Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Trading Symbol | 'PSX | ' | ' |
Entity Registrant Name | 'Phillips 66 | ' | ' |
Entity Central Index Key | '0001534701 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 587,624,299 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $36 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | $171,596 | [1],[2] | $179,290 | [1],[2] | $195,931 | [1],[2] |
Equity in earnings of affiliates | 3,073 | 3,134 | 2,843 | |||
Net gain on dispositions | 55 | 193 | 1,638 | |||
Other income | 85 | 135 | 45 | |||
Total Revenues and Other Income | 174,809 | 182,752 | 200,457 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | 148,245 | 154,413 | 172,768 | |||
Operating expenses | 4,206 | 4,033 | 4,071 | |||
Selling, general and administrative expenses | 1,478 | 1,703 | 1,394 | |||
Depreciation and amortization | 947 | 906 | 902 | |||
Impairments | 29 | 1,158 | 472 | |||
Taxes other than income taxes | 14,119 | [2] | 13,740 | [2] | 14,287 | [2] |
Accretion on discounted liabilities | 24 | 25 | 21 | |||
Interest and debt expense | 275 | 246 | 17 | |||
Foreign currency transaction gains | -40 | -28 | -34 | |||
Total Costs and Expenses | 169,283 | 176,196 | 193,898 | |||
Income from continuing operations before income taxes | 5,526 | 6,556 | 6,559 | |||
Provision for income taxes | 1,844 | 2,473 | 1,822 | |||
Income from Continuing Operations | 3,682 | 4,083 | 4,737 | |||
Income from discontinued operations | 61 | [3] | 48 | [3] | 43 | [3] |
Net income | 3,743 | 4,131 | 4,780 | |||
Less: net income attributable to noncontrolling interests | 17 | 7 | 5 | |||
Net Income Attributable to Phillips 66 | 3,726 | 4,124 | 4,775 | |||
Amounts Attributable to Phillips 66 Common Stockholders: | ' | ' | ' | |||
Income from continuing operations | 3,665 | 4,076 | 4,732 | |||
Income from discontinued operations | $61 | $48 | $43 | |||
Basic | ' | ' | ' | |||
Continuing operations | $5.97 | [4] | $6.47 | [4] | $7.54 | [4] |
Discontinued operations | $0.10 | [4] | $0.08 | [4] | $0.07 | [4] |
Net Income Attributable to Phillips 66 Per Share of Common Stock | $6.07 | [4] | $6.55 | [4] | $7.61 | [4] |
Diluted | ' | ' | ' | |||
Continuing operations | $5.92 | [4] | $6.40 | [4] | $7.45 | [4] |
Discontinued operations | $0.10 | [4] | $0.08 | [4] | $0.07 | [4] |
Net Income Attributable to Phillips 66 Per Share of Common Stock | $6.02 | [4] | $6.48 | [4] | $7.52 | [4] |
Dividends Paid Per Share of Common Stock (dollars) | $1.33 | $0.45 | $0 | |||
Average Common Shares Outstanding (in thousands) | ' | ' | ' | |||
Basic (in shares) | 612,918 | [3],[4] | 628,835 | [3],[4] | 627,628 | [3],[4] |
Diluted (in shares) | 618,989 | [4] | 636,764 | [4] | 634,645 | [4] |
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million | |||||
[3] | Net of provision for income taxes on discontinued operations: $34 million, $27 million, $22 million | |||||
[4] | See Note 11—Earnings Per Share. |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Includes excise taxes on petroleum products sales | $13,866 | $13,371 | $13,955 |
Net of provision for income taxes on discontinued operations | $34 | $27 | $22 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $3,743 | $4,131 | $4,780 |
Prior service cost/credit: | ' | ' | ' |
Prior service credit arising during the period | 0 | 18 | 0 |
Amortization to net income of prior service cost | 0 | 1 | 0 |
Actuarial gain/loss: | ' | ' | ' |
Actuarial gain (loss) arising during the period | 401 | -152 | -8 |
Amortization to net income of net actuarial loss | 96 | 55 | 3 |
Plans sponsored by equity affiliates | 88 | -33 | -41 |
Income taxes on defined benefit plans | -211 | 18 | 17 |
Defined benefit plans, net of tax | 374 | -93 | -29 |
Income taxes on foreign currency translation adjustments | -21 | 148 | 28 |
Income taxes on foreign currency translation adjustments | -2 | 48 | -92 |
Foreign currency translation adjustments, net of tax | -23 | 196 | -64 |
Hedging activities by equity affiliates | 1 | 1 | 2 |
Income taxes on hedging activities by equity affiliates | -1 | 0 | -1 |
Hedging activities by equity affiliates, net of tax | 0 | 1 | 1 |
Other Comprehensive Income (Loss), Net of Tax | 351 | 104 | -92 |
Comprehensive Income | 4,094 | 4,235 | 4,688 |
Less: comprehensive income attributable to noncontrolling interests | 17 | 7 | 5 |
Comprehensive Income Attributable to Phillips 66 | $4,077 | $4,228 | $4,683 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $5,400 | $3,474 | ||
Accounts and notes receivable (net of allowance of $47 million in 2013 and $50 million in 2012) | 7,900 | 8,593 | ||
Accounts and notes receivable - related parties | 1,732 | 1,810 | ||
Inventories | 3,354 | 3,430 | ||
Prepaid expenses and other current assets | 851 | 655 | ||
Total Current Assets | 19,237 | 17,962 | ||
Investments and long-term receivables | 11,220 | 10,471 | ||
Net properties, plants and equipment | 15,398 | [1] | 15,407 | [1] |
Goodwill | 3,096 | 3,344 | ||
Intangibles | 698 | 724 | ||
Other assets | 149 | 165 | ||
Total Assets | 49,798 | 48,073 | ||
Liabilities | ' | ' | ||
Accounts payable | 9,948 | 9,731 | ||
Accounts payable - related parties | 1,142 | 979 | ||
Short-term debt | 24 | 13 | ||
Accrued income and other taxes | 872 | 901 | ||
Employee benefit obligations | 476 | 441 | ||
Other accruals | 469 | 417 | ||
Total Current Liabilities | 12,931 | 12,482 | ||
Long-term debt | 6,131 | 6,961 | ||
Asset retirement obligations and accrued environmental costs | 700 | 740 | ||
Deferred income taxes | 6,125 | 5,444 | ||
Employee benefit obligations | 921 | 1,325 | ||
Other liabilities and deferred credits | 598 | 315 | ||
Total Liabilities | 27,406 | 27,267 | ||
Equity | ' | ' | ||
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2013—634,285,955 shares; 2012—631,149,613 shares) | 6 | 6 | ||
Capital in excess of par | 18,887 | 18,726 | ||
Treasury stock (at cost: 2013—44,106,380 shares; 2012—7,603,896 shares) | -2,602 | -356 | ||
Retained earnings | 5,622 | 2,713 | ||
Accumulated other comprehensive income (loss) | 37 | -314 | ||
Total Stockholders' Equity | 21,950 | 20,775 | ||
Noncontrolling interests | 442 | 31 | ||
Total Equity | 22,392 | 20,806 | ||
Total Liabilities and Equity | $49,798 | $48,073 | ||
[1] | At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for accounts and notes receivable | $47 | $50 |
Common stock, shares authorized | 2,500,000,000 | 2,500,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares Issued | 634,285,955 | 631,149,613 |
Treasury stock, shares | 44,106,380 | 7,603,896 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash Flows From Operating Activities | ' | ' | ' | |||
Net income | $3,743 | $4,131 | $4,780 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | |||
Depreciation and amortization | 947 | 906 | 902 | |||
Impairments | 29 | 1,158 | 472 | |||
Accretion on discounted liabilities | 24 | 25 | 21 | |||
Deferred taxes | 594 | 221 | 929 | |||
Undistributed equity earnings | -354 | -872 | -951 | |||
Net gain on dispositions | -55 | -193 | -1,638 | |||
Income from discontinued operations | -61 | [1] | -48 | [1] | -43 | [1] |
Other | 195 | 71 | 167 | |||
Working capital adjustments | ' | ' | ' | |||
Decrease (increase) in accounts and notes receivable | 481 | -132 | -189 | |||
Decrease (increase) in inventories | 38 | 60 | 620 | |||
Decrease (increase) in prepaid expenses and other current assets | 20 | -48 | 28 | |||
Increase (decrease) in accounts payable | 360 | -985 | 55 | |||
Increase (decrease) in taxes and other accruals | -19 | -35 | -200 | |||
Net cash provided by continuing operating activities | 5,942 | 4,259 | 4,953 | |||
Net cash provided by discontinued operations | 85 | 37 | 53 | |||
Net Cash Provided by Operating Activities | 6,027 | 4,296 | 5,006 | |||
Cash Flows From Investing Activities | ' | ' | ' | |||
Capital expenditures and investments | -1,779 | -1,701 | -1,016 | |||
Proceeds from asset dispositions | 1,214 | 286 | 2,627 | |||
Advances/loans—related parties | -65 | -100 | 0 | |||
Collection of advances/loans—related parties | 165 | 0 | 550 | |||
Other | 48 | 0 | 337 | |||
Net cash provided by (used in) continuing investing activities | -417 | -1,515 | 2,498 | |||
Net cash provided by (used in) discontinued operations | -27 | -20 | -6 | |||
Net Cash Provided by (Used in) Investing Activities | -444 | -1,535 | 2,492 | |||
Cash Flows From Financing Activities | ' | ' | ' | |||
Distributions to ConocoPhillips | 0 | -5,255 | -7,471 | |||
Issuance of debt | 0 | 7,794 | 0 | |||
Repayment of debt | -1,020 | -1,210 | -26 | |||
Issuance of common stock | 6 | 47 | 0 | |||
Repurchase of common stock | -2,246 | -356 | 0 | |||
Dividends paid on common stock | -807 | -282 | 0 | |||
Distributions to noncontrolling interests | -10 | -5 | -1 | |||
Net proceeds from issuance of Phillips 66 Partners LP common units | 404 | 0 | 0 | |||
Other | -6 | -34 | 0 | |||
Net cash provided by (used in) continuing financing activities | -3,679 | 699 | -7,498 | |||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | |||
Net Cash Provided by (Used in) Financing Activities | -3,679 | 699 | -7,498 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 22 | 14 | 0 | |||
Net Change in Cash and Cash Equivalents | 1,926 | 3,474 | 0 | |||
Cash and cash equivalents at beginning of year | 3,474 | 0 | 0 | |||
Cash and Cash Equivalents at End of Year | $5,400 | $3,474 | $0 | |||
[1] | Net of provision for income taxes on discontinued operations: $34 million, $27 million, $22 million |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Par Value [Member] | Capital in Excess of Par [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Net Parent Company Investment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | |
In Millions, except Share data, unless otherwise specified | |||||||||
Beginning Balance at Dec. 31, 2010 | $26,026 | ' | $0 | ' | $0 | $25,787 | $214 | $25 | |
Net income | 4,780 | ' | ' | ' | ' | 4,775 | ' | 5 | |
Net transfers to/from ConocoPhillips | -7,420 | ' | ' | ' | ' | -7,420 | ' | ' | |
Other comprehensive income (Loss) | -92 | ' | ' | ' | ' | ' | -92 | ' | |
Distributions to noncontrolling interests and other | -1 | ' | ' | ' | ' | ' | ' | -1 | |
Ending Balance at Dec. 31, 2011 | 23,293 | ' | 0 | ' | 0 | 23,142 | 122 | 29 | |
Net income | 4,131 | ' | ' | ' | 2,999 | 1,125 | ' | 7 | |
Net transfers to/from ConocoPhillips | -6,247 | ' | ' | ' | ' | -5,707 | -540 | [1] | ' |
Other comprehensive income (Loss) | 104 | ' | ' | ' | ' | ' | 104 | ' | |
Reclassification of net parent company investment to capital in excess of par | ' | ' | 18,560 | ' | ' | -18,560 | ' | ' | |
Issuance of common stock at the Separation | ' | 6 | -6 | ' | ' | ' | ' | ' | |
Cash dividends paid on common stock | -282 | ' | ' | ' | -282 | ' | ' | ' | |
Repurchase of common stock | -356 | ' | ' | -356 | ' | ' | ' | ' | |
Benefit plan activity | ' | ' | 172 | ' | ' | ' | ' | ' | |
Benefit Plan activity | ' | ' | ' | ' | -4 | ' | ' | ' | |
Benefit Plan Activity | 168 | ' | ' | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests and other | -5 | ' | ' | ' | ' | ' | ' | -5 | |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of common stock at the Separation, shares | 625,272,000 | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of common stock, shares | 7,604,000 | ' | ' | ' | ' | ' | ' | ' | |
Shares issued - stock-based compensation | 5,878,000 | ' | ' | ' | ' | ' | ' | ' | |
Ending Balance at Dec. 31, 2012 | 20,806 | 6 | 18,726 | -356 | 2,713 | 0 | -314 | 31 | |
Ending Balance, Treasury shares at Dec. 31, 2012 | 7,603,896 | ' | ' | ' | ' | ' | ' | ' | |
Ending Balance, Common shares at Dec. 31, 2012 | 631,149,613 | ' | ' | ' | ' | ' | ' | ' | |
Net income | 3,743 | ' | ' | ' | 3,726 | 0 | ' | 17 | |
Other comprehensive income (Loss) | 351 | ' | ' | ' | ' | ' | 351 | ' | |
Cash dividends paid on common stock | -807 | ' | ' | ' | -807 | ' | ' | ' | |
Repurchase of common stock | -2,246 | ' | ' | -2,246 | ' | ' | ' | ' | |
Benefit plan activity | ' | ' | 164 | ' | ' | ' | ' | ' | |
Benefit Plan activity | ' | ' | ' | ' | -10 | ' | ' | ' | |
Benefit Plan Activity | 154 | ' | ' | ' | ' | ' | ' | ' | |
Issuance of Phillips 66 Partners LP common units | 404 | ' | ' | ' | ' | ' | ' | 404 | |
Adjustments to Additional Paid in Capital, Other | ' | ' | -3 | ' | ' | ' | ' | ' | |
Distributions to noncontrolling interests and other | ' | ' | ' | ' | ' | ' | ' | -10 | |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders And Adjustments To Additional Paid In Capital Other | -13 | ' | ' | ' | ' | ' | ' | ' | |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of common stock, shares | 36,502,000 | ' | ' | ' | ' | ' | ' | ' | |
Shares issued - stock-based compensation | 3,136,000 | ' | ' | ' | ' | ' | ' | ' | |
Ending Balance at Dec. 31, 2013 | $22,392 | $6 | $18,887 | ($2,602) | $5,622 | $0 | $37 | $442 | |
Ending Balance, Treasury shares at Dec. 31, 2013 | 44,106,380 | ' | ' | ' | ' | ' | ' | ' | |
Ending Balance, Common shares at Dec. 31, 2013 | 634,285,955 | ' | ' | ' | ' | ' | ' | ' | |
[1] | . |
Separation_and_Basis_of_Presen
Separation and Basis of Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Separation and Basis of Presentation | ' | |
Separation and Basis of Presentation | ||
The Separation | ||
On April 4, 2012, the ConocoPhillips Board of Directors approved the separation of its downstream businesses (as defined below) into an independent, publicly traded company named Phillips 66. In accordance with the Separation and Distribution Agreement, the two companies were separated by ConocoPhillips distributing to its stockholders all 625,272,302 shares of common stock of Phillips 66 after the market closed on April 30, 2012 (the Separation). Each ConocoPhillips stockholder received one share of Phillips 66 stock for every two shares of ConocoPhillips stock held at the close of business on the record date of April 16, 2012. Following the Separation, ConocoPhillips retained no ownership interest in Phillips 66, and each company has separate public ownership, boards of directors and management. | ||
Basis of Presentation | ||
Prior to the Separation, our results of operations, financial position and cash flows consisted of ConocoPhillips' refining, marketing and transportation operations; its natural gas gathering, processing, transmission and marketing operations, primarily conducted through its equity investment in DCP Midstream, LLC (DCP Midstream); its petrochemical operations, conducted through its equity investment in Chevron Phillips Chemical Company LLC (CPChem); its power generation operations; and an allocable portion of its corporate costs (together, the “downstream businesses”). These financial statements have been presented as if the downstream businesses had been combined for all periods presented prior to the Separation. All intercompany transactions and accounts within the downstream businesses were eliminated. The statement of income for the periods prior to the Separation includes expense allocations for certain corporate functions historically performed by ConocoPhillips and not allocated to its operating segments, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. These allocations were based primarily on specific identification of time and/or activities associated with the downstream businesses, employee headcount or capital expenditures, and our management believes the assumptions underlying the allocations were reasonable. The combined financial statements may not necessarily reflect all of the actual expenses that would have been incurred had we been a stand-alone company during the periods presented prior to the Separation. All financial information presented after the Separation represents the consolidated results of operations, financial position and cash flows of Phillips 66. Accordingly: | ||
• | Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2013, consist entirely of the consolidated results of Phillips 66. Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2012, consist of the consolidated results of Phillips 66 for the eight months ended December 31, 2012, and of the combined results of the downstream businesses for the four months ended April 30, 2012. Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2011, consist entirely of the combined results of the downstream businesses. | |
• | Our consolidated balance sheet at December 31, 2013 and 2012, consists of the consolidated balances of Phillips 66. | |
Effective January 1, 2013, we changed the organizational structure of the internal financial information reviewed by our chief executive officer, and determined this resulted in a change in the composition of our operating segments. The primary effects of this reporting reorganization were: | ||
• | We disaggregated the former Refining and Marketing (R&M) segment into two separate operating segments titled "Refining" and "Marketing and Specialties." | |
• | We moved our Transportation and power businesses from the former R&M segment to the Midstream and Marketing and Specialties (M&S) segments, respectively. |
Accounting_Policies
Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Accounting Policies | ' | |
Accounting Policies | ||
▪ | Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. | |
▪ | Recasted Financial Information—Certain prior period financial information has been recasted to reflect the current year's presentation, including realignment of our operating segments, as well as the movement of Phillips Specialty Products Inc. (PSPI) to discontinued operations. See Note 5—Assets Held for Sale or Sold for additional information. | |
▪ | Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in stockholders' equity. Foreign currency transaction gains and losses are included in current earnings. Most of our foreign operations use their local currency as the functional currency. | |
▪ | Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. | |
▪ | Revenue Recognition—Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. | |
Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the "Purchased crude oil and products" line of 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. | |
▪ | Shipping and Handling Costs—We record shipping and handling costs in purchased crude oil and products. Freight costs billed to customers are recorded as a component of revenue. | |
▪ | Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method. | |
▪ | Fair Value Measurements—We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. | |
▪ | Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. | |
Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings. | ||
▪ | Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plant and equipment and is amortized over the useful life of the assets. | |
▪ | Intangible Assets Other Than Goodwill—Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. | |
▪ | Goodwill—Goodwill resulting from a business combination is not amortized but is tested at least annually for impairment. If the fair value of a reporting unit is less than the recorded book value of the reporting unit’s assets (including goodwill), less liabilities, then a hypothetical purchase price allocation is performed on the reporting unit’s assets and liabilities using the fair value of the reporting unit as the purchase price in the calculation. If the amount of goodwill resulting from this hypothetical purchase price allocation is less than the recorded amount of goodwill, the recorded goodwill is written down to the new amount. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances, Transportation, Refining and M&S. | |
▪ | Depreciation and Amortization—Depreciation and amortization of properties, plants and equipment are 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). | |
▪ | Impairment of Properties, Plants and Equipment—Properties, plants and equipment 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 indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or depreciation provisions and reported in the "Impairment" line of our consolidated statement of income in the period 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 an entire refinery complex 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 flows validated with historical market transactions of similar assets where possible. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. | |
The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins, and capital project decisions, considering all available evidence at the date of review. | ||
▪ | Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. | |
▪ | Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. | |
▪ | Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. | |
▪ | Asset Retirement Obligations and Environmental Costs—Fair value 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 properties, plants and equipment. Over time, the liability is increased for the change in its present value, and the capitalized cost in properties, plants and equipment is depreciated over the useful life of the related asset. For additional information, see Note 10—Asset Retirement Obligations and Accrued Environmental Costs. | |
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. | ||
▪ | Guarantees—Fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. | |
▪ | Stock-Based Compensation—We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award to not be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | |
▪ | Income Taxes—For periods prior to the Separation, our taxable income was included in the U.S. federal income tax returns and in a number of state income tax returns of ConocoPhillips. In the accompanying consolidated financial statements for periods prior to the Separation, our provision for income taxes is computed as if we were a stand-alone tax-paying entity. | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses. | ||
▪ | Taxes Collected from Customers and Remitted to Governmental Authorities—Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes. | |
▪ | Treasury Stock—We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders' equity in the consolidated balance sheet. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
In 2013, we formed Phillips 66 Partners LP, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other transportation and midstream assets. We consolidate Phillips 66 Partners as we determined that Phillips 66 Partners is a VIE and we are the primary beneficiary. As general partner, we have the ability to control the financial interests, as well as the ability to direct the activities of Phillips 66 Partners that most significantly impact its economic performance. See Note 26—Phillips 66 Partners LP for additional information. | |
We hold significant variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on these VIEs follows: | |
Merey Sweeny, L.P. (MSLP) is a limited partnership that owns a delayed coker and related facilities at the Sweeny Refinery. As discussed more fully in Note 6—Investments, Loans and Long-Term Receivables, in August 2009 a call right was exercised to acquire the 50 percent ownership interest in MSLP of the co-venturer, Petróleos de Venezuela S.A. (PDVSA). That exercise has been challenged, and the dispute is being arbitrated. Because the exercise has been challenged by PDVSA, we continue to use the equity method of accounting for MSLP, and the VIE analysis below is based on the ownership and governance structure in place prior to the exercise of the call right. MSLP is a VIE because, in securing lender consents in connection with the Separation, we provided a 100 percent debt guarantee to the lender of the 8.85% senior notes issued by MSLP. PDVSA did not participate in the debt guarantee. In our VIE assessment, this disproportionate debt guarantee, plus other liquidity support provided jointly by us and PDVSA independently of equity ownership, results in MSLP not being exposed to all potential losses. We have determined we are not the primary beneficiary while the call exercise is in dispute because under the partnership agreement the co-venturers jointly direct the activities of MSLP that most significantly impact economic performance. At December 31, 2013, our maximum exposure to loss represented the outstanding principal debt balance of $214 million, and our investment of $109 million. | |
We have a 50 percent ownership interest with a 50 percent governance interest in Excel Paralubes (Excel). Excel is a VIE because, in securing lender consents in connection with the Separation, ConocoPhillips provided a 50 percent debt guarantee to the lender of the 7.43% senior secured bonds issued by Excel. We provided a full indemnity to ConocoPhillips for this debt guarantee. Our co-venturer did not participate in the debt guarantee. In our assessment of the VIE, this debt guarantee, plus other liquidity support up to $60 million provided jointly by us and our co-venturer independently of equity ownership, results in Excel not being exposed to all potential losses. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of Excel that most significantly impact economic performance. We continue to use equity method accounting for this investment. At December 31, 2013, our maximum exposure to loss represented 50 percent of the outstanding principal debt balance of $116 million, or $58 million, half of the $60 million liquidity support, or $30 million, and our investment of $113 million. | |
During October 2013, we entered into a multi-year consignment fuels agreement with a marketer that we currently support with debt guarantees. Pursuant to the consignment fuels agreement, we own the fuels inventory, control the fuel marketing at each site, and pay a fixed monthly fee to the marketer. We determined the consignment fuels agreement and the debt guarantees together create a variable interest in the marketer with the marketer not being exposed to all potential losses. We determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact the economic performance of the marketer. We have no ownership interest in the marketer. Our maximum exposure to loss represented the outstanding debt balance of $190 million and the fixed annual contractual payments under the consignment fuels agreement of $80 million. |
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Inventories | ' | ||||||
Inventories | |||||||
Inventories at December 31 consisted of the following: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Crude oil and petroleum products | $ | 3,093 | 3,138 | ||||
Materials and supplies | 261 | 292 | |||||
$ | 3,354 | 3,430 | |||||
Inventories valued on the LIFO basis totaled $2,945 million and $2,987 million at December 31, 2013 and 2012, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $7,600 million and $7,700 million at December 31, 2013 and 2012, respectively. | |||||||
During each of the three years ending December 31, 2013, certain reductions in inventory caused liquidations of LIFO inventory values. These liquidations increased net income by approximately $109 million, $162 million and $155 million in 2013, 2012 and 2011, respectively. |
Assets_Held_for_Sale_or_Sold
Assets Held for Sale or Sold | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||
Assets Held for Sale or Sold | ' | |||||||||
Assets Held for Sale or Sold | ||||||||||
Assets Sold | ||||||||||
In August 2011, we sold our refinery in Wilhelmshaven, Germany, which had been operating as a terminal since the fourth quarter of 2009. The refinery was included in our Refining segment and at the time of disposition had a net carrying value of $211 million, which included $243 million of net properties, plants and equipment (PP&E). A $234 million before-tax loss was recognized from this disposition in 2011. | ||||||||||
In October 2011, we sold Seaway Products Pipeline Company to DCP Midstream. The total carrying value of the asset, which was included in our Midstream segment, was $84 million, consisting of $55 million of net PP&E and $29 million of allocated goodwill. The sale resulted in a before-tax gain of $312 million, 50 percent of which was recognized in 2011, while the remaining 50 percent was deferred and will be amortized as an adjustment to equity in earnings. Amortization of this deferred gain began in 2013 following the commencement of operations of the Southern Hills pipeline. Approximately $2 million of the deferred gain was amortized in 2013. See Note 6—Investments, Loans and Long-Term Receivables for information about our investment in Southern Hills. | ||||||||||
In December 2011, we sold our ownership interests in Colonial Pipeline Company and Seaway Crude Pipeline Company. The total carrying value of these assets, which were included in our Midstream segment, was $348 million, including $104 million of investment in equity affiliates and $244 million of allocated goodwill. A $1,661 million before-tax gain was recognized from these dispositions in 2011. | ||||||||||
In June 2012, we sold our refinery located on the Delaware River in Trainer, Pennsylvania, for $229 million. The refinery and associated terminal and pipeline assets were primarily included in our Refining segment and at the time of the disposition had a net carrying value of $38 million, which included $37 million of net PP&E, $25 million of allocated goodwill and a $53 million asset retirement obligation. A $189 million before-tax gain was recognized from this disposition in 2012. | ||||||||||
In November 2012, we sold the Riverhead Terminal located in Riverhead, New York, for $36 million. The terminal and associated assets were included in our Midstream segment and had a net carrying value of $34 million at the time of the disposition, which included $33 million of net PP&E and $1 million of inventory. A $2 million before-tax gain was recognized from this disposition in 2012. | ||||||||||
In May 2013, we sold our E-Gas™ Technology business. The business was included in our M&S segment and at the time of disposition had a net carrying value of approximately $13 million, including a goodwill allocation. The $48 million before-tax gain was recognized from this disposition in 2013. | ||||||||||
In July 2013, we sold our Immingham Combined Heat and Power Plant (ICHP), which was included in our M&S segment. At the time of the disposition, ICHP had a net carrying value of $762 million, which primarily included $724 million of net PP&E, $110 million of allocated goodwill, and $111 million of deferred tax liabilities. As of December 31, 2013, a before-tax gain of $375 million was deferred due to an indemnity provided to the buyer. A portion of the deferred gain is denominated in a foreign currency; accordingly, the amount of the deferred gain translated into U.S. dollars is subject to change based on currency fluctuations. Absent claims under the indemnity, the deferred gain will be recognized into earnings as our exposure under this indemnity declines. | ||||||||||
Gains and losses recognized from asset sales, including sales of investments in unconsolidated entities and controlled assets that meet the definition of a business, are included in the “Net gain on dispositions” line in the consolidated statement of income, unless noted otherwise above. | ||||||||||
Assets Held for Sale | ||||||||||
