Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Summary of Long Term Debt

Long-term debt at December 31 was:

	Millions of Dollars
	2017			2016
2.950% Senior Notes due 2017	$	—		1,500
4.300% Senior Notes due 2022	2,000			2,000
4.650% Senior Notes due 2034	1,000			1,000
5.875% Senior Notes due 2042	1,500			1,500
4.875% Senior Notes due 2044	1,500			1,500
Phillips 66 Partners 2.646% Senior Notes due 2020	300			300
Phillips 66 Partners 3.605% Senior Notes due 2025	500			500
Phillips 66 Partners 3.550% Senior Notes due 2026	500			500
Phillips 66 Partners 3.750% Senior Notes due 2028	500			—
Phillips 66 Partners 4.680% Senior Notes due 2045	450			300
Phillips 66 Partners 4.900% Senior Notes due 2046	625			625
Floating-rate notes due 2019 at 2.009% at year-end 2017	300			—
Floating-rate notes due 2020 at 2.109% at year-end 2017	300			—
Term loan due 2020 at 2.469% at year-end 2017	450			—
Note payable to MSLP due 2020 at 7.00%*	—			68
Industrial Development Bonds due 2018 through 2021 at 0.80%-2.09% at year-end 2017 and 0.57%-0.81% at year-end 2016*	100			50
Phillips 66 Partners revolving credit facility due 2021 at 1.98% at year-end 2016	—			210
Other	1			1
Debt at face value	10,026			10,054
Capitalized leases	192			188
Net unamortized discounts and debt issuance costs	(108		)	(104	)
Total debt	10,110			10,138
Short-term debt	(41		)	(550	)
Long-term debt	$	10,069		9,588
* In February 2017, MSLP became a consolidated subsidiary, see Note 5—Business Combinations.