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Segment Disclosures and Related Information
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment Disclosures and Related Information Segment Disclosures and Related Information

Our operating segments are:

1)
Midstream—Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, processing, and marketing services, mainly in the United States. The Midstream segment includes our master limited partnership (MLP), Phillips 66 Partners, as well as our 50% equity investment in DCP Midstream.

2)
Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.

3)
Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, at 13 refineries in the United States and Europe.

4)
Marketing and Specialties—Purchases for resale and markets refined petroleum products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products.

Corporate and Other includes general corporate overhead, interest expense, our investment in new technologies, and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets.

Intersegment sales are at prices that we believe approximate market.

Analysis of Results by Operating Segment

 
Millions of Dollars
 
Three Months Ended
March 31
 
2020

 
2019

Sales and Other Operating Revenues*
 
 
 
Midstream
 
 
 
Total sales
$
1,538

 
1,897

Intersegment eliminations
(495
)
 
(584
)
Total Midstream
1,043

 
1,313

Chemicals
1

 
1

Refining
 
 
 
Total sales
13,781

 
16,861

Intersegment eliminations
(7,633
)
 
(9,768
)
Total Refining
6,148

 
7,093

Marketing and Specialties
 
 
 
Total sales
14,249

 
15,242

Intersegment eliminations
(570
)
 
(553
)
Total Marketing and Specialties
13,679

 
14,689

Corporate and Other
7

 
7

Consolidated sales and other operating revenues
$
20,878

 
23,103

* See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues.
 
 
 
 
Income (Loss) Before Income Taxes
 
 
 
Midstream
$
(702
)
 
316

Chemicals
169

 
227

Refining
(2,261
)
 
(198
)
Marketing and Specialties
513

 
205

Corporate and Other
(197
)
 
(210
)
Consolidated income (loss) before income taxes
$
(2,478
)
 
340



 
Millions of Dollars
 
March 31
2020

 
December 31
2019

Total Assets
 
 
 
Midstream
$
14,846

 
15,716

Chemicals
6,376

 
6,249

Refining
22,516

 
25,150

Marketing and Specialties
7,108

 
8,659

Corporate and Other
2,614

 
2,946

Consolidated total assets
$
53,460

 
58,720