8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):May 22, 2014

Phillips 66 Partners LP

(Exact name of registrant as specified in its charter)

Delaware	001-36011	38-3899432
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3010 Briarpark Drive, Houston, Texas 77042

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (855) 283-9237

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[    ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[    ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[    ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On February 13, 2014, Phillips 66 Partners LP (the Partnership) entered into a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement) with subsidiaries of Phillips 66 to acquire the Gold Line products system and the Medford spheres (collectively, the Acquired Assets) from certain of those subsidiaries (the Gold Line/Medford Acquisition). The Gold Line/Medford Acquisition closed on February 28, 2014, with an effective date of March 1, 2014 (the Effective Date). The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer had occurred at the beginning of the period of transfer, with financial statements for prior periods retrospectively adjusted to furnish comparative information. Accordingly, the Partnership is providing financial statements and related notes with retrospective adjustments to include the results of operations and financial position of the Acquired Assets for all periods presented in the Partnership's 2013 Form 10-K filed with the Securities and Exchange Commission on February 21, 2014 (the Partnership's 2013 Form 10-K).

Included herein as Exhibit 99.3 are the audited consolidated financial statements of the Partnership as of December 31, 2013 and 2012, and for each of the three years in the period ended December 31, 2013. These audited consolidated financial statements give retrospective effect to the Gold Line/Medford Acquisition. These audited consolidated financial statements update Item 8 in the Partnership's 2013 Form 10-K. Also included herein as Exhibit 99.1 is the Selected Financial Data, which is derived from the audited consolidated financial statements, and updates Item 6 in the Partnership's 2013 Form 10-K. Included herein as Exhibit 99.2 is Management's Discussion and Analysis of Financial Condition and Results of Operations, which relates to the audited consolidated financial statements, and updates Item 7 in the Partnership's 2013 Form 10-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
23	—	Consent of Ernst & Young LLP, independent registered public accounting firm.
99.1	—	Selected Financial Data.
99.2	—	Management's Discussion and Analysis of Financial Condition and Results of Operations.
99.3	—	Audited Consolidated Financial Statements of Phillips 66 Partners LP.
101.INS	—	XBRL Instance Document.
101.SCH	—	XBRL Schema Document.
101.CAL	—	XBRL Calculation Linkbase Document.
101.LAB	—	XBRL Labels Linkbase Document.
101.PRE	—	XBRL Presentation Linkbase Document.
101.DEF	—	XBRL Definition Linkbase Document.
In accordance with Rule 402 of Regulation S-T, the XBRL information in Exhibit 101 to this Form 8-K shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PHILLIPS 66 PARTNERS LP
	By: Phillips 66 Partners GP LLC, its general partner
	/s/ C. Doug Johnson
	C. Doug Johnson Vice President and Controller
May 22, 2014

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INDEX TO EXHIBITS

Exhibit
No.	Description
23	Consent of Ernst & Young LLP, independent registered public accounting firm.
99.1	Selected Financial Data.
99.2	Management's Discussion and Analysis of Financial Condition and Results of Operations.
99.3	Audited Consolidated Financial Statements of Phillips 66 Partners LP.
101.INS	XBRL Instance Document.
101.SCH	XBRL Schema Document.
101.CAL	XBRL Calculation Linkbase Document.
101.LAB	XBRL Labels Linkbase Document.
101.PRE	XBRL Presentation Linkbase Document.
101.DEF	XBRL Definition Linkbase Document.
In accordance with Rule 402 of Regulation S-T, the XBRL information in Exhibit 101 to this Form 8-K shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-190195) pertaining to the Incentive Compensation Plan of Phillips 66 Partners LP of our report dated May 22, 2014, with respect to the consolidated financial statements of Phillips 66 Partners LP included in Exhibit 99.3 to this Current Report (Form 8-K) for the year ended December 31, 2013.

/s/ Ernst & Young LLP

Houston, Texas

May 22, 2014

EX-99.1

Exhibit 99.1

SELECTED FINANCIAL DATA

Effective March 1, 2014, Phillips 66 Partners LP (the Partnership) acquired the Gold Line products system and the Medford spheres (collectively, the Acquired Assets) from Phillips 66 for total consideration valued at $700 million (the Gold Line/Medford Acquisition). The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer had occurred at the beginning of the period of transfer, with financial statements for prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial information has been retrospectively adjusted to include the historical results and financial position of the Acquired Assets prior to their acquisition.

For periods prior to the Partnership's initial public offering (the Offering), the historical results of operations include our predecessor for accounting purposes. We refer to our pre-Offering predecessor and the operations of the Acquired Assets prior to their acquisition collectively as "our Predecessors." The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66, and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented.

All financial information presented for the periods after the Offering represents the consolidated results of operations, financial position and cash flows of the Partnership giving retrospective effect to the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly:

• The selected income statement data for the year ended December 31, 2013, consists of the consolidated results of Phillips 66 Partners for the period from July 26, 2013, through December 31, 2013, the combined results of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined results of the Acquired Assets for the entire year of 2013. The selected income statement data for the years ended December 31, 2012 and 2011, consists entirely of the combined results of our Predecessors.

• The selected balance sheet data at December 31, 2013, consists of the consolidated balances of the Partnership and the combined balances of the Acquired Assets, while the selected balance sheet data at December 31, 2012 and 2011, consists of the combined balances of our Predecessors.

To ensure full understanding, you should read the selected financial data presented below in conjunction with Exhibit 99.2—Management's Discussion and Analysis of Financial Condition and Results of Operations and Exhibit 99.3—Audited Consolidated Financial Statements of Phillips 66 Partners LP included in this Current Report on Form 8-K.

	Millions of Dollars Except Per Unit Amounts
	2013*		2012*	2011*
Transportation and terminaling services revenue—related parties	$	181.9	141.8	134.6
Transportation and terminaling services revenue—third parties	5.1		3.5	5.2
Net income	99.7		61.1	63.2
Net income attributable to the Partnership	28.9		**	**
Limited partners' interest in net income attributable to the Partnership	28.3		**	**
Net income attributable to the Partnership per limited partner unit (basic and diluted)***
Common units	0.40		**	**
Subordinated units	0.40		**	**
Total assets	721.4		259.9	239.6
Cash distributions declared per unit	0.1548		**	**

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

**Information is not applicable for the periods prior to the Offering.

***See Note 9—Net Income Per Limited Partner Unit, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K.

EX-99.2

Exhibit 99.2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context otherwise indicates, all references to "Phillips 66 Partners LP," " the Partnership," "us," "our," "we," or similar expressions refer to the legal entity Phillips 66 Partners LP, including its consolidated subsidiaries.

Management's Discussion and Analysis is the Partnership's analysis of its financial performance, financial condition, and significant trends that may affect future performance. It should be read in conjunction with the consolidated financial statements and notes thereto included in Exhibit 99.3 to this Current Report on Form 8-K. It contains forward-looking statements including, without limitation, statements relating to the Partnership's plans, strategies, objectives, expectations and intentions. The words "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and similar expressions identify forward-looking statements. The Partnership does not undertake to update, revise or correct any of the forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the Partnership's disclosures under the heading: "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS," beginning on page 19.

BUSINESS ENVIRONMENT AND EXECUTIVE OVERVIEW

Partnership Overview

Phillips 66 Partners LP is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines and terminals and other transportation and midstream assets. On July 23, 2013, the Partnership's common units began trading on the New York Stock Exchange under the symbol "PSXP." On July 26, 2013, the Partnership completed its initial public offering (the Offering) of 18,888,750 common units representing limited partner interests. On February 13, 2014, the Partnership entered into a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement) with subsidiaries of Phillips 66, to acquire the Gold Line products system and the Medford spheres (collectively, the Acquired Assets) from certain of those subsidiaries (the Gold Line/Medford Acquisition). The transaction closed on February 28, 2014, with an effective date of March 1, 2014 (the Effective Date). For periods prior to the Offering, the historical results of operations include our predecessor for accounting purposes. We refer to our pre-Offering predecessor and the operations of the Acquired Assets prior to their acquisition collectively as "our Predecessors."

On April 30, 2012, ConocoPhillips completed the separation of its downstream businesses into Phillips 66. Accordingly, prior to April 30, 2012, the parent company of our Predecessors was ConocoPhillips, and subsequent to April 30, 2012, the parent company of our Predecessors has been Phillips 66. For ease of reference, we refer to Phillips 66 as the parent of our Predecessors for the periods prior to April 30, 2012. For purposes of related party transactions, ConocoPhillips is not considered a related party for periods after April 30, 2012.

Our assets consist of:

• Clifton Ridge crude system. A crude oil pipeline, terminal and storage system located in Sulphur, Louisiana, that is a primary source for delivery of crude oil to Phillips 66's Lake Charles Refinery.

• Sweeny to Pasadena products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66's Sweeny Refinery in Old Ocean, Texas, to our refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems. This system is the primary distribution outlet for diesel and gasoline produced at Phillips 66's Sweeny Refinery.

• Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system located in Hartford, Illinois, that distributes diesel and gasoline produced at the Wood River Refinery (a refinery owned by a joint venture between Phillips 66 and Cenovus Energy Inc.) to third-party pipeline and terminal systems, including the Explorer pipeline system.

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• Gold Line products system. A 681-mile refined petroleum product pipeline system that runs from the Phillips 66-operated refinery in Borger, Texas, to Cahokia, Illinois, with access to Phillips 66's Ponca City Refinery, as well as two parallel 54-mile lateral lines that run from Paola, Kansas, to Kansas City, Kansas. The system has a maximum throughput capacity of 132,000 barrels per day, and includes four terminals located at Wichita, Kansas; Kansas City, Kansas; Jefferson City, Missouri; and Cahokia, Illinois, with an aggregate throughput capacity of 172,000 barrels per day and aggregate storage capacity of 4.3 million barrels.

• Medford spheres. Two newly-constructed refinery-grade propylene storage spheres located in Medford, Oklahoma, with a total working capacity of 70,000 barrels, that commenced operations in March 2014. The Medford spheres provide an outlet for delivery of refinery-grade propylene from Phillips 66's Ponca City Refinery, through interconnections with third-party pipelines, to Mont Belvieu, Texas.

We generate revenue primarily by charging tariffs and fees for transporting crude oil and refined petroleum products through our pipelines, and terminaling and storing crude oil and refined petroleum products at our terminals. Since we do not own any of the crude oil and refined petroleum products that we handle and do not engage in the trading of crude oil and refined petroleum products, we have limited direct exposure to risks associated with fluctuating commodity prices, although these risks indirectly influence our activities and results of operations over the long term.

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into multiple commercial agreements with Phillips 66, and amended an existing commercial agreement with Phillips 66. Under these long-term, fee-based agreements, we provide transportation, terminaling and storage services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil and refined petroleum products. We also entered into storage and stevedoring services agreements with Phillips 66 and WRB Refining LP. In connection with the Offering, we entered into an omnibus agreement, an operational services agreement and a tax sharing agreement with Phillips 66. In connection with the Gold Line/Medford Acquisition, we amended the omnibus agreement and operational services agreement. See Note 17—Related Party Transactions, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K, for a summary of these agreements.

Basis of Presentation

The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer had occurred at the beginning of the period of transfer, with financial statements for prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial information has been retrospectively adjusted to include the historical results and financial position of the Acquired Assets prior to the Effective Date. See Note 4—Gold Line/Medford Acquisition, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K, for additional information.

Our Predecessors' results and financial position were derived from the financial statements and accounting records of Phillips 66. These financial statements reflect the combined historical results of operations, financial position and cash flows of our assets as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities in these financial statements have been reflected on a historical cost basis, because our Predecessors were wholly owned by Phillips 66 and were transferred within the Phillips 66 consolidated group. The statement of income also includes expense allocations for certain functions historically performed by Phillips 66 and not allocated to our assets, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based on relative values of net properties, plants and equipment (PP&E) and equity method investments, or pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial statements of our Predecessors may not include all of the actual expenses that would have been incurred had we been a stand-alone publicly traded partnership during the periods presented, and may not reflect our actual results of operations, financial position and cash flows had we been a stand-alone publicly traded partnership during the periods prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets. All financial information presented for the periods after the Offering represents the consolidated results of operations, financial position and cash flows of Phillips 66 Partners LP, with retrospective adjustments to include the effect of the Gold Line/Medford Acquisition.

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Executive Overview

On July 26, 2013, we completed the Offering of 18,888,750 common units to the public at a price of $23.00 per unit. This raised net proceeds of $404.4 million, after deducting underwriting discounts and commissions, structuring fees and other offering costs of $30.0 million. These proceeds were retained to fund expansion capital expenditures, potential future acquisitions, and other general partnership purposes. Effective March 1, 2014, we completed our first post-Offering acquisition, the Gold Line/Medford Acquisition, for total consideration valued at $700 million.

We reported net income of $99.7 million and generated cash from operations of $101.2 million in 2013, which we used to fund capital expenditures of $36.5 million, make distributions of $37.7 million to Phillips 66, and make post-Offering cash distributions to our unitholders and general partner totaling $11.1 million. As of December 31, 2013, we had cash and cash equivalents of $425.1 million and a $250 million unused revolving credit facility, with the flexibility to expand it by up to an additional $250 million. In the first quarter of 2014, we declared our fourth quarter cash distribution of $0.2248 per unit (paid in the first quarter of 2014), representing an increase of 5.8 percent over the minimum quarterly distribution of $0.2125 per unit.

We continue to focus on the following strategic areas:

• Maintain safe and reliable operations.We are committed to maintaining and improving the safety, reliability and efficiency of our operations, which we believe to be key components in generating stable cash flows. We strive for operational excellence by utilizing Phillips 66's existing programs to integrate health, occupational safety, process safety and environmental principles throughout our business with a commitment to continuous improvement. We continue to employ Phillips 66's rigorous training, integrity and audit programs to drive ongoing improvements in both personal and process safety as we strive for zero incidents.

• Focus on fee-based businesses supported by contracts with minimum volume commitments and inflation escalators. We are focused on generating stable and predictable cash flows by providing fee-based transportation and midstream services to Phillips 66 and third parties. In connection with the Offering and the Gold Line/Medford Acquisition, we entered into multiple long-term, fee-based commercial agreements with Phillips 66 that include minimum volume commitments and inflation escalators. We believe these agreements will substantially mitigate volatility in our cash flows by reducing our direct exposure to commodity price fluctuations.

• Grow through strategic acquisitions. We plan to pursue strategic acquisitions of assets from Phillips 66 as well as third parties. We believe Phillips 66 will offer us opportunities to purchase additional transportation and midstream assets that it may acquire or develop in the future or that it currently owns. We also may have opportunities to pursue the acquisition or development of additional assets jointly with Phillips 66.

• Optimize existing assets and pursue organic growth opportunities. We will seek to enhance the profitability of our existing assets by pursuing opportunities to increase throughput and storage volumes, as well as by managing costs and improving operating efficiencies. We also intend to consider opportunities to increase revenue on our pipeline, terminal and storage systems by evaluating and capitalizing on organic expansion projects that may arise in the markets we serve.

How We Evaluate Our Operations

Our management uses a variety of financial and operating metrics to analyze our performance, including: (1) volumes (including pipeline throughput and storage terminal volumes); (2) operating and maintenance expenses; (3) net income (loss) before income taxes, net interest expense, depreciation and amortization (EBITDA); and (4) distributable cash flow.

Volumes

The amount of revenue we generate primarily depends on the volumes of crude oil and refined petroleum products that we handle in our pipeline and terminal assets. These volumes are primarily affected by the supply of, and demand for, crude oil and refined petroleum products in the markets served directly or indirectly by our assets, as well as the operational status of the refineries served by our assets. Phillips 66 has committed to minimum volumes under our commercial agreements.

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Operating and Maintenance Expenses

Our management seeks to maximize the profitability of our operations by effectively managing operating and maintenance expenses. These expenses are comprised primarily of labor expenses (including contractor services), utility costs, and repairs and maintenance expenses. These expenses generally remain relatively stable across broad ranges of throughput volumes, but can fluctuate from period to period depending on the mix of activities, particularly maintenance activities, performed during that period. Although we seek to manage our maintenance expenditures on our pipelines, terminals and storage facilities to avoid significant variability in our quarterly cash flows, we balance this approach with our high standards of safety and environmental stewardship, such that critical maintenance is performed regularly.

Our operating and maintenance expenses are also affected by volumetric gain/loss resulting from variances in meter readings and other measurement methods, as well as volume fluctuations due to pressure and temperature changes. Under certain commercial agreements with Phillips 66, the value of any crude oil or refined petroleum product volumetric gain/loss is determined by reference to the monthly average reference price for the applicable commodity. Any gains and losses under these provisions decrease or increase, respectively, our operating and maintenance expenses in the period in which they are realized. These contractual volumetric gain/loss provisions could increase variability in our operating and maintenance expenses.

EBITDA and Distributable Cash Flow

We define EBITDA as net income (loss) before income taxes, net interest expense, depreciation and amortization. Distributable cash flow is generally defined as EBITDA less net interest paid, maintenance capital expenditures and income taxes paid, plus adjustments for deferred revenue from minimum volume commitments and certain non-cash items. Distributable cash flow does not reflect changes in working capital balances. Distributable cash flow and EBITDA are not presentations made in accordance with accounting principles generally accepted in the United States of America (GAAP). EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may find useful to assess:

• Our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods.

• The ability of our business to generate sufficient cash to support our decision to make distributions to our unitholders.

• Our ability to incur and service debt and fund capital expenditures.

• The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

The GAAP measures most directly comparable to EBITDA and distributable cash flow are net income and net cash provided by operating activities. EBITDA and distributable cash flow should not be considered as alternatives to GAAP net income or net cash provided by operating activities. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. EBITDA and distributable cash flow should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because EBITDA and distributable cash flow may be defined differently by other companies in our industry, our definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

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Factors Affecting the Comparability of Our Financial Results

The Partnership's results of operations may not be comparable to our Predecessors' historical results of operations for the reasons described below:

Revenues

Most of our revenues are generated from the commercial agreements that we entered into with Phillips 66 in connection with the Offering and under which Phillips 66 agrees to pay us tariffs for transporting crude oil and refined petroleum products on our pipeline systems and fees for providing terminaling and storage services at our terminals and storage facilities. These contracts contain minimum volume commitments and, in many cases, tariffs and fees that are higher than our Predecessors' historical rates. Accordingly, revenue increased during 2013 compared with our Predecessors' historical revenues as a result of these new agreements.

Expenses

Our Predecessors' operating and maintenance and general and administrative expenses included direct charges for the management and operation of our assets and certain overhead and shared services expenses allocated by Phillips 66, as well as certain overhead expenses allocated by ConocoPhillips through April 30, 2012. Allocations for operating and maintenance services included such items as engineering and logistics support. Allocations for general and administrative services included such items as information technology, legal, human resources and other financial and administrative services. These expenses were charged or allocated to our Predecessors based on the nature of the expenses and our proportionate share of (1) net PP&E and equity-method investments, or (2) pipeline miles. Under our amended omnibus agreement and amended operational services agreement, Phillips 66 continues to charge us a combination of fixed and reimbursable charges for administrative and operational services, which are comparable in the near term to those charged or allocated to our Predecessors. We also incur incremental general and administrative expenses as a result of being a stand-alone publicly traded partnership, as well as incremental insurance costs.

Financing

There are differences in the way we finance our operations as compared to the way our Predecessors financed our operations. Historically, our Predecessors' operations were financed as part of Phillips 66's (and, prior to April 30, 2012, ConocoPhillips') integrated operations, and our Predecessors did not record any separate costs associated with financing our operations. Additionally, our Predecessors largely relied on internally generated cash flows and capital contributions from Phillips 66 to satisfy their capital expenditure requirements. Subsequent to the Offering, we intend to make cash distributions to our unitholders at a minimum distribution rate of $0.2125 per unit per quarter ($0.85 per unit on an annualized basis). Based on the terms of our cash distribution policy, we will distribute to our unitholders and our general partner most of the excess cash generated by our operations. We retained approximately $404.4 million from the net proceeds of the Offering for general partnership purposes, including potential future acquisitions from Phillips 66 and third parties, as well as potential future expansion capital expenditures. To the extent we do not fund acquisitions and expansion capital expenditures with proceeds from the Offering, we will fund them primarily from external sources, including borrowings under our $250 million revolving credit facility and future issuances of equity and debt securities, as well as related party financing with Phillips 66.

Separation of Phillips 66 from ConocoPhillips

Effective April 30, 2012, ConocoPhillips engaged in a separation of its downstream businesses into an independent, publicly traded company, Phillips 66, through the distribution of Phillips 66 common stock to the stockholders of ConocoPhillips (the Separation). Phillips 66's consolidated financial statements do not include all of the actual expenses that would have been incurred had Phillips 66 been a stand-alone company during periods prior to the Separation and may not reflect Phillips 66's consolidated results of operations, financial position and cash flows had Phillips 66 been a stand-alone company during those periods. Actual costs that would have been incurred if Phillips 66 had been a stand-alone company depend upon multiple factors that include organizational structure and strategic decisions made in various areas, including information technology and infrastructure. Subsequent to the Separation, Phillips 66 began performing these functions using internal resources or services provided by third parties, certain of which were provided by ConocoPhillips during a transition period pursuant to a transition services agreement. As a result, our Predecessors' historical financial statements for periods prior to the Separation do not include all of the actual expenses that would have been allocated to our Predecessors had Phillips 66 been a stand-alone company during periods prior to the Separation.

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Business Environment

Subsequent to the Offering, we generate substantially all of our revenue under long-term, fee-based agreements with Phillips 66. These agreements are intended to promote cash flow stability and minimize our direct exposure to commodity price fluctuations. Because we do not take ownership of the crude oil or products that we transport and store for our customers, and we do not engage in the trading of any commodities, our direct exposure to commodity price fluctuations is limited to the loss allowance provisions in our tariffs included in our commercial agreements with Phillips 66. We also have indirect exposure to commodity price fluctuations to the extent such fluctuations affect the shipping patterns of Phillips 66 or our other future customers. Our throughput volumes depend primarily on the volume of crude oil processed and refined petroleum products produced at Phillips 66's refineries with which our assets are integrated, which in turn is primarily dependent on Phillips 66's refining margins and maintenance schedules. Refining margins depend on the cost of crude oil or other feedstocks and the price of refined petroleum products. These prices are affected by numerous factors beyond our or Phillips 66's control, including the domestic and global supply of and demand for crude oil and refined petroleum products. While we believe we have substantially mitigated our indirect exposure to commodity price fluctuations through the minimum volume commitments in our commercial agreements with Phillips 66 during the respective terms of those agreements, our ability to execute our growth strategy in our areas of operation will depend, in part, on the availability of attractively priced crude oil in the areas served by our crude oil pipelines, as well as demand for refined petroleum products in the markets served by our refined petroleum product pipelines and terminals.

RESULTS OF OPERATIONS

	Millions of Dollars
	Year Ended December 31
	2013*		2012*	2011*
Revenues
Transportation and terminaling services—related parties	$	181.9	141.8	134.6
Transportation and terminaling services—third parties	5.1		3.5	5.2
Other income	0.2		—	—
Total revenues	187.2		145.3	139.8
Costs and Expenses
Operating and maintenance expenses	51.2		52.4	49.2
Depreciation	14.3		13.6	12.8
General and administrative expenses	16.5		13.4	10.1
Taxes other than income taxes	4.7		4.4	4.1
Interest and debt expense	0.3		—	—
Other expenses	—		0.1	0.1
Total costs and expenses	87.0		83.9	76.3
Income before income taxes	100.2		61.4	63.5
Provision for income taxes	0.5		0.3	0.3
Net Income	$	99.7	61.1	63.2
Less: Net income attributable to predecessors	70.8
Net income attributable to the Partnership	28.9
Less: General partner's interest in net income attributable to the Partnership	0.6
Limited partners' interest in net income attributable to the Partnership	$	28.3
EBITDA	$	114.8	75.0	76.3
Distributable cash flow	$	30.4

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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	Year Ended December 31
	2013*		2012*	2011*
	Thousands of Barrels Daily
Pipeline, Terminal and Storage Volumes
Pipelines**
Crude oil throughput	272		242	237
Refined product throughput	400		395	373
Total	672		637	610
Terminals
Crude Oil
Storage volumes	208		193	196
Terminaling throughput	175		174	182
Refined Products
Terminaling throughput	391		405	373
Total	774		772	751
	Dollars per Barrel
Revenue Per Barrel
Average pipeline revenue per barrel	$	0.52	0.45	0.45
Average terminaling and storage revenue per barrel	0.22		0.15	0.15

* Operating data has been retrospectively adjusted for the Gold Line/Medford Acquisition.

** Represents the sum of volumes transported through each separately tariffed pipeline segment.

The following tables present reconciliations of EBITDA and distributable cash flow to net income and net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.

	Millions of Dollars
	Year Ended December 31
	2013*		2012*	2011*
Reconciliation to Net Income
Net income	$	99.7	61.1	63.2
Add:
Depreciation	14.3		13.6	12.8
Net interest expense	0.1		—	—
Amortization of deferred rentals	0.2		—	—
Provision for income taxes	0.5		0.3	0.3
EBITDA	114.8		75.0	76.3
Less:
EBITDA attributable to predecessors	82.8
EBITDA attributable to the Partnership	32.0
Plus:
Adjustments related to minimum volume commitments	—
Phillips 66 prefunded projects	0.8
Other	0.4
Less:
Net interest paid	0.1
Income taxes paid	—
Maintenance capital expenditures	2.7
Distributable cash flow	$	30.4

* Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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	Millions of Dollars
	Year Ended December 31
	2013*		2012*		2011*
Reconciliation to Net Cash Provided by Operating Activities
Net cash provided by operating activities	$	101.2	76.3		75.9
Add:
Net interest expense	0.1		—		—
Provision for income taxes	0.5		0.3		0.3
Changes in working capital	11.7		(5.9	)	(2.4	)
Accrued environmental costs	1.1		1.8		0.5
Other	0.2		2.5		2.0
EBITDA	114.8		75.0		76.3
Less:
EBITDA attributable to our Predecessors	82.8
EBITDA attributable to the Partnership	32.0
Plus:
Adjustments related to minimum volume commitments	—
Phillips 66 prefunded projects	0.8
Other	0.4
Less:
Net interest paid	0.1
Income taxes paid	—
Maintenance capital expenditures	2.7
Distributable cash flow	$	30.4

* Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

Statement of Income Analysis

2013 vs. 2012

Revenuesincreased$41.9 million, or 29 percent, in 2013, primarily attributable to:

• Higher terminaling and storage fees in 2013, particularly at our Clifton Ridge terminal. Effective January 1, 2013, the structure of the fees we charge Phillips 66 for terminaling services provided at our Clifton Ridge terminal was changed, replacing a cost-plus arrangement with a fixed-fee, volume-based structure.

• Increased pipeline tariff rates in 2013, particularly on our Clifton Ridge crude pipelines. The tariff rates in the first six months of 2013 were $0.0800, $0.0500 and $0.0100 per barrel for volumes transported on our Clifton Ridge to Lake Charles refinery pipeline, our Shell to Clifton Ridge pipeline, and our Pecan Grove to Clifton Ridge pipeline, respectively, compared with $0.0050, $0.0025 and $0 per barrel in 2012. The tariff rates for each pipeline are subject to adjustment in July of each year. As such, effective in July 2013, the tariff rates were further increased on our Clifton Ridge crude pipelines, Sweeny to Pasadena products pipelines, Hartford Connector products pipelines and Gold Line products pipelines.

