
Other | [1] | 18 | 27 | ||||
Net Cash Used in Financing Activities | (3,102) | (866) | |||||
Net Change in Cash and Cash Equivalents | 310 | (1,061) | |||||
Cash and cash equivalents at beginning of period | 575 | 2,045 | |||||
Cash and Cash Equivalents at End of Period | 885 | 984 | |||||
All Other Subsidiaries [Member] | |||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||
Net Cash Provided by Operating Activities | 1,174 | 2,131 | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures and investments | [1] | (1,044) | (3,195) | ||||
Proceeds from asset dispositions | [2] | 159 | 176 | ||||
Intercompany lending activities | (1,389) | 263 | |||||
Advances/loans—related parties | (191) | ||||||
Collection of advances/loans—related parties | 107 | 0 | |||||
Other | (162) | 24 | |||||
Net Cash Used in Investing Activities | (2,520) | (2,732) | |||||
Cash Flows From Financing Activities | |||||||
Issuance of debt | 400 | 1,169 | |||||
Repayment of debt | (397) | (99) | |||||
Dividends paid on common stock | (680) | (64) | |||||
Distributions to controlling interests | (186) | ||||||
Distributions to noncontrolling interests | (45) | (30) | |||||
Net proceeds from issuance of Phillips 66 Partners LP common units | 972 | 384 | |||||
Other | [1] | 38 | 88 | ||||
Net Cash Used in Financing Activities | 288 | 1,262 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 11 | 15 | |||||
Net Change in Cash and Cash Equivalents | (1,047) | 676 | |||||
Cash and cash equivalents at beginning of period | 2,499 | 3,162 | |||||
Cash and Cash Equivalents at End of Period | 1,452 | 3,838 | |||||
Consolidating Adjustments [Member] | |||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||
Net Cash Provided by Operating Activities | (3,779) | (978) | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures and investments | [1] | 38 | 834 | ||||
Proceeds from asset dispositions | [2] | (882) | |||||
Net Cash Used in Investing Activities | 38 | (48) | |||||
Cash Flows From Financing Activities | |||||||
Dividends paid on common stock | 3,779 | 938 | |||||
Distributions to controlling interests | 186 | ||||||
Other | [1] | (38) | (98) | ||||
Net Cash Used in Financing Activities | $ 3,741 | $ 1,026 | |||||
|
Condensed Consolidating Financial Information (Narrative) (Details) |
Sep. 30, 2016
USD ($)
|
---|---|
Phillips 66 [Member] | Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt issued and guaranteed | $ 7,500,000,000.0 |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiary guarantor | 100.00% |
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