On December 30, 2013, we entered into an agreement pursuant to which we will exchange PSPI, a flow improver business, which was included in our M&S segment, for shares of Phillips 66 common stock owned by the other party. We expect PSPI's balance sheet at closing to include approximately $450 million of cash and cash equivalents. The exact number of Phillips 66 shares to be delivered will be determined by reference to the volume weighted average price of Phillips 66 common stock on the closing date. Had the closing occurred on February 14, 2014, approximately 18 million shares would have been exchanged. The reacquired stock will be held as treasury shares. Following customary regulatory review, the transaction is expected to close in the first quarter of 2014. As of December 31, 2013, the net assets of PSPI are classified as held for sale and the results of operations of PSPI are reported as discontinued operations. | ||||||||||
The carrying amounts of the major classes of assets and liabilities of PSPI, excluding allocated goodwill of $117 million, at December 31 are below. The 2013 amounts were reclassified to the “Prepaid expenses and other current assets” and “Other accruals” lines of our consolidated balance sheet. | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Assets | ||||||||||
Accounts and notes receivable | $ | 24 | 23 | |||||||
Inventories | 18 | 18 | ||||||||
Total current assets of discontinued operations | 42 | 41 | ||||||||
Net properties, plants and equipment | 58 | 42 | ||||||||
Intangibles | 6 | 6 | ||||||||
Total assets of discontinued operations | $ | 106 | 89 | |||||||
Liabilities | ||||||||||
Accounts payable and other current liabilities | $ | 18 | 8 | |||||||
Total current liabilities of discontinued operations | 18 | 8 | ||||||||
Deferred income taxes | 12 | 7 | ||||||||
Total liabilities of discontinued operations | $ | 30 | 15 | |||||||
Sales and other operating revenues and income from discontinued operations related to PSPI, were as follows: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Sales and other operating revenues from discontinued operations | $ | 232 | 180 | 167 | ||||||
Income from discontinued operations before-tax | $ | 95 | 75 | 65 | ||||||
Income tax expense | 34 | 27 | 22 | |||||||
Income from discontinued operations | $ | 61 | 48 | 43 | ||||||
Investments_Loans_and_LongTerm
Investments, Loans and Long-Term Receivables | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Investments, Loans and Long-Term Receivables | ' | |||||||||
Investments, Loans and Long-Term Receivables | ||||||||||
Components of investments, loans and long-term receivables at December 31 were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Equity investments | $ | 11,080 | 10,291 | |||||||
Long-term receivables | 74 | 132 | ||||||||
Other investments | 66 | 48 | ||||||||
$ | 11,220 | 10,471 | ||||||||
Equity Investments | ||||||||||
Affiliated companies in which we had a significant equity investment at December 31, 2013, included: | ||||||||||
• | WRB Refining LP—50 percent owned business venture with Cenovus Energy Inc. (Cenovus)—owns the Wood River and Borger refineries. | |||||||||
• | DCP Midstream—50 percent owned joint venture with Spectra Energy Corp—owns and operates gas plants, gathering systems, storage facilities and fractionation plants. | |||||||||
• | CPChem—50 percent owned joint venture with Chevron U.S.A. Inc., an indirect wholly-owned subsidiary of Chevron Corporation—manufactures and markets petrochemicals and plastics. | |||||||||
• | Malaysian Refining Company Sdn. Bdh. (MRC)—47 percent owned business venture with Petronas, the Malaysian state oil company—owns the Melaka, Malaysia refinery. | |||||||||
• | Rockies Express Pipeline LLC (REX)—25 percent owned joint venture with Tallgrass Energy Partners L.P. and Sempra Energy Corp.—owns and operates a natural gas pipeline system from Meeker, Colorado to Clarington, Ohio. | |||||||||
• | DCP Sand Hills Pipeline, LLC—33 percent owned joint venture with DCP Midstream and Spectra Energy—owns and operates NGL pipeline systems from the Permian and Eagle Ford basins to Mont Belvieu, Texas. | |||||||||
• | DCP Southern Hills Pipeline, LLC—33 percent owned joint venture with DCP Midstream and Spectra Energy—owns and operates NGL pipeline systems from the Midcontinent region to Mont Belvieu, Texas. | |||||||||
Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 59,500 | 55,401 | 59,044 | ||||||
Income before income taxes | 5,975 | 6,265 | 6,083 | |||||||
Net income | 5,838 | 6,122 | 5,742 | |||||||
Current assets | 9,865 | 9,646 | 8,752 | |||||||
Noncurrent assets | 40,188 | 37,269 | 34,329 | |||||||
Current liabilities | 7,971 | 8,319 | 6,837 | |||||||
Noncurrent liabilities | 9,959 | 9,251 | 10,279 | |||||||
Our share of income taxes incurred directly by the equity companies is included in equity in earnings of affiliates, and as such is not included in the provision for income taxes in our consolidated financial statements. | ||||||||||
At December 31, 2013, retained earnings included $878 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $2,752 million, $2,304 million and $2,209 million in 2013, 2012 and 2011, respectively. | ||||||||||
WRB | ||||||||||
WRB’s operating assets consist of the Wood River and Borger refineries, located in Roxana, Illinois, and Borger, Texas, respectively and we are the operator and managing partner. As a result of our contribution of these two assets to WRB, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded their historical book value. The difference is primarily amortized and recognized as a benefit evenly over a period of 26 years, which was the estimated remaining useful life of the refineries’ property, plant and equipment at the closing date. In the third quarter of 2013, we increased our ownership interest in WRB to 50 percent by purchasing ConocoPhillips' 0.4 percent interest. At December 31, 2013, the book value of our investment in WRB was $3,475 million, and the basis difference was $3,555 million. Equity earnings in 2013, 2012 and 2011 were increased by $185 million, $180 million and $185 million, respectively, due to amortization of the basis difference. Cenovus is obligated to contribute $7.5 billion, plus accrued interest, to WRB over a 10-year period that began in 2007, of which $2.9 billion remains at December 31, 2013. | ||||||||||
DCP Midstream | ||||||||||
DCP Midstream owns and operates gas plants, gathering systems, storage facilities and fractionation plants. At December 31, 2013, the book value of our equity method investment in DCP Midstream was $1,335 million. DCP Midstream markets a portion of its NGL to us and CPChem under a supply agreement that continues at the current volume commitment with a primary term ending December 31, 2014. This purchase commitment is on an “if-produced, will-purchase” basis and so has no fixed production schedule, but has had, and is expected over the remaining term of the contract to have, a relatively stable purchase pattern. NGL are purchased under this agreement at various published market index prices, less transportation and fractionation fees. | ||||||||||
CPChem | ||||||||||
CPChem manufactures and markets petrochemicals and plastics. At December 31, 2013, the book value of our equity method investment in CPChem was $4,241 million. We have multiple supply and purchase agreements in place with CPChem, ranging in initial terms from one to 99 years, with extension options. These agreements cover sales and purchases of refined products, solvents, and petrochemical and NGL feedstocks, as well as fuel oils and gases. Delivery quantities vary by product, and are generally on an “if-produced, will-purchase” basis. All products are purchased and sold under specified pricing formulas based on various published pricing indices. | ||||||||||
MRC | ||||||||||
MRC’s operating asset is a refinery in Melaka, Malaysia. The refinery operates in merchant mode in which each co-venturer sells crude oil to MRC and purchases the resulting refined product. At December 31, 2013, the book value of our equity method investment in MRC was $419 million. In the fourth quarter of 2012, we recorded a before-tax impairment of $564 million. See Note 9—Impairments, for additional information. | ||||||||||
REX | ||||||||||
REX owns a natural gas pipeline that runs from Meeker, Colorado to Clarington, Ohio, which became fully operational in November 2009. Long-term, binding firm commitments have been secured for virtually all of the pipeline’s capacity through 2019. At December 31, 2013, the book value of our equity method investment in REX was $250 million. During 2012, we recorded before-tax impairments totaling $480 million on this investment. See Note 9—Impairments, for additional information. | ||||||||||
Sand Hills Pipeline | ||||||||||
In the fourth quarter of 2012, we invested $234 million to acquire from DCP Midstream a one-third ownership in DCP Sand Hills Pipeline, LLC. In December 2012, the first phase of the Sand Hills pipeline, which extends from Eagle Ford into Mont Belvieu, Texas, was placed in service. The second phase of the project, with deliveries from the Permian Basin, was completed on schedule in the second quarter of 2013. At December 31, 2013, the book value of our equity investment in DCP Sand Hills Pipeline was $392 million. | ||||||||||
Southern Hills Pipeline | ||||||||||
In the fourth quarter of 2012, we invested $225 million to acquire from DCP Midstream a one-third ownership in DCP Southern Hills Pipeline, LLC. The Southern Hills pipeline, which is a reconfiguration of the former Seaway refined products line into an NGL pipeline, was completed on schedule in the second quarter of 2013 with service from the Midcontinent region to Mont Belvieu, Texas. In 2011, we sold our interest in Seaway Products Pipeline Company to DCP Midstream. The deferred gain on the sale of $156 million began amortizing in 2013 following the commencement of operations of the Southern Hills pipeline. At December 31, 2013, the book value of our investment in DCP Southern Hills was $157 million, and the basis difference was $161 million. Equity earnings in 2013 were increased by $2 million due to amortization of the basis difference. | ||||||||||
Other | ||||||||||
MSLP owns a delayed coker and related facilities at the Sweeny Refinery. MSLP processes long residue, which is produced from heavy sour crude oil, for a processing fee. Fuel-grade petroleum coke is produced as a by-product and becomes the property of MSLP. Prior to August 28, 2009, MSLP was owned 50/50 by ConocoPhillips and PDVSA. Under the agreements that govern the relationships between the partners, certain defaults by PDVSA with respect to supply of crude oil to the Sweeny Refinery triggered the right to acquire PDVSA’s 50 percent ownership interest in MSLP, which was exercised on August 28, 2009. PDVSA has initiated arbitration with the International Chamber of Commerce challenging the exercise of the call right and claiming it was invalid. The arbitral tribunal held hearings on the merits of the dispute in December 2012, and post-hearing briefs were exchanged in March 2013. A decision from the arbitral tribunal is expected in the first quarter of 2014. Following the Separation, Phillips 66 generally indemnifies ConocoPhillips for liabilities, if any, arising out of the exercise of the call right or otherwise with respect to the joint venture or the refinery. We continue to use the equity method of accounting for our investment in MSLP. | ||||||||||
Loans and Long-term Receivables | ||||||||||
We enter into agreements with other parties to pursue business opportunities. Included in such activity are loans and long-term receivables to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered. | ||||||||||
In 2012, we entered into a market-based shareholder financing agreement for up to $100 million with the MRC. In the third quarter of 2013, MRC drew $65 million in funds and repaid the advance in December 2013. At December 31, 2013 and 2012, the balance on the facility was $0 and $100 million, respectively. Advances are recorded as a short-term related party advance with interest income recorded in equity earnings to offset the corresponding interest expense by MRC. |
Properties_Plants_and_Equipmen
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 is recorded at cost. Investments in refining manufacturing facilities are generally depreciated on a straight-line basis over a 25-year life, and pipeline assets over a 45-year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | ||||||||||||||
PP&E | D&A | PP&E | PP&E | D&A | PP&E | ||||||||||||||
Midstream | $ | 2,792 | 1,104 | 1,688 | 2,460 | 1,016 | 1,444 | ||||||||||||
Chemicals | — | — | — | — | — | — | |||||||||||||
Refining | 19,264 | 6,718 | 12,546 | 17,989 | 5,913 | 12,076 | |||||||||||||
Marketing and Specialties | 1,395 | 749 | 646 | 2,437 | 1,057 | 1,380 | |||||||||||||
Corporate and Other | 975 | 457 | 518 | 880 | 415 | 465 | |||||||||||||
Discontinued Operations* | — | — | — | 63 | 21 | 42 | |||||||||||||
$ | 24,426 | 9,028 | 15,398 | 23,829 | 8,422 | 15,407 | |||||||||||||
* At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangibles | ' | ||||||||||||
Goodwill and Intangibles | |||||||||||||
Goodwill | |||||||||||||
Effective January 1, 2013, we realigned our operating segments and determined that goodwill (which, prior to the realignment, had been assigned fully to our former R&M segment) should now be assigned to three of the realigned operating segments—Midstream, Refining and M&S. We further determined that, for the Midstream segment, Transportation constituted a reporting unit. For the Refining and M&S segments, we determined the goodwill reporting unit was at the operating segment level, due to the economic similarities of the components of those segments. Goodwill was reassigned to the realigned units using a relative fair value approach. See Note 5—Assets Held for Sale or Sold for information on goodwill allocated to assets held for sale or sold. | |||||||||||||
The carrying amount of goodwill was as follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Midstream | Refining | Marketing and Specialties | Total | ||||||||||
Balance at January 1, 2012 | $ | 518 | 1,922 | 892 | 3,332 | ||||||||
Goodwill allocated to assets sold | — | (25 | ) | — | (25 | ) | |||||||
Tax and other adjustments | — | 37 | — | 37 | |||||||||
Balance at December 31, 2012 | 518 | 1,934 | 892 | 3,344 | |||||||||
Tax and other adjustments | — | (15 | ) | — | (15 | ) | |||||||
Goodwill allocated to assets held-for-sale or sold | — | — | (233 | ) | (233 | ) | |||||||
Balance at December 31, 2013 | $ | 518 | 1,919 | 659 | 3,096 | ||||||||
Intangible Assets | |||||||||||||
Information at December 31 on the carrying value of intangible assets follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Gross Carrying | |||||||||||||
Amount | |||||||||||||
2013 | 2012 | ||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||
Trade names and trademarks | $ | 494 | 494 | ||||||||||
Refinery air and operating permits | 200 | 207 | |||||||||||
$ | 694 | 701 | |||||||||||
At year-end 2013, our amortized intangible asset balance was $4 million, compared with $23 million at year-end 2012. Amortization expense was not material for 2013 and 2012, and is not expected to be material in future years. |
Impairments
Impairments | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Impairment Of Long Lived Assets Abstract [Abstract] | ' | |||||||||
Impairments | ' | |||||||||
Impairments | ||||||||||
During 2013, 2012 and 2011, we recognized the following before-tax impairment charges: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Midstream | $ | 1 | 524 | 6 | ||||||
Refining | 3 | 608 | 465 | |||||||
Marketing and Specialties | 16 | 1 | 1 | |||||||
Corporate and Other | 9 | 25 | — | |||||||
$ | 29 | 1,158 | 472 | |||||||
2013 | ||||||||||
We recorded impairments of $16 million in our M&S segment, primarily related to PP&E associated with our planned exit from the composite graphite business. | ||||||||||
2012 | ||||||||||
We have a 47 percent interest in MRC, which is included in our Refining segment. Due to significantly lower estimated future refining margins in this region, driven primarily by assumed increases in future crude oil pricing over the long term, we determined that the fair value of our investment in MRC was lower than our carrying value, and that this loss in value was other than temporary. Accordingly, we recorded a $564 million impairment of our investment in MRC. | ||||||||||
We have a 25 percent interest in REX, which is included in our Midstream segment. During 2012, marketing activities by a co-venturer that resulted in them recording an impairment charge and then subsequently selling their interest at an amount below our adjusted carrying value were determined to be indicators of impairment. After identifying these impairment indicators, we performed our own assessment of the fair value of our investment in REX. Based on these assessments, we concluded our investment in REX was impaired, and the decline in fair value was other than temporary. Accordingly, we recorded impairment charges totaling $480 million to write down the carrying amount of our investment in REX to fair value. | ||||||||||
We recorded an impairment of $43 million on the Riverhead Terminal in our Midstream segment and a held-for-sale impairment of $42 million in our Refining segment related to equipment formerly associated with the canceled Wilhelmshaven Refinery upgrade project. See Note 5—Assets Held for Sale or Sold, for additional information. In addition, we recorded an impairment of $25 million on a corporate property. | ||||||||||
2011 | ||||||||||
We recorded a $467 million impairment of our refinery and associated pipelines and terminals in Trainer, Pennsylvania. The impairment charge primarily related to the assets included in our Refining segment. In June 2012, we sold the Trainer Refinery and associated pipeline and terminal assets. |
Asset_Retirement_Obligations_a
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract] | ' | ||||||
Asset Retirement Obligations and Accrued Environmental Costs | ' | ||||||
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 | $ | 309 | 314 | ||||
Accrued environmental costs | 492 | 530 | |||||
Total asset retirement obligations and accrued environmental costs | 801 | 844 | |||||
Asset retirement obligations and accrued environmental costs due within one year* | (101 | ) | (104 | ) | |||
Long-term asset retirement obligations and accrued environmental costs | $ | 700 | 740 | ||||
*Classified as a current liability on the balance sheet, under the caption “Other accruals.” | |||||||
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. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve asbestos abatement at refineries. | |||||||
During 2013 and 2012, our overall asset retirement obligation changed as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Balance at January 1 | $ | 314 | 378 | ||||
Accretion of discount | 11 | 13 | |||||
New obligations | 3 | 3 | |||||
Changes in estimates of existing obligations | 12 | (14 | ) | ||||
Spending on existing obligations | (13 | ) | (16 | ) | |||
Property dispositions | (20 | ) | (53 | ) | |||
Foreign currency translation | 2 | 3 | |||||
Balance at December 31 | $ | 309 | 314 | ||||
Accrued Environmental Costs | |||||||
Total accrued environmental costs at December 31, 2013 and 2012, were $492 million and $530 million, respectively. The 2013 decrease in total accrued environmental costs is due to payments and settlements during the year exceeding new accruals, accrual adjustments and accretion. | |||||||
We had accrued environmental costs at December 31, 2013 and 2012, of $255 million and $271 million, respectively, primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $184 million and $203 million, respectively, associated with nonoperator sites; and $53 million and $56 million, respectively, where the company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years. Because a large portion of the accrued environmental costs were acquired in various business combinations, they are discounted obligations. Expected expenditures for acquired environmental obligations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $258 million at December 31, 2013. The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $25 million in 2014, $29 million in 2015, $28 million in 2016, $28 million in 2017, $26 million in 2018, and $183 million for all future years after 2018. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. | ||||||||||||||||
On April 30, 2012, 625.3 million shares of our common stock were distributed to ConocoPhillips stockholders in conjunction with the Separation. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount to be outstanding as of the beginning of each period prior to the Separation presented in the calculation of weighted-average shares. In addition, we have assumed the fully vested stock and unit awards outstanding at April 30, 2012, were also outstanding for each of the periods presented prior to the Separation; and we have assumed the dilutive securities outstanding at April 30, 2012, were also outstanding for each period prior to the Separation. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||
Amounts attributed to Phillips 66 Common Stockholders (millions): | ||||||||||||||||
Income from continuing operations attributable to Phillips 66 | $ | 3,665 | 3,665 | 4,076 | 4,076 | 4,732 | 4,732 | |||||||||
Income allocated to participating securities | (5 | ) | — | (2 | ) | — | — | — | ||||||||
Income from continuing operations available to common stockholders | 3,660 | 3,665 | 4,074 | 4,076 | 4,732 | 4,732 | ||||||||||
Discontinued operations | 61 | 61 | 48 | 48 | 43 | 43 | ||||||||||
Net income available to common stockholders | $ | 3,721 | 3,726 | 4,122 | 4,124 | 4,775 | 4,775 | |||||||||
Weighted-average common shares outstanding (thousands): | 612,918 | 612,918 | 628,835 | 628,835 | 627,628 | 627,628 | ||||||||||
Dilutive effect of stock-based compensation | — | 6,071 | — | 7,929 | — | 7,017 | ||||||||||
Weighted-average common shares outstanding | 612,918 | 618,989 | 628,835 | 636,764 | 627,628 | 634,645 | ||||||||||
Earnings Per Share of Common Stock (dollars): | ||||||||||||||||
Income from continuing operations attributable to Phillips 66 | $ | 5.97 | 5.92 | 6.47 | 6.4 | 7.54 | 7.45 | |||||||||
Discontinued operations | 0.1 | 0.1 | 0.08 | 0.08 | 0.07 | 0.07 | ||||||||||
Earnings Per Share | $ | 6.07 | 6.02 | 6.55 | 6.48 | 7.61 | 7.52 | |||||||||
Debt
Debt | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Debt | ' | ||||||
Debt | |||||||
Long-term debt at December 31 was: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
1.95% Senior Notes due 2015 | $ | 800 | 800 | ||||
2.95% Senior Notes due 2017 | 1,500 | 1,500 | |||||
4.30% Senior Notes due 2022 | 2,000 | 2,000 | |||||
5.875% Senior Notes due 2042 | 1,500 | 1,500 | |||||
Industrial Development Bonds due 2018 through 2021 at 0.05%-0.07% | 50 | 50 | |||||
at year-end 2013 and 0.09%–0.23% at year-end 2012 | |||||||
Term loan due 2014 through 2015 at 1.465% at year-end 2012 | — | 1,000 | |||||
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) | 110 | 122 | |||||
Other | 1 | 1 | |||||
Debt at face value | 5,961 | 6,973 | |||||
Capitalized leases | 199 | 6 | |||||
Net unamortized premiums and discounts | (5 | ) | (5 | ) | |||
Total debt | 6,155 | 6,974 | |||||
Short-term debt | (24 | ) | (13 | ) | |||
Long-term debt | $ | 6,131 | 6,961 | ||||
Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2014 through 2018 are: $24 million, $823 million, $23 million, $1,525 million and $37 million, respectively. | |||||||
We had no material scheduled debt maturities in 2013; however, in 2013, we prepaid the $1 billion outstanding balance on our term loan. During 2013, we entered into a capital lease which resulted in $189 million of debt being included on the balance sheet at December 31, 2013. For additional information on our capital leases, see Note 18—Leases. | |||||||
Credit Facilities | |||||||
During the second quarter of 2013, we amended our revolving credit agreement by entering into the First Amendment to Credit Agreement (Amendment). The Amendment increased the borrowing capacity from $4.0 billion to $4.5 billion, extended the maturity from February 2017 to June 2018, reduced the margin applied to interest and fees accruing on and after the Amendment effective date, and made certain amendments with respect to Phillips 66 Partners LP. No amount has been drawn under this facility. However, as of December 31, 2013, $51 million in letters of credit had been issued that were supported by this facility. | |||||||
The revolving credit agreement contains covenants that we consider usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 60 percent. The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. | |||||||
Borrowings under the credit agreement will incur interest at the London Interbank Offered Rate (LIBOR) plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor's Ratings Services and Moody's Investors Service. The revolving credit agreement also provides for customary fees, including administrative agent fees and commitment fees. | |||||||
On June 7, 2013, Phillips 66 Partners entered into a senior unsecured $250 million revolving credit agreement (Revolver) with a syndicate of financial institutions, which became effective upon its initial public offering of common units on July 26, 2013. Phillips 66 Partners has the option to increase the overall capacity of the Revolver by up to an additional $250 million, subject to certain conditions. The Revolver has an initial term of five years. As of December 31, 2013, no amount had been drawn under this facility. | |||||||
Trade Receivables Securitization Facility | |||||||
During the second quarter of 2013, we amended our trade receivables securitization facility by entering into the First Amendment to Receivables Purchase Agreement (Securitization Amendment). The Securitization Amendment decreased the borrowing capacity from $1.2 billion to $696 million and made certain amendments with respect to Phillips 66 Partners. As of December 31, 2013, no amount had been drawn under the facility, but $26 million in letters of credit had been issued that were collateralized by trade receivables held by the subsidiary under this facility. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Guarantees | |
At December 31, 2013, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. | |
Guarantees of Joint Venture Debt | |
In April 2012, in connection with the Separation, we issued a guarantee for 100 percent of the 8.85% senior notes issued by MSLP in July 1999. At December 31, 2013, the maximum potential amount of future payments to third parties under the guarantee is estimated to be $214 million, which could become payable if MSLP fails to meet its obligations under the senior notes agreement. The senior notes mature in 2019. | |
At December 31, 2013, we had other guarantees outstanding for our portion of certain joint venture debt obligations, which have terms of up to 12 years. The maximum potential amount of future payments under the guarantees is approximately $103 million. Payment would be required if a joint venture defaults on its debt obligations. | |
Other Guarantees | |
We have residual value guarantees associated with leases with maximum future potential payments totaling approximately $228 million. We have other guarantees with maximum future potential payment amounts totaling $305 million, which consist primarily of guarantees to fund the short-term cash liquidity deficits of certain joint ventures, guarantees of third parties related to prior asset dispositions, and guarantees of the lease payment obligations of a joint venture. These guarantees generally extend up to 11 years or life of the venture. | |
Indemnifications | |
Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses, supply arrangements, and employee claims, and real estate indemnity against tenant defaults. The terms of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, the term is generally indefinite, and the maximum amount of future payments is generally unlimited. The carrying amount recorded for indemnifications at December 31, 2013, was $246 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize the liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable | |
estimate of the maximum potential amount of future payments. Included in the recorded carrying amount were $112 million of environmental accruals for known contamination that are included in asset retirement obligations and accrued environmental costs at December 31, 2013. For additional information about environmental liabilities, see Note 14—Contingencies and Commitments. | |
Indemnification and Release Agreement | |
In conjunction with, and effective as of, the Separation, we entered into the Indemnification and Release Agreement with ConocoPhillips. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips' business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters. |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies and Commitments | ' |
Contingencies and Commitments | |
A number of lawsuits involving a variety of claims have been made against us in connection with matters that arise in the ordinary course of business. 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 active and inactive 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 record 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. See Note 20—Income Taxes, for additional information about income-tax-related contingencies. | |
Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. 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 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 international, 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 (EPA) 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. | |
Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies cited at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by | |
the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar and time limits. | |
We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities. | |
Legal Proceedings | |
Our 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. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track 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, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. | |
Other Contingencies | |
We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. | |
At December 31, 2013, we had performance obligations secured by letters of credit of $822 million (of which $26 million was issued under the trade receivables securitization facility, $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit) related to various purchase and other commitments incident to the ordinary conduct of business. | |
Long-Term Throughput Agreements and Take-or-Pay Agreements | |
We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. The aggregate amounts of estimated payments under these various agreements are: 2014—$338 million; 2015—$338 million; 2016—$338 million; 2017—$338 million; 2018—$338 million; and 2019 and after—$4,063 million. Total payments under the agreements were $342 million in 2013, $358 million in 2012 and $300 million in 2011. |