• Higher pipeline and terminaling throughput volumes on our Gold Line products system, reflecting increased refinery output at the Borger Refinery, primarily due to the absence of major refinery turnaround activities in the fourth quarter of 2012.

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• Higher revenues realized under loss allowance provisions in 2013, mainly due to a newly established loss allowance provision on our Sweeny to Pasadena pipelines effective in March 2013 and higher loss allowance revenues on our Clifton Ridge pipelines.

These increases were partially offset by lower pipeline and terminal throughput volume on our Sweeny to Pasadena products system, reflecting lower refinery output at the Sweeny Refinery due to scheduled maintenance turnaround activity in the first quarter of 2013 and unplanned power outages during the first half of 2013.

Operating and maintenance expensesdecreased$1.2 million, or 2 percent, in 2013, mainly due to lower environmental costs on our Gold Line products system and Clifton Ridge crude system, partially offset by higher tank and marine dock maintenance costs at our Pasadena and Hartford terminals, repairs associated with a pipeline flange at our Pasadena terminal, and dredging work and tank repairs at our Clifton Ridge marine terminal, as well as higher insurance expenses associated with operating as a stand-alone publicly traded partnership. Operating and maintenance expenses included volumetric gains of $1.1 million in 2013, compared with $2.2 million in 2012.

Depreciation expenseincreased$0.7 million, or 5 percent, in 2013, mainly due to higher depreciation on the Gold Line products system resulting from asset write-downs, partially offset by lower depreciation on our Clifton Ridge crude system driven by asset retirements in 2012.

General and administrative expensesincreased$3.1 million, or 23 percent, in 2013, primarily reflecting incremental expenses associated with operating as a stand-alone publicly traded partnership, and higher expense allocations from Phillips 66 due to Phillips 66's increased costs associated with being a stand-alone company subsequent to its separation from ConocoPhillips.

Interest and debt expenseincreased$0.3 million in 2013. In connection with the Offering, we entered into a $250 million senior unsecured revolving credit facility. The $0.3 million of interest and debt expense consisted of commitment fees and amortization of debt issuance costs.

See Note 15—Income Taxes, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K, for information regarding our provision for income taxes and effective tax rate.

2012 vs. 2011

Revenuesincreased$5.5 million, or 4 percent, in 2012, primarily attributable to:

• Increased pipeline tariffs in 2012, particularly on our Gold Line and Sweeny to Pasadena products pipelines, which had tariff increases of more than 5 percent.

• Increased terminaling and storage fees in 2012, particularly at our Hartford terminal, which had higher storage and barge loading rates, as well as our Pasadena terminal, which had higher diesel and gasoline rack rates.

• Higher throughput volumes in 2012 on our Hartford Connector pipelines, primarily reflecting a coker and refinery expansion project at the Wood River Refinery, which increased refined petroleum product yield, including diesel transported on our Hartford Connector pipelines.

• Higher terminaling throughput volumes in 2012 on our Gold Line products system, primarily driven by higher utilization of our terminaling facilities by Phillips 66.

These increases were partially offset by lower terminaling and storage fees at our Clifton Ridge terminal and lower pipeline throughput volumes on our Gold Line products pipelines. In 2012 and 2011, Clifton Ridge terminal fees were based on a cost-plus-margin arrangement. Our Clifton Ridge terminal experienced lower operating and maintenance expenses in 2012, which led to lower revenue under the cost-plus arrangement. Effective January 1, 2013, our Clifton Ridge terminal replaced its cost-plus arrangement with a fixed-fee, volume-based structure. Lower pipeline throughput volumes on our Gold Line products pipelines reflected lower refinery output at the Borger Refinery, primarily due to major refinery turnaround activities in the fourth quarter of 2012.

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Operating and maintenance expensesincreased$3.2 million, or 7 percent, in 2012, primarily attributable to higher environmental costs on our Gold Line products system, partially offset by lower maintenance costs at our Clifton Ridge terminal, as well as the timing of maintenance activities at other facilities. Operating and maintenance expenses included volumetric gains of $2.2 million in 2012, compared with $2.3 million in 2011.

Depreciationincreased$0.8 million, or 6 percent, in 2012, primarily due to higher depreciation at our Hartford terminal, reflecting the installation and startup of two new tanks in April 2011, and on our Sweeny to Pasadena pipelines, due to the retirement of a replaced control system.

General and administrative expensesincreased$3.3 million, or 33 percent, in 2012, primarily reflecting higher expense allocations from Phillips 66 due to Phillips 66's increased costs associated with being a stand-alone company during the last eight months of 2012. In addition, Phillips 66 allocations related to compensation and benefit costs increased during 2012.

CAPITAL RESOURCES AND LIQUIDITY

Significant Sources of Capital

Historically, our Predecessors' sources of liquidity included cash generated from operations and funding from Phillips 66. Prior to the Offering and the Gold Line/Medford Acquisition in respect of the Acquired Assets, our Predecessors participated in Phillips 66's centralized cash management system; accordingly, the cash receipts were deposited in Phillips 66's or its subsidiaries' bank accounts, all cash disbursements were made from those accounts, and our Predecessors maintained no bank accounts dedicated solely to our assets. As a result, our Predecessors' historical financial statements reflected no cash balances. In connection with the Offering, we established separate bank accounts, and Phillips 66 continues to provide treasury services on our general partner’s behalf under our amended omnibus agreement. Our ongoing sources of liquidity following the Offering include cash generated from operations, borrowings under our revolving credit facility and issuances of additional debt and equity securities. We believe that cash generated from these sources will be sufficient to meet our short-term working capital requirements, to meet our long-term capital expenditure requirements, and to make quarterly cash distributions.

Operating Activities

During 2013, cash of $101.2 million was provided by operating activities, a 33 percentimprovement over cash from operations of $76.3 million in 2012. The improvement was driven by higher revenues due to higher tariffs, higher terminaling and storage fees, and increased pipeline and terminal throughput volumes. These increases were partially offset by higher general and administrative expenses, along with unfavorable working capital impacts. Working capital impacts primarily reflected lower accrued environmental costs and higher prepaid insurance expenses, as well as increased accounts receivable and payable with Phillips 66 subsequent to the Offering. Accounts receivable and payable of our Predecessors with Phillips 66 were reflected in the "Net distributions to Phillips 66 from predecessors" line of "Cash Flows From Financing Activities" on our consolidated statement of cash flows included in Exhibit 99.3 to this Current Report on Form 8-K.

During 2012, cash of $76.3 million was provided by operating activities, a 1 percentimprovement over cash from operations of $75.9 million in 2011. The improvement was driven by favorable working capital impacts, primarily driven by higher accrued environmental costs on our Gold Line products system, partially offset by decreased accounts payable reflecting timing of accounts payable balances between year-end 2012 and 2011.

Revolving Credit Facility

On June 7, 2013, we entered into a $250 million senior unsecured revolving credit agreement (Credit Agreement) with a syndicate of financial institutions, which became effective upon the closing of the Offering on July 26, 2013. We have the option to increase the overall capacity of the Credit Agreement by up to an additional $250 million, subject to, among other things, the consent of the existing lenders whose commitments would be increased or any additional lenders providing such additional capacity. The Credit Agreement has an initial five-year term beginning on the day we entered into the Credit Agreement, and we have the option to extend for two additional one-year terms, subject to certain conditions, including the consent of the lenders holding the majority of the commitments and each lender extending its individual commitment. The Credit Agreement includes sub-facilities for swingline loans and letters of credit.

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Outstanding borrowings under the Credit Agreement will bear interest, at our option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the base rate (as described in the Credit Agreement) plus the applicable margin. The Credit Agreement also provides for customary fees, including administrative agent fees and commitment fees. Commitment fees began to accrue beginning on the date we entered into the Credit Agreement. Prior to our obtaining credit ratings, if ever, the pricing levels for the commitment fee and interest-rate margins will be based on our ratio of total debt to EBITDA (as described in the Credit Agreement) for the prior four fiscal quarters. After we obtain credit ratings, if ever, the pricing levels will be based on our credit ratings in effect from time to time. The Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default that we consider to be customary for an agreement of this type, including a covenant that requires us to maintain a ratio of total debt to EBITDA for the prior four fiscal quarters of not greater than 5.0 to 1.0 as of the last day of each fiscal quarter (5.5 to 1.0 during the specified period following certain acquisitions). If an event of default occurs under the Credit Agreement and is continuing, the lenders may terminate their commitments and declare the amount of all outstanding borrowings, together with accrued interest and all fees, to be immediately due and payable. Among other things and until such time as we have an investment grade rating, we would not be able to make any cash distributions to our unitholders for so long as an event of default is continuing. As of December 31, 2013, no amount had been drawn under the Credit Agreement.

Note Payable

In connection with the Gold Line/Medford Acquisition, on March 1, 2014, we entered into an Assignment, Assumption and Modification of Note (the Assumption Agreement) with certain subsidiaries of Phillips 66. Pursuant to the Assumption Agreement, we assumed a 5-year, $160 million note payable to a subsidiary of Phillips 66 that bears interest at a fixed rate of 3 percent per annum. Interest on the note is payable quarterly, and all principal and accrued interest are due and payable at maturity on February 28, 2019.

Off-Balance Sheet Arrangements

We have not entered into any transactions, agreements or other contractual arrangements that would result in off-balance sheet liabilities.

Capital Requirements

Capital Expenditures

Our operations can be capital intensive, requiring investments to expand, upgrade, maintain or enhance existing operations and to meet environmental and operational regulations. Our capital requirements consist of maintenance capital expenditures and expansion capital expenditures. Examples of maintenance capital expenditures are those made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets and to extend their useful lives, or other capital expenditures that are incurred in maintaining existing system volumes and related cash flows. In contrast, expansion capital expenditures are those made to expand and upgrade our systems and facilities and to construct or acquire new systems or facilities to grow our business.

Our capital expenditures for the years ended December 31, 2013, 2012 and 2011 were:

	Millions of Dollars
	2013*		2012*	2011*
Capital Expenditures Attributable to our Predecessors	$	32.6	32.6	14.6
Capital Expenditures Attributable to the Partnership
Expansion	1.2		—	—
Maintenance	2.7		—	—
Total	3.9		—	—
Total Capital Expenditures	$	36.5	32.6	14.6

*Capital expenditures have been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Our capital expenditures for the year ended December 31, 2013, were $36.5 million. These capital expenditures were primarily associated with the following activities:

• Construction of two refinery-grade propylene storage spheres at Medford, Oklahoma.

• Returning an idled tank back to service, activating an additional bay at the truck rack, and commissioning biodiesel blending services at our Hartford terminal, thereby increasing the terminal's available capacity.

• The replacement of buried piping with above-ground piping and installation of enhanced measurement and monitoring equipment on our Clifton Ridge crude system.

• An upgrade of security equipment to comply with regulatory requirements and installation of flow control equipment at our Hartford terminal.

• The replacement of certain equipment on our Sweeny to Pasadena products system.

• Expansion of ethanol storage capacity at our Wichita terminal.

Our capital expenditures for the years ended December 31, 2012 and 2011, were $32.6 million and $14.6 million, respectively. These capital expenditures were primarily directed toward the following activities during the two-year period:

• Construction of two refinery-grade propylene storage spheres at Medford, Oklahoma.

• Installation of biodiesel tanks and associated equipment at our Hartford and Pasadena terminals.

• An upgrade of remote monitoring equipment at our Clifton Ridge terminal.

• Installation of a new tank at our Clifton Ridge terminal.

• Capacity expansion work at our Hartford terminal.

• Construction of a biodiesel tank at our Kansas City terminal to improve its biodiesel blending capacity.

• The replacement and upgrade of certain equipment on our Gold Line products system to improve its operational reliability and efficiency.

We have forecasted capital expenditures to be approximately $23.5 million for the year ending December 31, 2014. The planned capital expenditures are primarily directed toward spending on:

• Obtaining permit and equipment procurement associated with the construction of a new tank and associated tank dike, activation of a portion of pipeline to connect to a new connection point, activation of an additional bay at the truck rack, and an upgrade of certain pumps on our Hartford Connector products system, thereby increasing the system’s available capacity.

• The replacement of buried piping with above-ground piping and modifications to improve optionality to receive a wider slate of crude oil grades on our Clifton Ridge crude system.

• The installation of a meter prover at our Pecan Grove barge dock, thereby increasing the barge dock's available capacity.

• An upgrade of centralized control center monitoring equipment on our Gold Line products system, thereby improving its operational reliability and efficiency.

• The replacement and upgrade of certain equipment to improve operational reliability.

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We anticipate that the planned maintenance capital expenditures will be funded with cash from operations, the $2.2 million remaining prefunding from Phillips 66 for certain projects at our Clifton Ridge and Hartford terminals pursuant to our amended omnibus agreement, and, if necessary, borrowings under our Credit Agreement. In addition, pursuant to the Contribution Agreement, Phillips 66 prefunded another $2.2 million for a project at our Kansas City terminal. We initially relied upon proceeds retained from the Offering to fund expansion capital expenditures. On March 1, 2014, we utilized $400 million of the proceeds from the Offering to partially fund the Gold Line/Medford Acquisition. Thereafter, we expect to rely primarily upon external financing sources, including borrowings under our Credit Agreement, borrowing from related parties, and the issuance of debt and equity securities, to fund any significant future expansion capital expenditures.

Cash Distributions

For future quarters, we intend to pay at least the minimum quarterly distribution of $0.2125 per unit, which equates to $15.3 million per quarter, or $61.1 million per year, based on the number of common, subordinated and general partner units outstanding as of December 31, 2013.

On January 22, 2014, the Board of Directors of our general partner declared a quarterly cash distribution of $0.2248 per unit, or $16.2 million, that was paid on February 13, 2014, to unitholders of record as of February 4, 2014. Although our partnership agreement requires that we distribute all of our available cash each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.

The following table summarizes our announced quarterly cash distributions related to 2013 financial results:

Quarter Ended	Total Quarterly Cash Distribution Per Unit (Dollars)		Total Quarterly Cash Distribution (Millions of Dollars)		Date of Distribution
September 30, 2013*	$	0.1548	$	11.1	November 13, 2013
December 31, 2013	0.2248		16.2		February 13, 2014

*The quarterly cash distribution for the third quarter of 2013 was calculated as the minimum quarterly cash distribution of $0.2125 per unit, prorated for the period from July 26, 2013, to September 30, 2013.

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Contractual Obligations

The following table summarizes our aggregate contractual obligations as of December 31, 2013:

	Millions of Dollars
	Payments Due by Period*
	Total		Up to 1 Year	Years 2-3	Years 4-5	After 5 Years
Purchase obligations	$	13.2	13.2	—	—	—
Other long-term liabilities:
Asset retirement obligations	2.4		—	—	—	2.4
Total	$	15.6	13.2	—	—	2.4

* Financial information has been retrospectively adjusted for Gold Line/Medford Acquisition.

In addition to the obligations included in the table above, in conjunction with the Offering and the Gold Line/Medford Acquisition, we are party to an amended omnibus agreement with Phillips 66. The amended omnibus agreement contractually requires us to pay a $27.6 million fixed annual fee to Phillips 66 for certain administrative and operational support services being provided to us. The amended omnibus agreement generally remains in full force and effect so long as Phillips 66 controls our general partner. Due to the indefinite nature of the agreement's term, the fixed fee is not included in the contractual obligations table above. In addition, in connection with the Gold Line/Medford Acquisition, we had accrued environmental costs of $3.4 million associated with the Acquired Assets, which were retained by Phillips 66 after the Effective Date pursuant to the Contribution Agreement. As a result, we did not include this liability in the table above.

Contingencies

From time to time, lawsuits involving a variety of claims that arise in the ordinary course of business may be filed against us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include any contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Regulatory Matters

Our interstate common carrier crude oil and refined petroleum products pipeline operations are subject to rate regulation by the Federal Energy Regulatory Commission under the Interstate Commerce Act and Energy Policy Act of 1992, and certain of our pipeline systems providing intrastate service are subject to rate regulation by applicable state authorities under their respective laws and regulations. Our pipelines and terminal operations are also subject to safety regulations adopted by the Department of Transportation, as well as to state regulations. For more information on federal and state regulations affecting our business, please see "Items 1 and 2. Business and Properties—Rates and Other Regulations" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 21, 2014.

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Legal and Tax Matters

Under our amended omnibus agreement, Phillips 66 provides certain services for our benefit, including legal and tax support services, and we pay an operational and administrative support fee for these services. Phillips 66's legal and tax organizations apply their knowledge, experience and professional judgment to the specific characteristics of our cases and uncertain tax positions. Phillips 66's legal organization employs a litigation management process to manage and monitor the legal proceedings against us. The process facilitates the early evaluation and quantification of potential exposures in individual cases and enables tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, Phillips 66’s legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. As of December 31, 2013, we did not have any accrued contingent liabilities. In the case of income-tax-related contingencies, Phillips 66's tax organization monitors tax legislation and court decisions, the status of tax audits and the statute of limitations within which a taxing authority can assert a liability. See Note 15—Income Taxes, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K, for additional information about income-tax-related contingencies.

Environmental

We are subject to extensive federal, state and local environmental laws and regulations. These laws and regulations, which change frequently, regulate the discharge of materials into the environment or otherwise relate to protection of the environment. Compliance with these laws and regulations may require us to remediate environmental damage from any discharge of petroleum or chemical substances from our facilities or require us to install additional pollution control equipment at or on our facilities. Our failure to comply with these or any other environmental or safety-related regulations could result in the assessment of administrative, civil, or criminal penalties, the imposition of investigatory and remedial liabilities, and the issuance of governmental orders that may subject us to additional operational constraints.

Future expenditures may be required to comply with the federal Clean Air Act and other federal, state and local requirements in respect of our various sites, including our pipelines and storage assets. The impact of legislative and regulatory developments, if enacted or adopted, could result in increased compliance costs and additional operating restrictions on our business, each of which could have an adverse impact on our financial position, results of operations and liquidity.

As with all costs, if these expenditures are not ultimately reflected in the tariffs and other fees we receive for our services, our operating results will be adversely affected. We believe that substantially all similarly situated parties and holders of comparable assets must comply with similar environmental laws and regulations. However, the specific impact on each may vary depending on a number of factors, including, but not limited to, the age and location of its operating facilities.

We accrue for environmental remediation activities when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. As environmental remediation matters proceed toward ultimate resolution or as additional remediation obligations arise, charges in excess of those previously accrued may be required. New or expanded environmental requirements, which could increase our environmental costs, may arise in the future. We believe we are in substantial compliance with all legal requirements regarding the environment; however, it is not possible to predict all of the ultimate costs of compliance, including remediation costs that may be incurred and penalties that may be imposed, because not all of the costs are fixed or presently determinable (even under existing legislation) and the costs may be affected by future legislation or regulations. At December 31, 2013 and 2012, our Predecessors recorded a total environmental accrual of $3.4 million and $10.5 million, respectively, associated with certain assets acquired in connection with the Offering and the Gold Line/Medford Acquisition. Pursuant to our amended omnibus agreement and the Contribution Agreement, Phillips 66 assumed the responsibility for these accrued environmental liabilities. In the future, we may be involved in environmental assessments, cleanups and proceedings. Please see "Items 1 and 2. Business and Properties—Environmental Regulations" in our Annual Report on Form 10-K filed with the SEC on February 21, 2014, for additional information regarding environmental regulations.

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Indemnification

Under our amended omnibus agreement, Phillips 66 will indemnify us for certain environmental liabilities, tax liabilities, and litigation and other matters attributable to the ownership or operation of the assets we acquired in connection with the Offering (Initial Assets) and which arose prior to the closing of the Offering. Indemnification for any unknown environmental liabilities provided therein is limited to liabilities due to occurrences prior to the closing of the Offering and that are identified before the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.1 million before we are entitled to indemnification. Indemnification for litigation matters provided therein (other than currently pending legal actions) is subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. Phillips 66 will also indemnify us for failure to obtain certain consents, licenses and permits necessary to conduct our business, including the cost of curing any such condition, in each case that is identified prior to the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. We have agreed to indemnify Phillips 66 for events and conditions associated with the ownership or operation of the Initial Assets that occur on or after the closing of the Offering and for certain environmental liabilities related to our assets to the extent Phillips 66 is not required to indemnify us.

Excluded Liabilities of the Acquired Assets

Pursuant to the terms of the Contribution Agreement, Phillips 66 assumed the responsibility for any liabilities arising out of or attributable to the ownership or operation of the Acquired Assets, or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, prior to the Effective Date, including the liabilities associated with the construction costs of the Medford spheres. We have assumed, and have agreed to pay, discharge and perform as and when due, all liabilities arising out of or attributable to the ownership or operation of the Acquired Assets or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, from and after the Effective Date.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to select appropriate accounting policies and to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. See Note 2—Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in Exhibit 99.3 to this Current Report on Form 8-K, for descriptions of our major accounting policies. Certain of these accounting policies involve judgments and uncertainties to such an extent that there is a reasonable likelihood that materially different amounts would have been reported under different conditions, or if different assumptions had been used. The following discussions of critical accounting estimates, along with the discussion of contingencies in this report, address all important accounting areas where the nature of accounting estimates or assumptions could be material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change.

Depreciation

We calculate depreciation expense using the straight-line method over the estimated useful lives of our PP&E, currently ranging from 3 years to 45 years. Changes in the estimated useful lives of our PP&E could have a material effect on our results of operations.

Impairments

Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value. Individual assets are grouped for impairment purposes based on a judgmental assessment of the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets; generally at a pipeline system or terminal level. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on judgmental assessments of future tariffs, volumes, operating costs, and capital project decisions, considering all available information at the date of review.

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Asset Retirement Obligations

Under various contracts, permits and regulations, we have legal obligations to remove tangible equipment and restore the land at the end of operations at certain operational sites. Our largest asset removal obligations involve the abandonment or removal of pipeline. Estimating the future asset removal costs necessary for this accounting calculation is difficult. Most of these removal obligations are many years, or decades, in the future and the contracts and regulations often have vague descriptions of what removal practices and criteria must be met when the removal event actually occurs. Asset removal technologies and costs, regulatory and other compliance considerations, expenditure timing, and other inputs into valuation of the obligation, including discount and inflation rates, are also subject to change.

Environmental Costs

In addition to asset retirement obligations discussed above, under the above or similar contracts, permits and regulations, we have certain obligations to complete environmental-related projects. These obligations are primarily related to historical releases of refined petroleum products. Future environmental remediation costs are difficult to estimate because they are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties.

Goodwill

At December 31, 2013, we had $2.5 million of goodwill recorded in conjunction with past business combinations.  Goodwill, an intangible asset, is not amortized.  Instead, goodwill is subject to annual reviews for impairment at a reporting unit level. The reporting unit or units used to evaluate and measure goodwill for impairment are determined primarily from the manner in which the business is managed.  A reporting unit is an operating segment or a component that is one level below an operating segment.  We have determined we have one reporting unit for goodwill impairment testing purposes.  Management must apply its judgment in determining the estimated fair value of our reporting unit for purposes of performing the periodic goodwill impairment test.

Management uses all available information to make this fair value determination, including observed market earnings multiples of comparable companies, our unit price and associated total entity market capitalization and the present values of expected future cash flows using discount rates commensurate with the risks involved in the assets.  In addition, if the estimated fair value of the reporting unit is less than the book value (including the goodwill), further management judgment must be applied in determining the fair values of individual assets and liabilities for purposes of the hypothetical purchase price allocation.  As a result of our annual impairment review in 2013, we concluded that our goodwill was not impaired. However, a lower fair value estimate in the future could result in an impairment.  In addition, a prolonged or significant decline in our unit price could provide evidence of a need to record a material impairment of goodwill.

NEW ACCOUNTING STANDARDS

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the definition of discontinued operations so that only disposals of components of an entity representing major strategic shifts that have a major effect on an entity's operations and financial results will qualify for discontinued operations reporting. The ASU also requires additional disclosures about discontinued operations and individually material disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective January 1, 2015, and earlier application is permitted, but only for disposals not previously reported in the financial statements. We are currently evaluating the provisions of ASU 2014-08 and assessing the impact, if any, it may have on our financial position and results of operations. Our initial assessment is that this ASU will result in fewer dispositions qualifying for discontinued operations reporting.

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OUTLOOK

Cash Distribution

On April 23, 2014, the Board of Directors of our general partner declared our first quarter cash distribution of $0.2743 per limited partner unit which, combined with distributions to our general partner, resulted in total distributions of $21.1 million for the first quarter of 2014. This distribution was paid May 13, 2014, to unitholders of record as of May 5, 2014.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss arising from adverse fluctuations in interest rates, the exchange rates of foreign currency markets, and commodity prices. Since as of December 31, 2013, we had no debt and operated only in the United States, we were not exposed to interest-rate risk or foreign currency exchange-rate risk.

Commodity Price Risk

As we neither take ownership of the crude oil or products we transport and store for our customers nor engage in commodity trading, we have limited direct exposure to risks associated with fluctuating commodity prices. Certain of our pipeline tariffs include a contractual loss allowance, calculated as a percentage of throughput volume multiplied by the quoted market price of the commodity being shipped. This loss allowance, which comprised 13 percent, 12 percent and 12 percent of total revenues in 2013, 2012 and 2011, respectively, is more volatile than tariffs and terminaling fees, as it depends on and fluctuates with commodity prices; however, we do not intend to mitigate this risk to our revenues by hedging this commodity price exposure.

18

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements. You can identify our forward-looking statements by the words "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and similar expressions.

We based the forward-looking statements on our current expectations, estimates and projections about us and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including the following:

• The continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements.

• The volume of crude oil and refined petroleum products we transport.

• The tariff rates with respect to volumes that we transport through our regulated assets, which rates are subject to review and possible adjustment by federal and state regulators.

• Changes in revenue we realize under the loss allowance provisions of our regulated tariffs resulting from changes in underlying commodity prices.

• Fluctuations in the prices for crude oil and refined petroleum products.

• Changes in global economic conditions and the effects of a global economic downturn on the business of Phillips 66 and the business of its suppliers, customers, business partners and credit lenders.

• Liabilities associated with the risks and operational hazards inherent in transporting, terminaling and storing crude oil and refined petroleum products.

• Curtailment of operations due to severe weather disruption; riots, strikes, lockouts or other industrial disturbances; or failure of information technology systems due to various causes, including unauthorized access or attack.

• Costs or liabilities associated with federal, state and local laws and regulations relating to environmental protection and safety, including spills, releases and pipeline integrity.

• Costs associated with compliance with evolving environmental laws and regulations on climate change.

• Costs associated with compliance with safety regulations, including pipeline integrity management program testing and related repairs.

• Changes in the cost or availability of third-party vessels, pipelines, rail cars and other means of delivering and transporting crude oil and refined petroleum products.

• Direct or indirect effects on our business resulting from actual or threatened terrorist incidents or acts of war.

• The factors generally described in "Item 1A. Risk Factors" in our 2013 Annual Report on Form 10-K filed with the SEC on February 21, 2014.

