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Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Statement of Income
 
Millions of Dollars
 
Three Months Ended March 31, 2020
Statement of Operations
Phillips 66

Phillips 66 Company

All Other Subsidiaries

Consolidating Adjustments

Total Consolidated

Revenues and Other Income
 
 
 
 
 
Sales and other operating revenues
$

15,510

5,368


20,878

Equity in earnings (losses) of affiliates
(2,420
)
(361
)
239

2,907

365

Net gain on dispositions

1



1

Other income (loss)

(2
)
2



Intercompany revenues

930

2,418

(3,348
)

Total Revenues and Other Income (Loss)
(2,420
)
16,078

8,027

(441
)
21,244

 
 
 
 
 
 
Costs and Expenses
 
 
 
 
 
Purchased crude oil and products

14,986

6,689

(3,235
)
18,440

Operating expenses

1,117

254

(30
)
1,341

Selling, general and administrative expenses
3

211

107

(2
)
319

Depreciation and amortization

235

107


342

Impairments

1,805

1,201


3,006

Taxes other than income taxes

123

34


157

Accretion on discounted liabilities

5

1


6

Interest and debt expense
78

36

78

(81
)
111

Total Costs and Expenses
81

18,518

8,471

(3,348
)
23,722

Loss before income taxes
(2,501
)
(2,440
)
(444
)
2,907

(2,478
)
Income tax benefit
(5
)
(20
)
(26
)

(51
)
Net Loss
(2,496
)
(2,420
)
(418
)
2,907

(2,427
)
Less: net income attributable to noncontrolling interests


69


69

Net Loss Attributable to Phillips 66
$
(2,496
)
(2,420
)
(487
)
2,907

(2,496
)
 
 
 
 
 
 
Comprehensive Loss
$
(2,704
)
(2,628
)
(627
)
3,324

(2,635
)
 
Millions of Dollars
 
Three Months Ended March 31, 2019
Statement of Operations
Phillips 66

Phillips 66 Company

All Other Subsidiaries

Consolidating Adjustments

Total Consolidated

Revenues and Other Income
 
 
 
 
 
Sales and other operating revenues
$

17,415

5,688


23,103

Equity in earnings of affiliates
281

431

165

(361
)
516

Net gain on dispositions


1


1

Other income

20

18


38

Intercompany revenues

1,161

3,215

(4,376
)

Total Revenues and Other Income
281

19,027

9,087

(4,737
)
23,658

 
 
 
 
 
 
Costs and Expenses
 
 
 
 
 
Purchased crude oil and products

17,080

8,254

(4,279
)
21,055

Operating expenses

1,000

326

(19
)
1,307

Selling, general and administrative expenses
3

255

110

(2
)
366

Depreciation and amortization

227

104


331

Impairments


1


1

Taxes other than income taxes

95

33


128

Accretion on discounted liabilities

4

1

1

6

Interest and debt expense
93

36

67

(77
)
119

Foreign currency transaction losses


5


5

Total Costs and Expenses
96

18,697

8,901

(4,376
)
23,318

Income before income taxes
185

330

186

(361
)
340

Income tax expense (benefit)
(19
)
49

40


70

Net Income
204

281

146

(361
)
270

Less: net income attributable to noncontrolling interests


66


66

Net Income Attributable to Phillips 66
$
204

281

80

(361
)
204

 
 
 
 
 
 
Comprehensive Income
$
276

353

211

(498
)
342


 
 
 
 
 
 
 
 
 
 
 
 

Condensed Consolidating Balance Sheet
 
Millions of Dollars
 
March 31, 2020
Balance Sheet
Phillips 66

Phillips 66 Company

All Other Subsidiaries

Consolidating Adjustments

Total Consolidated

Assets
 
 
 
 
 
Cash and cash equivalents
$

809

412


1,221

Accounts and notes receivable

3,114

3,726

(2,281
)
4,559

Inventories

3,821

1,510


5,331

Prepaid expenses and other current assets

387

207


594

Total Current Assets

8,131

5,855

(2,281
)
11,705

Investments and long-term receivables
30,738

24,454

10,173

(51,730
)
13,635

Net properties, plants and equipment

13,738

10,313


24,051

Goodwill

1,047

378


1,425

Intangibles

744

136


880

Other assets
13

4,239

662

(3,150
)
1,764

Total Assets
$
30,751

52,353

27,517

(57,161
)
53,460

 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
Accounts payable
$

5,296

2,307

(2,281
)
5,322

Short-term debt
2,196

16

31


2,243

Accrued income and other taxes

303

400


703

Employee benefit obligations

271

30


301

Other accruals
134

1,620

548

(342
)
1,960

Total Current Liabilities
2,330

7,506

3,316

(2,623
)
10,529

Long-term debt
6,936

165

3,619


10,720

Asset retirement obligations and accrued environmental costs

460

175


635

Deferred income taxes

3,863

1,627

(3
)
5,487

Employee benefit obligations

787

213


1,000

Other liabilities and deferred credits
83

9,782

5,799

(14,214
)
1,450

Total Liabilities
9,349

22,563

14,749

(16,840
)
29,821

Common stock
3,195

25,859

9,527

(35,386
)
3,195

Retained earnings
19,198

4,922

1,453

(6,405
)
19,168

Accumulated other comprehensive loss
(991
)
(991
)
(479
)
1,470

(991
)
Noncontrolling interests


2,267


2,267

Total Liabilities and Equity
$
30,751

52,353

27,517

(57,161
)
53,460



 
Millions of Dollars
 
December 31, 2019
Balance Sheet
Phillips 66

Phillips 66 Company

All Other Subsidiaries

Consolidating Adjustments

Total Consolidated

Assets
 
 
 