Derivatives_and_Financial_Inst
Derivatives and Financial Instruments | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivatives and Financial Instruments | ' | |||||||||
Derivatives and Financial Instruments | ||||||||||
Derivative Instruments | ||||||||||
We use financial and commodity-based derivative contracts to manage exposures to fluctuations in foreign currency exchange rates and commodity prices or to capture market opportunities. Since we are not currently using cash-flow hedge accounting, all gains and losses, realized or unrealized, from commodity derivative contracts have been recognized in the consolidated statement of income. Gains and losses from derivative contracts held for trading not directly related to our physical business, whether realized or unrealized, have been reported net in “Other income” on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section of the consolidated statement of cash flows. | ||||||||||
Purchase and sales contracts with fixed minimum notional volumes for commodities that are readily convertible to cash (e.g., crude oil and gasoline) are recorded on the balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception (i.e., contracts to purchase or sell quantities we expect to use or sell over a reasonable period in the normal course of business). We generally apply this normal purchases and normal sales exception to eligible crude oil, refined product, natural gas and power commodity purchase and sales contracts; however, we may elect not to apply this exception (e.g., when another derivative instrument will be used to mitigate the risk of the purchase or sales contract but hedge accounting will not be applied, in which case both the purchase or sales contract and the derivative contract mitigating the resulting risk will be recorded on the balance sheet at fair value). Our derivative instruments are held at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 16—Fair Value Measurements. | ||||||||||
Commodity Derivative Contracts—We operate in the worldwide crude oil, refined products, NGL, natural gas and electric power markets and are exposed to fluctuations in the prices for these commodities. These fluctuations can affect our revenues, as well as the cost of operating, investing and financing activities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited, immaterial amount of trading not directly related to our physical business. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. Derivatives may be used to optimize these activities, which may move our risk profile away from market average prices. | ||||||||||
The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities presented net (i.e., commodity derivative assets and liabilities with the same counterparty are netted where the right of setoff exists); however, the balances in the following table are presented gross. For information on the impact of counterparty netting and collateral netting, see Note 16—Fair Value Measurements. | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Assets | ||||||||||
Accounts and notes receivable | $ | 2 | — | |||||||
Prepaid expenses and other current assets | 592 | 767 | ||||||||
Other assets | 2 | 3 | ||||||||
Liabilities | ||||||||||
Other accruals | 633 | 766 | ||||||||
Other liabilities and deferred credits | 1 | 3 | ||||||||
Hedge accounting has not been used for any item in the table. | ||||||||||
The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated statement of income were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Sales and other operating revenues | $ | 17 | 3 | (620 | ) | |||||
Equity in earnings of affiliates | (19 | ) | 6 | — | ||||||
Other income | 3 | 39 | 12 | |||||||
Purchased crude oil and products | 95 | 32 | 162 | |||||||
Hedge accounting has not been used for any item in the table. | ||||||||||
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from non-derivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward sales contracts. As of each of December 31, 2013, and December 31, 2012, the percentage of our derivative contract volume expiring within the next 12 months was over 99 percent for both periods. | ||||||||||
Open Position | ||||||||||
Long / (Short) | ||||||||||
2013 | 2012 | |||||||||
Commodity | ||||||||||
Crude oil, refined products and NGL (millions of barrels) | (9 | ) | (8 | ) | ||||||
Credit Risk | ||||||||||
Financial instruments potentially exposed to concentrations of credit risk consist primarily of over-the-counter (OTC) derivative contracts and trade receivables. | ||||||||||
The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. | ||||||||||
Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less. We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on historical write-off experience or specific counterparty collectability. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments, and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due us. | ||||||||||
Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. | ||||||||||
The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were not material at December 31, 2013, or at December 31, 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||
Fair Values of Financial Instruments | |||||||||||||||||||||||
We used the following methods and assumptions to estimate the fair value of financial instruments: | |||||||||||||||||||||||
• | Cash and cash equivalents: The carrying amount reported on the balance sheet approximates fair value. | ||||||||||||||||||||||
• | Accounts and notes receivable: The carrying amount reported on the balance sheet approximates fair value. | ||||||||||||||||||||||
• | Debt: The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on quoted market prices. | ||||||||||||||||||||||
• | Commodity swaps: Fair value is estimated based on forward market prices and approximates the exit price at period end. When forward market prices are not available, fair value is estimated using the forward prices of a similar commodity with adjustments for differences in quality or location. | ||||||||||||||||||||||
• | Futures: Fair values are based on quoted market prices obtained from the New York Mercantile Exchange, the InterContinental Exchange Futures or other traded exchanges. | ||||||||||||||||||||||
• | Forward-exchange contracts: Fair values are estimated by comparing the contract rate to the forward rate in effect at the end of the respective reporting periods and approximating the exit price at those dates. | ||||||||||||||||||||||
We carry certain assets and liabilities at fair value, which we measure at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: | |||||||||||||||||||||||
• | Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. | ||||||||||||||||||||||
• | Level 2: Fair value measured with: 1) adjusted quoted prices from an active market for similar assets; or 2) other valuation inputs that are directly or indirectly observable. | ||||||||||||||||||||||
• | Level 3: Fair value measured with unobservable inputs that are significant to the measurement. | ||||||||||||||||||||||
We classify the fair value of an asset or liability based on the lowest level of input significant to its measurement; however, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. We made no material transfers in or out of Level 1 during the twelve-month periods ended December 31, 2013 and 2012. | |||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||
Financial assets and liabilities recorded at fair value on a recurring basis consist primarily of investments to support nonqualified deferred compensation plans and derivative instruments. The deferred compensation investments are measured at fair value using unadjusted prices available from national securities exchanges; therefore, these assets are categorized as Level 1 in the fair value hierarchy. We value our exchange-traded commodity derivatives using closing prices provided by the exchange as of the balance sheet date, and these are also classified as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity or are valued using either adjusted exchange-provided prices or non-exchange quotes, we classify those contracts as Level 2. OTC financial swaps and physical commodity forward purchase and sales contracts are generally valued using quotations provided by brokers and price index developers such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC swaps and physical commodity purchase and sales contracts are valued using internally developed methodologies that consider historical relationships among various commodities that result in management's best estimate of fair value. We classify these contracts as Level 3. Financial OTC and physical commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a mid-market pricing convention (the mid-point between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. | |||||||||||||||||||||||
The following tables display the fair value hierarchy for our material financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown gross (i.e., without the effect of netting where the legal right of setoff exists) in the hierarchy sections of these tables. These tables also show that our Level 3 activity was not material. | |||||||||||||||||||||||
We have master netting arrangements for all of our exchange-cleared derivative instruments, the majority of our OTC derivative instruments, and certain physical commodity forward contracts (primarily pipeline crude oil deliveries). The following tables show these contracts on a net basis in the column “Effect of Counterparty Netting.” We have no contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. | |||||||||||||||||||||||
The carrying values and fair values by hierarchy of our material financial instruments, either carried or disclosed at fair value, and derivative assets and liabilities, including any effects of master netting agreements or collateral, were: | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 227 | 332 | — | 559 | (538 | ) | — | — | 21 | — | ||||||||||||
OTC instruments | — | 10 | — | 10 | (8 | ) | — | — | 2 | — | |||||||||||||
Physical forward contracts* | — | 25 | 2 | 27 | — | — | — | 27 | — | ||||||||||||||
Rabbi trust assets | 64 | — | — | 64 | N/A | N/A | — | 64 | N/A | ||||||||||||||
$ | 291 | 367 | 2 | 660 | (546 | ) | — | — | 114 | ||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 253 | 326 | — | 579 | (538 | ) | (41 | ) | — | — | — | |||||||||||
OTC instruments | — | 11 | — | 11 | (8 | ) | — | — | 3 | — | |||||||||||||
Physical forward contracts* | — | 43 | 1 | 44 | — | — | — | 44 | — | ||||||||||||||
Floating-rate debt | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | ||||||||||||||
Fixed-rate debt, excluding capital leases** | — | 6,168 | — | 6,168 | N/A | N/A | (262 | ) | 5,906 | N/A | |||||||||||||
$ | 303 | 6,548 | 1 | 6,852 | (546 | ) | (41 | ) | (262 | ) | 6,003 | ||||||||||||
*Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. | |||||||||||||||||||||||
**We carry fixed-rate debt on the balance sheet at amortized cost. | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 380 | 309 | — | 689 | (672 | ) | (8 | ) | — | 9 | — | |||||||||||
OTC instruments | — | 15 | — | 15 | (7 | ) | — | — | 8 | — | |||||||||||||
Physical forward contracts* | — | 61 | 2 | 63 | 4 | — | — | 67 | — | ||||||||||||||
Rabbi trust assets | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | ||||||||||||||
$ | 430 | 385 | 2 | 817 | (675 | ) | (8 | ) | — | 134 | |||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 393 | 328 | — | 721 | (672 | ) | (42 | ) | — | 7 | (7 | ) | ||||||||||
OTC instruments | — | 13 | — | 13 | (7 | ) | — | — | 6 | — | |||||||||||||
Physical forward contracts* | — | 31 | 1 | 32 | 4 | — | — | 36 | — | ||||||||||||||
Floating-rate debt | 1,050 | — | — | 1,050 | N/A | N/A | — | 1,050 | N/A | ||||||||||||||
Fixed-rate debt, excluding capital leases** | — | 6,508 | — | 6,508 | N/A | N/A | (590 | ) | 5,918 | N/A | |||||||||||||
$ | 1,443 | 6,880 | 1 | 8,324 | (675 | ) | (42 | ) | (590 | ) | 7,017 | ||||||||||||
*Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. | |||||||||||||||||||||||
**We carry fixed-rate debt on the balance sheet at amortized cost. | |||||||||||||||||||||||
Nonrecurring Fair Value Remeasurements | |||||||||||||||||||||||
The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Measurements Using | |||||||||||||||||||||||
Fair Value* | Level 1 | Level 3 | Before- | ||||||||||||||||||||
Inputs | Inputs | Tax Loss | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Net properties, plants and equipment (held for use) | $ | 22 | 22 | — | 27 | ||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Net properties, plants and equipment (held for use) | $ | 84 | 84 | — | 68 | ||||||||||||||||||
Net properties, plants and equipment (held for sale) | 32 | 32 | — | 42 | |||||||||||||||||||
Equity method investment | 781 | — | 781 | 1,044 | |||||||||||||||||||
*Represents the fair value at the time of the impairment. | |||||||||||||||||||||||
During 2013, net PP&E held for use related to our composite graphite business in our M&S segment, with a carrying amount of $18 million, was written down to its fair value, resulting in a before-tax loss of $18 million. Fair value was based on an internal assessment of expected discounted future cash flows. During this same period, Corporate net PP&E with a carrying amount of $31 million was written down to its fair value of $22 million, resulting in a before-tax loss of $9 million. The fair value was primarily determined by a third-party valuation. | |||||||||||||||||||||||
During 2012, net PP&E held for use related to a terminal and storage facility in our Midstream segment, with a carrying amount of $76 million, was written down to its fair value of $33 million, resulting in a before-tax loss of $43 million. In addition, net PP&E held for sale by our Refining segment related to equipment formerly associated with a canceled refinery upgrade project, with a carrying amount of $74 million, was written down to its fair value of $32 million, resulting in a before-tax loss of $42 million. The fair values in each case were primarily determined by negotiated selling prices with third parties. In addition, corporate property with a carrying amount of $76 million was written down to its fair value of $51 million, resulting in a before-tax loss of $25 million. The fair value was based on third-party valuations. | |||||||||||||||||||||||
Also, during 2012, certain equity method investments were determined to have fair values below their carrying amount, and the declines in fair value were considered to be other than temporary. This included an investment in our Refining segment with a book value of $1,062 million, which was written down to its fair value of $498 million, resulting in a before-tax loss of $564 million. In addition, our investment in a natural gas transmission pipeline, included in our Midstream segment, was written down to a fair value of $283 million, resulting in a before-tax loss of $480 million. The fair values were principally determined by the application of an internal discounted cash flow model using estimates of future production, prices, costs and a discount rate believed to be consistent with those used by principal market participants. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Equity | ' |
Equity | |
Preferred Stock | |
We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2013 or 2012. | |
Treasury Stock | |
During 2012, our Board of Directors authorized the repurchase of up to $2 billion of our outstanding common stock. In October 2013, we completed our initial $2 billion share repurchase program. During 2013, our Board of Directors authorized additional share repurchases of $1 billion and $2 billion on July 30 and December 6, respectively. The share repurchases are expected to be funded primarily through available cash. The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements and the Tax Sharing Agreement entered into in connection with the Separation. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since our share repurchase programs began, share repurchases totaled 44,106,380 shares at a cost of $2.6 billion through December 31, 2013. Shares of stock repurchased are held as treasury shares. | |
Common Stock Dividends | |
On February 7, 2014, our Board of Directors declared a quarterly cash dividend of $0.39 per common share, payable March 3, 2014, to holders of record at the close of business on February 18, 2014. |
Leases
Leases | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases [Abstract] | ' | |||||||||
Leases | ' | |||||||||
Leases | ||||||||||
We lease ocean transport vessels, tugboats, barges, pipelines, railcars, service station sites, computers, office buildings, corporate aircraft, land and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. Our capital lease obligations relate primarily to the lease of an oil terminal in the United Kingdom. The lease obligation is subject to foreign currency translation adjustments each reporting period. The total net PP&E recorded for capital leases was $206 million and $17 million at December 31, 2013 and 2012, respectively. | ||||||||||
Future minimum lease payments as of December 31, 2013, for capital lease obligations and operating lease obligations having initial or remaining payments due under noncancelable leases were: | ||||||||||
Millions of Dollars | ||||||||||
Capital Lease Obligations | Operating Lease Obligations | |||||||||
2014 | $ | 19 | 522 | |||||||
2015 | 15 | 437 | ||||||||
2016 | 14 | 289 | ||||||||
2017 | 16 | 245 | ||||||||
2018 | 13 | 197 | ||||||||
Remaining years | 196 | 355 | ||||||||
Total | 273 | 2,045 | ||||||||
Less: income from subleases* | — | 112 | ||||||||
Net minimum lease payments | $ | 273 | 1,933 | |||||||
Less: amount representing interest | 74 | |||||||||
Capital lease obligations | $ | 199 | ||||||||
*Includes $37 million related to subleases to related parties. | ||||||||||
Operating lease rental expense for the years ended December 31 was: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Minimum rentals | $ | 572 | 554 | 576 | ||||||
Contingent rentals | 7 | 8 | 5 | |||||||
Less: sublease rental income | 133 | 93 | 97 | |||||||
$ | 446 | 469 | 484 | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||||
Employee Benefit Plans | ||||||||||||||||||||||||||||
Shared Pension and Postretirement Plans | ||||||||||||||||||||||||||||
Prior to the Separation, certain of our U.S. and U.K. employees participated in defined benefit pension plans and postretirement benefit plans (Shared Plans) sponsored by ConocoPhillips, which included participants of other ConocoPhillips subsidiaries. Prior to the Separation, we accounted for such Shared Plans as multiemployer benefit plans. Accordingly, we did not record an asset or liability to recognize the funded status of the Shared Plans on our consolidated balance sheet until the Separation. At the Separation, the assets and liabilities of these Shared Plans, which were allocable to Phillips 66 employees, were transferred to Phillips 66. Plan assets of $2,056 million, benefit obligations of $3,060 million and $869 million of accumulated other comprehensive loss ($540 million, net of tax) were recorded in 2012 for the plans transferred to us. | ||||||||||||||||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||||||||||||||
The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 2,624 | 757 | — | 237 | 191 | — | |||||||||||||||||||||
Service cost | 125 | 36 | 82 | 22 | 8 | 4 | ||||||||||||||||||||||
Interest cost | 91 | 31 | 65 | 25 | 7 | 5 | ||||||||||||||||||||||
Plan participant contributions | — | 4 | — | 2 | — | — | ||||||||||||||||||||||
Plan amendments | — | — | — | — | — | (18 | ) | |||||||||||||||||||||
Actuarial loss (gain) | (194 | ) | 1 | 90 | 83 | (14 | ) | 2 | ||||||||||||||||||||
Benefits paid | (173 | ) | (15 | ) | (78 | ) | (12 | ) | (3 | ) | (1 | ) | ||||||||||||||||
Liabilities assumed from Separation | — | — | 2,465 | 396 | — | 199 | ||||||||||||||||||||||
Foreign currency exchange rate change | — | 26 | — | 4 | — | — | ||||||||||||||||||||||
Benefit obligation at December 31* | $ | 2,473 | 840 | 2,624 | 757 | 189 | 191 | |||||||||||||||||||||
*Accumulated benefit obligation portion of above at December 31: | $ | 2,151 | 627 | 2,265 | 563 | |||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,762 | 527 | — | 120 | — | — | |||||||||||||||||||||
Actual return on plan assets | 283 | 60 | 91 | 35 | — | — | ||||||||||||||||||||||
Company contributions | 136 | 50 | 37 | 36 | 3 | 1 | ||||||||||||||||||||||
Plan participant contributions | — | 4 | — | 2 | — | — | ||||||||||||||||||||||
Benefits paid | (173 | ) | (15 | ) | (78 | ) | (12 | ) | (3 | ) | (1 | ) | ||||||||||||||||
Assets received from Separation | — | — | 1,712 | 344 | — | — | ||||||||||||||||||||||
Foreign currency exchange rate change | — | 19 | — | 2 | — | — | ||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 2,008 | 645 | 1,762 | 527 | — | — | |||||||||||||||||||||
Funded Status at December 31 | $ | (465 | ) | (195 | ) | (862 | ) | (230 | ) | (189 | ) | (191 | ) | |||||||||||||||
Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2013 and 2012, include: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet at December 31 | ||||||||||||||||||||||||||||
Noncurrent assets | $ | — | 2 | — | — | — | — | |||||||||||||||||||||
Current liabilities | (8 | ) | — | (8 | ) | — | (3 | ) | (3 | ) | ||||||||||||||||||
Noncurrent liabilities | (457 | ) | (197 | ) | (854 | ) | (230 | ) | (186 | ) | (188 | ) | ||||||||||||||||
Total recognized | $ | (465 | ) | (195 | ) | (862 | ) | (230 | ) | (189 | ) | (191 | ) | |||||||||||||||
Included in accumulated other comprehensive income at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 399 | 120 | 839 | 161 | (18 | ) | (4 | ) | |||||||||||||||||||
Unrecognized prior service cost (credit) | 12 | (11 | ) | 15 | (12 | ) | (13 | ) | (15 | ) | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Sources of Change in Other Comprehensive Income | ||||||||||||||||||||||||||||
Net gain (loss) arising during the period | $ | 356 | 25 | (78 | ) | (72 | ) | 14 | (2 | ) | ||||||||||||||||||
Amortization of (gain) loss included in income | 84 | 16 | 49 | 7 | — | (1 | ) | |||||||||||||||||||||
Net change during the period | $ | 440 | 41 | (29 | ) | (65 | ) | 14 | (3 | ) | ||||||||||||||||||
Prior service credit arising during the period | $ | — | — | — | — | — | 18 | |||||||||||||||||||||
Amortization of prior service cost (credit) included in income | 3 | (1 | ) | 2 | (1 | ) | (2 | ) | — | |||||||||||||||||||
Net change during the period | $ | 3 | (1 | ) | 2 | (1 | ) | (2 | ) | 18 | ||||||||||||||||||
For our tax-qualified pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets were $2,757 million, $2,407 million, and $2,177 million, respectively, at December 31, 2013, and $3,308 million, $2,777 million, and $2,289 million, respectively, at December 31, 2012. For our unfunded nonqualified key employee supplemental pension plans, the projected benefit obligation and the accumulated benefit obligation were $82 million and $58 million, respectively, at December 31, 2013, and $73 million and $51 million, respectively, at December 31, 2012. | ||||||||||||||||||||||||||||
The allocated benefit cost from Shared Plans, as well as the components of net periodic benefit cost associated with plans sponsored by us, for 2013, 2012 and 2011 is shown in the table below: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||
Service cost | $ | 125 | 36 | 82 | 22 | — | 5 | 8 | 4 | — | ||||||||||||||||||
Interest cost | 91 | 31 | 65 | 25 | — | 13 | 7 | 5 | — | |||||||||||||||||||
Expected return on plan assets | (120 | ) | (29 | ) | (81 | ) | (21 | ) | — | (8 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 3 | (1 | ) | 2 | (1 | ) | — | — | (2 | ) | — | — | ||||||||||||||||
Recognized net actuarial loss (gain) | 84 | 16 | 49 | 7 | — | 3 | — | (1 | ) | — | ||||||||||||||||||
Subtotal net periodic benefit cost | 183 | 53 | 117 | 32 | — | 13 | 13 | 8 | — | |||||||||||||||||||
Allocated benefit cost from ConocoPhillips | — | — | 71 | 13 | 199 | 39 | — | 7 | 19 | |||||||||||||||||||
Total net periodic benefit cost | $ | 183 | 53 | 188 | 45 | 199 | 52 | 13 | 15 | 19 | ||||||||||||||||||
In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. Amounts included in accumulated other comprehensive income at December 31, 2013, that are expected to be amortized into net periodic benefit cost during 2014 are provided below: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
U.S. | Int'l. | |||||||||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 40 | 12 | (2 | ) | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | 3 | (2 | ) | (1 | ) | |||||||||||||||||||||||
The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 4.3 | 3.6 | 4.2 | 4.4 | 3.7 | |||||||||||||||||||||
Rate of compensation increase | 4 | 3.9 | 3.85 | 3.6 | — | — | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Benefit Cost: | ||||||||||||||||||||||||||||
Discount rate | 3.6 | % | 4.2 | 4.2 | 5.1 | 3.7 | 4.2 | |||||||||||||||||||||
Expected return on plan assets | 7 | 5.5 | 7 | 5.8 | — | — | ||||||||||||||||||||||
Rate of compensation increase | 3.85 | 3.6 | 3.75 | 3.6 | — | — | ||||||||||||||||||||||
For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. | ||||||||||||||||||||||||||||
Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical. On or after January 1, 2013, eligible employees are able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance through the company. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company's actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 7.25 percent in 2014 that declines to 5.00 percent by 2023. A one percentage-point change in the assumed health care cost trend rate would be immaterial to Phillips 66. | ||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||
The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of broadly diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 62 percent equity securities, 37 percent debt securities and 1 percent in all other types of investments. Generally, the investments in the plans are publicly traded, therefore, minimizing the liquidity risk in the portfolio. | ||||||||||||||||||||||||||||
The following is a description of the valuation methodologies used for the pension plan assets. | ||||||||||||||||||||||||||||
• | Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices. | |||||||||||||||||||||||||||
• | Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair market value is calculated by pricing models that benchmark the security against other securities with actual market prices. When observable price quotations are not available, fair value is based on pricing models that use something other than actual | |||||||||||||||||||||||||||
market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
• | Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets. | |||||||||||||||||||||||||||
• | Fair values of mutual funds are valued based on quoted market prices, which represent the net asset value of shares held. Certain mutual funds are categorized in Level 2 as they are not valued on a daily basis. | |||||||||||||||||||||||||||
• | Cash and cash equivalents are valued at cost, which approximates fair value. | |||||||||||||||||||||||||||
• | Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the fair values are generally calculated from pricing models with market input parameters from third-party sources. | |||||||||||||||||||||||||||
• | Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans' participants. | |||||||||||||||||||||||||||
• | Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. | |||||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, by asset class, were as follows: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
U.S. | $ | 552 | — | — | 552 | 129 | — | — | 129 | |||||||||||||||||||
International | 439 | — | — | 439 | 104 | — | — | 104 | ||||||||||||||||||||
Common/collective trusts | — | 302 | — | 302 | — | 103 | — | 103 | ||||||||||||||||||||
Mutual funds | — | 42 | — | 42 | 5 | — | — | 5 | ||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||
Government | 114 | 70 | — | 184 | 117 | — | — | 117 | ||||||||||||||||||||
Corporate | — | 305 | — | 305 | — | — | — | — | ||||||||||||||||||||
Agency and mortgage-backed securities | — | 90 | — | 90 | — | — | — | — | ||||||||||||||||||||
Common/collective trusts | — | 17 | — | 17 | — | 148 | — | 148 | ||||||||||||||||||||
Mutual funds | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Cash and cash equivalents | 77 | — | — | 77 | 14 | — | — | 14 | ||||||||||||||||||||
Derivatives | (1 | ) | 1 | — | — | — | — | — | — | |||||||||||||||||||
Insurance contracts | — | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||
Real estate | — | — | — | — | — | — | 8 | 8 | ||||||||||||||||||||
Total | $ | 1,181 | 827 | — | 2,008 | 370 | 251 | 24 | 645 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
U.S. | $ | 529 | — | — | 529 | 100 | — | — | 100 | |||||||||||||||||||
International | 340 | — | — | 340 | 86 | — | — | 86 | ||||||||||||||||||||
Common/collective trusts | — | 237 | — | 237 | — | 97 | — | 97 | ||||||||||||||||||||
Mutual funds | — | 42 | — | 42 | 2 | — | — | 2 | ||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||
Government | 160 | 54 | — | 214 | 97 | — | — | 97 | ||||||||||||||||||||
Corporate | — | 287 | 1 | 288 | — | — | — | — | ||||||||||||||||||||
Agency and mortgage-backed securities | — | 45 | — | 45 | — | — | — | — | ||||||||||||||||||||
Common/collective trusts | — | 17 | — | 17 | — | 112 | — | 112 | ||||||||||||||||||||
Mutual funds | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Cash and cash equivalents | 42 | — | — | 42 | 9 | — | — | 9 | ||||||||||||||||||||
Derivatives | — | 2 | — | 2 | — | — | — | — | ||||||||||||||||||||
Insurance contracts | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||||
Real estate | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||
Total* | $ | 1,071 | 684 | 1 | 1,756 | 295 | 209 | 22 | 526 | |||||||||||||||||||
* Fair values in the table exclude net receivables related to security transactions of $7 million. | ||||||||||||||||||||||||||||
As reflected in the table above, Level 3 activity was not material. | ||||||||||||||||||||||||||||
Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2014, we expect to contribute approximately $175 million to our U.S. pension plans and other postretirement benefit plans and $60 million to our international pension plans. | ||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
U.S. | Int'l. | |||||||||||||||||||||||||||
2014 | $ | 203 | 18 | 9 | ||||||||||||||||||||||||
2015 | 210 | 20 | 12 | |||||||||||||||||||||||||
2016 | 222 | 25 | 15 | |||||||||||||||||||||||||
2017 | 233 | 27 | 17 | |||||||||||||||||||||||||
2018 | 259 | 26 | 19 | |||||||||||||||||||||||||
2019-2023 | 1,333 | 156 | 106 | |||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||
Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75 percent of their eligible pay, subject to certain statutory limits, in the thrift feature of the Savings Plan to a choice of investment funds. Phillips 66 provides a company match of participant thrift contributions up to 5 percent of eligible pay. In addition, participants who contribute at least 1 percent to the Savings Plan are eligible for “Success Share,” a semi-annual discretionary company contribution to the Savings Plan that can range from 0 to 6 percent of eligible pay, with a target of 2 percent. For the period January 2013 through June 2013, Success Share had an actual payout of 3 percent and for the period July 2013 through December 2013, it had an actual payout of 5 percent. | ||||||||||||||||||||||||||||
The Savings Plan was amended effective January 1, 2013. Prior to that date, the company matched up to 1.25 percent of eligible pay, the Success Share did not exist, and instead the plan included a stock savings feature (discussed below). The total expense related to participants in the Savings Plan and predecessor plans for Phillips 66 employees, excluding the stock savings feature, was $111 million in 2013, $15 million in 2012 and $13 million in 2011. | ||||||||||||||||||||||||||||
Prior to the Separation, the stock savings feature of the Savings Plan was a leveraged employee stock ownership plan. After the Separation, it was a non-leveraged employee stock ownership plan. Employees could elect to participate in the stock savings feature by contributing 1 percent of eligible pay. Subsequently, they received a proportionate allocation of shares of common stock. The total expense related to participants of Phillips 66 in this stock savings feature and predecessor plans for Phillips 66 employees was $157 million in 2012, and $38 million in 2011, all of which was compensation expense. The stock savings feature of the Savings Plan was terminated on December 31, 2012. | ||||||||||||||||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||||||||||||||
Prior to the Separation, our employees participated in the “2011 Omnibus Stock and Performance Incentive Plan of ConocoPhillips” (the COP Omnibus Plan), under which they were eligible to receive ConocoPhillips stock options, restricted stock units (RSUs) and restricted performance share units (PSUs). Effective on the separation date of April 30, 2012, our employees and non-employee directors began participating in the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan). The 2012 Plan was superseded by the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan) that was approved by shareholders in May 2013. Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan. | ||||||||||||||||||||||||||||
The P66 Omnibus Plan authorizes the Human Resources and Compensation Committee of our Board of Directors (the Committee) to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, non-employee directors, and other plan participants. The number of shares issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million shares. | ||||||||||||||||||||||||||||
In connection with the Separation, share-based compensation awards granted under the COP Omnibus Plan and held by grantees as of April 30, 2012, were adjusted or substituted to preserve the intrinsic value of the awards as of April 30, 2012, as follows: | ||||||||||||||||||||||||||||
• | Exercisable awards of stock options and stock appreciation rights were converted in accordance with the Employee Matters Agreement providing the grantee with replacement options to purchase both ConocoPhillips and Phillips 66 common stock. | |||||||||||||||||||||||||||
• | Unexercisable awards of stock options held by Phillips 66 employees were replaced with substitute options to purchase only Phillips 66 common stock. | |||||||||||||||||||||||||||
• | Restricted stock and PSUs awarded for completed performance periods under the ConocoPhillips Performance Share Program (PSP) were converted in accordance with the Employee Matters Agreement providing the grantee with both ConocoPhillips and Phillips 66 restricted stock and PSUs. | |||||||||||||||||||||||||||
• | Restricted stock and RSUs held by Phillips 66 employees under all programs other than the PSP were replaced entirely with Phillips 66 restricted stock and RSUs. | |||||||||||||||||||||||||||
Awards granted in connection with the adjustment and substitution of awards originally issued under the COP Omnibus Plan are a part of and became subject to the 2012 Plan. | ||||||||||||||||||||||||||||
The aforementioned adjustment and substitution of awards resulted in the recognition of $9 million of incremental compensation expense in the second quarter of 2012. | ||||||||||||||||||||||||||||
Our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement. For share-based awards granted prior to our adoption of Statement of Financial Accounting Standards No. 123(R), codified into Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 718, “Compensation-Stock Compensation,” we recognize expense over the period of time during which the employee earns the award, accelerating the recognition of expense only when an employee actually retires. For share-based awards granted after our adoption of ASC 718 on January 1, 2006, we recognize share-based compensation expense over the shorter of: the service period (i.e., the stated period of time required to earn the award); or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, as this is the minimum period of time required for an award to not be subject to forfeiture. | ||||||||||||||||||||||||||||
Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). The company made a policy election under ASC 718 to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | ||||||||||||||||||||||||||||
Total share-based compensation expense recognized in income and the associated tax benefit for the years ended December 31, were as follows: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Compensation cost | $ | 132 | 94 | 46 | ||||||||||||||||||||||||
Tax benefit | (50 | ) | (35 | ) | (18 | ) | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||
Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchase of our common stock at exercise prices equivalent to the average market price of the stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. | ||||||||||||||||||||||||||||
The following summarizes our stock option activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Options | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||||||||
Average | Grant-Date | Intrinsic Value | ||||||||||||||||||||||||||
Exercise Price | Fair Value | |||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 8,350,641 | $ | 26.25 | |||||||||||||||||||||||||
Granted | 546,900 | 62.17 | $ | 16.77 | ||||||||||||||||||||||||
Forfeited | (4,900 | ) | 62.17 | |||||||||||||||||||||||||
Exercised | (2,002,575 | ) | 21.74 | $ | 81 | |||||||||||||||||||||||
Expired or canceled | — | — | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 6,890,066 | $ | 30.38 | |||||||||||||||||||||||||
Vested at December 31, 2013 | 6,358,111 | $ | 29.47 | $ | 297 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 5,007,009 | $ | 26.61 | $ | 248 | |||||||||||||||||||||||
All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | ||||||||||||||||||||||||||||
The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2013, were 5.67 years and 4.98 years, respectively. During 2013, we received $44 million in cash and realized a tax benefit of $10 million from the exercise of options. At December 31, 2013, the remaining unrecognized compensation expense from unvested options held by employees of Phillips 66 was $4 million, which will be recognized over a weighted-average period of 16 months, the longest period being 25 months. The calculations of realized tax benefit, unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. | ||||||||||||||||||||||||||||
The following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Assumptions used | ||||||||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.62 | 3.1 | ||||||||||||||||||||||||
Dividend yield | 2.5 | % | 4 | 4 | ||||||||||||||||||||||||
Volatility factor | 35.47 | % | 33.3 | 33.4 | ||||||||||||||||||||||||
Expected life (years) | 6.23 | 7.42 | 6.87 | |||||||||||||||||||||||||
Prior to the Separation, we calculated volatility using the most recent ConocoPhillips end-of-week closing stock prices spanning a period equal to the expected life of the options granted. We calculate the volatility of options granted after the Separation using a formula that adjusts the pre-Separation historical volatility of ConocoPhillips by the ratio of Phillips 66 implied market volatility on the grant date divided by the pre-Separation implied market volatility of ConocoPhillips. | ||||||||||||||||||||||||||||
We periodically calculate the average period of time lapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. | ||||||||||||||||||||||||||||
Stock Unit Program | ||||||||||||||||||||||||||||
Generally, after the Separation RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years. Most RSU awards granted prior to the Separation vested ratably over five years, with one-third of the units vesting in 36 months, one-third vesting in 48 months, and the final third vesting 60 months from the date of grant. In addition to the regularly scheduled annual awards, RSUs are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these RSUs vest vary by award. Upon vesting, RSUs are settled by issuing one share of Phillips 66 common stock per RSU. RSUs awarded to employees already eligible for retirement vest within six months of the grant date, but those units are not issued as shares until the end of the normal vesting period. Until issued as stock, most recipients of RSUs receive a quarterly cash payment of a dividend equivalent, and for this reason the grant date fair value of these units is deemed equal to the average Phillips 66 stock price on the date of grant. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average Phillips 66 common stock price on the grant date, less the net present value of the dividend equivalents that will not be received. | ||||||||||||||||||||||||||||
The following summarizes our stock unit activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Stock Units | Weighted-Average | Total Fair Value | ||||||||||||||||||||||||||
Grant-Date Fair Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 5,226,610 | $ | 28.62 | |||||||||||||||||||||||||
Granted | 850,824 | 62.14 | ||||||||||||||||||||||||||
Forfeited | (64,762 | ) | 43.23 | |||||||||||||||||||||||||
Issued | (1,572,411 | ) | 26.8 | $ | 100 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 4,440,261 | $ | 35.48 | |||||||||||||||||||||||||
Not Vested at December 31, 2013 | 2,843,964 | $ | 35.64 | |||||||||||||||||||||||||
All RSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | ||||||||||||||||||||||||||||
At December 31, 2013, the remaining unrecognized compensation cost from the unvested RSU awards held by employees of Phillips 66 was $50 million, which will be recognized over a weighted-average period of 25 months, the longest period being 40 months. The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. | ||||||||||||||||||||||||||||
Performance Share Program | ||||||||||||||||||||||||||||
Under the P66 Omnibus Plan, we also annually grant to senior management restricted PSUs that vest: (i) with respect to awards for performance periods beginning before 2009, when the employee becomes eligible for retirement by reaching age 55 with five years of service; or (ii) with respect to awards for performance periods beginning in 2009, five years after the grant date of the award (although recipients can elect to defer the lapsing of restrictions until retirement after reaching age 55 with five years of service); or (iii) with respect to awards for performance periods beginning in 2013 or later, on the grant date. | ||||||||||||||||||||||||||||
For PSU awards with performance periods beginning before 2013, we recognize compensation expense beginning on the date of grant and ending on the date the PSUs are scheduled to vest; however, since these awards are authorized three years prior to the grant date, we recognize compensation expense for employees that will become eligible for retirement by or shortly after the grant date over the period beginning on the date of authorization and ending on the date of grant. Since PSU awards with performance periods beginning in 2013 or later vest on the grant date, we recognize compensation expense beginning on the date of authorization and ending on the grant date for all employees participating in the PSU grant. | ||||||||||||||||||||||||||||
We settle PSUs with performance periods that begin before 2013 by issuing one share of Phillips 66 common stock for each PSU. Recipients of these PSUs receive a quarterly cash payment of a dividend equivalent beginning on the grant date and ending on the settlement date. | ||||||||||||||||||||||||||||
We settle PSUs with performance periods beginning in 2013 or later by paying cash equal to the fair value of the PSU on the grant date, which is also the date the PSU vests. Since these PSUs vest and settle on the grant date, dividend equivalents are never paid on these awards. | ||||||||||||||||||||||||||||
The following summarizes our performance share unit activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Performance | Weighted-Average | Total Fair Value | ||||||||||||||||||||||||||
Share Units | Grant-Date | |||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 2,592,274 | $ | 34.36 | |||||||||||||||||||||||||
Granted | 266,052 | 62.17 | ||||||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||||||
Issued | (145,358 | ) | 33.84 | $ | 9 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 2,712,968 | $ | 37.12 | |||||||||||||||||||||||||
Not Vested at December 31, 2013 | 649,672 | $ | 37.73 | |||||||||||||||||||||||||
All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | ||||||||||||||||||||||||||||
At December 31, 2013, the remaining unrecognized compensation cost from unvested PSU awards held by employees of Phillips 66 was $12 million, which will be recognized over a weighted-average period of 33 months, the longest period being 13 years. The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
Income taxes charged to income were: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Income Taxes | |||||||||||||||||||
Federal | |||||||||||||||||||
Current | $ | 1,054 | 1,967 | 713 | |||||||||||||||
Deferred | 526 | 69 | 745 | ||||||||||||||||
Foreign | |||||||||||||||||||
Current | 98 | 160 | 126 | ||||||||||||||||
Deferred | (48 | ) | 45 | (9 | ) | ||||||||||||||
State and local | |||||||||||||||||||
Current | 146 | 253 | 132 | ||||||||||||||||
Deferred | 68 | (21 | ) | 115 | |||||||||||||||
$ | 1,844 | 2,473 | 1,822 | ||||||||||||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||
Properties, plants and equipment, and intangibles | $ | 3,747 | 3,721 | ||||||||||||||||
Investment in joint ventures | 2,696 | 2,183 | |||||||||||||||||
Investment in foreign subsidiaries | 401 | 386 | |||||||||||||||||
Other | — | 24 | |||||||||||||||||
Total deferred tax liabilities | 6,844 | 6,314 | |||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||
Benefit plan accruals | 499 | 614 | |||||||||||||||||
Inventory | 51 | 92 | |||||||||||||||||
Asset retirement obligations and accrued environmental costs | 223 | 234 | |||||||||||||||||
Other financial accruals and deferrals | 223 | 166 | |||||||||||||||||
Loss and credit carryforwards | 123 | 313 | |||||||||||||||||
Other | 18 | 59 | |||||||||||||||||
Total deferred tax assets | 1,137 | 1,478 | |||||||||||||||||
Less: valuation allowance | 127 | 329 | |||||||||||||||||
Net deferred tax assets | 1,010 | 1,149 | |||||||||||||||||
Net deferred tax liabilities | $ | 5,834 | 5,165 | ||||||||||||||||
Current assets, long-term assets, current liabilities and long-term liabilities included deferred taxes of $291 million, $0 million, $0 million and $6,125 million, respectively, at December 31, 2013, and $307 million, $1 million, $29 million and $5,444 million, respectively, at December 31, 2012. | |||||||||||||||||||
With the exception of certain foreign tax credit and separate company loss carryforwards, tax attributes were not allocated to us from ConocoPhillips. The foreign tax credit carryforwards, which have a full valuation allowance against them, begin to expire in 2019. The loss carryforwards, all of which are related to foreign operations, have indefinite carryforward periods. | |||||||||||||||||||
Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2013, valuation allowances decreased by a total of $202 million. This decrease is primarily related to the write off of deferred tax assets deemed unrecoverable as a result of the Separation and the utilization of certain foreign tax credits, partially offset by the recording of current year valuation allowances. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. | |||||||||||||||||||
As of December 31, 2013, we had undistributed earnings related to foreign subsidiaries and foreign corporate joint ventures of approximately $1.7 billion for which deferred income taxes have not been provided. We plan to reinvest these earnings for the foreseeable future. If these amounts were distributed to the United States, we would be subject to additional U.S. income taxes. Determination of the amount of unrecognized deferred income tax liability is not practicable due to the number of unknown variables inherent in the calculation. | |||||||||||||||||||
As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are reflected in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Balance at January 1 | $ | 158 | 169 | 166 | |||||||||||||||
Additions based on tax positions related to the current year | 30 | 3 | 11 | ||||||||||||||||
Additions for tax positions of prior years | 25 | 35 | 27 | ||||||||||||||||
Reductions for tax positions of prior years | (8 | ) | (47 | ) | (32 | ) | |||||||||||||
Settlements | (3 | ) | (2 | ) | (2 | ) | |||||||||||||
Lapse of statute | — | — | (1 | ) | |||||||||||||||
Balance at December 31 | $ | 202 | 158 | 169 | |||||||||||||||
Included in the balance of unrecognized tax benefits for 2013, 2012 and 2011 were $161 million, $125 million and $114 million, respectively, which, if recognized, would affect our effective tax rate. With respect to various unrecognized tax benefits and the related accrued liability, approximately $118 million may be recognized or paid within the next twelve months due to completion of audits. | |||||||||||||||||||
At December 31, 2013, 2012 and 2011, accrued liabilities for interest and penalties totaled $18 million, $15 million and $9 million, respectively, net of accrued income taxes. Interest and penalties decreased earnings by $3 million and $6 million in 2013 and 2012, respectively, and benefited earnings by $7 million in 2011. | |||||||||||||||||||
We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2010), Germany (2007) and United States (2008). Certain issues remain in dispute for audited years, and unrecognized tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, the amount of change is not estimable. | |||||||||||||||||||
The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: | |||||||||||||||||||
Millions of Dollars | Percent of Pre-tax Income | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Income from continuing operations before income taxes | |||||||||||||||||||
United States | $ | 5,158 | 6,192 | 6,107 | 93.3 | % | 94.4 | 93.1 | |||||||||||
Foreign | 368 | 364 | 452 | 6.7 | 5.6 | 6.9 | |||||||||||||
$ | 5,526 | 6,556 | 6,559 | 100 | % | 100 | 100 | ||||||||||||
Federal statutory income tax | $ | 1,934 | 2,295 | 2,295 | 35 | % | 35 | 35 | |||||||||||
Goodwill allocated to assets sold | — | 9 | 96 | — | 0.1 | 1.4 | |||||||||||||
Capital loss utilization | — | — | (619 | ) | — | — | (9.4 | ) | |||||||||||
Tax on foreign operations | (198 | ) | 141 | (61 | ) | (3.6 | ) | 2.2 | (0.9 | ) | |||||||||
Federal manufacturing deduction | (68 | ) | (124 | ) | (52 | ) | (1.2 | ) | (1.9 | ) | (0.8 | ) | |||||||
State income tax, net of federal benefit | 139 | 151 | 161 | 2.5 | 2.3 | 2.5 | |||||||||||||
Other | 37 | 1 | 2 | 0.7 | — | — | |||||||||||||
$ | 1,844 | 2,473 | 1,822 | 33.4 | % | 37.7 | 27.8 | ||||||||||||
During 2011, we realized a significant tax capital loss, which had not previously been recognized, that was related to the disposition of the legal entity which ultimately held the Wilhelmshaven Refinery assets. The tax benefit of this loss was realized as a reduction of capital gains generated in 2011. During 2012, we impaired a foreign investment for which no tax benefit was recognized. No tax benefit was recognized due to our ownership structure and assertion that the earnings of the foreign subsidiary that holds the investment will be reinvested for the foreseeable future. This item is reflected in “Tax on foreign operations” in the table above. | |||||||||||||||||||
Prior to the Separation, and except for certain state and dedicated foreign entity income tax returns, we were included in the ConocoPhillips income tax returns for all applicable years. In accordance with the Tax Sharing Agreement, a cash settlement was received from ConocoPhillips in 2013 upon the filing of the income tax return for the calendar year ended December 31, 2011. We received a further cash settlement in January 2014 for the January 1, 2012, through April 30, 2012 period. In 2013, we filed our initial U.S. consolidated income tax returns for the period May 1, 2012, through December 31, 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Defined | Foreign | Hedging | Accumulated | ||||||||||
Benefit | Currency | Other | |||||||||||
Plans | Translation | Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
31-Dec-10 | $ | (116 | ) | 334 | (4 | ) | 214 | ||||||
Other comprehensive income (loss) | (29 | ) | (64 | ) | 1 | (92 | ) | ||||||
31-Dec-11 | (145 | ) | 270 | (3 | ) | 122 | |||||||
Other comprehensive income (loss) | (93 | ) | 196 | 1 | 104 | ||||||||
Net transfer from ConocoPhillips* | (540 | ) | — | — | (540 | ) | |||||||
31-Dec-12 | (778 | ) | 466 | (2 | ) | (314 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 312 | (44 | ) | — | 268 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||
Foreign currency translation** | — | 21 | — | 21 | |||||||||
Amortization of defined benefit plan items*** | |||||||||||||
Actuarial losses | 62 | — | — | 62 | |||||||||
Net current period other comprehensive income (loss) | 374 | (23 | ) | — | 351 | ||||||||
31-Dec-13 | $ | (404 | ) | 443 | (2 | ) | 37 | ||||||
*See Consolidated Statement of Changes in Equity. | |||||||||||||
**Included in the deferred gain on the sale of ICHP. See Note 5—Assets Held for Sale or Sold, for additional information. | |||||||||||||
***Included in the computation of net periodic benefit cost. See Note 19—Employee Benefit Plans, for additional information. |
Cash_Flow_Information
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 | ||||||||
Noncash Investing and Financing Activities | ||||||||||
Increase in net PP&E and debt related to capital lease obligation | $ | 177 | — | — | ||||||
Transfer of net PP&E in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 374 | — | |||||||
Transfer of employee benefit obligations in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 1,234 | — | |||||||
Increase in deferred tax assets associated with the employee benefit liabilities transferred in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 461 | — | |||||||
Cash Payments | ||||||||||
Interest | $ | 259 | 176 | — | ||||||
Income taxes* | 1,021 | 2,183 | 197 | |||||||
*Excludes our share of cash tax payments made directly by ConocoPhillips prior to the Separation on April 30, 2012. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||
Other Financial Information | ' | |||||||||
Other Financial Information | ||||||||||
Millions of Dollars | ||||||||||
Except Per Share Amounts | ||||||||||
2013 | 2012 | 2011 | ||||||||
Interest and Debt Expense | ||||||||||
Incurred | ||||||||||
Debt | $ | 251 | 221 | 12 | ||||||
Other | 24 | 25 | 5 | |||||||
275 | 246 | 17 | ||||||||
Capitalized | — | — | — | |||||||
Expensed | $ | 275 | 246 | 17 | ||||||
Other Income | ||||||||||
Interest income | $ | 20 | 18 | 33 | ||||||
Other, net* | 65 | 117 | 12 | |||||||
$ | 85 | 135 | 45 | |||||||
*Includes derivatives-related activities. 2012 also includes a $37 million co-venturer contractual payment related to Rockies Express Pipeline. | ||||||||||
Research and Development Expenditures—expensed | $ | 69 | 70 | 69 | ||||||
Advertising Expenses | $ | 68 | 57 | 63 | ||||||
Foreign Currency Transaction (Gains) Losses—after-tax | ||||||||||
Midstream | $ | — | — | — | ||||||
Chemicals | — | — | — | |||||||
Refining | (41 | ) | (17 | ) | (15 | ) | ||||
Marketing and Specialties | (5 | ) | (5 | ) | (9 | ) | ||||
Corporate and Other | 2 | — | — | |||||||
$ | (44 | ) | (22 | ) | (24 | ) |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Related Party Transactions | ' | |||||||||
Related Party Transactions | ||||||||||
Significant transactions with related parties were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Operating revenues and other income (a) | $ | 7,907 | 8,226 | 9,024 | ||||||
Gain on dispositions (b) | — | — | 156 | |||||||
Purchases (c) | 18,320 | 22,446 | 34,554 | |||||||
Operating expenses and selling, general and | 109 | 208 | 361 | |||||||
administrative expenses (d) | ||||||||||
Net interest expense (e) | 8 | 8 | 10 | |||||||
(a) | We sold crude oil to MRC. NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying other crude oil and feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. | |||||||||
(b) | In 2011, we sold the Seaway Products Pipeline Company to DCP Midstream for cash proceeds of $400 million, resulting in a before-tax gain of $156 million. | |||||||||
(c) | We purchased refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCP Midstream and CPChem for use in our refinery processes and other feedstocks from various affiliates. We purchased refined products from MRC. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. | |||||||||
(d) | We paid utility and processing fees to various affiliates. | |||||||||
(e) | We incurred interest expense on a note payable to MSLP. See Note 6—Investments, Loans and Long-Term Receivables and Note 12—Debt, for additional information on loans with affiliated companies. | |||||||||
Also included in the table above are transactions with ConocoPhillips through April 30, 2012, the effective date of the Separation. These transactions include crude oil purchased from ConocoPhillips as feedstock for our refineries and power sold to ConocoPhillips from our power generation facilities. For 2012 and 2011, sales to ConocoPhillips, while it was a related party, were $381 million and $1,197 million, respectively, while purchases from ConocoPhillips were $5,328 million and $15,798 million, respectively. | ||||||||||
As discussed in Note 1—Separation and Basis of Presentation, the consolidated statement of income includes expense allocations for certain corporate functions historically performed by ConocoPhillips and not allocated to its operating segments, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. Net charges from ConocoPhillips for these services, reflected in selling, general and administrative expenses in the consolidated statement of income, were $70 million and $180 million for 2012 and 2011, respectively. |
Segment_Disclosures_and_Relate
Segment Disclosures and Related Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Disclosures and Related Information | ' | ||||||||||||||||||
Segment Disclosures and Related Information | |||||||||||||||||||
Effective January 1, 2013, we changed the organizational structure of the internal financial information reviewed by our chief executive officer, and determined this resulted in a change in the composition of our operating segments. The primary effects of this reporting reorganization were: | |||||||||||||||||||
• | We disaggregated the former R&M segment into two separate operating segments titled "Refining" and "Marketing and Specialties." | ||||||||||||||||||
• | We moved our Transportation and power businesses from the former R&M segment to the Midstream and M&S segments, respectively. | ||||||||||||||||||
This realignment resulted in the following operating segments: | |||||||||||||||||||
1) | Midstream—Gathers, processes, transports and markets natural gas; and transports, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, and delivers refined and specialty products to market. The Midstream segment includes, among other businesses, our 50 percent equity investment in DCP Midstream. | ||||||||||||||||||
2) | Chemicals—Manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50 percent equity investment in CPChem. | ||||||||||||||||||
3) | Refining—Buys, sells and refines crude oil and other feedstocks at 15 refineries, mainly in the United States, Europe and Asia. | ||||||||||||||||||
4) | Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as lubricants), as well as power generation operations. | ||||||||||||||||||
Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents. | |||||||||||||||||||
We evaluate performance and allocate resources based on net income attributable to Phillips 66. Intersegment sales are at prices that approximate market, except for certain 2012 and 2011 transportation services provided by the Midstream segment to the Refining and M&S segments. | |||||||||||||||||||
Analysis of Results by Operating Segment | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Sales and Other Operating Revenues | |||||||||||||||||||
Midstream | |||||||||||||||||||
Total sales | $ | 6,477 | 7,138 | 9,475 | |||||||||||||||
Intersegment eliminations | (933 | ) | (901 | ) | (1,105 | ) | |||||||||||||
Total Midstream | 5,544 | 6,237 | 8,370 | ||||||||||||||||
Chemicals | 9 | 11 | 11 | ||||||||||||||||
Refining | |||||||||||||||||||
Total sales | 124,579 | 131,154 | 143,457 | ||||||||||||||||
Intersegment eliminations | (72,503 | ) | (73,393 | ) | (76,365 | ) | |||||||||||||
Total Refining | 52,076 | 57,761 | 67,092 | ||||||||||||||||
Marketing and Specialties | |||||||||||||||||||
Total sales | 115,358 | 116,623 | 121,829 | ||||||||||||||||
Intersegment eliminations | (1,421 | ) | (1,355 | ) | (1,374 | ) | |||||||||||||
Total Marketing and Specialties | 113,937 | 115,268 | 120,455 | ||||||||||||||||
Corporate and Other | 30 | 13 | 3 | ||||||||||||||||
Consolidated sales and other operating revenues | $ | 171,596 | 179,290 | 195,931 | |||||||||||||||
Depreciation, Amortization and Impairments | |||||||||||||||||||
Midstream | $ | 89 | 607 | 89 | |||||||||||||||
Chemicals | — | — | — | ||||||||||||||||
Refining | 688 | 1,262 | 1,128 | ||||||||||||||||
Marketing and Specialties | 119 | 148 | 154 | ||||||||||||||||
Corporate and Other | 80 | 47 | 3 | ||||||||||||||||
Consolidated depreciation, amortization and impairments | $ | 976 | 2,064 | 1,374 | |||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Equity in Earnings of Affiliates | |||||||||||||||||||
Midstream | $ | 436 | 343 | 544 | |||||||||||||||
Chemicals | 1,362 | 1,192 | 975 | ||||||||||||||||
Refining | 1,213 | 1,542 | 1,270 | ||||||||||||||||
Marketing and Specialties | 63 | 57 | 54 | ||||||||||||||||
Corporate and Other | (1 | ) | — | — | |||||||||||||||
Consolidated equity in earnings of affiliates | $ | 3,073 | 3,134 | 2,843 | |||||||||||||||