19

EX-99.3

Exhibit 99.3

Report of Independent Registered Public Accounting Firm

The Board of Directors of Phillips 66 Partners GP LLC and

Unitholders of Phillips 66 Partners LP

We have audited the accompanying consolidated balance sheet of Phillips 66 Partners LP as of December 31, 2013, and 2012, and the related consolidated statements of income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Phillips 66 Partners LP at December 31, 2013 and 2012, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Houston, Texas

May 22, 2014

1

Consolidated Statement of Income Phillips 66 Partners LP

	Millions of Dollars
Years Ended December 31	2013*		2012*	2011*
Revenues
Transportation and terminaling services—related parties	$	181.9	141.8	134.6
Transportation and terminaling services—third parties	5.1		3.5	5.2
Other income	0.2		—	—
Total revenues	187.2		145.3	139.8
Costs and Expenses
Operating and maintenance expenses	51.2		52.4	49.2
Depreciation	14.3		13.6	12.8
General and administrative expenses	16.5		13.4	10.1
Taxes other than income taxes	4.7		4.4	4.1
Interest and debt expense	0.3		—	—
Other expenses	—		0.1	0.1
Total costs and expenses	87.0		83.9	76.3
Income before income taxes	100.2		61.4	63.5
Provision for income taxes	0.5		0.3	0.3
Net Income	$	99.7	61.1	63.2
Less: Net income attributable to predecessors	70.8
Net income attributable to the Partnership	28.9
Less: General partner's interest in net income attributable to the Partnership	0.6
Limited partners' interest in net income attributable to the Partnership	$	28.3
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Common units	$	0.40
Subordinated units—Phillips 66	0.40
Cash Distribution Paid Per Unit (dollars)	$	0.1548
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Common units—public	18,889
Common units—Phillips 66	16,328
Subordinated units—Phillips 66	35,217

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

See Notes to Consolidated Financial Statements.

2

Consolidated Balance Sheet Phillips 66 Partners LP

	Millions of Dollars
At December 31	2013*		2012*
Assets
Cash and cash equivalents	$	425.1	—
Accounts receivable—related parties	11.3		0.3
Accounts receivable—third parties	0.6		0.5
Materials and supplies	2.0		1.7
Other current assets	2.3		—
Total Current Assets	441.3		2.5
Net properties, plants and equipment	271.2		248.8
Goodwill	2.5		2.5
Deferred rentals—related parties	6.4		6.1
Total Assets	$	721.4	259.9
Liabilities
Accounts payable—related parties	$	5.2	—
Accounts payable—third parties	8.0		4.0
Payroll and benefits payable	0.1		0.3
Accrued property and other taxes	2.3		1.9
Current portion of accrued environmental costs	2.0		8.0
Other current liabilities	0.4		0.1
Total Current Liabilities	18.0		14.3
Asset retirement obligations	2.4		2.0
Accrued environmental costs	1.4		2.5
Deferred income taxes	0.1		—
Total Liabilities	21.9		18.8
Equity
Net investment—predecessors	125.4		241.1
Common unitholders—public (18,888,750 units issued and outstanding)	409.1		—
Common unitholder—Phillips 66 (16,328,362 units issued and outstanding)	48.6		—
Subordinated unitholder—Phillips 66 (35,217,112 units issued and outstanding)	104.9		—
General partner—Phillips 66 (1,437,433 units issued and outstanding)	11.5		—
Total Equity	699.5		241.1
Total Liabilities and Equity	$	721.4	259.9

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

See Notes to Consolidated Financial Statements.

3

Consolidated Statement of Cash Flows Phillips 66 Partners LP

	Millions of Dollars
Years Ended December 31	2013*			2012*		2011*
Cash Flows From Operating Activities
Net income	$	99.7		61.1		63.2
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	14.3			13.6		12.8
Deferred rentals—related parties	(0.3		)	(1.6	)	(1.8	)
Accrued environmental costs	(1.1		)	(1.8	)	(0.5	)
Other	0.3			(0.9	)	(0.2	)
Working capital adjustments
Decrease (increase) in accounts receivable	(11.0		)	0.2		(0.3	)
Decrease (increase) in materials and supplies	(0.3		)	—		—
Decrease (increase) in other current assets	(2.2		)	—		—
Increase (decrease) in accounts payable	7.3			(0.8	)	1.8
Increase (decrease) in environmental accruals	(6.0		)	6.4		1.0
Increase (decrease) in other accruals	0.5			0.1		(0.1	)
Net Cash Provided by Operating Activities	101.2			76.3		75.9
Cash Flows From Investing Activities
Capital expenditures	(36.5		)	(32.6	)	(14.6	)
Other	1.9			0.3		0.9
Net Cash Used in Investing Activities	(34.6		)	(32.3	)	(13.7	)
Cash Flows From Financing Activities
Net distributions to Phillips 66 from predecessors	(37.7		)	(44.0	)	(62.2	)
Project prefunding from Phillips 66	3.0			—		—
Proceeds from issuance of common units	434.4			—		—
Offering costs	(30.0		)	—		—
Debt issuance costs	(0.1		)	—		—
Distributions to common unitholders—public	(2.9		)	—		—
Distributions to common unitholder—Phillips 66	(2.5		)	—		—
Distributions to subordinated unitholder—Phillips 66	(5.5		)	—		—
Distributions to general partner—Phillips 66	(0.2		)	—		—
Net Cash Provided by (Used in) Financing Activities	358.5			(44.0	)	(62.2	)
Net Change in Cash and Cash Equivalents	425.1			—		—
Cash and cash equivalents at beginning of period	—			—		—
Cash and Cash Equivalents at End of Period	$	425.1		—		—

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

See Notes to Consolidated Financial Statements.

.

4

Consolidated Statement of Changes in Equity Phillips 66 Partners LP

	Millions of Dollars
	Partnership
	Common Unitholders Public			Common Unitholder Phillips 66		Subordinated Unitholder Phillips 66		General Partner Phillips 66		Net Investment*		Total*
December 31, 2010	$	—		—		—		—		223.0		223.0
Net income	—			—		—		—		63.2		63.2
Net distributions to Phillips 66	—			—		—		—		(62.2	)	(62.2	)
December 31, 2011	$	—		—		—		—		224.0		224.0
Net income	—			—		—		—		61.1		61.1
Net distributions to Phillips 66	—			—		—		—		(44.0	)	(44.0	)
December 31, 2012	$	—		—		—		—		241.1		241.1
Net income attributable to predecessors	—			—		—		—		70.8		70.8
Net distributions to Phillips 66 from predecessors	—			—		—		—		(37.7	)	(37.7	)
Project prefunding from Phillips 66	—			—		—		—		3.0		3.0
Allocation of net investment to unitholders	—			44.6		96.1		11.1		(151.8	)	—
Proceeds from initial public offering, net of offering costs	404.4			—		—		—		—		404.4
Net income attributable to the Partnership	7.6			6.5		14.2		0.6		—		28.9
Cash distributions to unitholders and general partner	(2.9		)	(2.5	)	(5.5	)	(0.2	)	—		(11.1	)
Other	—			—		0.1		—		—		0.1
December 31, 2013	$	409.1		48.6		104.9		11.5		125.4		699.5

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

See Notes to Consolidated Financial Statements.

5

Notes to Consolidated Financial Statements Phillips 66 Partners LP

Note 1—Business and Basis of Presentation

Unless otherwise stated or the context otherwise indicates, all references to "Phillips 66 Partners," "the Partnership," "us," "our," "we," or similar expressions refer to Phillips 66 Partners LP, including its consolidated subsidiaries.

Description of the Business

Phillips 66 Partners LP is a Delaware limited partnership formed on February 20, 2013, by Phillips 66 Company and Phillips 66 Partners GP LLC, both wholly owned subsidiaries of Phillips 66. A registration statement on Form S-1, as amended through the time of its effectiveness, was filed by the Partnership with the U.S. Securities and Exchange Commission (SEC) and was declared effective on July 22, 2013. On July 23, 2013, Phillips 66 Partners common units began trading on the New York Stock Exchange under the symbol "PSXP." On July 26, 2013, the Partnership completed its initial public offering (the Offering) of 18,888,750 common units (including 2,463,750 common units issued pursuant to the exercise of the underwriters' over-allotment option) representing limited partner interests. On February 13, 2014, the Partnership entered into a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement) with subsidiaries of Phillips 66 to acquire the Gold Line products system and the Medford spheres (collectively, the Acquired Assets) from certain of those subsidiaries (the Gold Line/Medford Acquisition). The transaction closed on February 28, 2014, with an effective date of March 1, 2014 (the Effective Date). For periods prior to the Offering, the historical results of operations include our predecessor for accounting purposes. We refer to our pre-Offering predecessor and the operations of the Acquired Assets prior to their acquisition collectively as "our Predecessors."

On April 30, 2012, ConocoPhillips completed the separation of its downstream businesses into Phillips 66. Accordingly, prior to April 30, 2012, the parent company of our Predecessors was ConocoPhillips, and subsequent to April 30, 2012, the parent company of our Predecessors has been Phillips 66. For ease of reference, we refer to Phillips 66 as our Predecessors' parent for the periods prior to April 30, 2012. For purposes of related party transactions, ConocoPhillips is not considered a related party for periods after April 30, 2012.

Our assets consist of:

• Clifton Ridge crude system. A crude oil pipeline, terminal and storage system located in Sulphur, Louisiana, that is a primary source for delivery of crude oil to Phillips 66's Lake Charles Refinery.

• Sweeny to Pasadena products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66's Sweeny Refinery in Old Ocean, Texas, to our refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems. This system is the primary distribution outlet for diesel and gasoline produced at Phillips 66's Sweeny Refinery.

• Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system located in Hartford, Illinois, that distributes diesel and gasoline produced at the Wood River Refinery (a refinery owned by a joint venture between Phillips 66 and Cenovus Energy Inc.) to third-party pipeline and terminal systems, including the Explorer pipeline system.

• Gold Line products system. A 681-mile refined petroleum product pipeline system that runs from the Phillips 66-operated refinery in Borger, Texas, to Cahokia, Illinois, with access to Phillips 66's Ponca City Refinery, as well as two parallel 54-mile lateral lines that run from Paola, Kansas, to Kansas City, Kansas. The system has a maximum throughput capacity of 132,000 barrels per day, and includes four terminals located at Wichita, Kansas; Kansas City, Kansas; Jefferson City, Missouri; and Cahokia, Illinois, with an aggregate throughput capacity of 172,000 barrels per day and aggregate storage capacity of 4.3 million barrels.

• Medford spheres.Two newly-constructed refinery-grade propylene storage spheres located in Medford, Oklahoma, with a total working capacity of 70,000 barrels, that commenced operations in March 2014. The Medford spheres provide an outlet for delivery of refinery-grade propylene from Phillips 66's Ponca City Refinery, through interconnections with third-party pipelines, to Mont Belvieu, Texas.

6

We generate revenue primarily by charging tariffs and fees for transporting crude oil and refined petroleum products through our pipelines, and terminaling and storing crude oil and refined petroleum products at our terminals. Since we do not own any of the crude oil and refined petroleum products that we handle and do not engage in the trading of crude oil and refined petroleum products, we have limited direct exposure to risks associated with fluctuating commodity prices, although these risks indirectly influence our activities and results of operations over the long term. Our operations consist of one reportable segment.

Basis of Presentation

The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer occurred at the beginning of the period of transfer, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retrospectively adjusted to include the historical results and financial position of the Acquired Assets prior to the Effective Date. See Note 4—Gold Line/Medford Acquisition, for additional information.

The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66, and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities in these financial statements have been reflected on a historical cost basis because, immediately prior to the Offering or the Gold Line/Medford Acquisition, all of the assets and liabilities presented were wholly owned by Phillips 66 and were transferred within the Phillips 66 consolidated group. The consolidated statement of income also includes expense allocations for certain functions historically performed by Phillips 66 and not allocated to the Partnership, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based primarily on relative values of net properties, plants and equipment (PP&E) and equity method investments, or pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial statements of our Predecessors may not include all of the actual expenses that would have been incurred had we been a stand-alone publicly traded partnership during the periods presented and may not reflect our actual results of operations, financial position and cash flows had we been a stand-alone publicly traded partnership during the periods prior to the Offering or the Gold Line/Medford Acquisition.

Phillips 66 uses a centralized approach to the cash management and financing of its operations. For periods prior to the Offering or Gold Line/Medford Acquisition, cash generated and used by our operations was transferred to Phillips 66 daily, and Phillips 66 funded our operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Phillips 66 were not allocated to us, and we had no bank accounts prior to the Offering. We reflected transfers of cash to and from Phillips 66's cash management system as a component of "Net investment—predecessors" on our balance sheet, and as part of "Net distributions to Phillips 66 from predecessors" on our statement of cash flows. We did not include any interest expense for intercompany cash advances from Phillips 66, since historically Phillips 66 did not allocate interest expense related to intercompany advances to any of its businesses. For periods after the Offering, we have our own bank accounts and no longer participate in Phillips 66's centralized cash management system, and the Acquired Assets no longer participate in Phillips 66's centralized cash management system as of the Effective Date.

All financial information presented for the periods after the Offering represents the consolidated results of operations, financial position and cash flows of the Partnership giving retrospective effect to the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly:

• Our consolidated statements of income and cash flows for the year ended December 31, 2013, consist of the consolidated results of the Partnership for the period from July 26, 2013, through December 31, 2013, the combined results of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined results of the Acquired Assets for the entire year of 2013. Our consolidated statements of income and cash flows for the years ended December 31, 2012 and 2011, consist entirely of the combined results of our Predecessors.

• Our consolidated balance sheet at December 31, 2013, consists of the consolidated balances of the Partnership and the combined balances of the Acquired Assets, while at December 31, 2012, it consists of the combined balances of our Predecessors.

7

• Our consolidated statement of changes in equity for the year ended December 31, 2013, consists of the consolidated activity of the Partnership completed at and subsequent to the Offering on July 26, 2013, through December 31, 2013, the combined activity of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined activity of the Acquired Assets for the entire year of 2013. Our consolidated statement of changes in equity for the years ended December 31, 2012 and 2011, consists entirely of the combined activity of our Predecessors.

Note 2—Summary of Significant Accounting Policies

• Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

• Net Investment—In the consolidated balance sheet, net investment represents Phillips 66's historical investment in us, our accumulated net earnings after taxes, and the net effect of transactions with, and allocations from, Phillips 66.

• Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.

• Revenue Recognition—Revenue is recognized for crude oil and refined petroleum product pipeline transportation based on the delivery of actual volumes transported at contractual tariff rates. Revenue is recognized for crude oil and refined petroleum product terminaling and storage as performed based on contractual rates related to throughput volumes or cost-plus-margin arrangements. Substantially all of our revenue was derived from Phillips 66, and the contractual rates do not necessarily reflect market rates for the historical periods presented prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets.

Effective January 1, 2013, the structure of the fees we charge Phillips 66 for terminaling services provided at the Clifton Ridge terminal was changed. During 2012 and 2011, terminaling fees were on a cost-plus-margin reimbursement basis. Beginning in 2013, the cost-plus-margin arrangement was replaced with various storage, dock and truck unloading fees.

Transportation contracts that are operating leases and include rentals with fixed escalation are recognized on a straight-line basis over the lease term. Any difference between the transportation fee recognized under the straight-line method and the transportation fee received in cash is deferred to the consolidated balance sheet as "Deferred rentals—related parties." If the underlying transportation contract is amended to eliminate fixed escalation, the balance of deferred rentals is amortized over the remaining life of the contract.

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into certain transportation services agreements and terminal services agreements with Phillips 66 that are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. These agreements include escalation clauses to adjust transportation tariffs and terminaling fees to reflect changes in price indices. Revenues from these agreements are recorded within "Transportation and terminaling services—related parties" on our consolidated statement of income.

• Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value.

• Imbalances—We do not purchase or produce crude oil or refined petroleum product inventories. We experience imbalances as a result of variances in meter readings and in other measurement methods, and volume fluctuations within our crude oil system due to pressure and temperature changes. Certain of our transportation

8

contracts provide for the shipper to pay a contractual loss allowance, which is valued using quoted market prices of the applicable commodity being shipped. These loss allowances, which are received from the shipper irrespective of, and calculated independently from, actual volumetric gains or losses, are recorded as revenue. Any volumetric gains or losses are valued using quoted market prices of the applicable commodities and are recorded as decreases or increases to operating and maintenance expenses, respectively.

• Fair Value Measurements—We measure assets and liabilities requiring fair value presentation using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclose such amounts according to the quality of valuation inputs under the following hierarchy:

Level 1: Quoted prices in an active market for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are directly or indirectly observable.

Level 3: Unobservable inputs that are significant to the fair value of assets or liabilities.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. We had no assets or liabilities requiring remeasurement to or disclosure of fair value at December 31, 2013, or at December 31, 2012.

Recurring Fair Value Measurements—Fair values of our accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these instruments. Our financial assets and liabilities would be classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Nonrecurring Fair Value Measurements—Fair value measurements are applied with respect to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consists primarily of asset retirement obligations. Nonrecurring fair value measurements are also applied, when applicable, to determine the fair value of our long-lived assets.

• Accounts Receivable—Prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consisted of third-party customer accounts receivable that were recorded at the invoiced amounts and did not bear interest. Intercompany receivables with Phillips 66 were included in "Net investment—predecessors" on the consolidated balance sheet. See Note 1—Business and Basis of Presentation, for a discussion of Phillips 66's centralized cash management system. Subsequent to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consist of accounts receivable from related parties that are recorded at the invoiced amounts and do not bear interest. Account balances for these receivables are charged directly to bad debt expense when it becomes probable the receivable will not be collected.

• Properties, Plants and Equipment (PP&E)—PP&E are stated at cost. Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Depreciation of PP&E is determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).

• Major Maintenance Activities—Costs for planned integrity management projects are expensed in the period incurred. These types of costs include pipe and tank inspection services, contractor repair services, materials and supplies, equipment rentals and our labor costs.

• Impairment of Long-Lived Assets—PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, then the carrying value is written down to estimated fair value through additional depreciation provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets—generally at the

9

pipeline or terminal level. Because there usually is a lack of quoted market prices for our long-lived assets, the fair value of potentially impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible.

The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future throughputs, prices, operating costs, tariffs, and capital project decisions, considering all available evidence at the date of review.

• Goodwill—Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair value of the reporting unit with goodwill has been reduced below carrying value. The fair value of the reporting unit is compared to the book value of the reporting unit. If the fair value is less than book value, including goodwill, then the recorded goodwill is written down to its implied fair value with a charge to earnings. We have determined we have one reporting unit for testing goodwill for impairment.

• Asset Retirement Obligations and Environmental Costs—Fair values of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset or group of assets.

Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.

• Employee Benefit Plans—The employees supporting our operations are employees of Phillips 66 and its affiliates. Phillips 66 sponsors various employee pension and postretirement health insurance plans. For purposes of these consolidated financial statements, we are accounting for our participation in these benefit plans as multiemployer plans. We recognize as expense in each period an allocation from Phillips 66 for our share of payroll costs and employee benefit plan costs, and we do not recognize any employee benefit plan assets or liabilities. While we are accounting for our participation as multiemployer plans for the purposes of presenting these consolidated financial statements, those benefit plans are not technically multiemployer plans. Therefore, we have not included the disclosures required for multiemployer plans.

• Income Taxes—We follow the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Our taxable income was included in the consolidated U.S. federal income tax returns of Phillips 66 and in a number of consolidated state income tax returns. Subsequent to the Offering and the Gold Line/Medford Acquisition in respect of the Acquired Assets, our operations are treated as a partnership for federal and state income tax purposes, with each partner being separately taxed on its share of the taxable income. Therefore, we have excluded income taxes from these consolidated financial statements, except for the income tax provision resulting from state laws that apply to entities organized as partnerships. With regard to Texas, our tax provision is computed as if we were a stand-alone tax paying entity. Interest related to unrecognized tax benefits is included in interest and debt expense, and penalties are included in operating and maintenance expenses.

• Comprehensive Income—We have not reported comprehensive income due to the absence of items of other comprehensive income in the periods presented.

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• Unit-Based Compensation—The fair value of phantom unit awards granted to non-employee directors is based on the fair market value of Phillips 66 Partners LP common units on the date of grant. Our unit-based compensation expenses are recognized at the time of grant for phantom units since they vest immediately and are not forfeitable.

Note 3—Initial Public Offering

On July 23, 2013, the Partnership's common units began trading on the New York Stock Exchange under the symbol "PSXP." On July 26, 2013, the Partnership completed the Offering of 18,888,750 common units to the public at a price of $23.00 per unit, which included a 2,463,750 common unit over-allotment option that was fully exercised by the underwriters.

In exchange for the assets contributed to us, Phillips 66 received:

• 16,328,362 common units and 35,217,112 subordinated units, representing an aggregate 71.7 percent limited partner interest.

• All of the incentive distribution rights.

• 1,437,433 general partner units, representing a 2.0 percent general partner interest.

The Partnership received net proceeds of $404.4 million from the sale of the common units to the public, after deducting underwriting discounts and commissions, structuring fees and other offering costs of $30.0 million. The Partnership retained the net proceeds from the Offering for general partnership purposes, including potential future acquisitions from Phillips 66 and third parties, as well as potential future expansion capital expenditures. On March 1, 2014, the Partnership utilized $400 million of the proceeds from the Offering to partially fund the Gold Line/Medford Acquisition.

Note 4—Gold Line/Medford Acquisition

On February 13, 2014, we entered into the Contribution Agreement with subsidiaries of Phillips 66 to acquire the Gold Line/Medford assets from certain of those subsidiaries for total consideration of $700 million, consisting of $400 million in cash; the issuance of 3,530,595 common units of the Partnership to Phillips 66 Company and the issuance of 72,053 general partner units of the Partnership to our general partner to maintain its 2 percent general partner interest in the Partnership with an aggregate fair value of $140 million at February 13, 2014; and the assumption by the Partnership of a 5-year, $160 million note payable to a subsidiary of Phillips 66. The Gold Line/Medford Acquisition closed on February 28, 2014, with an effective date of March 1, 2014. Total transaction costs of $1.8 million associated with the Gold Line/Medford Acquisition were expensed as incurred. In connection with the Gold Line/Medford Acquisition, we entered into various commercial agreements with Phillips 66 and amended the omnibus agreement and the operational services agreement with Phillips 66. See Note 17—Related Party Transactions, for a summary of the terms of these agreements.

After this acquisition, Phillips 66 owns:

• 19,858,957 common units and 35,217,112 subordinated units, representing an aggregate 73.0 percent limited partner interest.

• All of the incentive distribution rights.

• 1,509,486 general partner units, representing a 2.0 percent general partner interest.

Because the Gold Line/Medford Acquisition was considered a transfer of businesses between entities under common control, the Acquired Assets were transferred at historical carrying value, which was $138 million as of February 28, 2014. Our historical financial statements have been retrospectively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets for all periods presented.

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The following tables present our results of operations and financial position giving effect to the Gold Line/Medford Acquisition. For each of the three years in the period ended December 31, 2013, and as of December 31, 2013 and 2012, the combined results of the Acquired Assets prior to the Gold Line/Medford Acquisition are included in "Acquired Assets Predecessor."

	Millions of Dollars
	Year Ended December 31, 2013
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	106.4	75.5	181.9
Transportation and terminaling services—third parties	0.2		4.9	5.1
Other income	0.2		—	0.2
Total revenues	106.8		80.4	187.2
Costs and Expenses
Operating and maintenance expenses	27.4		23.8	51.2
Depreciation	6.2		8.1	14.3
General and administrative expenses	10.0		6.5	16.5
Taxes other than income taxes	1.7		3.0	4.7
Interest and debt expense	0.3		—	0.3
Total costs and expenses	45.6		41.4	87.0
Income before income taxes	61.2		39.0	100.2
Provision for income taxes	0.5		—	0.5
Net Income	60.7		39.0	99.7
Less: Net income attributable to predecessors	31.8		39.0	70.8
Net Income Attributable to the Partnership	$	28.9	—	28.9

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	Millions of Dollars
	Year Ended December 31, 2012
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	79.7	62.1	141.8
Transportation and terminaling services—third parties	0.4		3.1	3.5
Total revenues	80.1		65.2	145.3
Costs and Expenses
Operating and maintenance expenses	22.9		29.5	52.4
Depreciation	6.6		7.0	13.6
General and administrative expenses	7.8		5.6	13.4
Taxes other than income taxes	1.4		3.0	4.4
Other expenses	—		0.1	0.1
Total costs and expenses	38.7		45.2	83.9
Income before income taxes	41.4		20.0	61.4
Provision for income taxes	0.3		—	0.3
Net Income	41.1		20.0	61.1
Less: Net income attributable to predecessors	41.1		20.0	61.1
Net Income Attributable to the Partnership	$	—	—	—

	Millions of Dollars
	Year Ended December 31, 2011
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	75.6	59.0	134.6
Transportation and terminaling services—third parties	0.4		4.8	5.2
Total revenues	76.0		63.8	139.8
Costs and Expenses
Operating and maintenance expenses	24.5		24.7	49.2
Depreciation	5.8		7.0	12.8
General and administrative expenses	5.6		4.5	10.1
Taxes other than income taxes	1.3		2.8	4.1
Other expenses	—		0.1	0.1
Total costs and expenses	37.2		39.1	76.3
Income before income taxes	38.8		24.7	63.5
Provision for income taxes	0.3		—	0.3
Net Income	38.5		24.7	63.2
Less: Net income attributable to predecessors	38.5		24.7	63.2
Net Income Attributable to the Partnership	$	—	—	—

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	Millions of Dollars
	As of December 31, 2013
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	425.1	—	425.1
Accounts receivable—related parties	11.3		—	11.3
Accounts receivable—third parties	0.1		0.5	0.6
Materials and supplies	0.6		1.4	2.0
Other current assets	2.3		—	2.3
Total Current Assets	439.4		1.9	441.3
Net properties, plants and equipment	135.9		135.3	271.2
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.4		—	6.4
Total Assets	$	584.2	137.2	721.4
Liabilities
Accounts payable—related parties	$	5.2	—	5.2
Accounts payable—third parties	3.0		5.0	8.0
Payroll and benefits payable	—		0.1	0.1
Accrued property and other taxes	1.0		1.3	2.3
Current portion of accrued environmental costs	—		2.0	2.0
Other current liabilities	0.4		—	0.4
Total Current Liabilities	9.6		8.4	18.0
Asset retirement obligations	0.4		2.0	2.4
Accrued environmental costs	—		1.4	1.4
Deferred income taxes	0.1		—	0.1
Total Liabilities	10.1		11.8	21.9
Equity
Net investment—predecessors	—		125.4	125.4
Common unitholders—public	409.1		—	409.1
Common unitholder—Phillips 66	48.6		—	48.6
Subordinated unitholder—Phillips 66	104.9		—	104.9
General partner—Phillips 66	11.5		—	11.5
Total Equity	574.1		125.4	699.5
Total Liabilities and Equity	$	584.2	137.2	721.4

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	Millions of Dollars
	As of December 31, 2012
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	—	—	—
Accounts receivable—related parties	—		0.3	0.3
Accounts receivable—third parties	0.2		0.3	0.5
Materials and supplies	0.3		1.4	1.7
Total Current Assets	0.5		2.0	2.5
Net properties, plants and equipment	135.8		113.0	248.8
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.1		—	6.1
Total Assets	$	144.9	115.0	259.9
Liabilities
Accounts payable—third parties	$	1.4	2.6	4.0
Payroll and benefits payable	0.2		0.1	0.3
Accrued property and other taxes	0.6		1.3	1.9
Current portion of accrued environmental costs	0.1		7.9	8.0
Other current liabilities	0.1		—	0.1
Total Current Liabilities	2.4		11.9	14.3
Asset retirement obligations	0.3		1.7	2.0
Accrued environmental costs	0.2		2.3	2.5
Total Liabilities	2.9		15.9	18.8
Net Investment
Net investment—predecessors	142.0		99.1	241.1
Total Liabilities and Net Investment	$	144.9	115.0	259.9

Note 5—Major Customer and Concentration of Credit Risk

Phillips 66 accounted for 94 percent, 95 percent and 94 percent of our total revenues for the years ended December 31, 2013, 2012 and 2011, respectively. We provide crude oil and refined petroleum product pipeline transportation, terminaling and storage services to Phillips 66 and other related parties.

