Equity	12 Months Ended
Dec. 31, 2017
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued. Treasury Stock Since July 2012, our Board of Directors has, at various times, authorized repurchases of our outstanding common stock which aggregate to a total authorization of up to $12.0 billion. The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since the inception of our share repurchases in 2012, through December 31, 2017, we have repurchased a total of 124,142,530 shares at an aggregate cost of $9.0 billion. Shares of stock repurchased are held as treasury shares. In 2014, we completed the exchange of our flow improver business for shares of Phillips 66 common stock owned by the other party to the transaction. We received 17,422,615 shares of our common stock with a fair value at the time of the exchange of $1.35 billion. Common Stock Dividends On February 7, 2018, our Board of Directors declared a quarterly cash dividend of $0.70 per common share, payable March 1, 2018, to holders of record at the close of business on February 20, 2018. Noncontrolling Interests Our noncontrolling interests primarily represent issuances of common and preferred units to the public by Phillips 66 Partners. See Note 27—Phillips 66 Partners LP, for information on Phillips 66 Partners.

Equity

Preferred Stock

We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued.

Treasury Stock

Since July 2012, our Board of Directors has, at various times, authorized repurchases of our outstanding common stock which aggregate to a total authorization of up to $12.0 billion. The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since the inception of our share repurchases in 2012, through December 31, 2017, we have repurchased a total of 124,142,530 shares at an aggregate cost of $9.0 billion. Shares of stock repurchased are held as treasury shares.

In 2014, we completed the exchange of our flow improver business for shares of Phillips 66 common stock owned by the other party to the transaction. We received 17,422,615 shares of our common stock with a fair value at the time of the exchange of $1.35 billion.

Common Stock Dividends

On February 7, 2018, our Board of Directors declared a quarterly cash dividend of $0.70 per common share, payable March 1, 2018, to holders of record at the close of business on February 20, 2018.

Noncontrolling Interests

Our noncontrolling interests primarily represent issuances of common and preferred units to the public by Phillips 66 Partners. See Note 27—Phillips 66 Partners LP, for information on Phillips 66 Partners.