Income Taxes from Continuing Operations | |||||||||||||||||||
Midstream | $ | 265 | 29 | 454 | |||||||||||||||
Chemicals | 375 | 366 | 252 | ||||||||||||||||
Refining | 1,091 | 2,067 | 902 | ||||||||||||||||
Marketing and Specialties | 376 | 250 | 311 | ||||||||||||||||
Corporate and Other | (263 | ) | (239 | ) | (97 | ) | |||||||||||||
Consolidated income taxes from continuing operations | $ | 1,844 | 2,473 | 1,822 | |||||||||||||||
Net Income Attributable to Phillips 66 | |||||||||||||||||||
Midstream | $ | 469 | 53 | 2,149 | |||||||||||||||
Chemicals | 986 | 823 | 716 | ||||||||||||||||
Refining | 1,851 | 3,217 | 1,529 | ||||||||||||||||
Marketing and Specialties | 790 | 417 | 530 | ||||||||||||||||
Corporate and Other | (431 | ) | (434 | ) | (192 | ) | |||||||||||||
Discontinued Operations | 61 | 48 | 43 | ||||||||||||||||
Consolidated net income attributable to Phillips 66 | $ | 3,726 | 4,124 | 4,775 | |||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Investments In and Advances To Affiliates | |||||||||||||||||||
Midstream | $ | 2,328 | 2,011 | 1,873 | |||||||||||||||
Chemicals | 4,241 | 3,524 | 2,998 | ||||||||||||||||
Refining | 4,316 | 4,571 | 5,186 | ||||||||||||||||
Marketing and Specialties | 194 | 185 | 177 | ||||||||||||||||
Corporate and Other | 1 | — | — | ||||||||||||||||
Consolidated investments in and advances to affiliates | $ | 11,080 | 10,291 | 10,234 | |||||||||||||||
Total Assets | |||||||||||||||||||
Midstream | $ | 5,413 | 4,641 | 4,997 | |||||||||||||||
Chemicals | 4,377 | 3,816 | 2,999 | ||||||||||||||||
Refining | 26,294 | 26,834 | 27,336 | ||||||||||||||||
Marketing and Specialties | 7,155 | 7,806 | 7,681 | ||||||||||||||||
Corporate and Other | 6,348 | 4,770 | 22 | ||||||||||||||||
Discontinued Operations* | 211 | 206 | 176 | ||||||||||||||||
Consolidated total assets | $ | 49,798 | 48,073 | 43,211 | |||||||||||||||
*In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI. Although this goodwill was included in the M&S segment at December 31, 2012 and 2011, for more useful comparisons, it is included in the discontinued operations line of this table for all periods presented. | |||||||||||||||||||
Capital Expenditures and Investments | |||||||||||||||||||
Midstream | $ | 528 | 704 | 122 | |||||||||||||||
Chemicals | — | — | — | ||||||||||||||||
Refining | 889 | 738 | 771 | ||||||||||||||||
Marketing and Specialties | 226 | 119 | 106 | ||||||||||||||||
Corporate and Other | 136 | 140 | 17 | ||||||||||||||||
Consolidated capital expenditures and investments | $ | 1,779 | 1,701 | 1,016 | |||||||||||||||
Interest Income and Expense | |||||||||||||||||||
Interest income | |||||||||||||||||||
Refining | $ | — | — | 1 | |||||||||||||||
Marketing and Specialties | — | — | 32 | ||||||||||||||||
Corporate and Other | 20 | 18 | — | ||||||||||||||||
$ | 20 | 18 | 33 | ||||||||||||||||
Interest and debt expense | |||||||||||||||||||
Corporate and Other | $ | 275 | 246 | 17 | |||||||||||||||
Sales and Other Operating Revenues by Product Line | |||||||||||||||||||
Refined products | $ | 140,488 | 140,986 | 146,683 | |||||||||||||||
Crude oil resales | 22,777 | 28,730 | 38,259 | ||||||||||||||||
NGL | 7,431 | 8,533 | 10,024 | ||||||||||||||||
Other | 900 | 1,041 | 965 | ||||||||||||||||
Consolidated sales and other operating revenues by product line | $ | 171,596 | 179,290 | 195,931 | |||||||||||||||
Geographic Information | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
Sales and Other Operating Revenues* | Long-Lived Assets** | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 115,378 | 120,332 | 134,342 | 23,641 | 22,285 | 21,196 | ||||||||||||
United Kingdom | 21,868 | 22,129 | 26,976 | 1,485 | 2,018 | 1,927 | |||||||||||||
Germany | 9,799 | 9,908 | 10,647 | 587 | 567 | 547 | |||||||||||||
Other foreign countries | 24,551 | 26,921 | 23,966 | 765 | 828 | 1,335 | |||||||||||||
Worldwide consolidated | $ | 171,596 | 179,290 | 195,931 | 26,478 | 25,698 | 25,005 | ||||||||||||
*Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||||||||||||||||
**Defined as net properties, plants and equipment plus investments in and advances to affiliated companies. |
Phillips_66_Partners_LP
Phillips 66 Partners LP | 12 Months Ended |
Dec. 31, 2013 | |
Phillips 66 Partners LP [Abstract] | ' |
Phillips 66 Partners LP | ' |
Phillips 66 Partners LP | |
Initial Public Offering of Phillips 66 Partners LP | |
In 2013, we formed Phillips 66 Partners, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other transportation and midstream assets. On July 26, 2013, Phillips 66 Partners completed its initial public offering of 18,888,750 common units 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. Phillips 66 Partners received $404 million in net proceeds from the sale of the units, after deducting underwriting discounts, commissions, structuring fees and offering expenses. Headquartered in Houston, Texas, Phillips 66 Partners' assets consist of crude oil and refined petroleum product pipeline, terminal, and storage systems in the Central and Gulf Coast regions of the United States, each of which is integral to a connected Phillips 66-operated refinery. | |
We own a 71.7 percent limited partner interest and a 2.0 percent general partner interest in Phillips 66 Partners, while the public owns a 26.3 percent limited partner interest. We consolidate Phillips 66 Partners as a VIE for financial reporting purposes (see Note 3—Variable Interest Entities (VIEs) for additional information). The public's ownership interest in Phillips 66 Partners is reflected as a noncontrolling interest in our financial statements, including $409 million in the equity section of our consolidated balance sheet as of December 31, 2013. Phillips 66 Partners' cash and cash equivalents at December 31, 2013, were $425 million. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||
Our $5.8 billion of Senior Notes were issued by Phillips 66, and are guaranteed by Phillips 66 Company, a 100-percent-owned subsidiary. Phillips 66 Company has fully and unconditionally guaranteed the payment obligations of Phillips 66 with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: | ||||||||||||
• | Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). | |||||||||||
• | All other nonguarantor subsidiaries. | |||||||||||
• | The consolidating adjustments necessary to present Phillips 66's results on a consolidated basis. | |||||||||||
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. | ||||||||||||
Effective with fiscal year 2013, we revised the cash flow presentation of inter-column transactions associated with the company’s centralized cash management program and intercompany loans, from operating cash flows to investing cash flows, in a new line item labeled “Intercompany lending activities.” Applicable prior periods have been revised to conform to this presentation. In addition, the 2012 condensed consolidating financial information was further revised to correct certain presentation matters associated with comprehensive income and accumulated comprehensive income. | ||||||||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 113,499 | 58,097 | — | 171,596 | ||||||
Equity in earnings of affiliates | 3,905 | 3,723 | 509 | (5,064 | ) | 3,073 | ||||||
Net gain on dispositions | — | 50 | 5 | — | 55 | |||||||
Other income (loss) | (3 | ) | 53 | 35 | — | 85 | ||||||
Intercompany revenues | — | 1,436 | 20,316 | (21,752 | ) | — | ||||||
Total Revenues and Other Income | 3,902 | 118,761 | 78,962 | (26,816 | ) | 174,809 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 102,781 | 66,745 | (21,281 | ) | 148,245 | ||||||
Operating expenses | — | 3,442 | 790 | (26 | ) | 4,206 | ||||||
Selling, general and administrative expenses | 6 | 1,024 | 541 | (93 | ) | 1,478 | ||||||
Depreciation and amortization | — | 730 | 217 | — | 947 | |||||||
Impairments | — | — | 29 | — | 29 | |||||||
Taxes other than income taxes | — | 5,148 | 8,972 | (1 | ) | 14,119 | ||||||
Accretion on discounted liabilities | — | 19 | 5 | — | 24 | |||||||
Interest and debt expense | 266 | 13 | 347 | (351 | ) | 275 | ||||||
Foreign currency transaction gains | — | — | (40 | ) | — | (40 | ) | |||||
Total Costs and Expenses | 272 | 113,157 | 77,606 | (21,752 | ) | 169,283 | ||||||
Income from continuing operations before income taxes | 3,630 | 5,604 | 1,356 | (5,064 | ) | 5,526 | ||||||
Provision (benefit) for income taxes | (96 | ) | 1,699 | 241 | — | 1,844 | ||||||
Income From Continuing Operations | 3,726 | 3,905 | 1,115 | (5,064 | ) | 3,682 | ||||||
Income from discontinued operations* | — | — | 61 | — | 61 | |||||||
Net income | 3,726 | 3,905 | 1,176 | (5,064 | ) | 3,743 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 17 | — | 17 | |||||||
Net Income Attributable to Phillips 66 | $ | 3,726 | 3,905 | 1,159 | (5,064 | ) | 3,726 | |||||
Comprehensive Income | $ | 4,077 | 4,256 | 1,199 | (5,438 | ) | 4,094 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 34 | — | 34 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 117,574 | 61,716 | — | 179,290 | ||||||
Equity in earnings of affiliates | 4,284 | 3,269 | 445 | (4,864 | ) | 3,134 | ||||||
Net gain on dispositions | — | 192 | 1 | — | 193 | |||||||
Other income (loss) | 2 | (15 | ) | 148 | — | 135 | ||||||
Intercompany revenues | 1 | 2,739 | 23,346 | (26,086 | ) | — | ||||||
Total Revenues and Other Income | 4,287 | 123,759 | 85,656 | (30,950 | ) | 182,752 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 106,687 | 73,715 | (25,989 | ) | 154,413 | ||||||
Operating expenses | — | 3,329 | 760 | (56 | ) | 4,033 | ||||||
Selling, general and administrative expenses | 4 | 1,312 | 428 | (41 | ) | 1,703 | ||||||
Depreciation and amortization | — | 668 | 238 | — | 906 | |||||||
Impairments | — | 71 | 1,087 | — | 1,158 | |||||||
Taxes other than income taxes | — | 5,155 | 8,586 | (1 | ) | 13,740 | ||||||
Accretion on discounted liabilities | — | 18 | 7 | — | 25 | |||||||
Interest and debt expense | 212 | 29 | 4 | 1 | 246 | |||||||
Foreign currency transaction gains | — | — | (28 | ) | — | (28 | ) | |||||
Total Costs and Expenses | 216 | 117,269 | 84,797 | (26,086 | ) | 176,196 | ||||||
Income from continuing operations before income taxes | 4,071 | 6,490 | 859 | (4,864 | ) | 6,556 | ||||||
Provision (benefit) for income taxes | (53 | ) | 2,206 | 320 | — | 2,473 | ||||||
Income From Continuing Operations | 4,124 | 4,284 | 539 | (4,864 | ) | 4,083 | ||||||
Income from discontinued operations* | — | — | 48 | — | 48 | |||||||
Net income | 4,124 | 4,284 | 587 | (4,864 | ) | 4,131 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||
Net Income Attributable to Phillips 66 | $ | 4,124 | 4,284 | 580 | (4,864 | ) | 4,124 | |||||
Comprehensive Income | $ | 4,228 | 4,388 | 623 | (5,004 | ) | 4,235 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 27 | — | 27 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 131,761 | 64,170 | — | 195,931 | ||||||
Equity in earnings of affiliates | 4,775 | 2,835 | 723 | (5,490 | ) | 2,843 | ||||||
Net gain (loss) on dispositions | — | 1,867 | (229 | ) | — | 1,638 | ||||||
Other income | — | 10 | 35 | — | 45 | |||||||
Intercompany revenues | — | 4,887 | 27,249 | (32,136 | ) | — | ||||||
Total Revenues and Other Income | 4,775 | 141,360 | 91,948 | (37,626 | ) | 200,457 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 124,772 | 80,088 | (32,092 | ) | 172,768 | ||||||
Operating expenses | — | 3,278 | 837 | (44 | ) | 4,071 | ||||||
Selling, general and administrative expenses | — | 995 | 399 | — | 1,394 | |||||||
Depreciation and amortization | — | 655 | 247 | — | 902 | |||||||
Impairments | — | 468 | 4 | — | 472 | |||||||
Taxes other than income taxes | — | 4,801 | 9,486 | — | 14,287 | |||||||
Accretion on discounted liabilities | — | 13 | 8 | — | 21 | |||||||
Interest and debt expense | — | 16 | 1 | — | 17 | |||||||
Foreign currency transaction gains | — | (1 | ) | (33 | ) | — | (34 | ) | ||||
Total Costs and Expenses | — | 134,997 | 91,037 | (32,136 | ) | 193,898 | ||||||
Income from continuing operations before income taxes | 4,775 | 6,363 | 911 | (5,490 | ) | 6,559 | ||||||
Provision for income taxes | — | 1,588 | 234 | — | 1,822 | |||||||
Income From Continuing Operations | 4,775 | 4,775 | 677 | (5,490 | ) | 4,737 | ||||||
Income from discontinued operations* | — | — | 43 | — | 43 | |||||||
Net income | 4,775 | 4,775 | 720 | (5,490 | ) | 4,780 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 5 | — | 5 | |||||||
Net Income Attributable to Phillips 66 | $ | 4,775 | 4,775 | 715 | (5,490 | ) | 4,775 | |||||
Comprehensive Income | $ | 4,683 | 4,683 | 747 | (5,425 | ) | 4,688 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 22 | — | 22 | ||||||
Millions of Dollars | ||||||||||||
At December 31, 2013 | ||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | — | 2,162 | 3,238 | — | 5,400 | ||||||
Accounts and notes receivable | 9 | 2,176 | 8,131 | (684 | ) | 9,632 | ||||||
Inventories | — | 1,962 | 1,392 | — | 3,354 | |||||||
Prepaid expenses and other current assets | 10 | 368 | 473 | — | 851 | |||||||
Total Current Assets | 19 | 6,668 | 13,234 | (684 | ) | 19,237 | ||||||
Investments and long-term receivables | 33,178 | 27,414 | 7,496 | (56,868 | ) | 11,220 | ||||||
Net properties, plants and equipment | — | 12,031 | 3,367 | — | 15,398 | |||||||
Goodwill | — | 3,094 | 2 | — | 3,096 | |||||||
Intangibles | — | 694 | 4 | — | 698 | |||||||
Other assets | 40 | 112 | 1 | (4 | ) | 149 | ||||||
Total Assets | $ | 33,237 | 50,013 | 24,104 | (57,556 | ) | 49,798 | |||||
Liabilities and Equity | ||||||||||||
Accounts payable | $ | 1 | 7,508 | 4,265 | (684 | ) | 11,090 | |||||
Short-term debt | — | 18 | 6 | — | 24 | |||||||
Accrued income and other taxes | — | 250 | 622 | — | 872 | |||||||
Employee benefit obligations | — | 422 | 54 | — | 476 | |||||||
Other accruals | 49 | 178 | 242 | — | 469 | |||||||
Total Current Liabilities | 50 | 8,376 | 5,189 | (684 | ) | 12,931 | ||||||
Long-term debt | 5,796 | 152 | 183 | — | 6,131 | |||||||
Asset retirement obligations and accrued environmental costs | — | 527 | 173 | — | 700 | |||||||
Deferred income taxes | — | 5,045 | 1,084 | (4 | ) | 6,125 | ||||||
Employee benefit obligations | — | 724 | 197 | — | 921 | |||||||
Other liabilities and deferred credits | 5,441 | 2,153 | 7,052 | (14,048 | ) | 598 | ||||||
Total Liabilities | 11,287 | 16,977 | 13,878 | (14,736 | ) | 27,406 | ||||||
Common stock | 16,291 | 25,938 | 8,302 | (34,240 | ) | 16,291 | ||||||
Retained earnings | 5,622 | 7,061 | 1,163 | (8,224 | ) | 5,622 | ||||||
Accumulated other comprehensive income | 37 | 37 | 319 | (356 | ) | 37 | ||||||
Noncontrolling interests | — | — | 442 | — | 442 | |||||||
Total Liabilities and Equity | $ | 33,237 | 50,013 | 24,104 | (57,556 | ) | 49,798 | |||||
Millions of Dollars | ||||||||||||
At December 31, 2012 | ||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | — | 2,410 | 1,064 | — | 3,474 | ||||||
Accounts and notes receivable | 47 | 2,889 | 8,456 | (989 | ) | 10,403 | ||||||
Inventories | — | 1,938 | 1,492 | — | 3,430 | |||||||
Prepaid expenses and other current assets | 11 | 403 | 241 | — | 655 | |||||||
Total Current Assets | 58 | 7,640 | 11,253 | (989 | ) | 17,962 | ||||||
Investments and long-term receivables | 28,934 | 20,937 | 6,235 | (45,635 | ) | 10,471 | ||||||
Net properties, plants and equipment | — | 11,714 | 3,693 | — | 15,407 | |||||||
Goodwill | — | 3,344 | — | — | 3,344 | |||||||
Intangibles | — | 710 | 14 | — | 724 | |||||||
Other assets | 78 | 114 | 9 | (36 | ) | 165 | ||||||
Total Assets | $ | 29,070 | 44,459 | 21,204 | (46,660 | ) | 48,073 | |||||
Liabilities and Equity | ||||||||||||
Accounts payable | $ | 17 | 7,014 | 4,668 | (989 | ) | 10,710 | |||||
Short-term debt | — | 13 | — | — | 13 | |||||||
Accrued income and other taxes | — | 245 | 656 | — | 901 | |||||||
Employee benefit obligations | — | 391 | 50 | — | 441 | |||||||
Other accruals | 50 | 279 | 88 | — | 417 | |||||||
Total Current Liabilities | 67 | 7,942 | 5,462 | (989 | ) | 12,482 | ||||||
Long-term debt | 6,795 | 165 | 1 | — | 6,961 | |||||||
Asset retirement obligations and accrued environmental costs | — | 563 | 177 | — | 740 | |||||||
Deferred income taxes | — | 4,478 | 1,002 | (36 | ) | 5,444 | ||||||
Employee benefit obligations | — | 1,094 | 231 | — | 1,325 | |||||||
Other liabilities and deferred credits | 1,433 | 1,435 | 5,768 | (8,321 | ) | 315 | ||||||
Total Liabilities | 8,295 | 15,677 | 12,641 | (9,346 | ) | 27,267 | ||||||
Common stock | 18,376 | 25,951 | 8,149 | (34,100 | ) | 18,376 | ||||||
Retained earnings | 2,713 | 3,145 | 87 | (3,232 | ) | 2,713 | ||||||
Accumulated other comprehensive income (loss) | (314 | ) | (314 | ) | 296 | 18 | (314 | ) | ||||
Noncontrolling interests | — | — | 31 | — | 31 | |||||||
Total Liabilities and Equity | $ | 29,070 | 44,459 | 21,204 | (46,660 | ) | 48,073 | |||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by continuing operating activities | $ | 5 | 4,972 | 1,045 | (80 | ) | 5,942 | |||||
Net cash provided by discontinued operations | — | — | 85 | — | 85 | |||||||
Net Cash Provided by Operating Activities | 5 | 4,972 | 1,130 | (80 | ) | 6,027 | ||||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (1,108 | ) | (690 | ) | 19 | (1,779 | ) | ||||
Proceeds from asset dispositions | — | 63 | 1,151 | — | 1,214 | |||||||
Intercompany lending activities | 4,055 | (4,206 | ) | 151 | — | — | ||||||
Advances/loans—related parties | — | — | (65 | ) | — | (65 | ) | |||||
Collection of advances/loans—related parties | — | — | 165 | — | 165 | |||||||
Other | — | 42 | 6 | — | 48 | |||||||
Net cash provided by (used in) continuing investing activities | 4,055 | (5,209 | ) | 718 | 19 | (417 | ) | |||||
Net cash used in discontinued operations | — | — | (27 | ) | — | (27 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | 4,055 | (5,209 | ) | 691 | 19 | (444 | ) | |||||
Cash Flows From Financing Activities | ||||||||||||
Repayment of debt | (1,000 | ) | (18 | ) | (2 | ) | — | (1,020 | ) | |||
Issuance of common stock | 6 | — | — | — | 6 | |||||||
Repurchase of common stock | (2,246 | ) | — | — | — | (2,246 | ) | |||||
Dividends paid on common stock | (807 | ) | — | (72 | ) | 72 | (807 | ) | ||||
Distributions to controlling interests | — | — | (8 | ) | 8 | — | ||||||
Distributions to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 404 | — | 404 | |||||||
Other | (13 | ) | 7 | 19 | (19 | ) | (6 | ) | ||||
Net cash provided by (used in) continuing financing activities | (4,060 | ) | (11 | ) | 331 | 61 | (3,679 | ) | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Provided by (Used in) Financing Activities | (4,060 | ) | (11 | ) | 331 | 61 | (3,679 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 22 | — | 22 | |||||||
Net Change in Cash and Cash Equivalents | — | (248 | ) | 2,174 | — | 1,926 | ||||||
Cash and cash equivalents at beginning of period | — | 2,410 | 1,064 | — | 3,474 | |||||||
Cash and Cash Equivalents at End of Period | $ | — | 2,162 | 3,238 | — | 5,400 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (42 | ) | 7,429 | (3,128 | ) | — | 4,259 | ||||
Net cash provided by discontinued operations | — | — | 37 | — | 37 | |||||||
Net Cash Provided by (Used in) Operating Activities | (42 | ) | 7,429 | (3,091 | ) | — | 4,296 | |||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (861 | ) | (850 | ) | 10 | (1,701 | ) | ||||
Proceeds from asset dispositions | — | 240 | 46 | — | 286 | |||||||
Intercompany lending activities | 1,376 | (4,334 | ) | 2,958 | — | — | ||||||
Advances/loans—related parties | — | — | (100 | ) | — | (100 | ) | |||||
Collection of advances/loans—related parties | — | — | 7 | (7 | ) | — | ||||||
Other | — | — | — | — | — | |||||||
Net cash provided by (used in) continuing investing activities | 1,376 | (4,955 | ) | 2,061 | 3 | (1,515 | ) | |||||
Net cash used in discontinued operations | — | — | (20 | ) | — | (20 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | 1,376 | (4,955 | ) | 2,041 | 3 | (1,535 | ) | |||||
Cash Flows From Financing Activities | ||||||||||||
Contributions from (distributions to) ConocoPhillips | (7,469 | ) | 110 | 2,104 | — | (5,255 | ) | |||||
Issuance of debt | 7,794 | — | — | — | 7,794 | |||||||
Repayment of debt | (1,000 | ) | (208 | ) | (9 | ) | 7 | (1,210 | ) | |||
Issuance of common stock | 47 | — | — | — | 47 | |||||||
Repurchase of common stock | (356 | ) | — | — | — | (356 | ) | |||||
Dividends paid on common stock | (282 | ) | — | — | — | (282 | ) | |||||
Distributions to controlling interests | — | — | — | — | — | |||||||
Distributions to noncontrolling interests | — | — | (5 | ) | — | (5 | ) | |||||
Other | (68 | ) | 34 | 10 | (10 | ) | (34 | ) | ||||
Net cash provided by (used in) continuing financing activities | (1,334 | ) | (64 | ) | 2,100 | (3 | ) | 699 | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Provided by (Used in) Financing Activities | (1,334 | ) | (64 | ) | 2,100 | (3 | ) | 699 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 14 | — | 14 | |||||||
Net Change in Cash and Cash Equivalents | — | 2,410 | 1,064 | — | 3,474 | |||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | |||||||
Cash and Cash Equivalents at End of Period | $ | — | 2,410 | 1,064 | — | 3,474 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by continuing operating activities | $ | — | 3,038 | 1,915 | — | 4,953 | ||||||
Net cash provided by discontinued operations | — | — | 53 | — | 53 | |||||||
Net Cash Provided by Operating Activities | — | 3,038 | 1,968 | — | 5,006 | |||||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (717 | ) | (299 | ) | — | (1,016 | ) | ||||
Proceeds from asset dispositions | — | 2,517 | 110 | — | 2,627 | |||||||
Collection of advances/loans—related parties | — | 550 | — | — | 550 | |||||||
Other | — | 51 | 286 | — | 337 | |||||||
Net cash provided by continuing investing activities | — | 2,401 | 97 | — | 2,498 | |||||||
Net cash used in discontinued operations | — | — | (6 | ) | — | (6 | ) | |||||
Net Cash Provided by Investing Activities | — | 2,401 | 91 | — | 2,492 | |||||||
Cash Flows From Financing Activities | ||||||||||||
Distributions to ConocoPhillips | — | (5,421 | ) | (2,050 | ) | — | (7,471 | ) | ||||
Repayment of debt | — | (18 | ) | (8 | ) | — | (26 | ) | ||||
Distributions to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||
Other | — | — | — | — | — | |||||||
Net cash used in continuing financing activities | — | (5,439 | ) | (2,059 | ) | — | (7,498 | ) | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Used in Financing Activities | — | (5,439 | ) | (2,059 | ) | — | (7,498 | ) | ||||
Net Change in Cash and Cash Equivalents | — | — | — | — | — | |||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | |||||||
Cash and Cash Equivalents at End of Period | $ | — | — | — | — | — | ||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS (Consolidated) | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
Description | Balance at | Charged to | Other (a) | Deductions | Balance at | |||||||||||||
1-Jan | Expense | December 31 | ||||||||||||||||
2013 | ||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 50 | 10 | — | (13 | ) | (b) | 47 | ||||||||||
Deferred tax asset valuation allowance | 329 | 20 | (222 | ) | — | 127 | ||||||||||||
2012 | ||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 13 | 36 | — | 1 | (b) | 50 | |||||||||||
Deferred tax asset valuation allowance | 210 | 61 | 54 | 4 | 329 | |||||||||||||
2011 | ||||||||||||||||||
Deducted from asset accounts: | ||||||||||||||||||
Allowance for doubtful accounts and notes receivable | $ | 7 | 7 | — | (1 | ) | (b) | 13 | ||||||||||
Deferred tax asset valuation allowance | 165 | 54 | (9 | ) | — | 210 | ||||||||||||
(a)Represents acquisitions/dispositions/revisions, net transfers associated with the Separation and the effect of translating foreign financial statements. | ||||||||||||||||||
(b)Amounts charged off less recoveries of amounts previously charged off. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Prior to the Separation, our results of operations, financial position and cash flows consisted of ConocoPhillips' refining, marketing and transportation operations; its natural gas gathering, processing, transmission and marketing operations, primarily conducted through its equity investment in DCP Midstream, LLC (DCP Midstream); its petrochemical operations, conducted through its equity investment in Chevron Phillips Chemical Company LLC (CPChem); its power generation operations; and an allocable portion of its corporate costs (together, the “downstream businesses”). These financial statements have been presented as if the downstream businesses had been combined for all periods presented prior to the Separation. All intercompany transactions and accounts within the downstream businesses were eliminated. The statement of income for the periods prior to the Separation includes expense allocations for certain corporate functions historically performed by ConocoPhillips and not allocated to its operating segments, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. These allocations were based primarily on specific identification of time and/or activities associated with the downstream businesses, employee headcount or capital expenditures, and our management believes the assumptions underlying the allocations were reasonable. The combined financial statements may not necessarily reflect all of the actual expenses that would have been incurred had we been a stand-alone company during the periods presented prior to the Separation. All financial information presented after the Separation represents the consolidated results of operations, financial position and cash flows of Phillips 66. Accordingly: | ||
• | Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2013, consist entirely of the consolidated results of Phillips 66. Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2012, consist of the consolidated results of Phillips 66 for the eight months ended December 31, 2012, and of the combined results of the downstream businesses for the four months ended April 30, 2012. Our consolidated statements of income, comprehensive income, cash flows and changes in equity for the year ended December 31, 2011, consist entirely of the combined results of the downstream businesses. | |
• | Our consolidated balance sheet at December 31, 2013 and 2012, consists of the consolidated balances of Phillips 66. | |
Consolidation Principles and Investments | ' | |
Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. | ||
Recasted Financial Information | ' | |
Recasted Financial Information—Certain prior period financial information has been recasted to reflect the current year's presentation, including realignment of our operating segments, as well as the movement of Phillips Specialty Products Inc. (PSPI) to discontinued operations. See Note 5—Assets Held for Sale or Sold for additional information. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in stockholders' equity. Foreign currency transaction gains and losses are included in current earnings. Most of our foreign operations use their local currency as the functional currency. | ||
Use of Estimates | ' | |
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. | ||
Revenue Recognition | ' | |
Revenue Recognition—Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. | ||
Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the "Purchased crude oil and products" line of 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. | ||
Shipping and Handling Costs | ' | |
Shipping and Handling Costs—We record shipping and handling costs in purchased crude oil and products. Freight costs billed to customers are recorded as a component of revenue. | ||
Inventories | ' | |
Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method. | ||
Fair Value Measurements | ' | |
Fair Value Measurements—We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. | ||
Derivative Instruments | ' | |
Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. | ||
Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings. | ||
Capitalized Interest | ' | |
Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plant and equipment and is amortized over the useful life of the assets. | ||
Intangible Assets Other Than Goodwill | ' | |
Intangible Assets Other Than Goodwill—Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. | ||
Goodwill | ' | |
Goodwill—Goodwill resulting from a business combination is not amortized but is tested at least annually for impairment. If the fair value of a reporting unit is less than the recorded book value of the reporting unit’s assets (including goodwill), less liabilities, then a hypothetical purchase price allocation is performed on the reporting unit’s assets and liabilities using the fair value of the reporting unit as the purchase price in the calculation. If the amount of goodwill resulting from this hypothetical purchase price allocation is less than the recorded amount of goodwill, the recorded goodwill is written down to the new amount. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances, Transportation, Refining and M&S. | ||
Depreciation and Amortization | ' | |
Depreciation and Amortization—Depreciation and amortization of properties, plants and equipment are 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). | ||
Impairment of Properties, Plants and Equipment | ' | |
Impairment of Properties, Plants and Equipment—Properties, plants and equipment 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 indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value through additional amortization or depreciation provisions and reported in the "Impairment" line of our consolidated statement of income in the period 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 an entire refinery complex 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 flows validated with historical market transactions of similar assets where possible. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. | ||
The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins, and capital project decisions, considering all available evidence at the date of review. | ||
Impairment of Investments in Nonconsolidated Entities | ' | |
Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. | ||
Maintenance and Repairs | ' | |
Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. | ||
Property Dispositions | ' | |
Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. | ||
Asset Retirement Obligations and Environmental Costs | ' | |
Asset Retirement Obligations and Environmental Costs—Fair value 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 properties, plants and equipment. Over time, the liability is increased for the change in its present value, and the capitalized cost in properties, plants and equipment is depreciated over the useful life of the related asset. For additional information, see Note 10—Asset Retirement Obligations and Accrued Environmental Costs. | ||
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. | ||
Guarantees | ' | |
Guarantees—Fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation—We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award to not be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. | ||
Income Taxes | ' | |