We are potentially exposed to concentration of credit risk primarily through our accounts receivable with Phillips 66. These receivables have payment terms of 30 days or less. We monitor the creditworthiness of Phillips 66, which has an investment grade credit rating, and we have no history of collectability issues with them.

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Note 6—Properties, Plants and Equipment

Our investment in PP&E, with the associated accumulated depreciation, at December 31 was:

	Estimated Useful Lives	Millions of Dollars
		2013*			2012*
Cost:
Land	N/A	$	5.0		5.0
Buildings and improvements	3 to 30 years	15.6			14.1
Pipelines and related assets	10 to 45 years	150.7			149.3
Terminals and related assets	25 to 45 years	286.5			276.4
Construction-in-progress	N/A	43.0			19.8
Gross PP&E		500.8			464.6
Less: accumulated depreciation		(229.6		)	(215.8	)
Net PP&E		$	271.2		248.8

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

Note 7—Goodwill

Goodwill was allocated to us from Phillips 66 based on the relative fair market value of our net PP&E, compared with the fair market value of Phillips 66's reporting unit that included our net PP&E as of the date on which Phillips 66's purchase transaction that resulted in goodwill was completed. Goodwill is tested for impairment on an annual basis and when indicators of potential impairment exist. We have performed our annual impairment tests, and no impairment in the carrying value of goodwill has been identified for the years ended December 31, 2013, 2012 and 2011. Goodwill was $2.5 million as of December 31, 2013 and 2012.

Note 8—Asset Retirement Obligations and Accrued Environmental Costs

Asset retirement obligations and accrued environmental costs at December 31 were:

	Millions of Dollars
	2013*			2012*
Asset retirement obligations	$	2.4		2.0
Accrued environmental costs	3.4			10.5
Total asset retirement obligations and accrued environmental costs	5.8			12.5
Asset retirement obligations and accrued environmental costs due within one year	(2.0		)	(8.0	)
Long-term asset retirement obligations and accrued environmental costs	$	3.8		4.5

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Asset Retirement Obligations

We have asset removal obligations that we are required to perform under law or contract once an asset is permanently taken out of service. These obligations primarily relate to the abandonment or removal of pipeline. Most of these obligations are not expected to be paid until many years in the future.

During 2013 and 2012, our overall asset retirement obligations changed as follows:

	Millions of Dollars
	2013*		2012*
Balance at January 1	$	2.0	2.6
Accretion of discount	—		0.1
Changes in estimates of existing obligations	0.4		(0.7	)
Balance at December 31	$	2.4	2.0

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

We do not expect any short-term spending and, as a result, there were no current liabilities reported on the consolidated balance sheet for asset retirement obligations at December 31, 2013 and 2012.

Accrued Environmental Costs

Our Predecessors recorded a total environmental accrual of $3.4 million and $10.5 million at December 31, 2013 and 2012, respectively, primarily related to cleanup and remediation at pipeline and terminal locations. Pursuant to the terms of the amended omnibus agreement, Phillips 66 indemnifies us for the environmental liabilities associated with the assets contributed to us during the Offering arising prior to the closing of the Offering. Pursuant to the terms of the Contribution Agreement, Phillips 66 assumed the responsibility for accrued environmental liabilities associated with the Acquired Assets arising prior to their contribution to us. In the future, we may be involved in environmental assessments, cleanups and proceedings.

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Note 9—Net Income Per Limited Partner Unit

Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners' interest in net income attributable to the Partnership by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, and incentive distribution rights. Basic and diluted net income per unit are the same because we do not have any potentially dilutive units outstanding for the period presented.

	Millions of Dollars
	2013
Net income attributable to the Partnership	$	28.9
Less: General partner's distributions declared	0.5
Limited partners' distributions declared on common units	13.4
Limited partner's distributions declared on subordinated units	13.4
Distributions less than net income attributable to the Partnership	$	1.6

	2013
	General Partner		Limited Partners' Common Units		Limited Partner's Subordinated Units	Total
Net income attributable to the Partnership (millions):
Distributions declared	$	0.5	13.4		13.4	27.3
Distributions less than net income attributable to the Partnership	0.1		0.7		0.8	1.6
Net income attributable to the Partnership	$	0.6	14.1		14.2	28.9
Weighted average units outstanding:
Basic	1,437,433		35,217,112		35,217,112	71,871,657
Diluted	1,437,433		35,217,112		35,217,112	71,871,657
Net income per limited partner unit (dollars):
Basic			$	0.40	0.40
Diluted			0.40		0.40

On January 22, 2014, the Board of Directors of our general partner declared our quarterly cash distribution of $0.2248 per unit, or $16.2 million in total, for the fourth quarter of 2013. This distribution was paid on February 13, 2014, to unitholders of record as of February 4, 2014.

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Note 10—Debt

On June 7, 2013, we entered into a $250 million senior unsecured revolving credit agreement (Credit Agreement) with a syndicate of financial institutions, which became effective upon the closing of the Offering on July 26, 2013. We have the option to increase the overall capacity of the Credit Agreement by up to an additional $250 million, subject to, among other things, the consent of the existing lenders whose commitments would be increased or any additional lenders providing such additional capacity. The Credit Agreement has an initial five-year term beginning on the day we entered into the Credit Agreement, and we have the option to extend for two additional one-year terms, subject to certain conditions, including the consent of the lenders holding the majority of the commitments and each lender extending its individual commitment. The Credit Agreement includes sub-facilities for swingline loans and letters of credit.

Outstanding borrowings under the Credit Agreement will bear interest, at our option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the base rate (as described in the Credit Agreement) plus the applicable margin. The Credit Agreement also provides for customary fees, including administrative agent fees and commitment fees. Commitment fees began to accrue beginning on the date we entered into the Credit Agreement. Prior to our obtaining credit ratings, if ever, the pricing levels for the commitment fee and interest-rate margins will be based on our ratio of total debt to EBITDA (as described in the Credit Agreement) for the prior four fiscal quarters. After we obtain credit ratings, if ever, the pricing levels will be based on our credit ratings in effect from time to time. The Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default that we consider to be customary for an agreement of this type, including a covenant that requires us to maintain a ratio of total debt to EBITDA for the prior four fiscal quarters of not greater than 5.0 to 1.0 as of the last day of each fiscal quarter (5.5 to 1.0 during the specified period following certain acquisitions). If an event of default occurs under the Credit Agreement and is continuing, the lenders may terminate their commitments and declare the amount of all outstanding borrowings, together with accrued interest and all fees, to be immediately due and payable. Among other things and until such time as we have an investment grade rating, we would not be able to make any cash distributions to our unitholders for so long as an event of default is continuing. As of December 31, 2013, no amount had been drawn under the Credit Agreement.

Note 11—Contingencies

From time to time, lawsuits involving a variety of claims that arise in the ordinary course of business may be filed against us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include any contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Environmental

We are subject to federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management's best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites,

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other companies' cleanup experience, and data released by the U.S. Environmental Protection Agency or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. See Note 8—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities.

Legal Proceedings

Under our amended omnibus agreement, Phillips 66 provides certain services for our benefit, including legal support services, and we pay an operational and administrative support fee for these services. Phillips 66's legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. The process facilitates the early evaluation and quantification of potential exposures in individual cases and enables tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, Phillips 66's legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. As of December 31, 2013, we did not have any accrued contingent liabilities.

Indemnification

Under our amended omnibus agreement, Phillips 66 will indemnify us for certain environmental liabilities, tax liabilities, and litigation and other matters attributable to the ownership or operation of the assets contributed to us in connection with the Offering (the Initial Assets) and which arose prior to the closing of the Offering. Indemnification for any unknown environmental liabilities is limited to liabilities due to occurrences prior to the closing of the Offering and that are identified before the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.1 million before we are entitled to indemnification. Indemnification for litigation matters (other than currently pending legal actions) is subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. Phillips 66 will also indemnify us for failure to obtain certain consents, licenses and permits necessary to conduct our business, including the cost of curing any such condition, in each case that is identified prior to the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. We have agreed to indemnify Phillips 66 for events and conditions associated with the ownership or operation of the Initial Assets that occur on or after the closing of the Offering and for certain environmental liabilities related to the Initial Assets to the extent Phillips 66 is not required to indemnify us.

Excluded Liabilities of the Acquired Assets

Pursuant to the terms of the Contribution Agreement, Phillips 66 assumed the responsibility for any liabilities arising out of or attributable to the ownership or operation of the Acquired Assets, or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, prior to the Effective Date, including the liabilities associated with the construction costs of the Medford spheres. We have assumed, and have agreed to pay, discharge and perform as and when due, all liabilities arising out of or attributable to the ownership or operation of the Acquired Assets, or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, from and after the Effective Date.

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Note 12—Leases

In connection with the Offering, we entered into certain transportation services agreements, terminal services agreements and storage services agreements with Phillips 66 that are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. These agreements include escalation clauses to adjust transportation tariffs and terminaling fees to reflect changes in price indices. Revenues from these agreements are recorded within "Transportation and terminaling services—related parties" on our consolidated statement of income.

As of December 31, 2013, future minimum payments to be received related to these agreements were estimated to be:

	Millions of Dollars
2014	$	95.5
2015	95.5
2016	95.7
2017	95.5
2018	76.8
2019 and thereafter	350.4
Total	$	809.4

In connection with the Gold Line/Medford Acquisition, we entered into certain transportation services agreements, terminal services agreements and storage services agreements with Phillips 66, effective March 1, 2014, which are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. Total future minimum payments to be received related to these agreements were estimated to be $712.4 million.

Note 13—Employee Benefit Plans

Employees of Phillips 66 who directly or indirectly support our operations participate in the pension, postretirement health insurance, and defined contribution benefit plans sponsored by Phillips 66, which includes other subsidiaries of Phillips 66. Costs associated with benefit plans include the cost allocated to us from Phillips 66's transportation organization and Phillips 66's employees who are fully dedicated to supporting our business. Prior to the completion of the Offering, our share of these costs was primarily the cost allocated to our Predecessors from Phillips 66's transportation organization. Subsequent to the completion of the Offering and prior to the Gold Line/Medford Acquisition, our share of these costs consisted of the cost allocated to the Acquired Assets from Phillips 66's transportation organization and the cost of Phillips 66's employees who are fully dedicated to supporting our business. Our share of pension and postretirement costs was $2.0 million, $2.5 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Our share of defined contribution benefit plan costs was $0.9 million, $2.0 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

These costs are included in either "General and administrative expenses" or "Operating and maintenance expenses" on our consolidated statement of income, depending on the nature of the employee's role in our operations.

Note 14—Unit-Based Compensation

The Board of Directors of our general partner adopted the Phillips 66 Partners LP 2013 Incentive Compensation Plan (the ICP) in the third quarter of 2013.  Awards under the ICP are available for officers, directors and employees of the general partner or its affiliates, and any consultants or other individuals who perform services for the Partnership.  The ICP allows for the grant of unit awards, restricted units, phantom units, unit options, unit appreciation rights, distribution

21

equivalent rights, profits interest units and other unit-based awards.  The ICP limits the number of common units that may be delivered pursuant to awards to 2,500,000, subject to proportionate adjustment in the event of unit splits and similar events.

Through December 31, 2013, we issued only phantom units under the ICP.  A phantom unit entitles the recipient to receive cash equal to the fair market value of a common unit on the settlement date, and to also receive a distribution equivalent each quarter between the grant date and the settlement date in an amount of cash equal to any cash distributions paid on a common unit during that time.  In September 2013, we granted 2,171 phantom units to three non-employee directors of the general partner of Phillips 66 Partners. Phantom units granted to non-employee directors vest immediately on the grant date, because they are non-forfeitable.  These phantom units do not convey voting rights.

Note 15—Income Taxes

We are not a taxable entity for U.S. federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income generally are borne by our partners through the allocation of taxable income. Our income tax provision results from state laws that apply to entities organized as partnerships, primarily Texas and Illinois.

Income taxes charged to income were:

	Millions of Dollars
	2013		2012	2011
Current	$	0.4	0.3	0.3
Deferred	0.1		—	—
Total	$	0.5	0.3	0.3

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. At December 31, 2013, we had a deferred tax liability of $0.1 million primarily related to PP&E and deferred rentals. Our effective tax rate was 0.5 percent for each of the years ended December 31, 2013, 2012 and 2011.

As of December 31, 2013, we had no liability reported for unrecognized tax benefits and we did not have any interest or penalties related to income taxes for the years ended December 31, 2013, 2012 and 2011. Texas and Illinois tax returns for 2013 are subject to examination.

Note 16—Cash Flow Information

	Millions of Dollars
	2013		2012	2011
Cash Payments
Interest and debt expense	$	0.3	—	—
Income taxes*	—		—	—

*Excludes our share of cash tax payments made directly by Phillips 66 prior to the Offering on July 26, 2013, and the Gold Line/Medford Acquisition in respect of the Acquired Assets.

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Note 17—Related Party Transactions

Commercial Agreements

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into multiple transportation services agreements and terminal services agreements with Phillips 66 and amended an existing transportation services agreement with Phillips 66. Under these long-term, fee-based agreements, we provide transportation, terminaling and storage services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil and refined petroleum products.

These agreements with Phillips 66 include:

• A 10-year transportation services agreement under which we charge Phillips 66 for transporting crude oil on our Clifton Ridge to Lake Charles refinery pipeline, our Pecan Grove to Clifton Ridge pipeline and our Shell to Clifton Ridge pipeline.

• A 10-year transportation services agreement under which we charge Phillips 66 for transporting diesel, gasoline and other refined petroleum products on our two60-mile Sweeny to Pasadena pipelines.

• A 23-year throughput and deficiency agreement under which we charge Phillips 66 for transporting gasoline, diesel, jet fuel and other refined petroleum products on our Wood River to Hartford pipeline and our Hartford to Explorer pipeline.

• A 10-year transportation services agreement, effective March 1, 2014, under which we charge Phillips 66 for transporting refined petroleum products along four routes on the Gold Line products system.

• A 5-year terminal services agreement under which we charge Phillips 66 for offloading ships and barges at our Clifton Ridge ship dock and Pecan Grove barge dock and for unloading trucks and storing crude oil at our Clifton Ridge terminal.

• A 5-year terminal services agreement under which we charge Phillips 66 for providing terminaling services at our Pasadena and Hartford terminals and at our Hartford barge dock.

• A 5-year terminal services agreement, effective March 1, 2014, under which we charge Phillips 66 for receiving refined petroleum products, handling and storing such refined petroleum products, and delivering such refined petroleum products into pipelines and transport trucks at our terminals located in Wichita, Kansas; Kansas City, Kansas; Paola, Kansas; Jefferson City, Missouri; and Cahokia, Illinois.

Other than our Hartford Connector throughput and deficiency agreement (Hartford Connector T&D), each of our transportation services agreements includes a 10-year initial term, and Phillips 66 has the option to renew each agreement for up to one or two additional 5-year terms. Our Hartford Connector T&D, which was amended in connection with the Offering, has a 23-year term that began in January 2008 and will expire on December 31, 2030. Each of our terminal services agreements includes a 5-year initial term, and Phillips 66 has the option to renew each agreement for up to two or three additional 5-year terms.

Under each of our transportation services agreements, if Phillips 66 fails to transport its minimum throughput volume during any quarter, then Phillips 66 will pay us a deficiency payment based on the calculation described in the agreement. If the minimum capacity of the pipeline(s) falls below the level of Phillips 66's commitment at any time (other than outages caused by our planned maintenance) or if capacity on the pipeline(s) is required to be allocated among shippers as a result of volume nominations exceeding available capacity, Phillips 66's minimum throughput commitment may be proportionately reduced until such time that the available capacity is sufficient to fulfill Phillips 66's minimum volume commitments. We may elect to adjust our tariffs on an annual basis, and the new tariffs become effective on July 1 of each year. For the transportation services agreement for the Gold Line products system, we may elect to adjust our tariff beginning July 1, 2015. Under each of our transportation services agreements other than our Hartford Connector T&D, if we agree to make any expenditures at Phillips 66's request, Phillips 66 will reimburse us for, or we will have the right under certain circumstances to file for an increased tariff rate to recover, the actual amount we incur for such expenditures.

23

Under our terminal services agreements, Phillips 66 is obligated to throughput or store minimum volumes of crude oil and refined petroleum products and pay us terminaling fees, as well as fees for providing related ancillary services (such as ethanol and biodiesel blending and additive injection) at our terminals. If Phillips 66 fails to meet its minimum volume commitments on certain terminaling services during any quarter, then Phillips 66 will pay us a deficiency payment based on the calculation described in each agreement. We may adjust our per-barrel fees annually on January 1 of each year.

These transportation services and terminal services agreements include provisions that permit Phillips 66 to suspend, reduce or terminate its obligations under the applicable agreement if certain events occur. Under all of our commercial agreements other than our Hartford Connector T&D, these events include Phillips 66 deciding to completely suspend refining operations at a refinery that is supported by our assets for at least twelve consecutive months, unless it publicly announces its intent to resume those operations prior to the expiration of the 12-month notice period. Under all of our commercial agreements, these events also include certain force majeure events that would prevent us or Phillips 66 from performing our respective obligations under the applicable agreement.

In connection with the Offering, we entered into two storage and stevedoring services agreements with Phillips 66. Under these agreements, we provide Phillips 66 certain storage, stevedoring, sampling and testing services and such other services as we and Phillips 66 may mutually agree upon from time to time, and Phillips 66 commits to provide us with minimum storage volumes of lubricant base stocks at our Hartford and Pecan Grove terminals.

In connection with the Offering, we also entered into naphtha storage services agreements with WRB Refining LP and Phillips 66. Under these agreements, we will provide certain storage, sampling and testing services and such other services as we and WRB or Phillips 66, as applicable, may mutually agree upon from time to time, and WRB and Phillips 66 commit to provide us with minimum storage volumes of naphtha at our Hartford terminal.

In connection with the Gold Line/Medford Acquisition, we entered into several storage services agreements and one origination services agreement with Phillips 66, which became effective March 1, 2014, including:

• A storage services agreement (storage on the Gold Line products system). Pursuant to this agreement, we charge fees to Phillips 66 for storing certain identified petroleum products in storage tanks located in Wichita, Kansas; Kansas City, Kansas; and Cahokia, Illinois. The fees payable by Phillips 66 to us are subject to adjustment each year beginning on January 1, 2015, based on the Producer Price Index (PPI) for finished goods. This agreement has a primary term of 5 years and automatically extends for up to two additional 5-year periods, unless terminated by either party.

• A storage services agreement (storage at the Medford spheres). Pursuant to this agreement, we charge fees to Phillips 66 for receiving and storing natural gas liquids (NGL) and refinery-grade propylene in the Medford spheres. The fees payable by Phillips 66 to us are subject to adjustment each year beginning January 1, 2015, based on the PPI for finished goods. This agreement has a primary term of 10 years and automatically extends for up to two additional 5-year periods unless terminated by either party.

• An origination services agreement. Pursuant to this agreement, Phillips 66 charges fees to us for the provision of certain operational services by Phillips 66 to us in connection with the origination of petroleum products movements on the Gold Line products system. The monthly fee payable by us to Phillips 66 is $110,000 and is subject to adjustment each year beginning in 2016 based on the PPI for finished goods. This agreement has a primary term of 10 years and automatically extends for successive 5-year renewal terms, unless terminated by either party.

With respect to periods prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our Predecessors were part of the consolidated operations of Phillips 66, and substantially all of our Predecessors' revenues were derived from transactions with Phillips 66 and its affiliates. The contractual rates used for these revenue transactions may be materially different than rates we might have received had they been transacted with third parties. With effect from the Offering and the Gold Line/Medford Acquisition, we entered into several agreements with Phillips 66 as discussed above, under which Phillips 66 pays us fees for transporting, terminaling and storing crude oil and refined products.

24

Amended Operational Services Agreement

In connection with the Offering, we entered into an operational services agreement with Phillips 66. Under this agreement, we reimburse Phillips 66 for providing certain operational services to us in support of our pipelines, terminaling and storage facilities. These services include routine and emergency maintenance and repair services, routine operational activities, routine administrative services, construction and related services and such other services as we and Phillips 66 may mutually agree upon from time to time. The agreement has an initial term of five years and will continue in full force and effect thereafter unless terminated by either party. In connection with the Gold Line/Medford Acquisition, we entered into the first amendment to the operational services agreement with Phillips 66. Pursuant to this amendment, the services provided to us by Phillips 66 under the operational services agreement are also provided in support of the Acquired Assets.

Amended Omnibus Agreement

In connection with the Offering, we entered into an omnibus agreement with Phillips 66, certain of its subsidiaries and our general partner. This agreement addresses our payment of an annual operating and administrative support fee and our obligation to reimburse Phillips 66 for all other direct or allocated costs and expenses incurred by Phillips 66 in providing general and administrative services. It also addresses our right of first offer to acquire Phillips 66's direct one-third equity interest in each of DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC. Additionally, the omnibus agreement addresses Phillips 66's indemnification to us and our indemnification to Phillips 66 for certain environmental and other liabilities related to the Initial Assets, and the prefunding of certain projects by Phillips 66. Further, it addresses the granting of a license from Phillips 66 to us with respect to the use of certain Phillips 66 trademarks. In connection with the Gold Line/Medford Acquisition, we entered into the first amendment to the omnibus agreement with Phillips 66. Pursuant to this amendment, Phillips 66 provides for additional services to us in connection with the Acquired Assets, and the monthly operational and administrative support fee payable by us to Phillips 66 increased from $1,144,000 to $2,302,300, as of the Effective Date.

Tax Sharing Agreement

In connection with the Offering, we entered into a tax sharing agreement with Phillips 66 pursuant to which we will reimburse Phillips 66 for our share of state and local income and other taxes incurred by Phillips 66 as a result of our results of operations being included in a combined or consolidated tax return filed by Phillips 66 with respect to taxable periods including or beginning on the closing date of the Offering. The amount of any such reimbursement will be limited to the tax that we (and our subsidiaries) would have paid had we not been included in a combined group with Phillips 66. Phillips 66 may use its tax attributes to cause its combined or consolidated group, of which we may be a member for this purpose, to owe no tax. However, we would nevertheless reimburse Phillips 66 for the tax we would have owed had the attributes not been available or used for our benefit, even though Phillips 66 had no cash expense for that period.

Related Party Transactions

Significant related-party transactions included in general and administrative expenses and operating and maintenance expenses were:

	Millions of Dollars
	2013*		2012*	2011*
General and administrative expenses	$	16.4	13.4	10.1
Operating and maintenance expenses	24.2		22.4	20.2
Total	$	40.6	35.8	30.3

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

Our management believes the charges allocated to our Predecessors were a reasonable reflection of the utilization of services provided. However, those allocations may not have fully reflected the expenses that would have been incurred had we been a stand-alone publicly traded partnership for the periods prior to the Offering or the Gold Line/Medford Acquisition.

25

Subsequent to the Offering, we pay Phillips 66 a monthly operational and administrative support fee under the terms of our amended omnibus agreement, initially in the amount of $1.1 million from July 26, 2013, through February 28, 2014, and $2.3 million beginning March 1, 2014. The operational and administrative support fee is for the provision of certain services, including: executive services; financial and administrative services (including treasury and accounting); information technology; legal services; corporate health, safety and environmental services; facility services; human resources services; procurement services; corporate engineering services, including asset integrity and regulatory services; logistical services; asset oversight, such as operational management and supervision; business development services; investor relations; tax matters; and public company reporting services. We also reimburse Phillips 66 for all other direct or allocated costs incurred on behalf of us, pursuant to the terms in our amended omnibus agreement. Under our amended operational services agreement, we reimburse Phillips 66 for the provision of certain operational services to us in support of our pipelines and terminaling and storage facilities. Additionally, we pay Phillips 66 for insurance services provided to us. Operating and maintenance expenses also included volumetric gain/loss associated with volumes transported by Phillips 66. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the functional nature of the services being performed for our operations.

Note 18—Quarterly Financial Data (Unaudited)

	Millions of Dollars						Per Common Unit
	Total Revenues		Income Before Income Taxes	Net Income	Net Income Attributable to the Partnership	Limited Partners' Interest in Net Income Attributable to the Partnership	Net Income Attributable to the Partnership
							Basic and Diluted
2013*
First	$	42.3	23.0	22.9	**	**	**
Second	45.3		24.1	24.0	**	**	**
Third	50.5		27.8	27.6	11.9	11.7	0.17
Fourth	49.1		25.3	25.2	17.0	16.6	0.24
2012*
First	$	37.2	17.6	17.5	**	**	**
Second	35.3		10.6	10.5	**	**	**
Third	36.9		18.5	18.4	**	**	**
Fourth	35.9		14.7	14.7	**	**	**

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

**Information is not applicable for the periods prior to the Offering.

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Note 19—New Accounting Standards

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the definition of discontinued operations so that only disposals of components of an entity representing major strategic shifts that have a major effect on an entity's operations and financial results will qualify for discontinued operations reporting. The ASU also requires additional disclosures about discontinued operations and individually material disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective January 1, 2015, and earlier application is permitted, but only for disposals not previously reported in the financial statements. We are currently evaluating the provisions of ASU 2014-08 and assessing the impact, if any, it may have on our financial position and results of operations. Our initial assessment is that this ASU will result in fewer dispositions qualifying for discontinued operations reporting.

Note 20—Subsequent Events

Related-Party Note Payable

In connection with the Gold Line/Medford Acquisition, on March 1, 2014, we entered into an Assignment, Assumption and Modification of Note (the Assumption Agreement) with certain subsidiaries of Phillips 66. Pursuant to the Assumption Agreement, we assumed a 5-year, $160 million note payable to a subsidiary of Phillips 66 that bears interest at a fixed rate of 3 percent per annum. Interest on the note is payable quarterly, and all principal and accrued interest are due and payable at maturity on February 28, 2019.

Cash Distribution

On April 23, 2014, the Board of Directors of our general partner declared our first quarter cash distribution of $0.2743 per limited partner unit which, combined with distributions to our general partner, resulted in total distributions of $21.1 million for the first quarter of 2014. This distribution was paid May 13, 2014, to unitholders of record as of May 5, 2014.

