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 |
| | | | | | |
|