Income Taxes—For periods prior to the Separation, our taxable income was included in the U.S. federal income tax returns and in a number of state income tax returns of ConocoPhillips. In the accompanying consolidated financial statements for periods prior to the Separation, our provision for income taxes is computed as if we were a stand-alone tax-paying entity. | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses. | ||
Taxes Collected from Customers and Remitted to Government Authorities | ' | |
Taxes Collected from Customers and Remitted to Governmental Authorities—Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes. | ||
Treasury Stock | ' | |
Treasury Stock—We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders' equity in the consolidated balance sheet. | ||
Loans and Long-term Receivables | ' | |
Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered. | ||
Earnings Per Share | ' | |
The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. | ||
Contingencies and Commitments | ' | |
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 record 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. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Summary of inventories | ' | ||||||
Inventories at December 31 consisted of the following: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Crude oil and petroleum products | $ | 3,093 | 3,138 | ||||
Materials and supplies | 261 | 292 | |||||
$ | 3,354 | 3,430 | |||||
Assets_Held_for_Sale_or_Sold_A
Assets Held for Sale or Sold Assets Held for Sale or Sold (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||
Summary of Assets and Liabilities and Sales, Revenues and Income of Assets Held for Sale | ' | |||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Assets | ||||||||||
Accounts and notes receivable | $ | 24 | 23 | |||||||
Inventories | 18 | 18 | ||||||||
Total current assets of discontinued operations | 42 | 41 | ||||||||
Net properties, plants and equipment | 58 | 42 | ||||||||
Intangibles | 6 | 6 | ||||||||
Total assets of discontinued operations | $ | 106 | 89 | |||||||
Liabilities | ||||||||||
Accounts payable and other current liabilities | $ | 18 | 8 | |||||||
Total current liabilities of discontinued operations | 18 | 8 | ||||||||
Deferred income taxes | 12 | 7 | ||||||||
Total liabilities of discontinued operations | $ | 30 | 15 | |||||||
Sales and other operating revenues and income from discontinued operations related to PSPI, were as follows: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Sales and other operating revenues from discontinued operations | $ | 232 | 180 | 167 | ||||||
Income from discontinued operations before-tax | $ | 95 | 75 | 65 | ||||||
Income tax expense | 34 | 27 | 22 | |||||||
Income from discontinued operations | $ | 61 | 48 | 43 | ||||||
Investments_Loans_and_LongTerm1
Investments, Loans and Long-Term Receivables (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Schedule of Long Term Investments and Receivables | ' | |||||||||
Components of investments, loans and long-term receivables at December 31 were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Equity investments | $ | 11,080 | 10,291 | |||||||
Long-term receivables | 74 | 132 | ||||||||
Other investments | 66 | 48 | ||||||||
$ | 11,220 | 10,471 | ||||||||
Summarized Financial Information for Equity Method Investments in Affiliated Companies | ' | |||||||||
Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 59,500 | 55,401 | 59,044 | ||||||
Income before income taxes | 5,975 | 6,265 | 6,083 | |||||||
Net income | 5,838 | 6,122 | 5,742 | |||||||
Current assets | 9,865 | 9,646 | 8,752 | |||||||
Noncurrent assets | 40,188 | 37,269 | 34,329 | |||||||
Current liabilities | 7,971 | 8,319 | 6,837 | |||||||
Noncurrent liabilities | 9,959 | 9,251 | 10,279 | |||||||
Properties_Plants_and_Equipmen1
Properties, Plants and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ||||||||||||||||||
The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | ||||||||||||||
PP&E | D&A | PP&E | PP&E | D&A | PP&E | ||||||||||||||
Midstream | $ | 2,792 | 1,104 | 1,688 | 2,460 | 1,016 | 1,444 | ||||||||||||
Chemicals | — | — | — | — | — | — | |||||||||||||
Refining | 19,264 | 6,718 | 12,546 | 17,989 | 5,913 | 12,076 | |||||||||||||
Marketing and Specialties | 1,395 | 749 | 646 | 2,437 | 1,057 | 1,380 | |||||||||||||
Corporate and Other | 975 | 457 | 518 | 880 | 415 | 465 | |||||||||||||
Discontinued Operations* | — | — | — | 63 | 21 | 42 | |||||||||||||
$ | 24,426 | 9,028 | 15,398 | 23,829 | 8,422 | 15,407 | |||||||||||||
* At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | ||||||||||||
he carrying amount of goodwill was as follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Midstream | Refining | Marketing and Specialties | Total | ||||||||||
Balance at January 1, 2012 | $ | 518 | 1,922 | 892 | 3,332 | ||||||||
Goodwill allocated to assets sold | — | (25 | ) | — | (25 | ) | |||||||
Tax and other adjustments | — | 37 | — | 37 | |||||||||
Balance at December 31, 2012 | 518 | 1,934 | 892 | 3,344 | |||||||||
Tax and other adjustments | — | (15 | ) | — | (15 | ) | |||||||
Goodwill allocated to assets held-for-sale or sold | — | — | (233 | ) | (233 | ) | |||||||
Balance at December 31, 2013 | $ | 518 | 1,919 | 659 | 3,096 | ||||||||
Schedule of Changes in Carrying Value of Intangible Assets | ' | ||||||||||||
Information at December 31 on the carrying value of intangible assets follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Gross Carrying | |||||||||||||
Amount | |||||||||||||
2013 | 2012 | ||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||
Trade names and trademarks | $ | 494 | 494 | ||||||||||
Refinery air and operating permits | 200 | 207 | |||||||||||
$ | 694 | 701 | |||||||||||
Impairments_Tables
Impairments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Impairment Of Long Lived Assets Abstract [Abstract] | ' | |||||||||
Impairment Charges | ' | |||||||||
During 2013, 2012 and 2011, we recognized the following before-tax impairment charges: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Midstream | $ | 1 | 524 | 6 | ||||||
Refining | 3 | 608 | 465 | |||||||
Marketing and Specialties | 16 | 1 | 1 | |||||||
Corporate and Other | 9 | 25 | — | |||||||
$ | 29 | 1,158 | 472 | |||||||
Asset_Retirement_Obligations_a1
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [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 | $ | 309 | 314 | ||||
Accrued environmental costs | 492 | 530 | |||||
Total asset retirement obligations and accrued environmental costs | 801 | 844 | |||||
Asset retirement obligations and accrued environmental costs due within one year* | (101 | ) | (104 | ) | |||
Long-term asset retirement obligations and accrued environmental costs | $ | 700 | 740 | ||||
*Classified as a current liability on the balance sheet, under the caption “Other accruals.” | |||||||
Schedule of Change in Asset Retirement Obligation | ' | ||||||
During 2013 and 2012, our overall asset retirement obligation changed as follows: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
Balance at January 1 | $ | 314 | 378 | ||||
Accretion of discount | 11 | 13 | |||||
New obligations | 3 | 3 | |||||
Changes in estimates of existing obligations | 12 | (14 | ) | ||||
Spending on existing obligations | (13 | ) | (16 | ) | |||
Property dispositions | (20 | ) | (53 | ) | |||
Foreign currency translation | 2 | 3 | |||||
Balance at December 31 | $ | 309 | 314 | ||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
On April 30, 2012, 625.3 million shares of our common stock were distributed to ConocoPhillips stockholders in conjunction with the Separation. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount to be outstanding as of the beginning of each period prior to the Separation presented in the calculation of weighted-average shares. In addition, we have assumed the fully vested stock and unit awards outstanding at April 30, 2012, were also outstanding for each of the periods presented prior to the Separation; and we have assumed the dilutive securities outstanding at April 30, 2012, were also outstanding for each period prior to the Separation. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||
Amounts attributed to Phillips 66 Common Stockholders (millions): | ||||||||||||||||
Income from continuing operations attributable to Phillips 66 | $ | 3,665 | 3,665 | 4,076 | 4,076 | 4,732 | 4,732 | |||||||||
Income allocated to participating securities | (5 | ) | — | (2 | ) | — | — | — | ||||||||
Income from continuing operations available to common stockholders | 3,660 | 3,665 | 4,074 | 4,076 | 4,732 | 4,732 | ||||||||||
Discontinued operations | 61 | 61 | 48 | 48 | 43 | 43 | ||||||||||
Net income available to common stockholders | $ | 3,721 | 3,726 | 4,122 | 4,124 | 4,775 | 4,775 | |||||||||
Weighted-average common shares outstanding (thousands): | 612,918 | 612,918 | 628,835 | 628,835 | 627,628 | 627,628 | ||||||||||
Dilutive effect of stock-based compensation | — | 6,071 | — | 7,929 | — | 7,017 | ||||||||||
Weighted-average common shares outstanding | 612,918 | 618,989 | 628,835 | 636,764 | 627,628 | 634,645 | ||||||||||
Earnings Per Share of Common Stock (dollars): | ||||||||||||||||
Income from continuing operations attributable to Phillips 66 | $ | 5.97 | 5.92 | 6.47 | 6.4 | 7.54 | 7.45 | |||||||||
Discontinued operations | 0.1 | 0.1 | 0.08 | 0.08 | 0.07 | 0.07 | ||||||||||
Earnings Per Share | $ | 6.07 | 6.02 | 6.55 | 6.48 | 7.61 | 7.52 | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Summary of long term debt | ' | ||||||
Long-term debt at December 31 was: | |||||||
Millions of Dollars | |||||||
2013 | 2012 | ||||||
1.95% Senior Notes due 2015 | $ | 800 | 800 | ||||
2.95% Senior Notes due 2017 | 1,500 | 1,500 | |||||
4.30% Senior Notes due 2022 | 2,000 | 2,000 | |||||
5.875% Senior Notes due 2042 | 1,500 | 1,500 | |||||
Industrial Development Bonds due 2018 through 2021 at 0.05%-0.07% | 50 | 50 | |||||
at year-end 2013 and 0.09%–0.23% at year-end 2012 | |||||||
Term loan due 2014 through 2015 at 1.465% at year-end 2012 | — | 1,000 | |||||
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) | 110 | 122 | |||||
Other | 1 | 1 | |||||
Debt at face value | 5,961 | 6,973 | |||||
Capitalized leases | 199 | 6 | |||||
Net unamortized premiums and discounts | (5 | ) | (5 | ) | |||
Total debt | 6,155 | 6,974 | |||||
Short-term debt | (24 | ) | (13 | ) | |||
Long-term debt | $ | 6,131 | 6,961 | ||||
Derivatives_and_Financial_Inst1
Derivatives and Financial Instruments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Summary of fair value of commodity derivative assets and liabilities and gains (losses) from derivative contracts | ' | |||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | |||||||||
Assets | ||||||||||
Accounts and notes receivable | $ | 2 | — | |||||||
Prepaid expenses and other current assets | 592 | 767 | ||||||||
Other assets | 2 | 3 | ||||||||
Liabilities | ||||||||||
Other accruals | 633 | 766 | ||||||||
Other liabilities and deferred credits | 1 | 3 | ||||||||
Hedge accounting has not been used for any item in the table. | ||||||||||
The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated statement of income were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Sales and other operating revenues | $ | 17 | 3 | (620 | ) | |||||
Equity in earnings of affiliates | (19 | ) | 6 | — | ||||||
Other income | 3 | 39 | 12 | |||||||
Purchased crude oil and products | 95 | 32 | 162 | |||||||
Hedge accounting has not been used for any item in the table. | ||||||||||
Summary of material net exposures from outstanding commodity derivative contracts | ' | |||||||||
Open Position | ||||||||||
Long / (Short) | ||||||||||
2013 | 2012 | |||||||||
Commodity | ||||||||||
Crude oil, refined products and NGL (millions of barrels) | (9 | ) | (8 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting | ' | ||||||||||||||||||||||
The carrying values and fair values by hierarchy of our material financial instruments, either carried or disclosed at fair value, and derivative assets and liabilities, including any effects of master netting agreements or collateral, were: | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 227 | 332 | — | 559 | (538 | ) | — | — | 21 | — | ||||||||||||
OTC instruments | — | 10 | — | 10 | (8 | ) | — | — | 2 | — | |||||||||||||
Physical forward contracts* | — | 25 | 2 | 27 | — | — | — | 27 | — | ||||||||||||||
Rabbi trust assets | 64 | — | — | 64 | N/A | N/A | — | 64 | N/A | ||||||||||||||
$ | 291 | 367 | 2 | 660 | (546 | ) | — | — | 114 | ||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 253 | 326 | — | 579 | (538 | ) | (41 | ) | — | — | — | |||||||||||
OTC instruments | — | 11 | — | 11 | (8 | ) | — | — | 3 | — | |||||||||||||
Physical forward contracts* | — | 43 | 1 | 44 | — | — | — | 44 | — | ||||||||||||||
Floating-rate debt | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | ||||||||||||||
Fixed-rate debt, excluding capital leases** | — | 6,168 | — | 6,168 | N/A | N/A | (262 | ) | 5,906 | N/A | |||||||||||||
$ | 303 | 6,548 | 1 | 6,852 | (546 | ) | (41 | ) | (262 | ) | 6,003 | ||||||||||||
*Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. | |||||||||||||||||||||||
**We carry fixed-rate debt on the balance sheet at amortized cost. | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | Cash Collateral Received or Paid, Not Offset on Balance Sheet | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 380 | 309 | — | 689 | (672 | ) | (8 | ) | — | 9 | — | |||||||||||
OTC instruments | — | 15 | — | 15 | (7 | ) | — | — | 8 | — | |||||||||||||
Physical forward contracts* | — | 61 | 2 | 63 | 4 | — | — | 67 | — | ||||||||||||||
Rabbi trust assets | 50 | — | — | 50 | N/A | N/A | — | 50 | N/A | ||||||||||||||
$ | 430 | 385 | 2 | 817 | (675 | ) | (8 | ) | — | 134 | |||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||
Exchange-cleared instruments | $ | 393 | 328 | — | 721 | (672 | ) | (42 | ) | — | 7 | (7 | ) | ||||||||||
OTC instruments | — | 13 | — | 13 | (7 | ) | — | — | 6 | — | |||||||||||||
Physical forward contracts* | — | 31 | 1 | 32 | 4 | — | — | 36 | — | ||||||||||||||
Floating-rate debt | 1,050 | — | — | 1,050 | N/A | N/A | — | 1,050 | N/A | ||||||||||||||
Fixed-rate debt, excluding capital leases** | — | 6,508 | — | 6,508 | N/A | N/A | (590 | ) | 5,918 | N/A | |||||||||||||
$ | 1,443 | 6,880 | 1 | 8,324 | (675 | ) | (42 | ) | (590 | ) | 7,017 | ||||||||||||
*Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. | |||||||||||||||||||||||
**We carry fixed-rate debt on the balance sheet at amortized cost. | |||||||||||||||||||||||
Value of Assets by Major Category, Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||||
The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Measurements Using | |||||||||||||||||||||||
Fair Value* | Level 1 | Level 3 | Before- | ||||||||||||||||||||
Inputs | Inputs | Tax Loss | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Net properties, plants and equipment (held for use) | $ | 22 | 22 | — | 27 | ||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Net properties, plants and equipment (held for use) | $ | 84 | 84 | — | 68 | ||||||||||||||||||
Net properties, plants and equipment (held for sale) | 32 | 32 | — | 42 | |||||||||||||||||||
Equity method investment | 781 | — | 781 | 1,044 | |||||||||||||||||||
*Represents the fair value at the time of the impairment. |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases [Abstract] | ' | |||||||||
Schedule of Future Minimum Lease Payments | ' | |||||||||
Future minimum lease payments as of December 31, 2013, for capital lease obligations and operating lease obligations having initial or remaining payments due under noncancelable leases were: | ||||||||||
Millions of Dollars | ||||||||||
Capital Lease Obligations | Operating Lease Obligations | |||||||||
2014 | $ | 19 | 522 | |||||||
2015 | 15 | 437 | ||||||||
2016 | 14 | 289 | ||||||||
2017 | 16 | 245 | ||||||||
2018 | 13 | 197 | ||||||||
Remaining years | 196 | 355 | ||||||||
Total | 273 | 2,045 | ||||||||
Less: income from subleases* | — | 112 | ||||||||
Net minimum lease payments | $ | 273 | 1,933 | |||||||
Less: amount representing interest | 74 | |||||||||
Capital lease obligations | $ | 199 | ||||||||
*Includes $37 million related to subleases to related parties. | ||||||||||
Schedule of Operating Lease Rental Expense | ' | |||||||||
Operating lease rental expense for the years ended December 31 was: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Minimum rentals | $ | 572 | 554 | 576 | ||||||
Contingent rentals | 7 | 8 | 5 | |||||||
Less: sublease rental income | 133 | 93 | 97 | |||||||
$ | 446 | 469 | 484 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Reconciliation of Projected Benefit Obligations and Plan Assets | ' | |||||||||||||||||||||||||||
The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 2,624 | 757 | — | 237 | 191 | — | |||||||||||||||||||||
Service cost | 125 | 36 | 82 | 22 | 8 | 4 | ||||||||||||||||||||||
Interest cost | 91 | 31 | 65 | 25 | 7 | 5 | ||||||||||||||||||||||
Plan participant contributions | — | 4 | — | 2 | — | — | ||||||||||||||||||||||
Plan amendments | — | — | — | — | — | (18 | ) | |||||||||||||||||||||
Actuarial loss (gain) | (194 | ) | 1 | 90 | 83 | (14 | ) | 2 | ||||||||||||||||||||
Benefits paid | (173 | ) | (15 | ) | (78 | ) | (12 | ) | (3 | ) | (1 | ) | ||||||||||||||||
Liabilities assumed from Separation | — | — | 2,465 | 396 | — | 199 | ||||||||||||||||||||||
Foreign currency exchange rate change | — | 26 | — | 4 | — | — | ||||||||||||||||||||||
Benefit obligation at December 31* | $ | 2,473 | 840 | 2,624 | 757 | 189 | 191 | |||||||||||||||||||||
*Accumulated benefit obligation portion of above at December 31: | $ | 2,151 | 627 | 2,265 | 563 | |||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,762 | 527 | — | 120 | — | — | |||||||||||||||||||||
Actual return on plan assets | 283 | 60 | 91 | 35 | — | — | ||||||||||||||||||||||
Company contributions | 136 | 50 | 37 | 36 | 3 | 1 | ||||||||||||||||||||||
Plan participant contributions | — | 4 | — | 2 | — | — | ||||||||||||||||||||||
Benefits paid | (173 | ) | (15 | ) | (78 | ) | (12 | ) | (3 | ) | (1 | ) | ||||||||||||||||
Assets received from Separation | — | — | 1,712 | 344 | — | — | ||||||||||||||||||||||
Foreign currency exchange rate change | — | 19 | — | 2 | — | — | ||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 2,008 | 645 | 1,762 | 527 | — | — | |||||||||||||||||||||
Funded Status at December 31 | $ | (465 | ) | (195 | ) | (862 | ) | (230 | ) | (189 | ) | (191 | ) | |||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet | ' | |||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2013 and 2012, include: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet at December 31 | ||||||||||||||||||||||||||||
Noncurrent assets | $ | — | 2 | — | — | — | — | |||||||||||||||||||||
Current liabilities | (8 | ) | — | (8 | ) | — | (3 | ) | (3 | ) | ||||||||||||||||||
Noncurrent liabilities | (457 | ) | (197 | ) | (854 | ) | (230 | ) | (186 | ) | (188 | ) | ||||||||||||||||
Total recognized | $ | (465 | ) | (195 | ) | (862 | ) | (230 | ) | (189 | ) | (191 | ) | |||||||||||||||
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||||
Included in accumulated other comprehensive income at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 399 | 120 | 839 | 161 | (18 | ) | (4 | ) | |||||||||||||||||||
Unrecognized prior service cost (credit) | 12 | (11 | ) | 15 | (12 | ) | (13 | ) | (15 | ) | ||||||||||||||||||
Sources of Change in Other Comprehensive Income | ' | |||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Sources of Change in Other Comprehensive Income | ||||||||||||||||||||||||||||
Net gain (loss) arising during the period | $ | 356 | 25 | (78 | ) | (72 | ) | 14 | (2 | ) | ||||||||||||||||||
Amortization of (gain) loss included in income | 84 | 16 | 49 | 7 | — | (1 | ) | |||||||||||||||||||||
Net change during the period | $ | 440 | 41 | (29 | ) | (65 | ) | 14 | (3 | ) | ||||||||||||||||||
Prior service credit arising during the period | $ | — | — | — | — | — | 18 | |||||||||||||||||||||
Amortization of prior service cost (credit) included in income | 3 | (1 | ) | 2 | (1 | ) | (2 | ) | — | |||||||||||||||||||
Net change during the period | $ | 3 | (1 | ) | 2 | (1 | ) | (2 | ) | 18 | ||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||
The allocated benefit cost from Shared Plans, as well as the components of net periodic benefit cost associated with plans sponsored by us, for 2013, 2012 and 2011 is shown in the table below: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||
Service cost | $ | 125 | 36 | 82 | 22 | — | 5 | 8 | 4 | — | ||||||||||||||||||
Interest cost | 91 | 31 | 65 | 25 | — | 13 | 7 | 5 | — | |||||||||||||||||||
Expected return on plan assets | (120 | ) | (29 | ) | (81 | ) | (21 | ) | — | (8 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 3 | (1 | ) | 2 | (1 | ) | — | — | (2 | ) | — | — | ||||||||||||||||
Recognized net actuarial loss (gain) | 84 | 16 | 49 | 7 | — | 3 | — | (1 | ) | — | ||||||||||||||||||
Subtotal net periodic benefit cost | 183 | 53 | 117 | 32 | — | 13 | 13 | 8 | — | |||||||||||||||||||
Allocated benefit cost from ConocoPhillips | — | — | 71 | 13 | 199 | 39 | — | 7 | 19 | |||||||||||||||||||
Total net periodic benefit cost | $ | 183 | 53 | 188 | 45 | 199 | 52 | 13 | 15 | 19 | ||||||||||||||||||
Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortized into Net Periodic Benefit Cost Over the Next Fiscal Year | ' | |||||||||||||||||||||||||||
Amounts included in accumulated other comprehensive income at December 31, 2013, that are expected to be amortized into net periodic benefit cost during 2014 are provided below: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
U.S. | Int'l. | |||||||||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 40 | 12 | (2 | ) | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | 3 | (2 | ) | (1 | ) | |||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs | ' | |||||||||||||||||||||||||||
The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
U.S. | Int'l. | U.S. | Int'l. | |||||||||||||||||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 4.3 | 3.6 | 4.2 | 4.4 | 3.7 | |||||||||||||||||||||
Rate of compensation increase | 4 | 3.9 | 3.85 | 3.6 | — | — | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Benefit Cost: | ||||||||||||||||||||||||||||
Discount rate | 3.6 | % | 4.2 | 4.2 | 5.1 | 3.7 | 4.2 | |||||||||||||||||||||
Expected return on plan assets | 7 | 5.5 | 7 | 5.8 | — | — | ||||||||||||||||||||||
Rate of compensation increase | 3.85 | 3.6 | 3.75 | 3.6 | — | — | ||||||||||||||||||||||
Fair Values of Pension Plan Assets | ' | |||||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, by asset class, were as follows: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
U.S. | $ | 552 | — | — | 552 | 129 | — | — | 129 | |||||||||||||||||||
International | 439 | — | — | 439 | 104 | — | — | 104 | ||||||||||||||||||||
Common/collective trusts | — | 302 | — | 302 | — | 103 | — | 103 | ||||||||||||||||||||
Mutual funds | — | 42 | — | 42 | 5 | — | — | 5 | ||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||
Government | 114 | 70 | — | 184 | 117 | — | — | 117 | ||||||||||||||||||||
Corporate | — | 305 | — | 305 | — | — | — | — | ||||||||||||||||||||
Agency and mortgage-backed securities | — | 90 | — | 90 | — | — | — | — | ||||||||||||||||||||
Common/collective trusts | — | 17 | — | 17 | — | 148 | — | 148 | ||||||||||||||||||||
Mutual funds | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Cash and cash equivalents | 77 | — | — | 77 | 14 | — | — | 14 | ||||||||||||||||||||
Derivatives | (1 | ) | 1 | — | — | — | — | — | — | |||||||||||||||||||
Insurance contracts | — | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||
Real estate | — | — | — | — | — | — | 8 | 8 | ||||||||||||||||||||
Total | $ | 1,181 | 827 | — | 2,008 | 370 | 251 | 24 | 645 | |||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
U.S. | $ | 529 | — | — | 529 | 100 | — | — | 100 | |||||||||||||||||||
International | 340 | — | — | 340 | 86 | — | — | 86 | ||||||||||||||||||||
Common/collective trusts | — | 237 | — | 237 | — | 97 | — | 97 | ||||||||||||||||||||
Mutual funds | — | 42 | — | 42 | 2 | — | — | 2 | ||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||
Government | 160 | 54 | — | 214 | 97 | — | — | 97 | ||||||||||||||||||||
Corporate | — | 287 | 1 | 288 | — | — | — | — | ||||||||||||||||||||
Agency and mortgage-backed securities | — | 45 | — | 45 | — | — | — | — | ||||||||||||||||||||
Common/collective trusts | — | 17 | — | 17 | — | 112 | — | 112 | ||||||||||||||||||||
Mutual funds | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||
Cash and cash equivalents | 42 | — | — | 42 | 9 | — | — | 9 | ||||||||||||||||||||
Derivatives | — | 2 | — | 2 | — | — | — | — | ||||||||||||||||||||
Insurance contracts | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||||
Real estate | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||
Total* | $ | 1,071 | 684 | 1 | 1,756 | 295 | 209 | 22 | 526 | |||||||||||||||||||
Expected Benefit Payments | ' | |||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||
U.S. | Int'l. | |||||||||||||||||||||||||||
2014 | $ | 203 | 18 | 9 | ||||||||||||||||||||||||
2015 | 210 | 20 | 12 | |||||||||||||||||||||||||
2016 | 222 | 25 | 15 | |||||||||||||||||||||||||
2017 | 233 | 27 | 17 | |||||||||||||||||||||||||
2018 | 259 | 26 | 19 | |||||||||||||||||||||||||
2019-2023 | 1,333 | 156 | 106 | |||||||||||||||||||||||||
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit | ' | |||||||||||||||||||||||||||
Total share-based compensation expense recognized in income and the associated tax benefit for the years ended December 31, were as follows: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Compensation cost | $ | 132 | 94 | 46 | ||||||||||||||||||||||||
Tax benefit | (50 | ) | (35 | ) | (18 | ) | ||||||||||||||||||||||
Stock Option Activity | ' | |||||||||||||||||||||||||||
The following summarizes our stock option activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Options | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||||||||
Average | Grant-Date | Intrinsic Value | ||||||||||||||||||||||||||
Exercise Price | Fair Value | |||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 8,350,641 | $ | 26.25 | |||||||||||||||||||||||||
Granted | 546,900 | 62.17 | $ | 16.77 | ||||||||||||||||||||||||
Forfeited | (4,900 | ) | 62.17 | |||||||||||||||||||||||||
Exercised | (2,002,575 | ) | 21.74 | $ | 81 | |||||||||||||||||||||||
Expired or canceled | — | — | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 6,890,066 | $ | 30.38 | |||||||||||||||||||||||||
Vested at December 31, 2013 | 6,358,111 | $ | 29.47 | $ | 297 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 5,007,009 | $ | 26.61 | $ | 248 | |||||||||||||||||||||||
All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | ||||||||||||||||||||||||||||
Significant Assumptions and Ranges in Assumptions Used to Calculate the Fair Market Values of Options Granted | ' | |||||||||||||||||||||||||||
he following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Assumptions used | ||||||||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.62 | 3.1 | ||||||||||||||||||||||||
Dividend yield | 2.5 | % | 4 | 4 | ||||||||||||||||||||||||
Volatility factor | 35.47 | % | 33.3 | 33.4 | ||||||||||||||||||||||||
Expected life (years) | 6.23 | 7.42 | 6.87 | |||||||||||||||||||||||||
Summary of Stock Unit Activity | ' | |||||||||||||||||||||||||||
The following summarizes our stock unit activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Stock Units | Weighted-Average | Total Fair Value | ||||||||||||||||||||||||||
Grant-Date Fair Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 5,226,610 | $ | 28.62 | |||||||||||||||||||||||||
Granted | 850,824 | 62.14 | ||||||||||||||||||||||||||
Forfeited | (64,762 | ) | 43.23 | |||||||||||||||||||||||||
Issued | (1,572,411 | ) | 26.8 | $ | 100 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 4,440,261 | $ | 35.48 | |||||||||||||||||||||||||
Not Vested at December 31, 2013 | 2,843,964 | $ | 35.64 | |||||||||||||||||||||||||
All RSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | ||||||||||||||||||||||||||||
Summary of Performance Share Program Activity | ' | |||||||||||||||||||||||||||
The following summarizes our performance share unit activity from January 1, 2013 to December 31, 2013: | ||||||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||||||
Performance | Weighted-Average | Total Fair Value | ||||||||||||||||||||||||||
Share Units | Grant-Date | |||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2013 | 2,592,274 | $ | 34.36 | |||||||||||||||||||||||||
Granted | 266,052 | 62.17 | ||||||||||||||||||||||||||
Forfeited | — | |||||||||||||||||||||||||||
Issued | (145,358 | ) | 33.84 | $ | 9 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 2,712,968 | $ | 37.12 | |||||||||||||||||||||||||
Not Vested at December 31, 2013 | 649,672 | $ | 37.73 | |||||||||||||||||||||||||
All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Components of Income Tax Expense | ' | ||||||||||||||||||
Income taxes charged to income were: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Income Taxes | |||||||||||||||||||
Federal | |||||||||||||||||||
Current | $ | 1,054 | 1,967 | 713 | |||||||||||||||
Deferred | 526 | 69 | 745 | ||||||||||||||||
Foreign | |||||||||||||||||||
Current | 98 | 160 | 126 | ||||||||||||||||
Deferred | (48 | ) | 45 | (9 | ) | ||||||||||||||
State and local | |||||||||||||||||||
Current | 146 | 253 | 132 | ||||||||||||||||
Deferred | 68 | (21 | ) | 115 | |||||||||||||||
$ | 1,844 | 2,473 | 1,822 | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||
Major components of deferred tax liabilities and assets at December 31 were: | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||
Properties, plants and equipment, and intangibles | $ | 3,747 | 3,721 | ||||||||||||||||
Investment in joint ventures | 2,696 | 2,183 | |||||||||||||||||
Investment in foreign subsidiaries | 401 | 386 | |||||||||||||||||
Other | — | 24 | |||||||||||||||||
Total deferred tax liabilities | 6,844 | 6,314 | |||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||
Benefit plan accruals | 499 | 614 | |||||||||||||||||
Inventory | 51 | 92 | |||||||||||||||||
Asset retirement obligations and accrued environmental costs | 223 | 234 | |||||||||||||||||
Other financial accruals and deferrals | 223 | 166 | |||||||||||||||||
Loss and credit carryforwards | 123 | 313 | |||||||||||||||||
Other | 18 | 59 | |||||||||||||||||
Total deferred tax assets | 1,137 | 1,478 | |||||||||||||||||
Less: valuation allowance | 127 | 329 | |||||||||||||||||
Net deferred tax assets | 1,010 | 1,149 | |||||||||||||||||
Net deferred tax liabilities | $ | 5,834 | 5,165 | ||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||||||||
As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are reflected in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Balance at January 1 | $ | 158 | 169 | 166 | |||||||||||||||
Additions based on tax positions related to the current year | 30 | 3 | 11 | ||||||||||||||||
Additions for tax positions of prior years | 25 | 35 | 27 | ||||||||||||||||
Reductions for tax positions of prior years | (8 | ) | (47 | ) | (32 | ) | |||||||||||||
Settlements | (3 | ) | (2 | ) | (2 | ) | |||||||||||||
Lapse of statute | — | — | (1 | ) | |||||||||||||||