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XML

Initial Public Offering (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified					1 Months Ended		1 Months Ended				1 Months Ended
	Dec. 31, 2013		Jul. 24, 2013	Dec. 31, 2012	Jul. 27, 2013 Phillips 66 [Member]	Jul. 24, 2013 Phillips 66 [Member]	Jul. 27, 2013 Phillips 66 [Member]	Jul. 27, 2013 Common Units [Member]	Jul. 24, 2013 Common Units [Member] Phillips 66 [Member]	Jul. 24, 2013 Subordinated Units [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Gold Line Products System and Medford Spheres [Member] Phillips 66 [Member]
Initial Public Offering and Summary of Partnership Ownership
Initial public offering of common units (including over-allotment option), number of units								18,888,750
Initial public offering price per unit								$ 23.00
Common unit over-allotment option fully exercised by the underwriters, number of units								2,463,750
Number of common units Phillips 66 received in exchange for the Contributed Assets, units									16,328,362	35,217,112
Phillips 66's limited partner ownership interest, percentage							71.70%					73.00%
Number of general partner units Phillips 66 received in exchange for the Contributed Assets, units	1,437,433	[1]				1,437,433
Phillips 66's general partner ownership interest, percentage					2.00%						2.00%
Net proceeds from sale of common units to the public								$ 404.4
Underwriting discounts and commissions, structuring fees and other offering costs			30.0
Business Combinations [Abstract]
Proceeds from Offering utilized to partially fund the Gold Line/Medford Acquisition													$ 400

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

XML

Employee Benefit Plans (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012 Predecessor [Member]	Dec. 31, 2011 Predecessor [Member]
Pension and postretirement costs	$ 2.0	$ 2.5	$ 2.5
Defined contribution benefit plan costs	$ 0.9	$ 2.0	$ 0.6

XML

Net Income Per Limited Partner Unit (Schedule of Net Income By Class of Participating Securities) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended				5 Months Ended		6 Months Ended	12 Months Ended		3 Months Ended				5 Months Ended		12 Months Ended		5 Months Ended	6 Months Ended	5 Months Ended	6 Months Ended	5 Months Ended	6 Months Ended	1 Months Ended	4 Months Ended	5 Months Ended		12 Months Ended		5 Months Ended		12 Months Ended
	Dec. 31, 2013		Sep. 30, 2013		Dec. 31, 2013		Jan. 22, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Common Units [Member]		Sep. 30, 2013 Common Units [Member]		Dec. 31, 2013 Common Units [Member]		Dec. 31, 2012 Common Units [Member]	Dec. 31, 2011 Common Units [Member]	Dec. 31, 2013 General Partner [Member]	Jan. 22, 2014 General Partner [Member]	Dec. 31, 2013 Limited Partner [Member] Common Units [Member]	Jan. 22, 2014 Limited Partner [Member] Common Units [Member]	Dec. 31, 2013 Limited Partner [Member] Subordinated Units [Member]	Jan. 22, 2014 Limited Partner [Member] Subordinated Units [Member]	Jan. 22, 2014 Subsequent Event [Member]	Apr. 23, 2014 Subsequent Event [Member]	Dec. 31, 2013 Non-public [Member] Common Units [Member] Phillips 66 [Member]		Dec. 31, 2012 Non-public [Member] Common Units [Member] Phillips 66 [Member]	Dec. 31, 2011 Non-public [Member] Common Units [Member] Phillips 66 [Member]	Dec. 31, 2013 Non-public [Member] Subordinated Units [Member] Phillips 66 [Member]		Dec. 31, 2012 Non-public [Member] Subordinated Units [Member] Phillips 66 [Member]	Dec. 31, 2011 Non-public [Member] Subordinated Units [Member] Phillips 66 [Member]
Partners' Capital [Abstract]
Net income attributable to the Partnership	$ 17.0	[1]	$ 11.9	[1]	$ 28.9	[1]								$ 14.1				$ 0.6								$ 6.5				$ 14.2
Distributions declared					11.1	[1]	27.3											0.2	0.5		13.4		13.4	16.2	21.1	2.5				5.5
Distributions less than net income attributable to the Partnership					$ 1.6													$ 0.1		$ 0.7		$ 0.8
Weighted average units outstanding, general partner, basic					1,437,433
Weighted average units outstanding, limited partner, basic														35,217,112												16,328,000	[1]			35,217,112	[1]
Weighted average units outstanding, basic					71,871,657
Weighted average units outstanding, general partner, diluted					1,437,433
Weighted average units outstanding, limited partner, diluted														35,217,112												16,328,000	[1]			35,217,112	[1]
Weighted average units outstanding, diluted					71,871,657
Net income per limited partner unit, basic										$ 0.24	[1]	$ 0.17	[1]	$ 0.40	[1]															$ 0.40	[1]
Net income per limited partner unit, diluted												$ 0.17	[1]	$ 0.40	[1]															$ 0.40	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

XML

Unit-Based Compensation (Narrative) (Details)	1 Months Ended
	Sep. 30, 2013 director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-employee directors	3
Phillips 66 Partners LP 2013 Incentive Compensation Plan [Member] | Phantom Units [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of phantom units granted	2,171
Phillips 66 Partners LP 2013 Incentive Compensation Plan [Member] | Common Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common units that may be delivered under the ICP Plan	2,500,000

XML

Assets Retirement Obligations and Accrued Environmental Costs Asset Retirement Obligations and Accrued Environmental Costs (Schedule of Change in Asset Retirement Obligation) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012 Predecessor [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1			$ 2.6	[1]
Accretion of discount		[1]	0.1	[1]
Changes in estimates of existing obligations	0.4	[1]	(0.7)	[1]
Balance at December 31	$ 2.4	[1]	$ 2.0	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

XML

Leases (Tables)

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Schedule of Esimated Future Minimum Rental Income

As of December 31, 2013, future minimum payments to be received related to these agreements were estimated to be:

	Millions of Dollars
2014	$	95.5
2015	95.5
2016	95.7
2017	95.5
2018	76.8
2019 and thereafter	350.4
Total	$	809.4

In connection with the Gold Line/Medford Acquisition, we entered into certain transportation services agreements, terminal services agreements and storage services agreements with Phillips 66, effective March 1, 2014, which are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. Total future minimum payments to be received related to these agreements were estimated to be $712.4 million.

XML

Income Taxes (Narrative) (Details) (USD $)	12 Months Ended				12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2012 Predecessor [Member]	Dec. 31, 2011 Predecessor [Member]
Deferred tax liability	$ 100,000	[1]		[1]
Effective tax rate, percentage	0.50%				0.50%	0.50%
Unrecognized tax benefits	$ 0

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

XML

New Accounting Standards

12 Months Ended

Dec. 31, 2013

New Accounting Standards [Abstract]

New Accounting Standards

New Accounting Standards

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the definition of discontinued operations so that only disposals of components of an entity representing major strategic shifts that have a major effect on an entity's operations and financial results will qualify for discontinued operations reporting. The ASU also requires additional disclosures about discontinued operations and individually material disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective January 1, 2015, and earlier application is permitted, but only for disposals not previously reported in the financial statements. We are currently evaluating the provisions of ASU 2014-08 and assessing the impact, if any, it may have on our financial position and results of operations. Our initial assessment is that this ASU will result in fewer dispositions qualifying for discontinued operations reporting.

XML

Debt (Narrative) (Details) (Revolving Credit Agreement [Member], USD $)	Dec. 31, 2013	Jul. 24, 2013
Credit Agreement
Revolving credit agreement borrowing capacity		$ 250,000,000
Amount drawn under credit agreement facility	0
Maximum [Member]
Credit Agreement
Amount by which the revolving credit agreement borrowing capacity may be increased		$ 250,000,000
Number or renewals available to extend the term of the credit agreement		2
Ratio of total debt to EBITDA, maximum ratio		5.0
Ratio of total debt to EBITDA following specified period of certain acquisitions, maximum ratio		5.5

XML

Major Customer and Concentration of Credit Risk (Narrative)(Details) (Phillips 66 [Member], Sales Revenue, Services, Net [Member], Customer Concentration Risk [Member])	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012 Predecessor [Member]	Dec. 31, 2011 Predecessor [Member]
Concentration Risk [Line Items]
Phillips 66, Concentration Risk, Percentage	94.00%	95.00%	94.00%

XML

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

Quarterly Financial Data (Unaudited)

	Millions of Dollars						Per Common Unit
	Total Revenues		Income Before Income Taxes	Net Income	Net Income Attributable to the Partnership	Limited Partners' Interest in Net Income Attributable to the Partnership	Net Income Attributable to the Partnership
							Basic and Diluted
2013*
First	$	42.3	23.0	22.9	**	**	**
Second	45.3		24.1	24.0	**	**	**
Third	50.5		27.8	27.6	11.9	11.7	0.17
Fourth	49.1		25.3	25.2	17.0	16.6	0.24
2012*
First	$	37.2	17.6	17.5	**	**	**
Second	35.3		10.6	10.5	**	**	**
Third	36.9		18.5	18.4	**	**	**
Fourth	35.9		14.7	14.7	**	**	**

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

**Information is not applicable for the periods prior to the Offering.

XML

Leases (Schedule of Future Minimum Operating Lease Income) (Details) (Phillips 66 [Member], Phillips 66 [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Phillips 66 [Member] | Phillips 66 [Member]
Future Minimum Payments to be Received
2014	$ 95.5
2015	95.5
2016	95.7
2017	95.5
2018	76.8
2019 and thereafter	350.4
Total	$ 809.4

XML

Quarterly Financial Data (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended				5 Months Ended		12 Months Ended				3 Months Ended												12 Months Ended				3 Months Ended				5 Months Ended		12 Months Ended
	Dec. 31, 2013		Sep. 30, 2013		Dec. 31, 2013		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2013 Predecessor [Member]		Mar. 31, 2013 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member]		Sep. 30, 2012 Predecessor [Member]		Jun. 30, 2012 Predecessor [Member]		Mar. 31, 2012 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2011 Predecessor [Member]		Dec. 31, 2013 Common Units [Member]		Sep. 30, 2013 Common Units [Member]		Dec. 31, 2013 Common Units [Member]		Dec. 31, 2012 Common Units [Member]	Dec. 31, 2011 Common Units [Member]
Total Revenues	$ 49.1	[1]	$ 50.5	[1]			$ 187.2	[1]			$ 45.3	[1]	$ 42.3	[1]	$ 35.9	[1]	$ 36.9	[1]	$ 35.3	[1]	$ 37.2	[1]	$ 145.3	[1]	$ 139.8	[1]
Income Before Income Taxes	25.3	[1]	27.8	[1]			100.2	[1]			24.1	[1]	23.0	[1]	14.7	[1]	18.5	[1]	10.6	[1]	17.6	[1]	61.4	[1]	63.5	[1]
Net income	25.2	[1]	27.6	[1]			99.7	[1]			24.0	[1]	22.9	[1]	14.7	[1]	18.4	[1]	10.5	[1]	17.5	[1]	61.1	[1]	63.2	[1]
Net Income Attributable to the Partnership	17.0	[1]	11.9	[1]	28.9	[1]																									14.1
Limited Partners' Interest in Net Income Attributable to the Partnership	$ 16.6	[1]	$ 11.7	[1]	$ 28.3	[1]
Net income per limited partner unit, basic																											$ 0.24	[1]	$ 0.17	[1]	$ 0.40	[1]
Net income per limited partner unit, diluted																													$ 0.17	[1]	$ 0.40	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

XML

Assets Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current asset retirement obligations	$ 0
Accrued environmental costs	3,400,000
Predecessor [Member]
Current asset retirement obligations		0
Accrued environmental costs	$ 3,400,000	$ 10,500,000

XML

Initial Public Offering

12 Months Ended

Dec. 31, 2013

Initial Public Offering [Abstract]

Initial Public Offering

Initial Public Offering

On July 23, 2013, the Partnership's common units began trading on the New York Stock Exchange under the symbol "PSXP." On July 26, 2013, the Partnership completed the Offering of 18,888,750 common units to the public at a price of $23.00 per unit, which included a 2,463,750 common unit over-allotment option that was fully exercised by the underwriters.

In exchange for the assets contributed to us, Phillips 66 received:

• 16,328,362 common units and 35,217,112 subordinated units, representing an aggregate 71.7 percent limited partner interest.

• All of the incentive distribution rights.

• 1,437,433 general partner units, representing a 2.0 percent general partner interest.

The Partnership received net proceeds of $404.4 million from the sale of the common units to the public, after deducting underwriting discounts and commissions, structuring fees and other offering costs of $30.0 million. The Partnership retained the net proceeds from the Offering for general partnership purposes, including potential future acquisitions from Phillips 66 and third parties, as well as potential future expansion capital expenditures. On March 1, 2014, the Partnership utilized $400 million of the proceeds from the Offering to partially fund the Gold Line/Medford Acquisition.

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Subsequent Events (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	5 Months Ended		6 Months Ended	0 Months Ended	1 Months Ended	4 Months Ended	1 Months Ended		0 Months Ended		0 Months Ended
	Dec. 31, 2013		Jan. 22, 2014	May 13, 2014 Subsequent Event [Member]	Jan. 22, 2014 Subsequent Event [Member]	Apr. 23, 2014 Subsequent Event [Member]	Mar. 31, 2014 Subsequent Event [Member] Note Payable, 160 million US, 5-year, 3 percent [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] Assignment, Assumption and Modification of Note (the Assumption Agreement) [Member]	Mar. 01, 2014 Subsequent Event [Member] Note Payable, 160 million US, 5-year, 3 percent [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] Assignment, Assumption and Modification of Note (the Assumption Agreement) [Member]	Feb. 13, 2014 Cash Distribution [Member]	Dec. 31, 2013 Cash Distribution [Member]	May 13, 2014 Cash Distribution [Member] Subsequent Event [Member]	Feb. 13, 2014 Cash Distribution [Member] Subsequent Event [Member]
Note payable to a subsidiary of Phillips 66							$ 160
Per annum interest rate of note payable, percent								3.00%
First quarter cash distribution declared, per unit					$ 0.2248	$ 0.2743				$ 0.1548
Distributions declared in total	11.1	[1]	27.3		16.2	21.1
Distribution paid, per unit											$ 0.2743	$ 0.2248
Total distribution paid				$ 21.1					$ 16.2

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Properties, Plants and Equipment (Summary of Properties, Plants and Equipment)(Details) (USD $) In Millions, unless otherwise specified																									12 Months Ended
	Dec. 31, 2013		Dec. 31, 2013 Land [Member]		Dec. 31, 2013 Building and Improvements [Member]		Dec. 31, 2013 Pipelines and Related Assets [Member]		Dec. 31, 2013 Terminals and storage facilities [Member]		Dec. 31, 2013 Construction in Progress [Member]		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member] Land [Member]		Dec. 31, 2012 Predecessor [Member] Building and Improvements [Member]		Dec. 31, 2012 Predecessor [Member] Pipelines and Related Assets [Member]		Dec. 31, 2012 Predecessor [Member] Terminals and storage facilities [Member]		Dec. 31, 2012 Predecessor [Member] Construction in Progress [Member]		Dec. 31, 2013 Minimum [Member] Building and Improvements [Member]	Dec. 31, 2013 Minimum [Member] Pipelines and Related Assets [Member]	Dec. 31, 2013 Minimum [Member] Terminals and storage facilities [Member]	Dec. 31, 2013 Maximum [Member] Building and Improvements [Member]	Dec. 31, 2013 Maximum [Member] Pipelines and Related Assets [Member]	Dec. 31, 2013 Maximum [Member] Terminals and storage facilities [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives																									3 years	10 years	25 years	30 years	45 years	45 years
Gross PP&E	$ 500.8	[1]	$ 5.0	[1]	$ 15.6	[1]	$ 150.7	[1]	$ 286.5	[1]	$ 43.0	[1]	$ 464.6	[1]	$ 5.0	[1]	$ 14.1	[1]	$ 149.3	[1]	$ 276.4	[1]	$ 19.8	[1]
Less: accumulated depreciation	(229.6)	[1]											(215.8)	[1]
Net PP&E	$ 271.2	[1]											$ 248.8	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Gold Line/Medford Acquisition (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Schedule of Results of Operations Giving Effect to the Gold Line/Medford Acquisition

The following tables present our results of operations and financial position giving effect to the Gold Line/Medford Acquisition. For each of the three years in the period ended December 31, 2013, and as of December 31, 2013 and 2012, the combined results of the Acquired Assets prior to the Gold Line/Medford Acquisition are included in "Acquired Assets Predecessor."

	Millions of Dollars
	Year Ended December 31, 2013
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	106.4	75.5	181.9
Transportation and terminaling services—third parties	0.2		4.9	5.1
Other income	0.2		—	0.2
Total revenues	106.8		80.4	187.2
Costs and Expenses
Operating and maintenance expenses	27.4		23.8	51.2
Depreciation	6.2		8.1	14.3
General and administrative expenses	10.0		6.5	16.5
Taxes other than income taxes	1.7		3.0	4.7
Interest and debt expense	0.3		—	0.3
Total costs and expenses	45.6		41.4	87.0
Income before income taxes	61.2		39.0	100.2
Provision for income taxes	0.5		—	0.5
Net Income	60.7		39.0	99.7
Less: Net income attributable to predecessors	31.8		39.0	70.8
Net Income Attributable to the Partnership	$	28.9	—	28.9

	Millions of Dollars
	Year Ended December 31, 2012
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	79.7	62.1	141.8
Transportation and terminaling services—third parties	0.4		3.1	3.5
Total revenues	80.1		65.2	145.3
Costs and Expenses
Operating and maintenance expenses	22.9		29.5	52.4
Depreciation	6.6		7.0	13.6
General and administrative expenses	7.8		5.6	13.4
Taxes other than income taxes	1.4		3.0	4.4
Other expenses	—		0.1	0.1
Total costs and expenses	38.7		45.2	83.9
Income before income taxes	41.4		20.0	61.4
Provision for income taxes	0.3		—	0.3
Net Income	41.1		20.0	61.1
Less: Net income attributable to predecessors	41.1		20.0	61.1
Net Income Attributable to the Partnership	$	—	—	—

	Millions of Dollars
	Year Ended December 31, 2011
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	75.6	59.0	134.6
Transportation and terminaling services—third parties	0.4		4.8	5.2
Total revenues	76.0		63.8	139.8
Costs and Expenses
Operating and maintenance expenses	24.5		24.7	49.2
Depreciation	5.8		7.0	12.8
General and administrative expenses	5.6		4.5	10.1
Taxes other than income taxes	1.3		2.8	4.1
Other expenses	—		0.1	0.1
Total costs and expenses	37.2		39.1	76.3
Income before income taxes	38.8		24.7	63.5
Provision for income taxes	0.3		—	0.3
Net Income	38.5		24.7	63.2
Less: Net income attributable to predecessors	38.5		24.7	63.2
Net Income Attributable to the Partnership	$	—	—	—

	Millions of Dollars
	As of December 31, 2013
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	425.1	—	425.1
Accounts receivable—related parties	11.3		—	11.3
Accounts receivable—third parties	0.1		0.5	0.6
Materials and supplies	0.6		1.4	2.0
Other current assets	2.3		—	2.3
Total Current Assets	439.4		1.9	441.3
Net properties, plants and equipment	135.9		135.3	271.2
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.4		—	6.4
Total Assets	$	584.2	137.2	721.4
Liabilities
Accounts payable—related parties	$	5.2	—	5.2
Accounts payable—third parties	3.0		5.0	8.0
Payroll and benefits payable	—		0.1	0.1
Accrued property and other taxes	1.0		1.3	2.3
Current portion of accrued environmental costs	—		2.0	2.0
Other current liabilities	0.4		—	0.4
Total Current Liabilities	9.6		8.4	18.0
Asset retirement obligations	0.4		2.0	2.4
Accrued environmental costs	—		1.4	1.4
Deferred income taxes	0.1		—	0.1
Total Liabilities	10.1		11.8	21.9
Equity
Net investment—predecessors	—		125.4	125.4
Common unitholders—public	409.1		—	409.1
Common unitholder—Phillips 66	48.6		—	48.6
Subordinated unitholder—Phillips 66	104.9		—	104.9
General partner—Phillips 66	11.5		—	11.5
Total Equity	574.1		125.4	699.5
Total Liabilities and Equity	$	584.2	137.2	721.4

	Millions of Dollars
	As of December 31, 2012
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	—	—	—
Accounts receivable—related parties	—		0.3	0.3
Accounts receivable—third parties	0.2		0.3	0.5
Materials and supplies	0.3		1.4	1.7
Total Current Assets	0.5		2.0	2.5
Net properties, plants and equipment	135.8		113.0	248.8
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.1		—	6.1
Total Assets	$	144.9	115.0	259.9
Liabilities
Accounts payable—third parties	$	1.4	2.6	4.0
Payroll and benefits payable	0.2		0.1	0.3
Accrued property and other taxes	0.6		1.3	1.9
Current portion of accrued environmental costs	0.1		7.9	8.0
Other current liabilities	0.1		—	0.1
Total Current Liabilities	2.4		11.9	14.3
Asset retirement obligations	0.3		1.7	2.0
Accrued environmental costs	0.2		2.3	2.5
Total Liabilities	2.9		15.9	18.8
Net Investment
Net investment—predecessors	142.0		99.1	241.1
Total Liabilities and Net Investment	$	144.9	115.0	259.9

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Summary of Significant Accouting Policies Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer occurred at the beginning of the period of transfer, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retrospectively adjusted to include the historical results and financial position of the Acquired Assets prior to the Effective Date. See Note 4—Gold Line/Medford Acquisition, for additional information.

The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66, and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities in these financial statements have been reflected on a historical cost basis because, immediately prior to the Offering or the Gold Line/Medford Acquisition, all of the assets and liabilities presented were wholly owned by Phillips 66 and were transferred within the Phillips 66 consolidated group. The consolidated statement of income also includes expense allocations for certain functions historically performed by Phillips 66 and not allocated to the Partnership, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based primarily on relative values of net properties, plants and equipment (PP&E) and equity method investments, or pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial statements of our Predecessors may not include all of the actual expenses that would have been incurred had we been a stand-alone publicly traded partnership during the periods presented and may not reflect our actual results of operations, financial position and cash flows had we been a stand-alone publicly traded partnership during the periods prior to the Offering or the Gold Line/Medford Acquisition.

Phillips 66 uses a centralized approach to the cash management and financing of its operations. For periods prior to the Offering or Gold Line/Medford Acquisition, cash generated and used by our operations was transferred to Phillips 66 daily, and Phillips 66 funded our operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Phillips 66 were not allocated to us, and we had no bank accounts prior to the Offering. We reflected transfers of cash to and from Phillips 66's cash management system as a component of "Net investment—predecessors" on our balance sheet, and as part of "Net distributions to Phillips 66 from predecessors" on our statement of cash flows. We did not include any interest expense for intercompany cash advances from Phillips 66, since historically Phillips 66 did not allocate interest expense related to intercompany advances to any of its businesses. For periods after the Offering, we have our own bank accounts and no longer participate in Phillips 66's centralized cash management system, and the Acquired Assets no longer participate in Phillips 66's centralized cash management system as of the Effective Date.

All financial information presented for the periods after the Offering represents the consolidated results of operations, financial position and cash flows of the Partnership giving retrospective effect to the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly:

• Our consolidated statements of income and cash flows for the year ended December 31, 2013, consist of the consolidated results of the Partnership for the period from July 26, 2013, through December 31, 2013, the combined results of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined results of the Acquired Assets for the entire year of 2013. Our consolidated statements of income and cash flows for the years ended December 31, 2012 and 2011, consist entirely of the combined results of our Predecessors.

• Our consolidated balance sheet at December 31, 2013, consists of the consolidated balances of the Partnership and the combined balances of the Acquired Assets, while at December 31, 2012, it consists of the combined balances of our Predecessors.

• Our consolidated statement of changes in equity for the year ended December 31, 2013, consists of the consolidated activity of the Partnership completed at and subsequent to the Offering on July 26, 2013, through December 31, 2013, the combined activity of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined activity of the Acquired Assets for the entire year of 2013. Our consolidated statement of changes in equity for the years ended December 31, 2012 and 2011, consists entirely of the combined activity of our Predecessors.

Consolidation Principles and Investments

Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

Net Investment

Net Investment—In the consolidated balance sheet, net investment represents Phillips 66's historical investment in us, our accumulated net earnings after taxes, and the net effect of transactions with, and allocations from, Phillips 66.

Use of Estimates

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.

Revenue Recognition

Revenue Recognition—Revenue is recognized for crude oil and refined petroleum product pipeline transportation based on the delivery of actual volumes transported at contractual tariff rates. Revenue is recognized for crude oil and refined petroleum product terminaling and storage as performed based on contractual rates related to throughput volumes or cost-plus-margin arrangements. Substantially all of our revenue was derived from Phillips 66, and the contractual rates do not necessarily reflect market rates for the historical periods presented prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets.

Effective January 1, 2013, the structure of the fees we charge Phillips 66 for terminaling services provided at the Clifton Ridge terminal was changed. During 2012 and 2011, terminaling fees were on a cost-plus-margin reimbursement basis. Beginning in 2013, the cost-plus-margin arrangement was replaced with various storage, dock and truck unloading fees.

Transportation contracts that are operating leases and include rentals with fixed escalation are recognized on a straight-line basis over the lease term. Any difference between the transportation fee recognized under the straight-line method and the transportation fee received in cash is deferred to the consolidated balance sheet as "Deferred rentals—related parties." If the underlying transportation contract is amended to eliminate fixed escalation, the balance of deferred rentals is amortized over the remaining life of the contract.

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into certain transportation services agreements and terminal services agreements with Phillips 66 that are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. These agreements include escalation clauses to adjust transportation tariffs and terminaling fees to reflect changes in price indices. Revenues from these agreements are recorded within "Transportation and terminaling services—related parties" on our consolidated statement of income.

Cash Equivalents

Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value.

Imbalances

Imbalances—We do not purchase or produce crude oil or refined petroleum product inventories. We experience imbalances as a result of variances in meter readings and in other measurement methods, and volume fluctuations within our crude oil system due to pressure and temperature changes. Certain of our transportation contracts provide for the shipper to pay a contractual loss allowance, which is valued using quoted market prices of the applicable commodity being shipped. These loss allowances, which are received from the shipper irrespective of, and calculated independently from, actual volumetric gains or losses, are recorded as revenue. Any volumetric gains or losses are valued using quoted market prices of the applicable commodities and are recorded as decreases or increases to operating and maintenance expenses, respectively.

Fair Value Measurements

Fair Value Measurements—We measure assets and liabilities requiring fair value presentation using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclose such amounts according to the quality of valuation inputs under the following hierarchy:

Level 1: Quoted prices in an active market for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are directly or indirectly observable.

Level 3: Unobservable inputs that are significant to the fair value of assets or liabilities.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. We had no assets or liabilities requiring remeasurement to or disclosure of fair value at December 31, 2013, or at December 31, 2012.

Recurring Fair Value Measurements—Fair values of our accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these instruments. Our financial assets and liabilities would be classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Nonrecurring Fair Value Measurements—Fair value measurements are applied with respect to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consists primarily of asset retirement obligations. Nonrecurring fair value measurements are also applied, when applicable, to determine the fair value of our long-lived assets.

Accounts Receivable

Accounts Receivable—Prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consisted of third-party customer accounts receivable that were recorded at the invoiced amounts and did not bear interest. Intercompany receivables with Phillips 66 were included in "Net investment—predecessors" on the consolidated balance sheet. See Note 1—Business and Basis of Presentation, for a discussion of Phillips 66's centralized cash management system. Subsequent to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consist of accounts receivable from related parties that are recorded at the invoiced amounts and do not bear interest. Account balances for these receivables are charged directly to bad debt expense when it becomes probable the receivable will not be collected.

Properties, Plants and Equipment (PP&E)

Properties, Plants and Equipment (PP&E)—PP&E are stated at cost. Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Depreciation of PP&E is determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).