 
 
Cash and cash equivalents
$

136

1,478


1,614

Accounts and notes receivable
86

6,334

4,148

(2,058
)
8,510

Inventories

2,594

1,182


3,776

Prepaid expenses and other current assets
2

362

131


495

Total Current Assets
88

9,426

6,939

(2,058
)
14,395

Investments and long-term receivables
33,082

25,039

10,989

(54,539
)
14,571

Net properties, plants and equipment

13,676

10,110


23,786

Goodwill

2,853

417


3,270

Intangibles

732

137


869

Other assets
14

4,290

714

(3,189
)
1,829

Total Assets
$
33,184

56,016

29,306

(59,786
)
58,720

 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
Accounts payable
$

7,024

3,609

(2,058
)
8,575

Short-term debt
500

16

31


547

Accrued income and other taxes

386

593


979

Employee benefit obligations

648

62


710

Other accruals
65

850

249

(329
)
835

Total Current Liabilities
565

8,924

4,544

(2,387
)
11,646

Long-term debt
7,434

155

3,627


11,216

Asset retirement obligations and accrued environmental costs

460

178


638

Deferred income taxes

3,727

1,828

(2
)
5,553

Employee benefit obligations

825

219


1,044

Other liabilities and deferred credits
245

8,975

5,465

(13,231
)
1,454

Total Liabilities
8,244

23,066

15,861

(15,620
)
31,551

Common stock
3,634

25,838

9,516

(35,354
)
3,634

Retained earnings
22,094

7,900

1,940

(9,870
)
22,064

Accumulated other comprehensive loss
(788
)
(788
)
(270
)
1,058

(788
)
Noncontrolling interests


2,259


2,259

Total Liabilities and Equity
$
33,184

56,016

29,306

(59,786
)
58,720

 
 
 
 
 
 



Condensed Consolidating Statement of Cash Flows
 
Millions of Dollars
 
Three Months Ended March 31, 2020
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 (Used in) Operating Activities
$
643

(364
)
494

(556
)
217

 
 
 
 
 
 
Cash Flows From Investing Activities
 
 
 
 
 
Capital expenditures and investments

(292
)
(631
)

(923
)
Return of investments in equity affiliates


38


38

Proceeds from asset dispositions

1



1

Intercompany lending activities
(973
)
1,914

(941
)


Advances/loans—related parties


(8
)

(8
)
Other

(25
)
40


15

Net Cash Provided by (Used in) Investing Activities
(973
)
1,598

(1,502
)

(877
)
 
 
 
 
 
 
Cash Flows From Financing Activities
 
 
 
 
 
Issuance of debt
1,199




1,199

Repayment of debt

(5
)
(2
)

(7
)
Issuance of common stock
6




6

Repurchase of common stock
(443
)



(443
)
Dividends paid on common stock
(396
)
(556
)

556

(396
)
Distributions to noncontrolling interests


(61
)

(61
)
Net proceeds from issuance of Phillips 66 Partners LP common units


2


2

Other
(36
)

12


(24
)
Net Cash Provided by (Used in) Financing Activities
330

(561
)
(49
)
556

276

 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents


(9
)

(9
)
 
 
 
 
 
 
Net Change in Cash and Cash Equivalents

673

(1,066
)

(393
)
Cash and cash equivalents at beginning of period

136

1,478


1,614

Cash and Cash Equivalents at End of Period
$

809

412


1,221



 
Millions of Dollars
 
Three Months Ended March 31, 2019
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 (Used in) Operating Activities
$
3

(384
)
21

(118
)
(478
)
 
 
 
 
 
 
Cash Flows From Investing Activities
 
 
 
 
 
Capital expenditures and investments

(234
)
(863
)

(1,097
)
Return of investments in equity affiliates


21


21

Proceeds from asset dispositions


82


82

Intercompany lending activities
731

(806
)
75



Other

(26
)
8


(18
)
Net Cash Provided by (Used in) Investing Activities
731

(1,066
)
(677
)

(1,012
)
 
 
 
 
 
 
Cash Flows From Financing Activities
 
 
 
 
 
Issuance of debt


725


725

Repayment of debt

(5
)
(587
)

(592
)
Issuance of common stock
8




8

Repurchase of common stock
(344
)



(344
)
Dividends paid on common stock
(364
)

(118
)
118

(364
)
Distributions to noncontrolling interests


(56
)

(56
)
Net proceeds from issuance of Phillips 66 Partners LP common units


32


32

Other
(34
)

341


307

Net Cash Provided by (Used in) Financing Activities
(734
)
(5
)
337

118

(284
)
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents


8


8

 
 
 
 
 
 
Net Change in Cash and Cash Equivalents

(1,455
)
(311
)

(1,766
)
Cash and cash equivalents at beginning of period

1,648

1,371


3,019

Cash and Cash Equivalents at End of Period
$

193

1,060


1,253