Balance at December 31 | $ | 202 | 158 | 169 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||
The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: | |||||||||||||||||||
Millions of Dollars | Percent of Pre-tax Income | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Income from continuing operations before income taxes | |||||||||||||||||||
United States | $ | 5,158 | 6,192 | 6,107 | 93.3 | % | 94.4 | 93.1 | |||||||||||
Foreign | 368 | 364 | 452 | 6.7 | 5.6 | 6.9 | |||||||||||||
$ | 5,526 | 6,556 | 6,559 | 100 | % | 100 | 100 | ||||||||||||
Federal statutory income tax | $ | 1,934 | 2,295 | 2,295 | 35 | % | 35 | 35 | |||||||||||
Goodwill allocated to assets sold | — | 9 | 96 | — | 0.1 | 1.4 | |||||||||||||
Capital loss utilization | — | — | (619 | ) | — | — | (9.4 | ) | |||||||||||
Tax on foreign operations | (198 | ) | 141 | (61 | ) | (3.6 | ) | 2.2 | (0.9 | ) | |||||||||
Federal manufacturing deduction | (68 | ) | (124 | ) | (52 | ) | (1.2 | ) | (1.9 | ) | (0.8 | ) | |||||||
State income tax, net of federal benefit | 139 | 151 | 161 | 2.5 | 2.3 | 2.5 | |||||||||||||
Other | 37 | 1 | 2 | 0.7 | — | — | |||||||||||||
$ | 1,844 | 2,473 | 1,822 | 33.4 | % | 37.7 | 27.8 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||
Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: | |||||||||||||
Millions of Dollars | |||||||||||||
Defined | Foreign | Hedging | Accumulated | ||||||||||
Benefit | Currency | Other | |||||||||||
Plans | Translation | Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
31-Dec-10 | $ | (116 | ) | 334 | (4 | ) | 214 | ||||||
Other comprehensive income (loss) | (29 | ) | (64 | ) | 1 | (92 | ) | ||||||
31-Dec-11 | (145 | ) | 270 | (3 | ) | 122 | |||||||
Other comprehensive income (loss) | (93 | ) | 196 | 1 | 104 | ||||||||
Net transfer from ConocoPhillips* | (540 | ) | — | — | (540 | ) | |||||||
31-Dec-12 | (778 | ) | 466 | (2 | ) | (314 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 312 | (44 | ) | — | 268 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||
Foreign currency translation** | — | 21 | — | 21 | |||||||||
Amortization of defined benefit plan items*** | |||||||||||||
Actuarial losses | 62 | — | — | 62 | |||||||||
Net current period other comprehensive income (loss) | 374 | (23 | ) | — | 351 | ||||||||
31-Dec-13 | $ | (404 | ) | 443 | (2 | ) | 37 | ||||||
*See Consolidated Statement of Changes in Equity. | |||||||||||||
**Included in the deferred gain on the sale of ICHP. See Note 5—Assets Held for Sale or Sold, for additional information. |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Cash Flow Information | ' | |||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Noncash Investing and Financing Activities | ||||||||||
Increase in net PP&E and debt related to capital lease obligation | $ | 177 | — | — | ||||||
Transfer of net PP&E in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 374 | — | |||||||
Transfer of employee benefit obligations in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 1,234 | — | |||||||
Increase in deferred tax assets associated with the employee benefit liabilities transferred in accordance with the Separation and Distribution Agreement with ConocoPhillips | — | 461 | — | |||||||
Cash Payments | ||||||||||
Interest | $ | 259 | 176 | — | ||||||
Income taxes* | 1,021 | 2,183 | 197 | |||||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||
Other Financial Information | ' | |||||||||
Millions of Dollars | ||||||||||
Except Per Share Amounts | ||||||||||
2013 | 2012 | 2011 | ||||||||
Interest and Debt Expense | ||||||||||
Incurred | ||||||||||
Debt | $ | 251 | 221 | 12 | ||||||
Other | 24 | 25 | 5 | |||||||
275 | 246 | 17 | ||||||||
Capitalized | — | — | — | |||||||
Expensed | $ | 275 | 246 | 17 | ||||||
Other Income | ||||||||||
Interest income | $ | 20 | 18 | 33 | ||||||
Other, net* | 65 | 117 | 12 | |||||||
$ | 85 | 135 | 45 | |||||||
*Includes derivatives-related activities. 2012 also includes a $37 million co-venturer contractual payment related to Rockies Express Pipeline. | ||||||||||
Research and Development Expenditures—expensed | $ | 69 | 70 | 69 | ||||||
Advertising Expenses | $ | 68 | 57 | 63 | ||||||
Foreign Currency Transaction (Gains) Losses—after-tax | ||||||||||
Midstream | $ | — | — | — | ||||||
Chemicals | — | — | — | |||||||
Refining | (41 | ) | (17 | ) | (15 | ) | ||||
Marketing and Specialties | (5 | ) | (5 | ) | (9 | ) | ||||
Corporate and Other | 2 | — | — | |||||||
$ | (44 | ) | (22 | ) | (24 | ) |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Significant transactions with related parties | ' | |||||||||
Significant transactions with related parties were: | ||||||||||
Millions of Dollars | ||||||||||
2013 | 2012 | 2011 | ||||||||
Operating revenues and other income (a) | $ | 7,907 | 8,226 | 9,024 | ||||||
Gain on dispositions (b) | — | — | 156 | |||||||
Purchases (c) | 18,320 | 22,446 | 34,554 | |||||||
Operating expenses and selling, general and | 109 | 208 | 361 | |||||||
administrative expenses (d) | ||||||||||
Net interest expense (e) | 8 | 8 | 10 | |||||||
(a) | We sold crude oil to MRC. NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying other crude oil and feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. | |||||||||
(b) | In 2011, we sold the Seaway Products Pipeline Company to DCP Midstream for cash proceeds of $400 million, resulting in a before-tax gain of $156 million. | |||||||||
(c) | We purchased refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCP Midstream and CPChem for use in our refinery processes and other feedstocks from various affiliates. We purchased refined products from MRC. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. | |||||||||
(d) | We paid utility and processing fees to various affiliates. | |||||||||
(e) | We incurred interest expense on a note payable to MSLP. See Note 6—Investments, Loans and Long-Term Receivables and Note 12—Debt, for additional information on loans with affiliated companies. |
Segment_Disclosures_and_Relate1
Segment Disclosures and Related Information (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Analysis of Results by Operating Segment | ' | ||||||||||||||||||
Analysis of Results by Operating Segment | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Sales and Other Operating Revenues | |||||||||||||||||||
Midstream | |||||||||||||||||||
Total sales | $ | 6,477 | 7,138 | 9,475 | |||||||||||||||
Intersegment eliminations | (933 | ) | (901 | ) | (1,105 | ) | |||||||||||||
Total Midstream | 5,544 | 6,237 | 8,370 | ||||||||||||||||
Chemicals | 9 | 11 | 11 | ||||||||||||||||
Refining | |||||||||||||||||||
Total sales | 124,579 | 131,154 | 143,457 | ||||||||||||||||
Intersegment eliminations | (72,503 | ) | (73,393 | ) | (76,365 | ) | |||||||||||||
Total Refining | 52,076 | 57,761 | 67,092 | ||||||||||||||||
Marketing and Specialties | |||||||||||||||||||
Total sales | 115,358 | 116,623 | 121,829 | ||||||||||||||||
Intersegment eliminations | (1,421 | ) | (1,355 | ) | (1,374 | ) | |||||||||||||
Total Marketing and Specialties | 113,937 | 115,268 | 120,455 | ||||||||||||||||
Corporate and Other | 30 | 13 | 3 | ||||||||||||||||
Consolidated sales and other operating revenues | $ | 171,596 | 179,290 | 195,931 | |||||||||||||||
Depreciation, Amortization and Impairments | |||||||||||||||||||
Midstream | $ | 89 | 607 | 89 | |||||||||||||||
Chemicals | — | — | — | ||||||||||||||||
Refining | 688 | 1,262 | 1,128 | ||||||||||||||||
Marketing and Specialties | 119 | 148 | 154 | ||||||||||||||||
Corporate and Other | 80 | 47 | 3 | ||||||||||||||||
Consolidated depreciation, amortization and impairments | $ | 976 | 2,064 | 1,374 | |||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Equity in Earnings of Affiliates | |||||||||||||||||||
Midstream | $ | 436 | 343 | 544 | |||||||||||||||
Chemicals | 1,362 | 1,192 | 975 | ||||||||||||||||
Refining | 1,213 | 1,542 | 1,270 | ||||||||||||||||
Marketing and Specialties | 63 | 57 | 54 | ||||||||||||||||
Corporate and Other | (1 | ) | — | — | |||||||||||||||
Consolidated equity in earnings of affiliates | $ | 3,073 | 3,134 | 2,843 | |||||||||||||||
Income Taxes from Continuing Operations | |||||||||||||||||||
Midstream | $ | 265 | 29 | 454 | |||||||||||||||
Chemicals | 375 | 366 | 252 | ||||||||||||||||
Refining | 1,091 | 2,067 | 902 | ||||||||||||||||
Marketing and Specialties | 376 | 250 | 311 | ||||||||||||||||
Corporate and Other | (263 | ) | (239 | ) | (97 | ) | |||||||||||||
Consolidated income taxes from continuing operations | $ | 1,844 | 2,473 | 1,822 | |||||||||||||||
Net Income Attributable to Phillips 66 | |||||||||||||||||||
Midstream | $ | 469 | 53 | 2,149 | |||||||||||||||
Chemicals | 986 | 823 | 716 | ||||||||||||||||
Refining | 1,851 | 3,217 | 1,529 | ||||||||||||||||
Marketing and Specialties | 790 | 417 | 530 | ||||||||||||||||
Corporate and Other | (431 | ) | (434 | ) | (192 | ) | |||||||||||||
Discontinued Operations | 61 | 48 | 43 | ||||||||||||||||
Consolidated net income attributable to Phillips 66 | $ | 3,726 | 4,124 | 4,775 | |||||||||||||||
Millions of Dollars | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Investments In and Advances To Affiliates | |||||||||||||||||||
Midstream | $ | 2,328 | 2,011 | 1,873 | |||||||||||||||
Chemicals | 4,241 | 3,524 | 2,998 | ||||||||||||||||
Refining | 4,316 | 4,571 | 5,186 | ||||||||||||||||
Marketing and Specialties | 194 | 185 | 177 | ||||||||||||||||
Corporate and Other | 1 | — | — | ||||||||||||||||
Consolidated investments in and advances to affiliates | $ | 11,080 | 10,291 | 10,234 | |||||||||||||||
Total Assets | |||||||||||||||||||
Midstream | $ | 5,413 | 4,641 | 4,997 | |||||||||||||||
Chemicals | 4,377 | 3,816 | 2,999 | ||||||||||||||||
Refining | 26,294 | 26,834 | 27,336 | ||||||||||||||||
Marketing and Specialties | 7,155 | 7,806 | 7,681 | ||||||||||||||||
Corporate and Other | 6,348 | 4,770 | 22 | ||||||||||||||||
Discontinued Operations* | 211 | 206 | 176 | ||||||||||||||||
Consolidated total assets | $ | 49,798 | 48,073 | 43,211 | |||||||||||||||
*In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI. Although this goodwill was included in the M&S segment at December 31, 2012 and 2011, for more useful comparisons, it is included in the discontinued operations line of this table for all periods presented. | |||||||||||||||||||
Capital Expenditures and Investments | |||||||||||||||||||
Midstream | $ | 528 | 704 | 122 | |||||||||||||||
Chemicals | — | — | — | ||||||||||||||||
Refining | 889 | 738 | 771 | ||||||||||||||||
Marketing and Specialties | 226 | 119 | 106 | ||||||||||||||||
Corporate and Other | 136 | 140 | 17 | ||||||||||||||||
Consolidated capital expenditures and investments | $ | 1,779 | 1,701 | 1,016 | |||||||||||||||
Interest Income and Expense | |||||||||||||||||||
Interest income | |||||||||||||||||||
Refining | $ | — | — | 1 | |||||||||||||||
Marketing and Specialties | — | — | 32 | ||||||||||||||||
Corporate and Other | 20 | 18 | — | ||||||||||||||||
$ | 20 | 18 | 33 | ||||||||||||||||
Interest and debt expense | |||||||||||||||||||
Corporate and Other | $ | 275 | 246 | 17 | |||||||||||||||
Sales and Other Operating Revenues by Product Line | ' | ||||||||||||||||||
Sales and Other Operating Revenues by Product Line | |||||||||||||||||||
Refined products | $ | 140,488 | 140,986 | 146,683 | |||||||||||||||
Crude oil resales | 22,777 | 28,730 | 38,259 | ||||||||||||||||
NGL | 7,431 | 8,533 | 10,024 | ||||||||||||||||
Other | 900 | 1,041 | 965 | ||||||||||||||||
Consolidated sales and other operating revenues by product line | $ | 171,596 | 179,290 | 195,931 | |||||||||||||||
Geographic Information | ' | ||||||||||||||||||
Geographic Information | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
Sales and Other Operating Revenues* | Long-Lived Assets** | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 115,378 | 120,332 | 134,342 | 23,641 | 22,285 | 21,196 | ||||||||||||
United Kingdom | 21,868 | 22,129 | 26,976 | 1,485 | 2,018 | 1,927 | |||||||||||||
Germany | 9,799 | 9,908 | 10,647 | 587 | 567 | 547 | |||||||||||||
Other foreign countries | 24,551 | 26,921 | 23,966 | 765 | 828 | 1,335 | |||||||||||||
Worldwide consolidated | $ | 171,596 | 179,290 | 195,931 | 26,478 | 25,698 | 25,005 | ||||||||||||
*Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||||||||||||||||
**Defined as net properties, plants and equipment plus investments in and advances to affiliated companies. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||
Condensed Consolidated Income Statement | ' | |||||||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 113,499 | 58,097 | — | 171,596 | ||||||
Equity in earnings of affiliates | 3,905 | 3,723 | 509 | (5,064 | ) | 3,073 | ||||||
Net gain on dispositions | — | 50 | 5 | — | 55 | |||||||
Other income (loss) | (3 | ) | 53 | 35 | — | 85 | ||||||
Intercompany revenues | — | 1,436 | 20,316 | (21,752 | ) | — | ||||||
Total Revenues and Other Income | 3,902 | 118,761 | 78,962 | (26,816 | ) | 174,809 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 102,781 | 66,745 | (21,281 | ) | 148,245 | ||||||
Operating expenses | — | 3,442 | 790 | (26 | ) | 4,206 | ||||||
Selling, general and administrative expenses | 6 | 1,024 | 541 | (93 | ) | 1,478 | ||||||
Depreciation and amortization | — | 730 | 217 | — | 947 | |||||||
Impairments | — | — | 29 | — | 29 | |||||||
Taxes other than income taxes | — | 5,148 | 8,972 | (1 | ) | 14,119 | ||||||
Accretion on discounted liabilities | — | 19 | 5 | — | 24 | |||||||
Interest and debt expense | 266 | 13 | 347 | (351 | ) | 275 | ||||||
Foreign currency transaction gains | — | — | (40 | ) | — | (40 | ) | |||||
Total Costs and Expenses | 272 | 113,157 | 77,606 | (21,752 | ) | 169,283 | ||||||
Income from continuing operations before income taxes | 3,630 | 5,604 | 1,356 | (5,064 | ) | 5,526 | ||||||
Provision (benefit) for income taxes | (96 | ) | 1,699 | 241 | — | 1,844 | ||||||
Income From Continuing Operations | 3,726 | 3,905 | 1,115 | (5,064 | ) | 3,682 | ||||||
Income from discontinued operations* | — | — | 61 | — | 61 | |||||||
Net income | 3,726 | 3,905 | 1,176 | (5,064 | ) | 3,743 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 17 | — | 17 | |||||||
Net Income Attributable to Phillips 66 | $ | 3,726 | 3,905 | 1,159 | (5,064 | ) | 3,726 | |||||
Comprehensive Income | $ | 4,077 | 4,256 | 1,199 | (5,438 | ) | 4,094 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 34 | — | 34 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 117,574 | 61,716 | — | 179,290 | ||||||
Equity in earnings of affiliates | 4,284 | 3,269 | 445 | (4,864 | ) | 3,134 | ||||||
Net gain on dispositions | — | 192 | 1 | — | 193 | |||||||
Other income (loss) | 2 | (15 | ) | 148 | — | 135 | ||||||
Intercompany revenues | 1 | 2,739 | 23,346 | (26,086 | ) | — | ||||||
Total Revenues and Other Income | 4,287 | 123,759 | 85,656 | (30,950 | ) | 182,752 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 106,687 | 73,715 | (25,989 | ) | 154,413 | ||||||
Operating expenses | — | 3,329 | 760 | (56 | ) | 4,033 | ||||||
Selling, general and administrative expenses | 4 | 1,312 | 428 | (41 | ) | 1,703 | ||||||
Depreciation and amortization | — | 668 | 238 | — | 906 | |||||||
Impairments | — | 71 | 1,087 | — | 1,158 | |||||||
Taxes other than income taxes | — | 5,155 | 8,586 | (1 | ) | 13,740 | ||||||
Accretion on discounted liabilities | — | 18 | 7 | — | 25 | |||||||
Interest and debt expense | 212 | 29 | 4 | 1 | 246 | |||||||
Foreign currency transaction gains | — | — | (28 | ) | — | (28 | ) | |||||
Total Costs and Expenses | 216 | 117,269 | 84,797 | (26,086 | ) | 176,196 | ||||||
Income from continuing operations before income taxes | 4,071 | 6,490 | 859 | (4,864 | ) | 6,556 | ||||||
Provision (benefit) for income taxes | (53 | ) | 2,206 | 320 | — | 2,473 | ||||||
Income From Continuing Operations | 4,124 | 4,284 | 539 | (4,864 | ) | 4,083 | ||||||
Income from discontinued operations* | — | — | 48 | — | 48 | |||||||
Net income | 4,124 | 4,284 | 587 | (4,864 | ) | 4,131 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||
Net Income Attributable to Phillips 66 | $ | 4,124 | 4,284 | 580 | (4,864 | ) | 4,124 | |||||
Comprehensive Income | $ | 4,228 | 4,388 | 623 | (5,004 | ) | 4,235 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 27 | — | 27 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Statement of Income | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Revenues and Other Income | ||||||||||||
Sales and other operating revenues | $ | — | 131,761 | 64,170 | — | 195,931 | ||||||
Equity in earnings of affiliates | 4,775 | 2,835 | 723 | (5,490 | ) | 2,843 | ||||||
Net gain (loss) on dispositions | — | 1,867 | (229 | ) | — | 1,638 | ||||||
Other income | — | 10 | 35 | — | 45 | |||||||
Intercompany revenues | — | 4,887 | 27,249 | (32,136 | ) | — | ||||||
Total Revenues and Other Income | 4,775 | 141,360 | 91,948 | (37,626 | ) | 200,457 | ||||||
Costs and Expenses | ||||||||||||
Purchased crude oil and products | — | 124,772 | 80,088 | (32,092 | ) | 172,768 | ||||||
Operating expenses | — | 3,278 | 837 | (44 | ) | 4,071 | ||||||
Selling, general and administrative expenses | — | 995 | 399 | — | 1,394 | |||||||
Depreciation and amortization | — | 655 | 247 | — | 902 | |||||||
Impairments | — | 468 | 4 | — | 472 | |||||||
Taxes other than income taxes | — | 4,801 | 9,486 | — | 14,287 | |||||||
Accretion on discounted liabilities | — | 13 | 8 | — | 21 | |||||||
Interest and debt expense | — | 16 | 1 | — | 17 | |||||||
Foreign currency transaction gains | — | (1 | ) | (33 | ) | — | (34 | ) | ||||
Total Costs and Expenses | — | 134,997 | 91,037 | (32,136 | ) | 193,898 | ||||||
Income from continuing operations before income taxes | 4,775 | 6,363 | 911 | (5,490 | ) | 6,559 | ||||||
Provision for income taxes | — | 1,588 | 234 | — | 1,822 | |||||||
Income From Continuing Operations | 4,775 | 4,775 | 677 | (5,490 | ) | 4,737 | ||||||
Income from discontinued operations* | — | — | 43 | — | 43 | |||||||
Net income | 4,775 | 4,775 | 720 | (5,490 | ) | 4,780 | ||||||
Less: net income attributable to noncontrolling interests | — | — | 5 | — | 5 | |||||||
Net Income Attributable to Phillips 66 | $ | 4,775 | 4,775 | 715 | (5,490 | ) | 4,775 | |||||
Comprehensive Income | $ | 4,683 | 4,683 | 747 | (5,425 | ) | 4,688 | |||||
*Net of provision for income taxes on discontinued operations: | $ | — | — | 22 | — | 22 | ||||||
Condensed Consolidated Balance Sheet | ' | |||||||||||
Millions of Dollars | ||||||||||||
At December 31, 2013 | ||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | — | 2,162 | 3,238 | — | 5,400 | ||||||
Accounts and notes receivable | 9 | 2,176 | 8,131 | (684 | ) | 9,632 | ||||||
Inventories | — | 1,962 | 1,392 | — | 3,354 | |||||||
Prepaid expenses and other current assets | 10 | 368 | 473 | — | 851 | |||||||
Total Current Assets | 19 | 6,668 | 13,234 | (684 | ) | 19,237 | ||||||
Investments and long-term receivables | 33,178 | 27,414 | 7,496 | (56,868 | ) | 11,220 | ||||||
Net properties, plants and equipment | — | 12,031 | 3,367 | — | 15,398 | |||||||
Goodwill | — | 3,094 | 2 | — | 3,096 | |||||||
Intangibles | — | 694 | 4 | — | 698 | |||||||
Other assets | 40 | 112 | 1 | (4 | ) | 149 | ||||||
Total Assets | $ | 33,237 | 50,013 | 24,104 | (57,556 | ) | 49,798 | |||||
Liabilities and Equity | ||||||||||||
Accounts payable | $ | 1 | 7,508 | 4,265 | (684 | ) | 11,090 | |||||
Short-term debt | — | 18 | 6 | — | 24 | |||||||
Accrued income and other taxes | — | 250 | 622 | — | 872 | |||||||
Employee benefit obligations | — | 422 | 54 | — | 476 | |||||||
Other accruals | 49 | 178 | 242 | — | 469 | |||||||
Total Current Liabilities | 50 | 8,376 | 5,189 | (684 | ) | 12,931 | ||||||
Long-term debt | 5,796 | 152 | 183 | — | 6,131 | |||||||
Asset retirement obligations and accrued environmental costs | — | 527 | 173 | — | 700 | |||||||
Deferred income taxes | — | 5,045 | 1,084 | (4 | ) | 6,125 | ||||||
Employee benefit obligations | — | 724 | 197 | — | 921 | |||||||
Other liabilities and deferred credits | 5,441 | 2,153 | 7,052 | (14,048 | ) | 598 | ||||||
Total Liabilities | 11,287 | 16,977 | 13,878 | (14,736 | ) | 27,406 | ||||||
Common stock | 16,291 | 25,938 | 8,302 | (34,240 | ) | 16,291 | ||||||
Retained earnings | 5,622 | 7,061 | 1,163 | (8,224 | ) | 5,622 | ||||||
Accumulated other comprehensive income | 37 | 37 | 319 | (356 | ) | 37 | ||||||
Noncontrolling interests | — | — | 442 | — | 442 | |||||||
Total Liabilities and Equity | $ | 33,237 | 50,013 | 24,104 | (57,556 | ) | 49,798 | |||||
Millions of Dollars | ||||||||||||
At December 31, 2012 | ||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | — | 2,410 | 1,064 | — | 3,474 | ||||||
Accounts and notes receivable | 47 | 2,889 | 8,456 | (989 | ) | 10,403 | ||||||
Inventories | — | 1,938 | 1,492 | — | 3,430 | |||||||
Prepaid expenses and other current assets | 11 | 403 | 241 | — | 655 | |||||||
Total Current Assets | 58 | 7,640 | 11,253 | (989 | ) | 17,962 | ||||||
Investments and long-term receivables | 28,934 | 20,937 | 6,235 | (45,635 | ) | 10,471 | ||||||
Net properties, plants and equipment | — | 11,714 | 3,693 | — | 15,407 | |||||||
Goodwill | — | 3,344 | — | — | 3,344 | |||||||
Intangibles | — | 710 | 14 | — | 724 | |||||||
Other assets | 78 | 114 | 9 | (36 | ) | 165 | ||||||
Total Assets | $ | 29,070 | 44,459 | 21,204 | (46,660 | ) | 48,073 | |||||
Liabilities and Equity | ||||||||||||
Accounts payable | $ | 17 | 7,014 | 4,668 | (989 | ) | 10,710 | |||||
Short-term debt | — | 13 | — | — | 13 | |||||||
Accrued income and other taxes | — | 245 | 656 | — | 901 | |||||||
Employee benefit obligations | — | 391 | 50 | — | 441 | |||||||
Other accruals | 50 | 279 | 88 | — | 417 | |||||||
Total Current Liabilities | 67 | 7,942 | 5,462 | (989 | ) | 12,482 | ||||||
Long-term debt | 6,795 | 165 | 1 | — | 6,961 | |||||||
Asset retirement obligations and accrued environmental costs | — | 563 | 177 | — | 740 | |||||||
Deferred income taxes | — | 4,478 | 1,002 | (36 | ) | 5,444 | ||||||
Employee benefit obligations | — | 1,094 | 231 | — | 1,325 | |||||||
Other liabilities and deferred credits | 1,433 | 1,435 | 5,768 | (8,321 | ) | 315 | ||||||
Total Liabilities | 8,295 | 15,677 | 12,641 | (9,346 | ) | 27,267 | ||||||
Common stock | 18,376 | 25,951 | 8,149 | (34,100 | ) | 18,376 | ||||||
Retained earnings | 2,713 | 3,145 | 87 | (3,232 | ) | 2,713 | ||||||
Accumulated other comprehensive income (loss) | (314 | ) | (314 | ) | 296 | 18 | (314 | ) | ||||
Noncontrolling interests | — | — | 31 | — | 31 | |||||||
Total Liabilities and Equity | $ | 29,070 | 44,459 | 21,204 | (46,660 | ) | 48,073 | |||||
Condensed Consolidated Cash Flow | ' | |||||||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by continuing operating activities | $ | 5 | 4,972 | 1,045 | (80 | ) | 5,942 | |||||
Net cash provided by discontinued operations | — | — | 85 | — | 85 | |||||||
Net Cash Provided by Operating Activities | 5 | 4,972 | 1,130 | (80 | ) | 6,027 | ||||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (1,108 | ) | (690 | ) | 19 | (1,779 | ) | ||||
Proceeds from asset dispositions | — | 63 | 1,151 | — | 1,214 | |||||||
Intercompany lending activities | 4,055 | (4,206 | ) | 151 | — | — | ||||||
Advances/loans—related parties | — | — | (65 | ) | — | (65 | ) | |||||
Collection of advances/loans—related parties | — | — | 165 | — | 165 | |||||||
Other | — | 42 | 6 | — | 48 | |||||||
Net cash provided by (used in) continuing investing activities | 4,055 | (5,209 | ) | 718 | 19 | (417 | ) | |||||
Net cash used in discontinued operations | — | — | (27 | ) | — | (27 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | 4,055 | (5,209 | ) | 691 | 19 | (444 | ) | |||||
Cash Flows From Financing Activities | ||||||||||||
Repayment of debt | (1,000 | ) | (18 | ) | (2 | ) | — | (1,020 | ) | |||
Issuance of common stock | 6 | — | — | — | 6 | |||||||
Repurchase of common stock | (2,246 | ) | — | — | — | (2,246 | ) | |||||
Dividends paid on common stock | (807 | ) | — | (72 | ) | 72 | (807 | ) | ||||
Distributions to controlling interests | — | — | (8 | ) | 8 | — | ||||||
Distributions to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | |||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | 404 | — | 404 | |||||||
Other | (13 | ) | 7 | 19 | (19 | ) | (6 | ) | ||||
Net cash provided by (used in) continuing financing activities | (4,060 | ) | (11 | ) | 331 | 61 | (3,679 | ) | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Provided by (Used in) Financing Activities | (4,060 | ) | (11 | ) | 331 | 61 | (3,679 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 22 | — | 22 | |||||||
Net Change in Cash and Cash Equivalents | — | (248 | ) | 2,174 | — | 1,926 | ||||||
Cash and cash equivalents at beginning of period | — | 2,410 | 1,064 | — | 3,474 | |||||||
Cash and Cash Equivalents at End of Period | $ | — | 2,162 | 3,238 | — | 5,400 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by (used in) continuing operating activities | $ | (42 | ) | 7,429 | (3,128 | ) | — | 4,259 | ||||
Net cash provided by discontinued operations | — | — | 37 | — | 37 | |||||||
Net Cash Provided by (Used in) Operating Activities | (42 | ) | 7,429 | (3,091 | ) | — | 4,296 | |||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (861 | ) | (850 | ) | 10 | (1,701 | ) | ||||
Proceeds from asset dispositions | — | 240 | 46 | — | 286 | |||||||
Intercompany lending activities | 1,376 | (4,334 | ) | 2,958 | — | — | ||||||
Advances/loans—related parties | — | — | (100 | ) | — | (100 | ) | |||||
Collection of advances/loans—related parties | — | — | 7 | (7 | ) | — | ||||||
Other | — | — | — | — | — | |||||||
Net cash provided by (used in) continuing investing activities | 1,376 | (4,955 | ) | 2,061 | 3 | (1,515 | ) | |||||
Net cash used in discontinued operations | — | — | (20 | ) | — | (20 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | 1,376 | (4,955 | ) | 2,041 | 3 | (1,535 | ) | |||||
Cash Flows From Financing Activities | ||||||||||||
Contributions from (distributions to) ConocoPhillips | (7,469 | ) | 110 | 2,104 | — | (5,255 | ) | |||||
Issuance of debt | 7,794 | — | — | — | 7,794 | |||||||
Repayment of debt | (1,000 | ) | (208 | ) | (9 | ) | 7 | (1,210 | ) | |||
Issuance of common stock | 47 | — | — | — | 47 | |||||||
Repurchase of common stock | (356 | ) | — | — | — | (356 | ) | |||||
Dividends paid on common stock | (282 | ) | — | — | — | (282 | ) | |||||
Distributions to controlling interests | — | — | — | — | — | |||||||
Distributions to noncontrolling interests | — | — | (5 | ) | — | (5 | ) | |||||
Other | (68 | ) | 34 | 10 | (10 | ) | (34 | ) | ||||
Net cash provided by (used in) continuing financing activities | (1,334 | ) | (64 | ) | 2,100 | (3 | ) | 699 | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Provided by (Used in) Financing Activities | (1,334 | ) | (64 | ) | 2,100 | (3 | ) | 699 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 14 | — | 14 | |||||||
Net Change in Cash and Cash Equivalents | — | 2,410 | 1,064 | — | 3,474 | |||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | |||||||
Cash and Cash Equivalents at End of Period | $ | — | 2,410 | 1,064 | — | 3,474 | ||||||
Millions of Dollars | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||
Cash Flows From Operating Activities | ||||||||||||
Net cash provided by continuing operating activities | $ | — | 3,038 | 1,915 | — | 4,953 | ||||||
Net cash provided by discontinued operations | — | — | 53 | — | 53 | |||||||
Net Cash Provided by Operating Activities | — | 3,038 | 1,968 | — | 5,006 | |||||||
Cash Flows From Investing Activities | ||||||||||||
Capital expenditures and investments | — | (717 | ) | (299 | ) | — | (1,016 | ) | ||||
Proceeds from asset dispositions | — | 2,517 | 110 | — | 2,627 | |||||||
Collection of advances/loans—related parties | — | 550 | — | — | 550 | |||||||
Other | — | 51 | 286 | — | 337 | |||||||
Net cash provided by continuing investing activities | — | 2,401 | 97 | — | 2,498 | |||||||
Net cash used in discontinued operations | — | — | (6 | ) | — | (6 | ) | |||||
Net Cash Provided by Investing Activities | — | 2,401 | 91 | — | 2,492 | |||||||
Cash Flows From Financing Activities | ||||||||||||
Distributions to ConocoPhillips | — | (5,421 | ) | (2,050 | ) | — | (7,471 | ) | ||||
Repayment of debt | — | (18 | ) | (8 | ) | — | (26 | ) | ||||
Distributions to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||
Other | — | — | — | — | — | |||||||
Net cash used in continuing financing activities | — | (5,439 | ) | (2,059 | ) | — | (7,498 | ) | ||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | |||||||
Net Cash Used in Financing Activities | — | (5,439 | ) | (2,059 | ) | — | (7,498 | ) | ||||
Net Change in Cash and Cash Equivalents | — | — | — | — | — | |||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | |||||||
Cash and Cash Equivalents at End of Period | $ | — | — | — | — | — | ||||||
Separation_and_Basis_of_Presen1
Separation and Basis of Presentation (Narrative) (Details) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Shares of Phillips 66 common stock distributed at time of the Separation | ' | 625,272,302 | ' | 625,272,000 |
Number of shares of Phillips 66 stock received for every share of ConocoPhillips stock held, ratio | 1 | ' | ' | ' |
Number of shares of ConocoPhillips stock held for every share of Phillips 66 stock received, ratio | 2 | ' | ' | ' |
Number of operating segments | ' | ' | 2 | ' |
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' |
Minimum Service Period to Avoid Award Forfeiture | '6 months |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Narrative) (Details) (USD $) | Oct. 31, 2013 | Dec. 31, 2013 | Aug. 28, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Merey Sweeny L.P. [Member] | Merey Sweeny L.P. [Member] | Merey Sweeny L.P. [Member] | Merey Sweeny L.P. [Member] | Excel Paralubes, L.P. [Member] | Excel Paralubes, L.P. [Member] | |
Guarantees of Joint Venture Debt [Member] | Guarantees of Joint Venture Debt [Member] | Guarantees of Joint Venture Debt [Member] | |||||
MSLP 8.85% Senior Notes [Member] | |||||||
Variable Interest Entities (VIEs) (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Additional equity method ownership interest acquired in Merey Sweeny Limited Partnership | ' | ' | 50.00% | ' | ' | ' | ' |
Debt guarantee to lender, percentage | ' | ' | ' | 100.00% | ' | ' | ' |
Stated interest rate of debt | ' | ' | ' | ' | 8.85% | ' | 7.43% |
Maximum exposure under debt guarantee | ' | ' | ' | $214 | ' | ' | $58 |
Book value of VIE | ' | 109 | ' | ' | ' | 113 | ' |
Percentage of ownership interest | ' | ' | ' | ' | ' | 50.00% | ' |
Governance interest percentage | ' | ' | ' | ' | ' | 50.00% | ' |
Percentage of guarantee | ' | ' | ' | ' | ' | ' | 50.00% |
Liquidity support guarantee of VIE shared with CoVenturer | ' | ' | ' | ' | ' | 60 | ' |
Outstanding principal balance of variable interest entity | ' | ' | ' | ' | ' | ' | 116 |
Liquidity support guarantee of VIE | ' | ' | ' | ' | ' | 30 | ' |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 190 | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Annual Obligation | $80 | ' | ' | ' | ' | ' | ' |
Inventories_Summary_of_Invento
Inventories (Summary of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of inventories | ' | ' |
Crude oil and petroleum products | $3,093 | $3,138 |
Materials and supplies | 261 | 292 |
Inventories | $3,354 | $3,430 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Total inventories | $2,945 | $2,987 | ' |