Major Maintenance Activities

Major Maintenance Activities—Costs for planned integrity management projects are expensed in the period incurred. These types of costs include pipe and tank inspection services, contractor repair services, materials and supplies, equipment rentals and our labor costs.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets—PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, then the carrying value is written down to estimated fair value through additional depreciation provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets—generally at the pipeline or terminal level. Because there usually is a lack of quoted market prices for our long-lived assets, the fair value of potentially impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible.

The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future throughputs, prices, operating costs, tariffs, and capital project decisions, considering all available evidence at the date of review.

Goodwill

Goodwill—Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair value of the reporting unit with goodwill has been reduced below carrying value. The fair value of the reporting unit is compared to the book value of the reporting unit. If the fair value is less than book value, including goodwill, then the recorded goodwill is written down to its implied fair value with a charge to earnings. We have determined we have one reporting unit for testing goodwill for impairment.

Asset Retirement Obligations and Environmental Costs

Asset Retirement Obligations and Environmental Costs—Fair values of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset or group of assets.

Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.

Employee Benefit Plans

Employee Benefit Plans—The employees supporting our operations are employees of Phillips 66 and its affiliates. Phillips 66 sponsors various employee pension and postretirement health insurance plans. For purposes of these consolidated financial statements, we are accounting for our participation in these benefit plans as multiemployer plans. We recognize as expense in each period an allocation from Phillips 66 for our share of payroll costs and employee benefit plan costs, and we do not recognize any employee benefit plan assets or liabilities. While we are accounting for our participation as multiemployer plans for the purposes of presenting these consolidated financial statements, those benefit plans are not technically multiemployer plans. Therefore, we have not included the disclosures required for multiemployer plans.

Income Taxes

Income Taxes—We follow the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Our taxable income was included in the consolidated U.S. federal income tax returns of Phillips 66 and in a number of consolidated state income tax returns. Subsequent to the Offering and the Gold Line/Medford Acquisition in respect of the Acquired Assets, our operations are treated as a partnership for federal and state income tax purposes, with each partner being separately taxed on its share of the taxable income. Therefore, we have excluded income taxes from these consolidated financial statements, except for the income tax provision resulting from state laws that apply to entities organized as partnerships. With regard to Texas, our tax provision is computed as if we were a stand-alone tax paying entity. Interest related to unrecognized tax benefits is included in interest and debt expense, and penalties are included in operating and maintenance expenses.

Comprehensive Income

Comprehensive Income—We have not reported comprehensive income due to the absence of items of other comprehensive income in the periods presented

Unit-based Compensation

Unit-Based Compensation—The fair value of phantom unit awards granted to non-employee directors is based on the fair market value of Phillips 66 Partners LP common units on the date of grant. Our unit-based compensation expenses are recognized at the time of grant for phantom units since they vest immediately and are not forfeitable.

Net income per unit

Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners' interest in net income attributable to the Partnership by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, and incentive distribution rights. Basic and diluted net income per unit are the same because we do not have any potentially dilutive units outstanding for the period presented.

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Income Taxes (Summary of Income Taxes) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2011 Predecessor [Member]
Income Taxes
Current	$ 0.4		$ 0.3		$ 0.3
Deferred	0.1
Total	$ 0.5	[1]	$ 0.3	[1]	$ 0.3	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Goodwill (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2011 Predecessor [Member]
Goodwill
Goodwill	$ 2.5	[1]	$ 2.5	[1]
Impairment in the carrying value of goodwill	$ 0		$ 0		$ 0

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Properties, Plants and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Our investment in PP&E, with the associated accumulated depreciation, at December 31 was:

	Estimated Useful Lives	Millions of Dollars
		2013*			2012*
Cost:
Land	N/A	$	5.0		5.0
Buildings and improvements	3 to 30 years	15.6			14.1
Pipelines and related assets	10 to 45 years	150.7			149.3
Terminals and related assets	25 to 45 years	286.5			276.4
Construction-in-progress	N/A	43.0			19.8
Gross PP&E		500.8			464.6
Less: accumulated depreciation		(229.6		)	(215.8	)
Net PP&E		$	271.2		248.8

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Assets Retirement Obligations and Accrued Environmental Costs (Tables)

12 Months Ended

Dec. 31, 2013

Assets Retirement Obligations and Accrued Environmental Costs [Abstract]

Schedule of Asset Retirement Obligations and Accrual for Environmental Costs

Asset retirement obligations and accrued environmental costs at December 31 were:

	Millions of Dollars
	2013*			2012*
Asset retirement obligations	$	2.4		2.0
Accrued environmental costs	3.4			10.5
Total asset retirement obligations and accrued environmental costs	5.8			12.5
Asset retirement obligations and accrued environmental costs due within one year	(2.0		)	(8.0	)
Long-term asset retirement obligations and accrued environmental costs	$	3.8		4.5

Schedule of Change in Asset Retirement Obligation

During 2013 and 2012, our overall asset retirement obligations changed as follows:

	Millions of Dollars
	2013*		2012*
Balance at January 1	$	2.0	2.6
Accretion of discount	—		0.1
Changes in estimates of existing obligations	0.4		(0.7	)
Balance at December 31	$	2.4	2.0

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Summary of Significant Accouting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accouting Policies

Summary of Significant Accounting Policies

• Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

• Net Investment—In the consolidated balance sheet, net investment represents Phillips 66's historical investment in us, our accumulated net earnings after taxes, and the net effect of transactions with, and allocations from, Phillips 66.

• Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.

• Revenue Recognition—Revenue is recognized for crude oil and refined petroleum product pipeline transportation based on the delivery of actual volumes transported at contractual tariff rates. Revenue is recognized for crude oil and refined petroleum product terminaling and storage as performed based on contractual rates related to throughput volumes or cost-plus-margin arrangements. Substantially all of our revenue was derived from Phillips 66, and the contractual rates do not necessarily reflect market rates for the historical periods presented prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets.

Effective January 1, 2013, the structure of the fees we charge Phillips 66 for terminaling services provided at the Clifton Ridge terminal was changed. During 2012 and 2011, terminaling fees were on a cost-plus-margin reimbursement basis. Beginning in 2013, the cost-plus-margin arrangement was replaced with various storage, dock and truck unloading fees.

Transportation contracts that are operating leases and include rentals with fixed escalation are recognized on a straight-line basis over the lease term. Any difference between the transportation fee recognized under the straight-line method and the transportation fee received in cash is deferred to the consolidated balance sheet as "Deferred rentals—related parties." If the underlying transportation contract is amended to eliminate fixed escalation, the balance of deferred rentals is amortized over the remaining life of the contract.

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into certain transportation services agreements and terminal services agreements with Phillips 66 that are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. These agreements include escalation clauses to adjust transportation tariffs and terminaling fees to reflect changes in price indices. Revenues from these agreements are recorded within "Transportation and terminaling services—related parties" on our consolidated statement of income.

• Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value.

• Imbalances—We do not purchase or produce crude oil or refined petroleum product inventories. We experience imbalances as a result of variances in meter readings and in other measurement methods, and volume fluctuations within our crude oil system due to pressure and temperature changes. Certain of our transportation contracts provide for the shipper to pay a contractual loss allowance, which is valued using quoted market prices of the applicable commodity being shipped. These loss allowances, which are received from the shipper irrespective of, and calculated independently from, actual volumetric gains or losses, are recorded as revenue. Any volumetric gains or losses are valued using quoted market prices of the applicable commodities and are recorded as decreases or increases to operating and maintenance expenses, respectively.

• Fair Value Measurements—We measure assets and liabilities requiring fair value presentation using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclose such amounts according to the quality of valuation inputs under the following hierarchy:

Level 1: Quoted prices in an active market for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are directly or indirectly observable.

Level 3: Unobservable inputs that are significant to the fair value of assets or liabilities.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. We had no assets or liabilities requiring remeasurement to or disclosure of fair value at December 31, 2013, or at December 31, 2012.

Recurring Fair Value Measurements—Fair values of our accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these instruments. Our financial assets and liabilities would be classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Nonrecurring Fair Value Measurements—Fair value measurements are applied with respect to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consists primarily of asset retirement obligations. Nonrecurring fair value measurements are also applied, when applicable, to determine the fair value of our long-lived assets.

• Accounts Receivable—Prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consisted of third-party customer accounts receivable that were recorded at the invoiced amounts and did not bear interest. Intercompany receivables with Phillips 66 were included in "Net investment—predecessors" on the consolidated balance sheet. See Note 1—Business and Basis of Presentation, for a discussion of Phillips 66's centralized cash management system. Subsequent to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our receivables primarily consist of accounts receivable from related parties that are recorded at the invoiced amounts and do not bear interest. Account balances for these receivables are charged directly to bad debt expense when it becomes probable the receivable will not be collected.

• Properties, Plants and Equipment (PP&E)—PP&E are stated at cost. Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Depreciation of PP&E is determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).

• Major Maintenance Activities—Costs for planned integrity management projects are expensed in the period incurred. These types of costs include pipe and tank inspection services, contractor repair services, materials and supplies, equipment rentals and our labor costs.

• Impairment of Long-Lived Assets—PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, then the carrying value is written down to estimated fair value through additional depreciation provisions and reported as impairments in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets—generally at the pipeline or terminal level. Because there usually is a lack of quoted market prices for our long-lived assets, the fair value of potentially impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible.

The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future throughputs, prices, operating costs, tariffs, and capital project decisions, considering all available evidence at the date of review.

• Goodwill—Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair value of the reporting unit with goodwill has been reduced below carrying value. The fair value of the reporting unit is compared to the book value of the reporting unit. If the fair value is less than book value, including goodwill, then the recorded goodwill is written down to its implied fair value with a charge to earnings. We have determined we have one reporting unit for testing goodwill for impairment.

• Asset Retirement Obligations and Environmental Costs—Fair values of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset or group of assets.

Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.

• Employee Benefit Plans—The employees supporting our operations are employees of Phillips 66 and its affiliates. Phillips 66 sponsors various employee pension and postretirement health insurance plans. For purposes of these consolidated financial statements, we are accounting for our participation in these benefit plans as multiemployer plans. We recognize as expense in each period an allocation from Phillips 66 for our share of payroll costs and employee benefit plan costs, and we do not recognize any employee benefit plan assets or liabilities. While we are accounting for our participation as multiemployer plans for the purposes of presenting these consolidated financial statements, those benefit plans are not technically multiemployer plans. Therefore, we have not included the disclosures required for multiemployer plans.

• Income Taxes—We follow the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. Our taxable income was included in the consolidated U.S. federal income tax returns of Phillips 66 and in a number of consolidated state income tax returns. Subsequent to the Offering and the Gold Line/Medford Acquisition in respect of the Acquired Assets, our operations are treated as a partnership for federal and state income tax purposes, with each partner being separately taxed on its share of the taxable income. Therefore, we have excluded income taxes from these consolidated financial statements, except for the income tax provision resulting from state laws that apply to entities organized as partnerships. With regard to Texas, our tax provision is computed as if we were a stand-alone tax paying entity. Interest related to unrecognized tax benefits is included in interest and debt expense, and penalties are included in operating and maintenance expenses.

• Comprehensive Income—We have not reported comprehensive income due to the absence of items of other comprehensive income in the periods presented.

• Unit-Based Compensation—The fair value of phantom unit awards granted to non-employee directors is based on the fair market value of Phillips 66 Partners LP common units on the date of grant. Our unit-based compensation expenses are recognized at the time of grant for phantom units since they vest immediately and are not forfeitable.

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Net Income Per Limited Partner Unit (Tables)

12 Months Ended

Dec. 31, 2013

Partners' Capital Notes [Abstract]

Schedule of Distributions Declared, Partners Interest in Partnership Net Income and Net Income per Unit by Class

	Millions of Dollars
	2013
Net income attributable to the Partnership	$	28.9
Less: General partner's distributions declared	0.5
Limited partners' distributions declared on common units	13.4
Limited partner's distributions declared on subordinated units	13.4
Distributions less than net income attributable to the Partnership	$	1.6

	2013
	General Partner		Limited Partners' Common Units		Limited Partner's Subordinated Units	Total
Net income attributable to the Partnership (millions):
Distributions declared	$	0.5	13.4		13.4	27.3
Distributions less than net income attributable to the Partnership	0.1		0.7		0.8	1.6
Net income attributable to the Partnership	$	0.6	14.1		14.2	28.9
Weighted average units outstanding:
Basic	1,437,433		35,217,112		35,217,112	71,871,657
Diluted	1,437,433		35,217,112		35,217,112	71,871,657
Net income per limited partner unit (dollars):
Basic			$	0.40	0.40
Diluted			0.40		0.40

On January 22, 2014, the Board of Directors of our general partner declared our quarterly cash distribution of $0.2248 per unit, or $16.2 million in total, for the fourth quarter of 2013. This distribution was paid on February 13, 2014, to unitholders of record as of February 4, 2014.

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Gold Line/Medford Acquisition (Schedule of Results of Operations Giving Effect to the Gold Line/Medford Acquisition) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended				5 Months Ended		12 Months Ended							5 Months Ended					5 Months Ended					12 Months Ended						12 Months Ended			3 Months Ended												12 Months Ended
	Dec. 31, 2013		Sep. 30, 2013		Dec. 31, 2013		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2013 Phillips 66 [Member]		Dec. 31, 2013 Common Units [Member]	Dec. 31, 2013 Public [Member] Common Units [Member]		Dec. 31, 2013 Non-public [Member]		Dec. 31, 2013 Non-public [Member] Common Units [Member] Phillips 66 [Member]		Dec. 31, 2013 Non-public [Member] Subordinated Units [Member] Phillips 66 [Member]		Dec. 31, 2013 Scenario, Previously Reported [Member]	Dec. 31, 2013 Scenario, Previously Reported [Member]	Dec. 31, 2012 Scenario, Previously Reported [Member]	Dec. 31, 2011 Scenario, Previously Reported [Member]	Dec. 31, 2013 Scenario, Previously Reported [Member] Public [Member] Common Units [Member]	Dec. 31, 2013 Scenario, Previously Reported [Member] Non-public [Member] Common Units [Member] Phillips 66 [Member]	Dec. 31, 2013 Scenario, Previously Reported [Member] Non-public [Member] Subordinated Units [Member] Phillips 66 [Member]	Dec. 31, 2013 Scenario, Adjustment [Member] Gold Line Products System and Medford Spheres [Member] Phillips 66 [Member]	Dec. 31, 2012 Scenario, Adjustment [Member] Gold Line Products System and Medford Spheres [Member] Phillips 66 [Member]	Dec. 31, 2011 Scenario, Adjustment [Member] Gold Line Products System and Medford Spheres [Member] Phillips 66 [Member]	Jun. 30, 2013 Predecessor [Member]		Mar. 31, 2013 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member]		Sep. 30, 2012 Predecessor [Member]		Jun. 30, 2012 Predecessor [Member]		Mar. 31, 2012 Predecessor [Member]		Dec. 31, 2013 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2011 Predecessor [Member]		Dec. 31, 2010 Predecessor [Member]		Dec. 31, 2012 Predecessor [Member] Phillips 66 [Member]
Revenues
Transportation and terminaling services—related parties							$ 181.9	[1]																$ 106.4	$ 79.7	$ 75.6				$ 75.5	$ 62.1	$ 59.0															$ 141.8	[1]	$ 134.6	[1]
Transportation and terminaling services—third parties							5.1	[1]																0.2	0.4	0.4				4.9	3.1	4.8															3.5	[1]	5.2	[1]
Other income							0.2	[1]																0.2																								[1]		[1]
Total revenues	49.1	[1]	50.5	[1]			187.2	[1]																106.8	80.1	76.0				80.4	65.2	63.8	45.3	[1]	42.3	[1]	35.9	[1]	36.9	[1]	35.3	[1]	37.2	[1]			145.3	[1]	139.8	[1]
Costs and Expenses
Operating and maintenance expenses							51.2	[1]																27.4	22.9	24.5				23.8	29.5	24.7															52.4	[1]	49.2	[1]
Depreciation							14.3	[1]																6.2	6.6	5.8				8.1	7.0	7.0															13.6	[1]	12.8	[1]
General and administrative expenses							16.5	[1]																10.0	7.8	5.6				6.5	5.6	4.5															13.4	[1]	10.1	[1]
Taxes other than income taxes							4.7	[1]																1.7	1.4	1.3				3.0	3.0	2.8															4.4	[1]	4.1	[1]
Other expenses								[1]																							0.1	0.1															0.1	[1]	0.1	[1]
Interest and debt expense							0.3	[1]																0.3																								[1]		[1]
Total costs and expenses							87.0	[1]																45.6	38.7	37.2				41.4	45.2	39.1															83.9	[1]	76.3	[1]
Income before income taxes	25.3	[1]	27.8	[1]			100.2	[1]																61.2	41.4	38.8				39.0	20.0	24.7	24.1	[1]	23.0	[1]	14.7	[1]	18.5	[1]	10.6	[1]	17.6	[1]			61.4	[1]	63.5	[1]
Provision for income taxes							0.5	[1]																0.5	0.3	0.3																					0.3	[1]	0.3	[1]
Net income	25.2	[1]	27.6	[1]			99.7	[1]																60.7	41.1	38.5				39.0	20.0	24.7	24.0	[1]	22.9	[1]	14.7	[1]	18.4	[1]	10.5	[1]	17.5	[1]			61.1	[1]	63.2	[1]
Less: Net income attributable to predecessors																								31.8	41.1	38.5				39.0	20.0	24.7													70.8	[1]	61.1		63.2
Net income attributable to the Partnership	17.0	[1]	11.9	[1]	28.9	[1]								14.1	7.6				6.5		14.2		28.9
Assets, Current [Abstract]
Cash and cash equivalents	425.1	[1]			425.1	[1]	425.1	[1]		[1]													425.1	425.1														[1]										[1]		[1]		[1]
Accounts receivable—related parties	11.3	[1]			11.3	[1]	11.3	[1]															11.3	11.3							0.3						0.3	[1]									0.3	[1]
Accounts receivable—third parties	0.6	[1]			0.6	[1]	0.6	[1]															0.1	0.1	0.2					0.5	0.3						0.5	[1]									0.5	[1]
Materials and supplies	2.0	[1]			2.0	[1]	2.0	[1]															0.6	0.6	0.3					1.4	1.4						1.7	[1]									1.7	[1]
Other current assets	2.3	[1]			2.3	[1]	2.3	[1]															2.3	2.3														[1]										[1]
Total Current Assets	441.3	[1]			441.3	[1]	441.3	[1]															439.4	439.4	0.5					1.9	2.0						2.5	[1]									2.5	[1]
Net properties, plants and equipment	271.2	[1]			271.2	[1]	271.2	[1]															135.9	135.9	135.8					135.3	113.0						248.8	[1]									248.8	[1]
Goodwill	2.5	[1]			2.5	[1]	2.5	[1]															2.5	2.5	2.5												2.5	[1]									2.5	[1]
Deferred rentals—related parties	6.4				6.4		6.4																6.4	6.4	6.1												6.1										6.1
Total Assets	721.4	[1]			721.4	[1]	721.4	[1]															584.2	584.2	144.9					137.2	115.0						259.9	[1]									259.9	[1]
Liabilities, Current [Abstract]
Accounts payable—related parties	5.2	[1]			5.2	[1]	5.2	[1]															5.2	5.2														[1]										[1]
Accounts payable—third parties	8.0	[1]			8.0	[1]	8.0	[1]															3.0	3.0	1.4					5.0	2.6						4.0	[1]									4.0	[1]
Payroll and benefits payable	0.1	[1]			0.1	[1]	0.1	[1]																	0.2					0.1	0.1						0.3	[1]									0.3	[1]
Accrued property and other taxes	2.3	[1]			2.3	[1]	2.3	[1]															1.0	1.0	0.6					1.3	1.3						1.9	[1]									1.9	[1]
Current portion of accrued environmental costs	2.0	[1]			2.0	[1]	2.0	[1]																	0.1					2.0	7.9						8.0	[1]									8.0	[1]
Other current liabilities	0.4	[1]			0.4	[1]	0.4	[1]															0.4	0.4	0.1												0.1	[1]									0.1	[1]
Total Current Liabilities	18.0	[1]			18.0	[1]	18.0	[1]															9.6	9.6	2.4					8.4	11.9						14.3	[1]									14.3	[1]
Asset retirement obligations	2.4	[1]			2.4	[1]	2.4	[1]															0.4	0.4	0.3					2.0	1.7						2.0	[1]									2.0	[1]
Accrued environmental costs	1.4	[1]			1.4	[1]	1.4	[1]																	0.2					1.4	2.3						2.5	[1]									2.5	[1]
Deferred income taxes	0.1	[1]			0.1	[1]	0.1	[1]		[1]													0.1	0.1
Total Liabilities	21.9	[1]			21.9	[1]	21.9	[1]															10.1	10.1	2.9					11.8	15.9						18.8	[1]									18.8	[1]
Equity [Abstract]
Net investment—predecessors	125.4				125.4		125.4					125.4	[1]												142.0					125.4	99.1						241.1										241.1						241.1	[1]
Unitholders															409.1	[1]			48.6	[1]	104.9	[1]					409.1	48.6	104.9									[1]										[1]
General partner—Phillips 66	11.5				11.5		11.5										11.5	[1]					11.5	11.5														[1]										[1]
Total Equity	699.5	[1]			699.5	[1]	699.5	[1]							409.1				48.6		104.9		574.1	574.1						125.4							241.1	[1]									241.1	[1]	224.0	[1]	223.0	[1]
Liabilities and Equity	$ 721.4	[1]			$ 721.4	[1]	$ 721.4	[1]															$ 584.2	$ 584.2	$ 144.9					$ 137.2	$ 115.0						$ 259.9	[1]									$ 259.9	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Leases (Narrative) (Details) (Phillips 66 [Member], Phillips 66 [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Mar. 01, 2014 Gold Line Products System and Medford Spheres [Member] Subsequent Event [Member]
Future Minimum Payments to be Received
Estimated future minimum payments to be received	$ 809.4	$ 712.4

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Consolidated Statement of Income (USD $) In Millions, except Share data, unless otherwise specified	5 Months Ended				12 Months Ended		5 Months Ended		12 Months Ended		5 Months Ended		12 Months Ended
	Dec. 31, 2013		Dec. 31, 2013 Common Units [Member] Public [Member]		Dec. 31, 2012 Common Units [Member] Public [Member]	Dec. 31, 2011 Common Units [Member] Public [Member]	Dec. 31, 2013 Common Units [Member] Non-public [Member] Phillips 66 [Member]		Dec. 31, 2012 Common Units [Member] Non-public [Member] Phillips 66 [Member]	Dec. 31, 2011 Common Units [Member] Non-public [Member] Phillips 66 [Member]	Dec. 31, 2013 Subordinated Units [Member] Non-public [Member] Phillips 66 [Member]		Dec. 31, 2012 Subordinated Units [Member] Non-public [Member] Phillips 66 [Member]	Dec. 31, 2011 Subordinated Units [Member] Non-public [Member] Phillips 66 [Member]
Costs and Expenses
Net income attributable to the Partnership	$ 28.9	[1]	$ 7.6				$ 6.5				$ 14.2
Less: General partner's interest in net income attributable to the Partnership	0.6	[1]
Limited partners' interest in net income attributable to the Partnership	$ 28.3	[1]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit											$ 0.40	[1]
Diluted, per unit											$ 0.40	[1]
Average Limited Partner Units Outstanding—Basis and Diluted (thousands)
Basic, units			18,889,000	[1]			16,328,000	[1]			35,217,112	[1]
Diluted, units			18,889,000	[1]			16,328,000	[1]			35,217,112	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Assets Retirement Obligations and Accrued Environmental Costs Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Asset Retirement Obligation	$ 2.4	[1]
Accrued environmental costs	3.4
Total asset retirement obligations and accrued environmental costs	5.8
Asset retirement obligations and accrued environmental costs due within one year	(2.0)
Long-term asset retirement obligations and accrued environmental costs	3.8
Predecessor [Member]
Asset Retirement Obligation			2.0	[1]	2.6	[1]
Accrued environmental costs	3.4		10.5
Total asset retirement obligations and accrued environmental costs			12.5
Asset retirement obligations and accrued environmental costs due within one year			(8.0)
Long-term asset retirement obligations and accrued environmental costs			$ 4.5

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Consolidated Statement of Changes in Equity (USD $) In Millions, unless otherwise specified		Total		General Partner [Member]	Common Units [Member]	Common Units [Member] Public [Member]	Common Units [Member] Non-public [Member] Phillips 66 [Member]	Subordinated Units [Member] Non-public [Member] Phillips 66 [Member]	Net Investment [Member]		Predecessor [Member]	Predecessor [Member] Net Investment [Member]
Begining Balance at Dec. 31, 2010	[1]										$ 223.0	$ 223.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]										63.2	63.2
Net distributions to Phillips 66 from predecessors	[1]										(62.2)	(62.2)
Net income attributable to predecessors											63.2
Net income attributable to the Partnership
Ending Balance at Dec. 31, 2011	[1]										224.0	224.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]										17.5
Ending Balance at Mar. 31, 2012
Begining Balance at Dec. 31, 2011	[1]										224.0	224.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]										61.1	61.1
Net distributions to Phillips 66 from predecessors											(44.0)	(44.0)
Net income attributable to predecessors											61.1
Net income attributable to the Partnership
Ending Balance at Dec. 31, 2012	[1]										241.1	241.1
Begining Balance at Sep. 30, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]										14.7
Ending Balance at Dec. 31, 2012	[1]										241.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]										22.9
Ending Balance at Mar. 31, 2013
Begining Balance at Dec. 31, 2012	[1]										241.1	241.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]	99.7
Net distributions to Phillips 66 from predecessors	[1]										(37.7)	(37.7)
Net income attributable to predecessors	[1]										70.8	70.8
Project prefunding from Phillips 66											3.0	3.0
Ending Balance at Dec. 31, 2013	[1]	699.5
Begining Balance at Jul. 25, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Allocation of net investment to unitholders			[1]	11.1			44.6	96.1	(151.8)	[1]
Proceeds from initial public offering, net of offering costs		404.4	[1]			404.4
Net income attributable to the Partnership		28.9	[1]	0.6	14.1	7.6	6.5	14.2
Capital distributions to unitholders and general partner		(11.1)	[1]	(0.2)		(2.9)	(2.5)	(5.5)
Other		0.1	[1]					0.1
Ending Balance at Dec. 31, 2013		$ 699.5	[1]	$ 11.5		$ 409.1	$ 48.6	$ 104.9	$ 125.4	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Related Parties Transactions (Summary of Related Party Charges) (Details) (Phillips 66 [Member], Phillips 66 [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Phillips 66 [Member] | Phillips 66 [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 16.4	[1]	$ 13.4	[1]	$ 10.1	[1]
Operating and maintenance expenses	24.2	[1]	22.4	[1]	20.2	[1]
Total	$ 40.6	[1]	$ 35.8	[1]	$ 30.3	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Information [Abstract]

Summary of Cash Payments

	Millions of Dollars
	2013		2012	2011
Cash Payments
Interest and debt expense	$	0.3	—	—
Income taxes*	—		—	—

*Excludes our share of cash tax payments made directly by Phillips 66 prior to the Offering on July 26, 2013, and the Gold Line/Medford Acquisition in respect of the Acquired Assets.

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Cash Flow Information

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Cash Flow Information

	Millions of Dollars
	2013		2012	2011
Cash Payments
Interest and debt expense	$	0.3	—	—
Income taxes*	—		—	—

*Excludes our share of cash tax payments made directly by Phillips 66 prior to the Offering on July 26, 2013, and the Gold Line/Medford Acquisition in respect of the Acquired Assets.

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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Summary of Related Party Charges

Significant related-party transactions included in general and administrative expenses and operating and maintenance expenses were:

	Millions of Dollars
	2013*		2012*	2011*
General and administrative expenses	$	16.4	13.4	10.1
Operating and maintenance expenses	24.2		22.4	20.2
Total	$	40.6	35.8	30.3

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Quarterly Financial Data

12 Months Ended

Dec. 31, 2013

Quarterly Financial Data [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Financial Data (Unaudited)

	Millions of Dollars						Per Common Unit
	Total Revenues		Income Before Income Taxes	Net Income	Net Income Attributable to the Partnership	Limited Partners' Interest in Net Income Attributable to the Partnership	Net Income Attributable to the Partnership
							Basic and Diluted
2013*
First	$	42.3	23.0	22.9	**	**	**
Second	45.3		24.1	24.0	**	**	**
Third	50.5		27.8	27.6	11.9	11.7	0.17
Fourth	49.1		25.3	25.2	17.0	16.6	0.24
2012*
First	$	37.2	17.6	17.5	**	**	**
Second	35.3		10.6	10.5	**	**	**
Third	36.9		18.5	18.4	**	**	**
Fourth	35.9		14.7	14.7	**	**	**

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

**Information is not applicable for the periods prior to the Offering.

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Business and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Business and Basis of Presentation [Abstract]

Business and Basis of Presentation

Business and Basis of Presentation

Unless otherwise stated or the context otherwise indicates, all references to "Phillips 66 Partners," "the Partnership," "us," "our," "we," or similar expressions refer to Phillips 66 Partners LP, including its consolidated subsidiaries.

Description of the Business

Phillips 66 Partners LP is a Delaware limited partnership formed on February 20, 2013, by Phillips 66 Company and Phillips 66 Partners GP LLC, both wholly owned subsidiaries of Phillips 66. A registration statement on Form S-1, as amended through the time of its effectiveness, was filed by the Partnership with the U.S. Securities and Exchange Commission (SEC) and was declared effective on July 22, 2013. On July 23, 2013, Phillips 66 Partners common units began trading on the New York Stock Exchange under the symbol "PSXP." On July 26, 2013, the Partnership completed its initial public offering (the Offering) of 18,888,750 common units (including 2,463,750 common units issued pursuant to the exercise of the underwriters' over-allotment option) representing limited partner interests. On February 13, 2014, the Partnership entered into a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement) with subsidiaries of Phillips 66 to acquire the Gold Line products system and the Medford spheres (collectively, the Acquired Assets) from certain of those subsidiaries (the Gold Line/Medford Acquisition). The transaction closed on February 28, 2014, with an effective date of March 1, 2014 (the Effective Date). For periods prior to the Offering, the historical results of operations include our predecessor for accounting purposes. We refer to our pre-Offering predecessor and the operations of the Acquired Assets prior to their acquisition collectively as "our Predecessors."

On April 30, 2012, ConocoPhillips completed the separation of its downstream businesses into Phillips 66. Accordingly, prior to April 30, 2012, the parent company of our Predecessors was ConocoPhillips, and subsequent to April 30, 2012, the parent company of our Predecessors has been Phillips 66. For ease of reference, we refer to Phillips 66 as our Predecessors' parent for the periods prior to April 30, 2012. For purposes of related party transactions, ConocoPhillips is not considered a related party for periods after April 30, 2012.

Our assets consist of:

• Clifton Ridge crude system. A crude oil pipeline, terminal and storage system located in Sulphur, Louisiana, that is a primary source for delivery of crude oil to Phillips 66's Lake Charles Refinery.

• Sweeny to Pasadena products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66's Sweeny Refinery in Old Ocean, Texas, to our refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems. This system is the primary distribution outlet for diesel and gasoline produced at Phillips 66's Sweeny Refinery.

• Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system located in Hartford, Illinois, that distributes diesel and gasoline produced at the Wood River Refinery (a refinery owned by a joint venture between Phillips 66 and Cenovus Energy Inc.) to third-party pipeline and terminal systems, including the Explorer pipeline system.

• Gold Line products system. A 681-mile refined petroleum product pipeline system that runs from the Phillips 66-operated refinery in Borger, Texas, to Cahokia, Illinois, with access to Phillips 66's Ponca City Refinery, as well as two parallel 54-mile lateral lines that run from Paola, Kansas, to Kansas City, Kansas. The system has a maximum throughput capacity of 132,000 barrels per day, and includes four terminals located at Wichita, Kansas; Kansas City, Kansas; Jefferson City, Missouri; and Cahokia, Illinois, with an aggregate throughput capacity of 172,000 barrels per day and aggregate storage capacity of 4.3 million barrels.

• Medford spheres.Two newly-constructed refinery-grade propylene storage spheres located in Medford, Oklahoma, with a total working capacity of 70,000 barrels, that commenced operations in March 2014. The Medford spheres provide an outlet for delivery of refinery-grade propylene from Phillips 66's Ponca City Refinery, through interconnections with third-party pipelines, to Mont Belvieu, Texas.

We generate revenue primarily by charging tariffs and fees for transporting crude oil and refined petroleum products through our pipelines, and terminaling and storing crude oil and refined petroleum products at our terminals. Since we do not own any of the crude oil and refined petroleum products that we handle and do not engage in the trading of crude oil and refined petroleum products, we have limited direct exposure to risks associated with fluctuating commodity prices, although these risks indirectly influence our activities and results of operations over the long term. Our operations consist of one reportable segment.

Basis of Presentation

The Gold Line/Medford Acquisition was a transfer of businesses between entities under common control, which requires it to be accounted for as if the transfer occurred at the beginning of the period of transfer, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retrospectively adjusted to include the historical results and financial position of the Acquired Assets prior to the Effective Date. See Note 4—Gold Line/Medford Acquisition, for additional information.

The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66, and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities in these financial statements have been reflected on a historical cost basis because, immediately prior to the Offering or the Gold Line/Medford Acquisition, all of the assets and liabilities presented were wholly owned by Phillips 66 and were transferred within the Phillips 66 consolidated group. The consolidated statement of income also includes expense allocations for certain functions historically performed by Phillips 66 and not allocated to the Partnership, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based primarily on relative values of net properties, plants and equipment (PP&E) and equity method investments, or pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial statements of our Predecessors may not include all of the actual expenses that would have been incurred had we been a stand-alone publicly traded partnership during the periods presented and may not reflect our actual results of operations, financial position and cash flows had we been a stand-alone publicly traded partnership during the periods prior to the Offering or the Gold Line/Medford Acquisition.

Phillips 66 uses a centralized approach to the cash management and financing of its operations. For periods prior to the Offering or Gold Line/Medford Acquisition, cash generated and used by our operations was transferred to Phillips 66 daily, and Phillips 66 funded our operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Phillips 66 were not allocated to us, and we had no bank accounts prior to the Offering. We reflected transfers of cash to and from Phillips 66's cash management system as a component of "Net investment—predecessors" on our balance sheet, and as part of "Net distributions to Phillips 66 from predecessors" on our statement of cash flows. We did not include any interest expense for intercompany cash advances from Phillips 66, since historically Phillips 66 did not allocate interest expense related to intercompany advances to any of its businesses. For periods after the Offering, we have our own bank accounts and no longer participate in Phillips 66's centralized cash management system, and the Acquired Assets no longer participate in Phillips 66's centralized cash management system as of the Effective Date.

All financial information presented for the periods after the Offering represents the consolidated results of operations, financial position and cash flows of the Partnership giving retrospective effect to the combined results of operations, financial position and cash flows of the Acquired Assets. Accordingly:

• Our consolidated statements of income and cash flows for the year ended December 31, 2013, consist of the consolidated results of the Partnership for the period from July 26, 2013, through December 31, 2013, the combined results of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined results of the Acquired Assets for the entire year of 2013. Our consolidated statements of income and cash flows for the years ended December 31, 2012 and 2011, consist entirely of the combined results of our Predecessors.

• Our consolidated balance sheet at December 31, 2013, consists of the consolidated balances of the Partnership and the combined balances of the Acquired Assets, while at December 31, 2012, it consists of the combined balances of our Predecessors.

• Our consolidated statement of changes in equity for the year ended December 31, 2013, consists of the consolidated activity of the Partnership completed at and subsequent to the Offering on July 26, 2013, through December 31, 2013, the combined activity of our pre-Offering predecessor for the period from January 1, 2013, through July 25, 2013, and the combined activity of the Acquired Assets for the entire year of 2013. Our consolidated statement of changes in equity for the years ended December 31, 2012 and 2011, consists entirely of the combined activity of our Predecessors.

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Consolidated Balance Sheet (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2013 Common Units [Member] Public [Member]		Dec. 31, 2013 Common Units [Member] Non-public [Member] Phillips 66 [Member]		Dec. 31, 2013 Subordinated Units [Member] Non-public [Member] Phillips 66 [Member]		Dec. 31, 2012 Predecessor [Member]
Assets
Cash and cash equivalents	$ 425.1	[1]								[1]
Accounts receivable—related parties	11.3	[1]							0.3	[1]
Accounts receivable—third parties	0.6	[1]							0.5	[1]
Materials and supplies	2.0	[1]							1.7	[1]
Other current assets	2.3	[1]								[1]
Total Current Assets	441.3	[1]							2.5	[1]
Net properties, plants and equipment	271.2	[1]							248.8	[1]
Goodwill	2.5	[1]							2.5	[1]
Deferred rentals—related parties	6.4	[1]							6.1	[1]
Total Assets	721.4	[1]							259.9	[1]
Liabilities
Accounts payable—related parties	5.2	[1]								[1]
Accounts payable—third parties	8.0	[1]							4.0	[1]
Payroll and benefits payable	0.1	[1]							0.3	[1]
Accrued property and other taxes	2.3	[1]							1.9	[1]
Current portion of accrued environmental costs	2.0	[1]							8.0	[1]
Other current liabilities	0.4	[1]							0.1	[1]
Total Current Liabilities	18.0	[1]							14.3	[1]
Asset retirement obligations	2.4	[1]							2.0	[1]
Accrued environmental costs	1.4	[1]							2.5	[1]
Deferred income taxes	0.1	[1]
Total Liabilities	21.9	[1]							18.8	[1]
Equity
Net investment—predecessors	125.4								241.1
Unitholders			409.1	[1]	48.6	[1]	104.9	[1]		[1]
General partner—Phillips 66 (1,437,433 units issued and outstanding)	11.5									[1]
Total Equity	699.5	[1]	409.1		48.6		104.9		241.1	[1]
Total Liabilities and Equity	$ 721.4	[1]							$ 259.9	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Contingencies

12 Months Ended

Dec. 31, 2013

Contingencies [Abstract]

Contingencies

From time to time, lawsuits involving a variety of claims that arise in the ordinary course of business may be filed against us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include any contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Environmental

We are subject to federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management's best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies' cleanup experience, and data released by the U.S. Environmental Protection Agency or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. See Note 8—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities.

Legal Proceedings

Under our amended omnibus agreement, Phillips 66 provides certain services for our benefit, including legal support services, and we pay an operational and administrative support fee for these services. Phillips 66's legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. The process facilitates the early evaluation and quantification of potential exposures in individual cases and enables tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, Phillips 66's legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. As of December 31, 2013, we did not have any accrued contingent liabilities.

Indemnification

Under our amended omnibus agreement, Phillips 66 will indemnify us for certain environmental liabilities, tax liabilities, and litigation and other matters attributable to the ownership or operation of the assets contributed to us in connection with the Offering (the Initial Assets) and which arose prior to the closing of the Offering. Indemnification for any unknown environmental liabilities is limited to liabilities due to occurrences prior to the closing of the Offering and that are identified before the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.1 million before we are entitled to indemnification. Indemnification for litigation matters (other than currently pending legal actions) is subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. Phillips 66 will also indemnify us for failure to obtain certain consents, licenses and permits necessary to conduct our business, including the cost of curing any such condition, in each case that is identified prior to the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. We have agreed to indemnify Phillips 66 for events and conditions associated with the ownership or operation of the Initial Assets that occur on or after the closing of the Offering and for certain environmental liabilities related to the Initial Assets to the extent Phillips 66 is not required to indemnify us.

Excluded Liabilities of the Acquired Assets

Pursuant to the terms of the Contribution Agreement, Phillips 66 assumed the responsibility for any liabilities arising out of or attributable to the ownership or operation of the Acquired Assets, or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, prior to the Effective Date, including the liabilities associated with the construction costs of the Medford spheres. We have assumed, and have agreed to pay, discharge and perform as and when due, all liabilities arising out of or attributable to the ownership or operation of the Acquired Assets, or other activities occurring in connection with and attributable to the ownership or operation of the Acquired Assets, from and after the Effective Date.

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Document and Entity Information	12 Months Ended
	Dec. 31, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66 Partners LP
Entity Central Index Key	0001572910
Trading Symbol	PSXP
Document Type	8-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false

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Leases

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases

Leases

In connection with the Offering, we entered into certain transportation services agreements, terminal services agreements and storage services agreements with Phillips 66 that are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. These agreements include escalation clauses to adjust transportation tariffs and terminaling fees to reflect changes in price indices. Revenues from these agreements are recorded within "Transportation and terminaling services—related parties" on our consolidated statement of income.

As of December 31, 2013, future minimum payments to be received related to these agreements were estimated to be:

	Millions of Dollars
2014	$	95.5
2015	95.5
2016	95.7
2017	95.5
2018	76.8
2019 and thereafter	350.4
Total	$	809.4

In connection with the Gold Line/Medford Acquisition, we entered into certain transportation services agreements, terminal services agreements and storage services agreements with Phillips 66, effective March 1, 2014, which are considered operating leases under GAAP. See Note 17—Related Party Transactions, for additional information on these agreements. Total future minimum payments to be received related to these agreements were estimated to be $712.4 million.

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Consolidated Balance Sheet (Parenthetical)	Dec. 31, 2013		Dec. 31, 2012
General partner units issued	1,437,433	[1]
General partner units outstanding	1,437,433	[1]
Common Units [Member] | Public [Member]
Units issued	18,888,750	[1]
Units outstanding	18,888,750	[1]
Common Units [Member] | Non-public [Member] | Phillips 66 [Member]
Units issued	16,328,362	[1]
Units outstanding	16,328,362	[1]
Subordinated Units [Member] | Non-public [Member] | Phillips 66 [Member]
Units issued	35,217,112	[1]
Units outstanding	35,217,112	[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Properties, Plants and Equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Properties, Plants and Equipment

Properties, Plants and Equipment

Our investment in PP&E, with the associated accumulated depreciation, at December 31 was:

	Estimated Useful Lives	Millions of Dollars
		2013*			2012*
Cost:
Land	N/A	$	5.0		5.0
Buildings and improvements	3 to 30 years	15.6			14.1
Pipelines and related assets	10 to 45 years	150.7			149.3
Terminals and related assets	25 to 45 years	286.5			276.4
Construction-in-progress	N/A	43.0			19.8
Gross PP&E		500.8			464.6
Less: accumulated depreciation		(229.6		)	(215.8	)
Net PP&E		$	271.2		248.8

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Major Customer and Concentration of Credit Risk

12 Months Ended

Dec. 31, 2013

Major Customer and Concentration of Credit Risk [Abstract]

Concentration Risk Disclosure

Major Customer and Concentration of Credit Risk

Phillips 66 accounted for 94 percent, 95 percent and 94 percent of our total revenues for the years ended December 31, 2013, 2012 and 2011, respectively. We provide crude oil and refined petroleum product pipeline transportation, terminaling and storage services to Phillips 66 and other related parties.

We are potentially exposed to concentration of credit risk primarily through our accounts receivable with Phillips 66. These receivables have payment terms of 30 days or less. We monitor the creditworthiness of Phillips 66, which has an investment grade credit rating, and we have no history of collectability issues with them.

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Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Commercial Agreements

In connection with the Offering and the Gold Line/Medford Acquisition, we entered into multiple transportation services agreements and terminal services agreements with Phillips 66 and amended an existing transportation services agreement with Phillips 66. Under these long-term, fee-based agreements, we provide transportation, terminaling and storage services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil and refined petroleum products.

These agreements with Phillips 66 include:

• A 10-year transportation services agreement under which we charge Phillips 66 for transporting crude oil on our Clifton Ridge to Lake Charles refinery pipeline, our Pecan Grove to Clifton Ridge pipeline and our Shell to Clifton Ridge pipeline.

• A 10-year transportation services agreement under which we charge Phillips 66 for transporting diesel, gasoline and other refined petroleum products on our two60-mile Sweeny to Pasadena pipelines.

• A 23-year throughput and deficiency agreement under which we charge Phillips 66 for transporting gasoline, diesel, jet fuel and other refined petroleum products on our Wood River to Hartford pipeline and our Hartford to Explorer pipeline.

• A 10-year transportation services agreement, effective March 1, 2014, under which we charge Phillips 66 for transporting refined petroleum products along four routes on the Gold Line products system.

• A 5-year terminal services agreement under which we charge Phillips 66 for offloading ships and barges at our Clifton Ridge ship dock and Pecan Grove barge dock and for unloading trucks and storing crude oil at our Clifton Ridge terminal.

• A 5-year terminal services agreement under which we charge Phillips 66 for providing terminaling services at our Pasadena and Hartford terminals and at our Hartford barge dock.

• A 5-year terminal services agreement, effective March 1, 2014, under which we charge Phillips 66 for receiving refined petroleum products, handling and storing such refined petroleum products, and delivering such refined petroleum products into pipelines and transport trucks at our terminals located in Wichita, Kansas; Kansas City, Kansas; Paola, Kansas; Jefferson City, Missouri; and Cahokia, Illinois.

Other than our Hartford Connector throughput and deficiency agreement (Hartford Connector T&D), each of our transportation services agreements includes a 10-year initial term, and Phillips 66 has the option to renew each agreement for up to one or two additional 5-year terms. Our Hartford Connector T&D, which was amended in connection with the Offering, has a 23-year term that began in January 2008 and will expire on December 31, 2030. Each of our terminal services agreements includes a 5-year initial term, and Phillips 66 has the option to renew each agreement for up to two or three additional 5-year terms.

Under each of our transportation services agreements, if Phillips 66 fails to transport its minimum throughput volume during any quarter, then Phillips 66 will pay us a deficiency payment based on the calculation described in the agreement. If the minimum capacity of the pipeline(s) falls below the level of Phillips 66's commitment at any time (other than outages caused by our planned maintenance) or if capacity on the pipeline(s) is required to be allocated among shippers as a result of volume nominations exceeding available capacity, Phillips 66's minimum throughput commitment may be proportionately reduced until such time that the available capacity is sufficient to fulfill Phillips 66's minimum volume commitments. We may elect to adjust our tariffs on an annual basis, and the new tariffs become effective on July 1 of each year. For the transportation services agreement for the Gold Line products system, we may elect to adjust our tariff beginning July 1, 2015. Under each of our transportation services agreements other than our Hartford Connector T&D, if we agree to make any expenditures at Phillips 66's request, Phillips 66 will reimburse us for, or we will have the right under certain circumstances to file for an increased tariff rate to recover, the actual amount we incur for such expenditures.

Under our terminal services agreements, Phillips 66 is obligated to throughput or store minimum volumes of crude oil and refined petroleum products and pay us terminaling fees, as well as fees for providing related ancillary services (such as ethanol and biodiesel blending and additive injection) at our terminals. If Phillips 66 fails to meet its minimum volume commitments on certain terminaling services during any quarter, then Phillips 66 will pay us a deficiency payment based on the calculation described in each agreement. We may adjust our per-barrel fees annually on January 1 of each year.

These transportation services and terminal services agreements include provisions that permit Phillips 66 to suspend, reduce or terminate its obligations under the applicable agreement if certain events occur. Under all of our commercial agreements other than our Hartford Connector T&D, these events include Phillips 66 deciding to completely suspend refining operations at a refinery that is supported by our assets for at least twelve consecutive months, unless it publicly announces its intent to resume those operations prior to the expiration of the 12-month notice period. Under all of our commercial agreements, these events also include certain force majeure events that would prevent us or Phillips 66 from performing our respective obligations under the applicable agreement.

In connection with the Offering, we entered into two storage and stevedoring services agreements with Phillips 66. Under these agreements, we provide Phillips 66 certain storage, stevedoring, sampling and testing services and such other services as we and Phillips 66 may mutually agree upon from time to time, and Phillips 66 commits to provide us with minimum storage volumes of lubricant base stocks at our Hartford and Pecan Grove terminals.

In connection with the Offering, we also entered into naphtha storage services agreements with WRB Refining LP and Phillips 66. Under these agreements, we will provide certain storage, sampling and testing services and such other services as we and WRB or Phillips 66, as applicable, may mutually agree upon from time to time, and WRB and Phillips 66 commit to provide us with minimum storage volumes of naphtha at our Hartford terminal.

In connection with the Gold Line/Medford Acquisition, we entered into several storage services agreements and one origination services agreement with Phillips 66, which became effective March 1, 2014, including:

• A storage services agreement (storage on the Gold Line products system). Pursuant to this agreement, we charge fees to Phillips 66 for storing certain identified petroleum products in storage tanks located in Wichita, Kansas; Kansas City, Kansas; and Cahokia, Illinois. The fees payable by Phillips 66 to us are subject to adjustment each year beginning on January 1, 2015, based on the Producer Price Index (PPI) for finished goods. This agreement has a primary term of 5 years and automatically extends for up to two additional 5-year periods, unless terminated by either party.

• A storage services agreement (storage at the Medford spheres). Pursuant to this agreement, we charge fees to Phillips 66 for receiving and storing natural gas liquids (NGL) and refinery-grade propylene in the Medford spheres. The fees payable by Phillips 66 to us are subject to adjustment each year beginning January 1, 2015, based on the PPI for finished goods. This agreement has a primary term of 10 years and automatically extends for up to two additional 5-year periods unless terminated by either party.

• An origination services agreement. Pursuant to this agreement, Phillips 66 charges fees to us for the provision of certain operational services by Phillips 66 to us in connection with the origination of petroleum products movements on the Gold Line products system. The monthly fee payable by us to Phillips 66 is $110,000 and is subject to adjustment each year beginning in 2016 based on the PPI for finished goods. This agreement has a primary term of 10 years and automatically extends for successive 5-year renewal terms, unless terminated by either party.

With respect to periods prior to the Offering or the Gold Line/Medford Acquisition in respect of the Acquired Assets, our Predecessors were part of the consolidated operations of Phillips 66, and substantially all of our Predecessors' revenues were derived from transactions with Phillips 66 and its affiliates. The contractual rates used for these revenue transactions may be materially different than rates we might have received had they been transacted with third parties. With effect from the Offering and the Gold Line/Medford Acquisition, we entered into several agreements with Phillips 66 as discussed above, under which Phillips 66 pays us fees for transporting, terminaling and storing crude oil and refined products.

Amended Operational Services Agreement

In connection with the Offering, we entered into an operational services agreement with Phillips 66. Under this agreement, we reimburse Phillips 66 for providing certain operational services to us in support of our pipelines, terminaling and storage facilities. These services include routine and emergency maintenance and repair services, routine operational activities, routine administrative services, construction and related services and such other services as we and Phillips 66 may mutually agree upon from time to time. The agreement has an initial term of five years and will continue in full force and effect thereafter unless terminated by either party. In connection with the Gold Line/Medford Acquisition, we entered into the first amendment to the operational services agreement with Phillips 66. Pursuant to this amendment, the services provided to us by Phillips 66 under the operational services agreement are also provided in support of the Acquired Assets.

Amended Omnibus Agreement

In connection with the Offering, we entered into an omnibus agreement with Phillips 66, certain of its subsidiaries and our general partner. This agreement addresses our payment of an annual operating and administrative support fee and our obligation to reimburse Phillips 66 for all other direct or allocated costs and expenses incurred by Phillips 66 in providing general and administrative services. It also addresses our right of first offer to acquire Phillips 66's direct one-third equity interest in each of DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC. Additionally, the omnibus agreement addresses Phillips 66's indemnification to us and our indemnification to Phillips 66 for certain environmental and other liabilities related to the Initial Assets, and the prefunding of certain projects by Phillips 66. Further, it addresses the granting of a license from Phillips 66 to us with respect to the use of certain Phillips 66 trademarks. In connection with the Gold Line/Medford Acquisition, we entered into the first amendment to the omnibus agreement with Phillips 66. Pursuant to this amendment, Phillips 66 provides for additional services to us in connection with the Acquired Assets, and the monthly operational and administrative support fee payable by us to Phillips 66 increased from $1,144,000 to $2,302,300, as of the Effective Date.

Tax Sharing Agreement

In connection with the Offering, we entered into a tax sharing agreement with Phillips 66 pursuant to which we will reimburse Phillips 66 for our share of state and local income and other taxes incurred by Phillips 66 as a result of our results of operations being included in a combined or consolidated tax return filed by Phillips 66 with respect to taxable periods including or beginning on the closing date of the Offering. The amount of any such reimbursement will be limited to the tax that we (and our subsidiaries) would have paid had we not been included in a combined group with Phillips 66. Phillips 66 may use its tax attributes to cause its combined or consolidated group, of which we may be a member for this purpose, to owe no tax. However, we would nevertheless reimburse Phillips 66 for the tax we would have owed had the attributes not been available or used for our benefit, even though Phillips 66 had no cash expense for that period.

Related Party Transactions

Significant related-party transactions included in general and administrative expenses and operating and maintenance expenses were:

	Millions of Dollars
	2013*		2012*	2011*
General and administrative expenses	$	16.4	13.4	10.1
Operating and maintenance expenses	24.2		22.4	20.2
Total	$	40.6	35.8	30.3

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

Our management believes the charges allocated to our Predecessors were a reasonable reflection of the utilization of services provided. However, those allocations may not have fully reflected the expenses that would have been incurred had we been a stand-alone publicly traded partnership for the periods prior to the Offering or the Gold Line/Medford Acquisition.

Subsequent to the Offering, we pay Phillips 66 a monthly operational and administrative support fee under the terms of our amended omnibus agreement, initially in the amount of $1.1 million from July 26, 2013, through February 28, 2014, and $2.3 million beginning March 1, 2014. The operational and administrative support fee is for the provision of certain services, including: executive services; financial and administrative services (including treasury and accounting); information technology; legal services; corporate health, safety and environmental services; facility services; human resources services; procurement services; corporate engineering services, including asset integrity and regulatory services; logistical services; asset oversight, such as operational management and supervision; business development services; investor relations; tax matters; and public company reporting services. We also reimburse Phillips 66 for all other direct or allocated costs incurred on behalf of us, pursuant to the terms in our amended omnibus agreement. Under our amended operational services agreement, we reimburse Phillips 66 for the provision of certain operational services to us in support of our pipelines and terminaling and storage facilities. Additionally, we pay Phillips 66 for insurance services provided to us. Operating and maintenance expenses also included volumetric gain/loss associated with volumes transported by Phillips 66. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the functional nature of the services being performed for our operations.

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Employees of Phillips 66 who directly or indirectly support our operations participate in the pension, postretirement health insurance, and defined contribution benefit plans sponsored by Phillips 66, which includes other subsidiaries of Phillips 66. Costs associated with benefit plans include the cost allocated to us from Phillips 66's transportation organization and Phillips 66's employees who are fully dedicated to supporting our business. Prior to the completion of the Offering, our share of these costs was primarily the cost allocated to our Predecessors from Phillips 66's transportation organization. Subsequent to the completion of the Offering and prior to the Gold Line/Medford Acquisition, our share of these costs consisted of the cost allocated to the Acquired Assets from Phillips 66's transportation organization and the cost of Phillips 66's employees who are fully dedicated to supporting our business. Our share of pension and postretirement costs was $2.0 million, $2.5 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Our share of defined contribution benefit plan costs was $0.9 million, $2.0 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

These costs are included in either "General and administrative expenses" or "Operating and maintenance expenses" on our consolidated statement of income, depending on the nature of the employee's role in our operations.

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Net Income Per Limited Partner Unit

12 Months Ended

Dec. 31, 2013

Partners' Capital Notes [Abstract]

Net Income Per Limited Partner Unit

Net Income Per Limited Partner Unit

Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners' interest in net income attributable to the Partnership by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, and incentive distribution rights. Basic and diluted net income per unit are the same because we do not have any potentially dilutive units outstanding for the period presented.

	Millions of Dollars
	2013
Net income attributable to the Partnership	$	28.9
Less: General partner's distributions declared	0.5
Limited partners' distributions declared on common units	13.4
Limited partner's distributions declared on subordinated units	13.4
Distributions less than net income attributable to the Partnership	$	1.6

	2013
	General Partner		Limited Partners' Common Units		Limited Partner's Subordinated Units	Total
Net income attributable to the Partnership (millions):
Distributions declared	$	0.5	13.4		13.4	27.3
Distributions less than net income attributable to the Partnership	0.1		0.7		0.8	1.6
Net income attributable to the Partnership	$	0.6	14.1		14.2	28.9
Weighted average units outstanding:
Basic	1,437,433		35,217,112		35,217,112	71,871,657
Diluted	1,437,433		35,217,112		35,217,112	71,871,657
Net income per limited partner unit (dollars):
Basic			$	0.40	0.40
Diluted			0.40		0.40

On January 22, 2014, the Board of Directors of our general partner declared our quarterly cash distribution of $0.2248 per unit, or $16.2 million in total, for the fourth quarter of 2013. This distribution was paid on February 13, 2014, to unitholders of record as of February 4, 2014.

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Related Party Transactions (Narrative) (Details) (Phillips 66 [Member], Phillips 66 [Member], USD $)		7 Months Ended					12 Months Ended			1 Months Ended			1 Months Ended
	Jul. 24, 2013 Storage and Stevedoring Services [Member] agreement	Feb. 28, 2014 Amended Omnibus Agreement [Member]	Jul. 24, 2013 Maximum [Member] Transportation Services [Member] renewal	Jul. 24, 2013 Maximum [Member] Terminal Services [Member] renewal	Jul. 24, 2013 Minimum [Member] Transportation Services [Member] renewal	Jul. 24, 2013 Minimum [Member] Terminal Services [Member] renewal	Dec. 31, 2013 Minimum [Member] Commercial Excluding Throughput And Deficiency [Member]	Jul. 24, 2013 DCP Sand Hills Pipeline, LLC [Member]	Jul. 24, 2013 DCP Southern Hills Pipeline, LLC [Member]	Mar. 31, 2014 Subsequent Event [Member] Amended Omnibus Agreement [Member]	Jul. 24, 2013 Sweeny to Pasadena Pipelines [Member] mi pipeline	Mar. 01, 2014 Gold Line Products System and Medford Spheres [Member] Gold Line Products System [Member] Subsequent Event [Member] route	Mar. 31, 2014 Gold Line Products System and Medford Spheres [Member] Gold Line Products System [Member] Subsequent Event [Member] Storage Services Agreement [Member]	Mar. 31, 2014 Gold Line Products System and Medford Spheres [Member] Gold Line Products System [Member] Subsequent Event [Member] Maximum [Member] Storage Services Agreement [Member] renewal	Mar. 31, 2014 Gold Line Products System and Medford Spheres [Member] Medford Spheres, Medford, Oklahoma [Member] Subsequent Event [Member] Maximum [Member] Storage Services Agreement [Member] renewal	Mar. 01, 2014 Gold Line Products System and Medford Spheres [Member] Subsequent Event [Member] OriginationServicesAgreement [Member] agreement
Related party agreements and fees
Number of 60-mile Sweeny to Pasadena pipelines											2
Pipeline length in miles											60
Number of routes												4
Number of renewal options			2	3	1	2								2	2
Number of minimum consecutive months Phillips 66 decides to suspend refining operations							12 months
Number of agreements	2															1
Monthly operational services fee													$ 110,000
Percent of equity interest right of first offer to acquire Phillips 66's interest								33.30%	33.30%
Monthly operational and administrative support fee		$ 1,144,000								$ 2,302,300

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Goodwill

12 Months Ended

Dec. 31, 2013

Goodwill [Abstract]

Goodwill Disclosure

Goodwill

Goodwill was allocated to us from Phillips 66 based on the relative fair market value of our net PP&E, compared with the fair market value of Phillips 66's reporting unit that included our net PP&E as of the date on which Phillips 66's purchase transaction that resulted in goodwill was completed. Goodwill is tested for impairment on an annual basis and when indicators of potential impairment exist. We have performed our annual impairment tests, and no impairment in the carrying value of goodwill has been identified for the years ended December 31, 2013, 2012 and 2011. Goodwill was $2.5 million as of December 31, 2013 and 2012.

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Assets Retirement Obligations and Accrued Environmental Costs

12 Months Ended

Dec. 31, 2013

Assets Retirement Obligations and Accrued Environmental Costs [Abstract]

Asset Retirement Obligations and Environmental Cost

Asset Retirement Obligations and Accrued Environmental Costs

Asset retirement obligations and accrued environmental costs at December 31 were:

	Millions of Dollars
	2013*			2012*
Asset retirement obligations	$	2.4		2.0
Accrued environmental costs	3.4			10.5
Total asset retirement obligations and accrued environmental costs	5.8			12.5
Asset retirement obligations and accrued environmental costs due within one year	(2.0		)	(8.0	)
Long-term asset retirement obligations and accrued environmental costs	$	3.8		4.5

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

Asset Retirement Obligations

We have asset removal obligations that we are required to perform under law or contract once an asset is permanently taken out of service. These obligations primarily relate to the abandonment or removal of pipeline. Most of these obligations are not expected to be paid until many years in the future.

During 2013 and 2012, our overall asset retirement obligations changed as follows:

	Millions of Dollars
	2013*		2012*
Balance at January 1	$	2.0	2.6
Accretion of discount	—		0.1
Changes in estimates of existing obligations	0.4		(0.7	)
Balance at December 31	$	2.4	2.0

*Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

We do not expect any short-term spending and, as a result, there were no current liabilities reported on the consolidated balance sheet for asset retirement obligations at December 31, 2013 and 2012.

Accrued Environmental Costs

Our Predecessors recorded a total environmental accrual of $3.4 million and $10.5 million at December 31, 2013 and 2012, respectively, primarily related to cleanup and remediation at pipeline and terminal locations. Pursuant to the terms of the amended omnibus agreement, Phillips 66 indemnifies us for the environmental liabilities associated with the assets contributed to us during the Offering arising prior to the closing of the Offering. Pursuant to the terms of the Contribution Agreement, Phillips 66 assumed the responsibility for accrued environmental liabilities associated with the Acquired Assets arising prior to their contribution to us. In the future, we may be involved in environmental assessments, cleanups and proceedings.

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Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt

Debt

On June 7, 2013, we entered into a $250 million senior unsecured revolving credit agreement (Credit Agreement) with a syndicate of financial institutions, which became effective upon the closing of the Offering on July 26, 2013. We have the option to increase the overall capacity of the Credit Agreement by up to an additional $250 million, subject to, among other things, the consent of the existing lenders whose commitments would be increased or any additional lenders providing such additional capacity. The Credit Agreement has an initial five-year term beginning on the day we entered into the Credit Agreement, and we have the option to extend for two additional one-year terms, subject to certain conditions, including the consent of the lenders holding the majority of the commitments and each lender extending its individual commitment. The Credit Agreement includes sub-facilities for swingline loans and letters of credit.

Outstanding borrowings under the Credit Agreement will bear interest, at our option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the base rate (as described in the Credit Agreement) plus the applicable margin. The Credit Agreement also provides for customary fees, including administrative agent fees and commitment fees. Commitment fees began to accrue beginning on the date we entered into the Credit Agreement. Prior to our obtaining credit ratings, if ever, the pricing levels for the commitment fee and interest-rate margins will be based on our ratio of total debt to EBITDA (as described in the Credit Agreement) for the prior four fiscal quarters. After we obtain credit ratings, if ever, the pricing levels will be based on our credit ratings in effect from time to time. The Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default that we consider to be customary for an agreement of this type, including a covenant that requires us to maintain a ratio of total debt to EBITDA for the prior four fiscal quarters of not greater than 5.0 to 1.0 as of the last day of each fiscal quarter (5.5 to 1.0 during the specified period following certain acquisitions). If an event of default occurs under the Credit Agreement and is continuing, the lenders may terminate their commitments and declare the amount of all outstanding borrowings, together with accrued interest and all fees, to be immediately due and payable. Among other things and until such time as we have an investment grade rating, we would not be able to make any cash distributions to our unitholders for so long as an event of default is continuing. As of December 31, 2013, no amount had been drawn under the Credit Agreement.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Income Taxes

Income taxes charged to income were:

	Millions of Dollars
	2013		2012	2011
Current	$	0.4	0.3	0.3
Deferred	0.1		—	—
Total	$	0.5	0.3	0.3

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Contingencies (Narrative) (Details) (Losses Related To Contributed Assets Subject to a Deductible before Eligibility For Indemnification Under the Omnibus Agreement[Member], USD $) In Millions, unless otherwise specified	Jul. 24, 2013
Indemnification
Amount of aggregate deductible before indemification by Phillips 66 for failure to obtain certain consents, licenses and permits	$ 0.2
Litigation Matters [Member]
Indemnification
Aggregate deductible before indemification by Phillips 66	0.2
Environmental Liabilities [Member]
Indemnification
Aggregate deductible before indemification by Phillips 66	$ 0.1

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We are not a taxable entity for U.S. federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income generally are borne by our partners through the allocation of taxable income. Our income tax provision results from state laws that apply to entities organized as partnerships, primarily Texas and Illinois.

Income taxes charged to income were:

	Millions of Dollars
	2013		2012	2011
Current	$	0.4	0.3	0.3
Deferred	0.1		—	—
Total	$	0.5	0.3	0.3

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. At December 31, 2013, we had a deferred tax liability of $0.1 million primarily related to PP&E and deferred rentals. Our effective tax rate was 0.5 percent for each of the years ended December 31, 2013, 2012 and 2011.

As of December 31, 2013, we had no liability reported for unrecognized tax benefits and we did not have any interest or penalties related to income taxes for the years ended December 31, 2013, 2012 and 2011. Texas and Illinois tax returns for 2013 are subject to examination.

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Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Related-Party Note Payable

In connection with the Gold Line/Medford Acquisition, on March 1, 2014, we entered into an Assignment, Assumption and Modification of Note (the Assumption Agreement) with certain subsidiaries of Phillips 66. Pursuant to the Assumption Agreement, we assumed a 5-year, $160 million note payable to a subsidiary of Phillips 66 that bears interest at a fixed rate of 3 percent per annum. Interest on the note is payable quarterly, and all principal and accrued interest are due and payable at maturity on February 28, 2019.

Cash Distribution

On April 23, 2014, the Board of Directors of our general partner declared our first quarter cash distribution of $0.2743 per limited partner unit which, combined with distributions to our general partner, resulted in total distributions of $21.1 million for the first quarter of 2014. This distribution was paid May 13, 2014, to unitholders of record as of May 5, 2014.

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Net Income Per Limited Partner Unit (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	5 Months Ended		6 Months Ended	0 Months Ended	1 Months Ended	4 Months Ended	0 Months Ended		0 Months Ended
	Dec. 31, 2013		Jan. 22, 2014	May 13, 2014 Subsequent Event [Member]	Jan. 22, 2014 Subsequent Event [Member]	Apr. 23, 2014 Subsequent Event [Member]	Feb. 13, 2014 Cash Distribution [Member]	Dec. 31, 2013 Cash Distribution [Member]	May 13, 2014 Cash Distribution [Member] Subsequent Event [Member]	Feb. 13, 2014 Cash Distribution [Member] Subsequent Event [Member]
Subsequent Event [Line Items]
Cash Distribution Paid Per Unit (dollars)					$ 0.2248	$ 0.2743		$ 0.1548
Distributions declared in total	$ 11.1	[1]	$ 27.3		$ 16.2	$ 21.1
Distribution paid, per unit									$ 0.2743	$ 0.2248
Total quarterly cash distribution paid				$ 21.1			$ 16.2

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Gold Line/Medford Acquisition (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified				1 Months Ended				1 Months Ended			1 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Jul. 27, 2013 Phillips 66 [Member]	Jul. 27, 2013 Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Phillips 66 [Member]	Mar. 01, 2014 Subsequent Event [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Phillips 66 [Member]	Mar. 01, 2014 Subsequent Event [Member] Common Units [Member] Phillips 66 [Member]	Mar. 01, 2014 Subsequent Event [Member] Subordinated Units [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Gold Line Products System and Medford Spheres [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Gold Line Products System and Medford Spheres [Member] Common Units [Member] Phillips 66 [Member]	Mar. 31, 2014 Subsequent Event [Member] Gold Line Products System and Medford Spheres [Member] General Partner Units [Member] Phillips 66 [Member]
Statement [Line Items]
Total consideration											$ 700
Cash consideration											400
Units issued												3,530,595	72,053
Phillips 66's general partner ownership interest, percentage				2.00%		2.00%
Aggregate fair value of units issued											140
Note payable											160
Transaction costs											1.8
Number of units owned									19,858,957	35,217,112
Phillips 66's limited partner ownership interest, percentage					71.70%			73.00%
Number of general partner units owned	1,437,433	[1]					1,509,486
Historical carrying value of assets transferred											$ 138

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Consolidated Statement of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012 Predecessor [Member]		Dec. 31, 2011 Predecessor [Member]		Dec. 31, 2013 Public [Member] Common Units [Member]		Dec. 31, 2012 Public [Member] Common Units [Member] Predecessor [Member]		Dec. 31, 2011 Public [Member] Common Units [Member] Predecessor [Member]		Dec. 31, 2013 Phillips 66 [Member] Non-public [Member] Common Units [Member]		Dec. 31, 2012 Phillips 66 [Member] Non-public [Member] Common Units [Member] Predecessor [Member]		Dec. 31, 2011 Phillips 66 [Member] Non-public [Member] Common Units [Member] Predecessor [Member]		Dec. 31, 2013 Phillips 66 [Member] Non-public [Member] Subordinated Units [Member]		Dec. 31, 2012 Phillips 66 [Member] Non-public [Member] Subordinated Units [Member] Predecessor [Member]		Dec. 31, 2011 Phillips 66 [Member] Non-public [Member] Subordinated Units [Member] Predecessor [Member]
Cash Flows From Operating Activities
Net income	$ 99.7	[1]	$ 61.1	[1]	$ 63.2	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	14.3	[1]	13.6	[1]	12.8	[1]
Deferred rentals—related parties	(0.3)	[1]	(1.6)	[1]	(1.8)	[1]
Accrued environmental costs	(1.1)	[1]	(1.8)	[1]	(0.5)	[1]
Other	0.3	[1]	(0.9)	[1]	(0.2)	[1]
Working capital adjustments
Decrease (increase) in accounts receivable	(11.0)	[1]	0.2	[1]	(0.3)	[1]
Decrease (increase) in materials and supplies	(0.3)	[1]		[1]		[1]
Decrease (increase) in other current assets	(2.2)	[1]		[1]		[1]
Increase (decrease) in accounts payable	7.3	[1]	(0.8)	[1]	1.8	[1]
Increase (decrease) in environmental accruals	(6.0)	[1]	6.4	[1]	1.0	[1]
Increase (decrease) in other accruals	0.5	[1]	0.1	[1]	(0.1)	[1]
Net Cash Provided by Operating Activities	101.2	[1]	76.3	[1]	75.9	[1]
Cash Flows From Investing Activities
Capital expenditures	(36.5)	[1]	(32.6)	[1]	(14.6)	[1]
Other	1.9	[1]	0.3	[1]	0.9	[1]
Net Cash Used in Investing Activities	(34.6)	[1]	(32.3)	[1]	(13.7)	[1]
Cash Flows From Financing Activities
Net distributions to Phillips 66 from predecessors	(37.7)	[1]	(44.0)	[1]	(62.2)	[1]
Project prefunding from Phillips 66	3.0	[1]		[1]		[1]
Proceeds from issuance of common units	434.4	[1]		[1]		[1]
Offering costs	(30.0)	[1]		[1]		[1]
Debt issuance costs	(0.1)	[1]		[1]		[1]
Distributions to unitholders							(2.9)	[1]		[1]		[1]	(2.5)	[1]		[1]		[1]	(5.5)	[1]		[1]		[1]
Distributions to general partner—Phillips 66	(0.2)	[1]		[1]		[1]
Net Cash Provided by (Used in) Financing Activities	358.5	[1]	(44.0)	[1]	(62.2)	[1]
Net Change in Cash and Cash Equivalents	425.1	[1]		[1]		[1]
Cash and cash equivalents at beginning of period		[1]		[1]		[1]
Cash and Cash Equivalents at End of Period	$ 425.1	[1]		[1]		[1]

[1] Financial information has been retrospectively adjusted for the Gold Line/Medford Acquisition.

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Gold Line/Medford Acquisition

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Gold Line/Medford Acquisition

Gold Line/Medford Acquisition

On February 13, 2014, we entered into the Contribution Agreement with subsidiaries of Phillips 66 to acquire the Gold Line/Medford assets from certain of those subsidiaries for total consideration of $700 million, consisting of $400 million in cash; the issuance of 3,530,595 common units of the Partnership to Phillips 66 Company and the issuance of 72,053 general partner units of the Partnership to our general partner to maintain its 2 percent general partner interest in the Partnership with an aggregate fair value of $140 million at February 13, 2014; and the assumption by the Partnership of a 5-year, $160 million note payable to a subsidiary of Phillips 66. The Gold Line/Medford Acquisition closed on February 28, 2014, with an effective date of March 1, 2014. Total transaction costs of $1.8 million associated with the Gold Line/Medford Acquisition were expensed as incurred. In connection with the Gold Line/Medford Acquisition, we entered into various commercial agreements with Phillips 66 and amended the omnibus agreement and the operational services agreement with Phillips 66. See Note 17—Related Party Transactions, for a summary of the terms of these agreements.

After this acquisition, Phillips 66 owns:

• 19,858,957 common units and 35,217,112 subordinated units, representing an aggregate 73.0 percent limited partner interest.

• All of the incentive distribution rights.

• 1,509,486 general partner units, representing a 2.0 percent general partner interest.

Because the Gold Line/Medford Acquisition was considered a transfer of businesses between entities under common control, the Acquired Assets were transferred at historical carrying value, which was $138 million as of February 28, 2014. Our historical financial statements have been retrospectively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets for all periods presented.

The following tables present our results of operations and financial position giving effect to the Gold Line/Medford Acquisition. For each of the three years in the period ended December 31, 2013, and as of December 31, 2013 and 2012, the combined results of the Acquired Assets prior to the Gold Line/Medford Acquisition are included in "Acquired Assets Predecessor."

	Millions of Dollars
	Year Ended December 31, 2013
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	106.4	75.5	181.9
Transportation and terminaling services—third parties	0.2		4.9	5.1
Other income	0.2		—	0.2
Total revenues	106.8		80.4	187.2
Costs and Expenses
Operating and maintenance expenses	27.4		23.8	51.2
Depreciation	6.2		8.1	14.3
General and administrative expenses	10.0		6.5	16.5
Taxes other than income taxes	1.7		3.0	4.7
Interest and debt expense	0.3		—	0.3
Total costs and expenses	45.6		41.4	87.0
Income before income taxes	61.2		39.0	100.2
Provision for income taxes	0.5		—	0.5
Net Income	60.7		39.0	99.7
Less: Net income attributable to predecessors	31.8		39.0	70.8
Net Income Attributable to the Partnership	$	28.9	—	28.9

	Millions of Dollars
	Year Ended December 31, 2012
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	79.7	62.1	141.8
Transportation and terminaling services—third parties	0.4		3.1	3.5
Total revenues	80.1		65.2	145.3
Costs and Expenses
Operating and maintenance expenses	22.9		29.5	52.4
Depreciation	6.6		7.0	13.6
General and administrative expenses	7.8		5.6	13.4
Taxes other than income taxes	1.4		3.0	4.4
Other expenses	—		0.1	0.1
Total costs and expenses	38.7		45.2	83.9
Income before income taxes	41.4		20.0	61.4
Provision for income taxes	0.3		—	0.3
Net Income	41.1		20.0	61.1
Less: Net income attributable to predecessors	41.1		20.0	61.1
Net Income Attributable to the Partnership	$	—	—	—

	Millions of Dollars
	Year Ended December 31, 2011
Consolidated Statement of Income	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Revenues
Transportation and terminaling services—related parties	$	75.6	59.0	134.6
Transportation and terminaling services—third parties	0.4		4.8	5.2
Total revenues	76.0		63.8	139.8
Costs and Expenses
Operating and maintenance expenses	24.5		24.7	49.2
Depreciation	5.8		7.0	12.8
General and administrative expenses	5.6		4.5	10.1
Taxes other than income taxes	1.3		2.8	4.1
Other expenses	—		0.1	0.1
Total costs and expenses	37.2		39.1	76.3
Income before income taxes	38.8		24.7	63.5
Provision for income taxes	0.3		—	0.3
Net Income	38.5		24.7	63.2
Less: Net income attributable to predecessors	38.5		24.7	63.2
Net Income Attributable to the Partnership	$	—	—	—

	Millions of Dollars
	As of December 31, 2013
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	425.1	—	425.1
Accounts receivable—related parties	11.3		—	11.3
Accounts receivable—third parties	0.1		0.5	0.6
Materials and supplies	0.6		1.4	2.0
Other current assets	2.3		—	2.3
Total Current Assets	439.4		1.9	441.3
Net properties, plants and equipment	135.9		135.3	271.2
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.4		—	6.4
Total Assets	$	584.2	137.2	721.4
Liabilities
Accounts payable—related parties	$	5.2	—	5.2
Accounts payable—third parties	3.0		5.0	8.0
Payroll and benefits payable	—		0.1	0.1
Accrued property and other taxes	1.0		1.3	2.3
Current portion of accrued environmental costs	—		2.0	2.0
Other current liabilities	0.4		—	0.4
Total Current Liabilities	9.6		8.4	18.0
Asset retirement obligations	0.4		2.0	2.4
Accrued environmental costs	—		1.4	1.4
Deferred income taxes	0.1		—	0.1
Total Liabilities	10.1		11.8	21.9
Equity
Net investment—predecessors	—		125.4	125.4
Common unitholders—public	409.1		—	409.1
Common unitholder—Phillips 66	48.6		—	48.6
Subordinated unitholder—Phillips 66	104.9		—	104.9
General partner—Phillips 66	11.5		—	11.5
Total Equity	574.1		125.4	699.5
Total Liabilities and Equity	$	584.2	137.2	721.4

	Millions of Dollars
	As of December 31, 2012
Consolidated Balance Sheet	Phillips 66 Partners LP (As Previously Reported)		Acquired Assets Predecessor	Phillips 66 Partners LP (As Currently Reported)
Assets
Cash and cash equivalents	$	—	—	—
Accounts receivable—related parties	—		0.3	0.3
Accounts receivable—third parties	0.2		0.3	0.5
Materials and supplies	0.3		1.4	1.7
Total Current Assets	0.5		2.0	2.5
Net properties, plants and equipment	135.8		113.0	248.8
Goodwill	2.5		—	2.5
Deferred rentals—related parties	6.1		—	6.1
Total Assets	$	144.9	115.0	259.9
Liabilities
Accounts payable—third parties	$	1.4	2.6	4.0
Payroll and benefits payable	0.2		0.1	0.3
Accrued property and other taxes	0.6		1.3	1.9
Current portion of accrued environmental costs	0.1		7.9	8.0
Other current liabilities	0.1		—	0.1
Total Current Liabilities	2.4		11.9	14.3
Asset retirement obligations	0.3		1.7	2.0
Accrued environmental costs	0.2		2.3	2.5
Total Liabilities	2.9		15.9	18.8
Net Investment
Net investment—predecessors	142.0		99.1	241.1
Total Liabilities and Net Investment	$	144.9	115.0	259.9

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Cash Flow Information Cash Flow Information (Summary of Cash Flow Information) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Interest Paid [Abstract]
Interest and debt expense	$ 0.3

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Business and Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2013

Business and Basis of Presentation [Abstract]

Basis of Presentation

Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

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Business and Basis of Presentation (Narrative) (Details)	12 Months Ended						1 Months Ended
	Dec. 31, 2013 segment	Dec. 31, 2013 Gold Line Products System, Pipeline, Borger, Texas to Cahokia, Illinois [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] mi	Dec. 31, 2013 Gold Line Products System, Parallel Lateral Lines, Paola,Kansas to Kansas City, Kansas [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] Item mi	Dec. 31, 2013 Gold Line products system, terminals, Wichita, Kansas; Kansas City, Kansas; Jefferson City, Missouri; and Cahokia, Illinois [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] bbl Item	Dec. 31, 2013 Medford Spheres, Medford, Oklahoma [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member] bbl Item	Dec. 31, 2013 Maximum [Member] Gold Line Products System [Member] Phillips 66 [Member] Gold Line Products System and Medford Spheres [Member]	Jul. 27, 2013 Common Units [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Initial public offering of common units (including units issued to underwriters), number of units							18,888,750
Common units issued pursuant to the exercise of the underwriters' over-allotment option, number of units							2,463,750
Pipeline length in miles		681	54
Number of parallel lateral lines			2
Throughput capacity per day, barrels						132,000
Number of terminals				4
Pipeline, System Throughput Capacity				172,000
Number of newly-constructed refinery-grade propylene storage spheres					2
Capacity, barrels				4,300,000	70,000
Number of reportable segments	1

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Unit-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Unit-Based Compensation

Unit-Based Compensation

The Board of Directors of our general partner adopted the Phillips 66 Partners LP 2013 Incentive Compensation Plan (the ICP) in the third quarter of 2013.  Awards under the ICP are available for officers, directors and employees of the general partner or its affiliates, and any consultants or other individuals who perform services for the Partnership.  The ICP allows for the grant of unit awards, restricted units, phantom units, unit options, unit appreciation rights, distribution equivalent rights, profits interest units and other unit-based awards.  The ICP limits the number of common units that may be delivered pursuant to awards to 2,500,000, subject to proportionate adjustment in the event of unit splits and similar events.

Through December 31, 2013, we issued only phantom units under the ICP.  A phantom unit entitles the recipient to receive cash equal to the fair market value of a common unit on the settlement date, and to also receive a distribution equivalent each quarter between the grant date and the settlement date in an amount of cash equal to any cash distributions paid on a common unit during that time.  In September 2013, we granted 2,171 phantom units to three non-employee directors of the general partner of Phillips 66 Partners. Phantom units granted to non-employee directors vest immediately on the grant date, because they are non-forfeitable.  These phantom units do not convey voting rights.