Excess of current replacement cost over LIFO cost of inventories | 7,600 | 7,700 | ' |
Net income increase due to effect of LIFO inventory liquidation | $109 | $162 | $155 |
Assets_Held_for_Sale_or_Sold_A1
Assets Held for Sale or Sold Assets Held for Sale or Sold (Summary of Assets and Liabilities and Sales, Revenues and Income of Assets Held for Sale)(Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | |||
Income tax expense | $34 | $27 | $22 | |||
Income from discontinued operations | 61 | [1] | 48 | [1] | 43 | [1] |
Phillips Specialty Products Inc [Member] | ' | ' | ' | |||
Assets | ' | ' | ' | |||
Accounts and notes receivable | 24 | 23 | ' | |||
Inventories | 18 | 18 | ' | |||
Total current assets of discontinued operations | 42 | 41 | ' | |||
Net properties, plants and equipment | 58 | 42 | ' | |||
Other assets | 6 | 6 | ' | |||
Total assets of discontinued operations | 106 | 89 | ' | |||
Liabilities | ' | ' | ' | |||
Accounts payable | 18 | 8 | ' | |||
Total current liabilities of discontinued operations | 18 | 8 | ' | |||
Deferred income taxes | 12 | 7 | ' | |||
Total liabilities of discontinued operations | 30 | 15 | ' | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | |||
Sales and other operating revenues from discontinued operations | 232 | 180 | 167 | |||
Income from discontinued operations before-tax | 95 | 75 | 65 | |||
Income tax expense | 34 | 27 | 22 | |||
Income from discontinued operations | $61 | $48 | $43 | |||
[1] | Net of provision for income taxes on discontinued operations: $34 million, $27 million, $22 million |
Assets_Held_for_Sale_or_Sold_N
Assets Held for Sale or Sold (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Aug. 30, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2014 | Feb. 14, 2014 |
Phillips Specialty Products Inc [Member] | Phillips Specialty Products Inc [Member] | Southern Hills [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||
Wilhelmshaven Refinery [Member] | Wilhelmshaven Refinery [Member] | Trainer Refinery [Member] | Trainer Refinery [Member] | Seaway Products Pipeline Company [Member] | Interests in Colonial Pipeline Company and Seaway Crude Pipeline Company [Member] | Interests in Colonial Pipeline Company and Seaway Crude Pipeline Company [Member] | Riverhead Terminal [Member] | Riverhead Terminal [Member] | E-Gas Technology Business [Member] | E-Gas Technology Business [Member] | Immingham Combined Heat and Power Plant [Member] | Immingham Combined Heat and Power Plant [Member] | Phillips Specialty Products Inc [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before tax gain (loss) on disposition | $55 | $193 | $1,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,661 | ' | ' | ' | ' | ' | $48 | ' | ' | ' | ' | ' |
Net carrying value at time of disposition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211 | 38 | ' | ' | ' | ' | ' | ' | ' | 34 | ' | ' | ' | ' | ' | 13 | ' | 762 | ' | ' |
Property, plant, and equipment, net included in carrying value of disposed asset | ' | ' | ' | ' | 58 | 42 | ' | ' | ' | ' | ' | 243 | 37 | ' | ' | ' | ' | 55 | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | 724 | ' | ' |
Before tax gain (loss) on disposition of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -234 | ' | ' | 189 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net carrying value of Seaway Products Pipeline Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated goodwill included in carrying value of disposed asset | ' | ' | ' | ' | 117 | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | 29 | 244 | 244 | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | 12 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111 | ' | ' |
Before tax gain, including deferred gain, on disposition of asets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375 | ' | ' | ' |
Cash and cash equivalents | 5,400 | 3,474 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' |
Shares of Phillips 66 stock that would have been exchanged | 36,502 | 7,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 |
Percent of gain on disposition recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of gain on disposition deferred and amortized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 3,073 | 3,134 | 2,843 | ' | ' | ' | 2 | 1,213 | 1,542 | 1,270 | ' | ' | ' | ' | 436 | 343 | 544 | ' | ' | ' | ' | ' | 63 | 57 | 54 | ' | ' | ' | ' | ' | ' |
Total carrying value of ownership interest sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in equity affiliates | 11,080 | 10,291 | ' | ' | ' | ' | 157 | ' | 1,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104 | 104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229 | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligations and accrued environmental costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory included in carrying value of disposed asset | ' | ' | ' | ' | $18 | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Loans_and_LongTerm2
Investments, Loans and Long-Term Receivables (Summary of Components of Investments, Loans, and Long-Term Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Equity investments | $11,080 | $10,291 |
Long-term receivables | 74 | 132 |
Other investments | 66 | 48 |
Total | $11,220 | $10,471 |
Investments_Loans_and_LongTerm3
Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of financial information | ' | ' | ' |
Revenues | $59,500 | $55,401 | $59,044 |
Income before income taxes | 5,975 | 6,265 | 6,083 |
Net income | 5,838 | 6,122 | 5,742 |
Current assets | 9,865 | 9,646 | 8,752 |
Noncurrent assets | 40,188 | 37,269 | 34,329 |
Current liabilities | 7,971 | 8,319 | 6,837 |
Noncurrent liabilities | $9,959 | $9,251 | $10,279 |
Investments_Loans_and_LongTerm4
Investments, Loans and Long-Term Receivables (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 28, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 27, 2009 | Aug. 27, 2009 | Dec. 31, 2013 | Sep. 30, 2013 | |
WRB Refining LP [Member] | WRB Refining LP [Member] | WRB Refining LP [Member] | WRB Refining LP [Member] | DCP Midstream [Member] | CP Chem [Member] | CP Chem [Member] | CP Chem [Member] | Malaysian Refining Company [Member] | Rockies Express Pipeline LLC (REX) [Member] | Rockies Express Pipeline LLC (REX) [Member] | DCP Sand Hills Pipeline, LLC [Member] | DCP Sand Hills Pipeline, LLC [Member] | DCP Southern Hills Pipeline, LLC [Member] | DCP Southern Hills Pipeline, LLC [Member] | Seaway Products Pipeline Company [Member] | Southern Hills [Member] | Southern Hills [Member] | Merey Sweeny [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Cenovus Energy Inc [Member] | Petroleos De Venezuela Sa [Member] | Conocophillips [Member] | Malaysian Refining Company (MRC) [Member] | Conocophillips [Member] | ||||
Minimum [Member] | Maximum [Member] | Malaysian Refining Company [Member] | Malaysian Refining Company [Member] | WRB Refining LP [Member] | Merey Sweeny [Member] | Merey Sweeny [Member] | Market-based Shareholder Financing Agreement [Member] | WRB Refining LP [Member] | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | 50.00% | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | 47.00% | ' | 25.00% | 33.30% | 33.30% | 33.30% | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | ' | ' | 50.00% | ' | ' |
Retained earnings related to undistributed earnings of affilated companies | $878,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received from affiliates | 2,752,000,000 | 2,304,000,000 | 2,209,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investments, amortization period for basis difference | ' | ' | ' | '26 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional ownership interest purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% |
Equity investments | 11,080,000,000 | 10,291,000,000 | ' | 3,475,000,000 | ' | ' | ' | 1,335,000,000 | 4,241,000,000 | ' | ' | 419,000,000 | ' | 250,000,000 | ' | 392,000,000 | ' | ' | ' | ' | 157,000,000 | ' | ' | 1,062,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investments, basis difference | ' | ' | ' | 3,555,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment, amortization of basis difference | ' | ' | ' | 185,000,000 | 180,000,000 | 185,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution obligation by co-venturer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000,000 | ' | ' | ' | ' |
Contribution obligation by co-venturer, obligation period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Contribution obligation remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000,000 | ' | ' | ' | ' |
Supply and purchase agreements, initial term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '99 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, before tax impairment | ' | 1,044,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 564,000,000 | ' | 564,000,000 | ' | ' | ' | ' | ' | ' |
Investment made to acquire ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,000,000 | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain on sale of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 3,073,000,000 | 3,134,000,000 | 2,843,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 1,213,000,000 | 1,542,000,000 | 1,270,000,000 | ' | ' | ' | ' | ' | ' | ' |
Additional equity method ownership interest acquired in Merey Sweeny Limited Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-venturers interest in equity investment, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Repayment of Notes Receivable from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | ' |
Investments_Loans_and_LongTerm5
Investments, Loans and Long-Term Receivables (Loans and Long-Term Receivables Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Malaysian Refining Company (MRC) [Member] | Malaysian Refining Company (MRC) [Member] | Malaysian Refining Company (MRC) [Member] | ||||
Market-based Shareholder Financing Agreement [Member] | Market-based Shareholder Financing Agreement [Member] | Market-based Shareholder Financing Agreement [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Financing agreement amount | ' | ' | ' | ' | $100,000,000 | ' |
Payments for Advance to Affiliate | 65,000,000 | 100,000,000 | 0 | 65,000,000 | ' | ' |
Balance outstanding on facility | ' | ' | ' | ' | $100,000,000 | $0 |
Properties_Plants_and_Equipmen2
Properties, Plants and Equipment (Summary of Investment in Property, Plant, and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | $24,426 | $23,829 | [1] | |
Accum D&A | 9,028 | 8,422 | [1] | |
Net PP&E | 15,398 | [1] | 15,407 | [1] |
Discontinued Operations [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | ' | 63 | [1] | |
Accum D&A | ' | 21 | [1] | |
Net PP&E | ' | 42 | [1] | |
Midstream [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | 2,792 | 2,460 | [1] | |
Accum D&A | 1,104 | 1,016 | [1] | |
Net PP&E | 1,688 | 1,444 | [1] | |
Chemicals [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | 0 | 0 | [1] | |
Accum D&A | 0 | 0 | [1] | |
Net PP&E | 0 | 0 | [1] | |
Refining [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | 19,264 | 17,989 | [1] | |
Accum D&A | 6,718 | 5,913 | [1] | |
Net PP&E | 12,546 | 12,076 | [1] | |
Marketing And Specialties [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | 1,395 | 2,437 | [1] | |
Accum D&A | 749 | 1,057 | [1] | |
Net PP&E | 646 | 1,380 | [1] | |
Corporate and Other [Member] | ' | ' | ||
Properties, plants and equipment with the associated accumulated depreciation and amortization | ' | ' | ||
Gross PP&E | 975 | 880 | [1] | |
Accum D&A | 457 | 415 | [1] | |
Net PP&E | $518 | $465 | [1] | |
[1] | At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Properties_Plants_and_Equipmen3
Properties, Plants and Equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Refining [Member] | Refining Manufacturing Facilities [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful llfe | '25 years |
Midstream [Member] | Pipeline Assets [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful llfe | '45 years |
Goodwill_and_Intangibles_Goodw
Goodwill and Intangibles (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance at January 1 | $3,344 | $3,332 |
Goodwill allocated to assets sold | -233 | -25 |
Tax and other adjustments | -15 | 37 |
Balance at December 31 | 3,096 | 3,344 |
Midstream [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at January 1 | 518 | 518 |
Goodwill allocated to assets sold | ' | 0 |
Tax and other adjustments | 0 | 0 |
Balance at December 31 | 518 | 518 |
Refining [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at January 1 | 1,934 | 1,922 |
Goodwill allocated to assets sold | ' | -25 |
Tax and other adjustments | -15 | 37 |
Balance at December 31 | 1,919 | 1,934 |
Marketing And Specialties [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at January 1 | 892 | 892 |
Goodwill allocated to assets sold | -233 | 0 |
Tax and other adjustments | 0 | 0 |
Balance at December 31 | $659 | $892 |
Goodwill_and_Intangibles_Intan
Goodwill and Intangibles (Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets | $694 | $701 |
Trade names and trademarks [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets | 494 | 494 |
Refinery air and operating permits [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets | $200 | $207 |
Goodwill_and_Intangibles_Narra
Goodwill and Intangibles (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortized intangible asset balance | $4 | $23 |
Impairments_Summary_of_BeforeT
Impairments (Summary of Before-Tax Impairment Charges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | $29 | $1,158 | $472 |
Midstream [Member] | ' | ' | ' |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | 1 | 524 | 6 |
R&M [Member] | ' | ' | ' |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | 3 | 608 | 465 |
Marketing And Specialties [Member] | ' | ' | ' |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | 16 | 1 | 1 |
Corporate and Other [Member] | ' | ' | ' |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | 9 | 25 | 0 |
Corporate [Member] | ' | ' | ' |
Impairment Charges | ' | ' | ' |
Before-tax impairment charges | ' | $25 | ' |
Impairments_Narrative_Details
Impairments (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Trainer Refinery [Member] | Malaysian Refining Company [Member] | Rockies Express Pipeline LLC (REX) [Member] | Rockies Express Pipeline LLC (REX) [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Marketing And Specialties [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Refining [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Corporate [Member] | ||||
Wilhelmshaven Refinery [Member] | Malaysian Refining Company [Member] | Malaysian Refining Company [Member] | Riverhead Terminal [Member] | Rockies Express Pipeline LLC (REX) [Member] | Rockies Express Pipeline LLC (REX) [Member] | ||||||||||||||||||
Schedule of Impaired Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | $29 | $1,158 | $472 | $467 | ' | ' | ' | $16 | $1 | $1 | $3 | $608 | $465 | $42 | ' | ' | $1 | $524 | $6 | $43 | ' | ' | $25 |
Percentage of ownership interest | ' | ' | ' | ' | 47.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | ' | ' | ' | ' | ' | 25.00% | ' |
Equity method investment, before tax impairment other than temporary | ' | $1,044 | ' | ' | ' | $480 | ' | ' | ' | ' | ' | $564 | ' | ' | $564 | ' | ' | ' | ' | ' | $480 | ' | ' |
Asset_Retirement_Obligations_a2
Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract] | ' | ' | ' | ||
Asset retirement obligations | $309 | $314 | $378 | ||
Accrued environmental costs | 492 | 530 | ' | ||
Total asset retirement obligations and accrued environmental costs | 801 | 844 | ' | ||
Asset retirement obligations and accrued environmental costs due within one year | -101 | [1] | -104 | [1] | ' |
Long-term asset retirement obligations and accrued environmental costs | $700 | $740 | ' | ||
[1] | Classified as a current liability on the balance sheet, under the caption “Other accruals.†|
Asset_Retirement_Obligations_a3
Asset Retirement Obligations and Accrued Environmental Costs (Summary of Overall Asset Retirement Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Balance at beginning of period | $314 | $378 |
Accretion of discount | 11 | 13 |
New obligations | 3 | 3 |
Changes in estimates of existing obligations | 12 | -14 |
Spending on existing obligations | -13 | -16 |
Property dispositions | -20 | -53 |
Foreign currency translation | 2 | 3 |
Balance at end of period | $309 | $314 |
Asset_Retirement_Obligations_a4
Asset Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Site Contingency [Line Items] | ' | ' |
Accrued environmental costs | $492 | $530 |
Maximum period over which accrued environmental costs are expected to be paid, years | '30 years | ' |
Domestic refineries and underground storage tanks [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued environmental costs | 255 | 271 |
Nonoperator sites [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued environmental costs | 184 | 203 |
Other sites [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued environmental costs | 53 | 56 |
Acquired through Business Combination [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Accrued environmental costs | 258 | ' |
Accrued environmental costs, discount rate | 5.00% | ' |
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted | ' | ' |
Expected future undiscounted payments, due within one year | 25 | ' |
Expected future undiscounted payments, due in second year | 29 | ' |
Expected future undiscounted payments, due in third year | 28 | ' |
Expected future undiscounted payments, due in fourth year | 28 | ' |
Expected future undiscounted payments, due in fifth year | 26 | ' |
Expected future undiscounted payments, due after fifth year | $183 | ' |
Earnings_per_Share_Summary_of_
Earnings per Share (Summary of Earnings Per Share Calculation) (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | |||
Income from continuing operations attributable to Phillips 66 | $3,665 | $4,076 | $4,732 | |||
Income allocated to participating securities | -5 | -2 | ' | |||
Income from continuing operations available to common stockholders, Basic | 3,660 | 4,074 | 4,732 | |||
Income from continuing operations available to common stockholders, Diluted | 3,665 | 4,076 | 4,732 | |||
Discontinued operations | 61 | 48 | 43 | |||
Net Income available to common stockholders, Basic | 3,721 | 4,122 | 4,775 | |||
Net Income available to common stockholders, Diluted | $3,726 | $4,124 | $4,775 | |||
Weighted-average commons shares outstanding - basic | 612,918 | [1],[2] | 628,835 | [1],[2] | 627,628 | [1],[2] |
Dilutive effect of stock-based compensation | 6,071 | 7,929 | 7,017 | |||
Weighted-average commons shares outstanding - diluted | 618,989 | [1] | 636,764 | [1] | 634,645 | [1] |
Income from continuing operations attributable to Phillips 66, Per Basic Share | $5.97 | [1] | $6.47 | [1] | $7.54 | [1] |
Income from continuing operations attributable to Phillips 66, Per Diluted Share | $5.92 | [1] | $6.40 | [1] | $7.45 | [1] |
Discontinued operations, Per Basic Share | $0.10 | [1] | $0.08 | [1] | $0.07 | [1] |
Discontinued operations, Per Diluted Share | $0.10 | [1] | $0.08 | [1] | $0.07 | [1] |
Earnings per share - basic | $6.07 | [1] | $6.55 | [1] | $7.61 | [1] |
Earnings per share - diluted | $6.02 | [1] | $6.48 | [1] | $7.52 | [1] |
[1] | See Note 11—Earnings Per Share. | |||||
[2] | Net of provision for income taxes on discontinued operations: $34 million, $27 million, $22 million |
Earnings_per_Share_Narrative_D
Earnings per Share (Narrative) (Details) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2012 | Dec. 31, 2012 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' |
Shares of Phillips 66 common stock distributed at time of the Separation | 625,272,302 | 625,272,000 |
Debt_Summary_of_LongTerm_Debt_
Debt (Summary of Long-Term Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of long term debt | ' | ' |
Senior Notes | $5,800 | ' |
Debt at face value | 5,961 | 6,973 |
Capitalized leases | -199 | -6 |
Net unamortized premiums and discounts | -5 | -5 |
Total debt | 6,155 | 6,974 |
Short-term debt | -24 | -13 |
Long-term debt | 6,131 | 6,961 |
1.95% Senior Notes Due 2015 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Senior Notes | 800 | 800 |
Stated interest rate of debt | 1.95% | ' |
2.95% Senior Notes Due 2017 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Senior Notes | 1,500 | 1,500 |
Stated interest rate of debt | 2.95% | ' |
4.30% Senior Notes Due 2022 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Senior Notes | 2,000 | 2,000 |
Stated interest rate of debt | 4.30% | ' |
5.875% Senior Notes Due 2042 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Senior Notes | 1,500 | 1,500 |
Stated interest rate of debt | 5.88% | ' |
Industrial Development Bonds due 2018 through 2021 at 0.05% - 0.07% at year-end 2013 and 0.09% - 0.23% at year-end 2012 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Debt | 50 | 50 |
Stated percentage of debt minimum | 0.05% | 0.09% |
Stated percentage of debt maximum | 0.07% | 0.23% |
Term loan due 2014 through 2015 at 1.465% at December 31, 2012 [Member] | ' | ' |
Summary of long term debt | ' | ' |
Debt | 0 | 1,000 |
Stated interest rate of debt | ' | 1.47% |
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) [Member] | ' | ' |
Summary of long term debt | ' | ' |
Notes Payable to Merey Sweeny, L.P. (related party) | 110 | 122 |
Stated interest rate of debt | 7.00% | ' |
Other [Member] | ' | ' |
Summary of long term debt | ' | ' |
Debt | $1 | $1 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Trade Receivables Securitization Facility [Member] | Trade Receivables Securitization Facility [Member] | Capital Lease Obligations [Member] | Term loan due 2014 through 2015 at 1.465% at December 31, 2012 [Member] | Phillips 66 Partners LP [Member] | Phillips 66 Partners LP [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing maturities, 2014 | $24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing maturities, 2015 | 823,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing maturities, 2016 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing maturities, 2017 | 1,525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing maturities, 2018 | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previously existing debt retired | 1,020,000,000 | 1,210,000,000 | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' |
Debt, Long-term and Short-term, Combined Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,000,000 | ' | ' | ' |
Line of Credit Facility Initial Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under credit facility | ' | ' | ' | ' | ' | 4,500,000,000 | ' | ' | ' | ' | ' | ' | 250,000,000 |
Line of credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Letters of credit issued | ' | ' | ' | ' | 51,000,000 | ' | ' | 26,000,000 | ' | ' | ' | ' | ' |
Maximum consolidated net debt-to-capitalization ratio | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Additional Capacity Increase Option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Period Of Revolving Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Aggregate borrowing capacity of trade receivable securitization facility | ' | ' | ' | ' | ' | ' | ' | ' | 696,000,000 | ' | ' | ' | ' |
Cash borrowed under the trade receivables securitization facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TradeReceivablesSecuritizationFacilityInitialBorrowingCapacity | ' | ' | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees_Narrative_Details
Guarantees (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2012 |
In Millions, unless otherwise specified | Guarantees of Joint Venture Debt [Member] | Residual Value Guarantees [Member] | Other Guarantees [Member] | Indemnifications [Member] | MSLP 8.85% Senior Notes [Member] | MSLP 8.85% Senior Notes [Member] | ||
Debt Joint Venture [Member] | Guarantees of Joint Venture Debt [Member] | Guarantees of Joint Venture Debt [Member] | ||||||
Guarantees (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Guarantee | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Senior notes, interest | ' | ' | ' | ' | ' | ' | ' | 8.85% |
Maximum potential amount of future payments under the guarantees | ' | ' | $103 | $228 | $305 | ' | $214 | ' |
Remaining terms in years of guarantees outstanding | ' | ' | '12 years | ' | '11 years | ' | ' | ' |
Carrying amount of indemnifications | ' | ' | ' | ' | ' | 246 | ' | ' |
Environmental accruals for known contamination in carrying amount recorded for indemnifications | $492 | $530 | ' | ' | ' | $112 | ' | ' |
Contingencies_and_Commitments_
Contingencies and Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contingencies and Commitments (Textual) [Abstract] | ' | ' | ' |
Performance obligations secured by letters of credit | $822 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2014 | 338 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2015 | 338 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2016 | 338 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2017 | 338 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2018 | 338 | ' | ' |
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2019 and after | 4,063 | ' | ' |
Total payments under long-term throughput and take-or-pay agreements | 342 | 358 | 300 |
Trade Receivables Securitization Facility [Member] | ' | ' | ' |
Contingencies and Commitments (Textual) [Abstract] | ' | ' | ' |
Letters of credit issued | 26 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Contingencies and Commitments (Textual) [Abstract] | ' | ' | ' |
Letters of credit issued | $51 | ' | ' |
Derivatives_and_Financial_Inst2
Derivatives and Financial Instruments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivatives and Financial Instruments (Textual) [Abstract] | ' | ' |
Estimated percentage of derivative contract volume expiring within twelve months | 99.00% | 99.00% |
Payment terms of receivables | '30Â days or less | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Liability | ($546) | ($675) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | -8 |
Investments, Fair Value Disclosure | 64 | 50 |
Total assets | 660 | 817 |
Derivative Liability, Fair Value, Gross Asset | -546 | -675 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -41 | -42 |
Debt Excluding Capital Leases Difference In Carrying Value And Fair Value | -262 | -590 |
Total liabilities | 6,852 | 8,324 |
Derivative Liabilities And Debt Instrument, Fair Value Disclosure | 6,003 | 7,017 |
Reported Value Measurement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 64 | 50 |
Derivative Assets And Investments, Fair Value Disclosure | 114 | 134 |
Floating Rate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 50 | 1,050 |
Debt Excluding Capital Leases Carrying Value | 50 | 1,050 |
Fixed Rate Debt Excluding Capital Leases [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 6,168 | 6,508 |
Debt Excluding Capital Leases Carrying Value | 5,906 | 5,918 |
Debt Excluding Capital Leases Difference In Carrying Value And Fair Value | -262 | -590 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 64 | 50 |
Total assets | 291 | 430 |
Total liabilities | 303 | 1,443 |
Level 1 [Member] | Floating Rate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 50 | 1,050 |
Level 1 [Member] | Fixed Rate Debt Excluding Capital Leases [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Total assets | 367 | 385 |
Total liabilities | 6,548 | 6,880 |
Level 2 [Member] | Floating Rate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | Fixed Rate Debt Excluding Capital Leases [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 6,168 | 6,508 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Total assets | 2 | 2 |
Total liabilities | 1 | 1 |
Level 3 [Member] | Floating Rate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Fixed Rate Debt Excluding Capital Leases [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Exchange Cleared [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 559 | 689 |
Derivative Asset, Fair Value, Gross Liability | 538 | 672 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 8 |
Derivative Asset | 21 | 9 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 579 | 721 |
Derivative Liability, Fair Value, Gross Asset | 538 | 672 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 41 | 42 |
Derivative Liability | ' | 7 |
Derivative, Collateral, Right to Reclaim Cash | ' | -7 |
Exchange Cleared [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 227 | 380 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 253 | 393 |
Exchange Cleared [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 332 | 309 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 326 | 328 |
Exchange Cleared [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 0 | 0 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Over the Counter [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 10 | 15 |
Derivative Asset, Fair Value, Gross Liability | 8 | 7 |
Derivative Asset | 2 | 8 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 11 | 13 |
Derivative Liability, Fair Value, Gross Asset | 8 | 7 |
Derivative Liability | 3 | 6 |
Over the Counter [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 0 | 0 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Over the Counter [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 10 | 15 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 11 | 13 |
Over the Counter [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 0 | 0 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 27 | 63 |
Derivative Asset, Fair Value, Gross Liability | 0 | -4 |
Derivative Asset | 27 | 67 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 44 | 32 |
Derivative Liability, Fair Value, Gross Asset | 0 | -4 |
Derivative Liability | 44 | 36 |
Forward Contracts [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 0 | 0 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Forward Contracts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 25 | 61 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 43 | 31 |
Forward Contracts [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 2 | 2 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | $1 | $1 |
Fair_Value_Measurements_Summar1
Fair Value Measurements (Summary of Nonrecurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Before-tax loss on net properties, plants and equipment (held for use) | $27 | $68 | ||
Before-tax loss on net properties, plants and equipment (held for sale) | ' | 42 | ||
Equity Method Investment, other than temporary impairment | ' | 1,044 | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net properties, plants and equipment (held for use) | 22 | [1] | 84 | [1] |
Net properties, plants and equipment (held for sale) | ' | 32 | [1] | |
Equity method investments, fair value | ' | 781 | [1] | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net properties, plants and equipment (held for use) | 22 | 84 | ||
Net properties, plants and equipment (held for sale) | ' | 32 | ||
Equity method investments, fair value | ' | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net properties, plants and equipment (held for use) | 0 | 0 | ||
Net properties, plants and equipment (held for sale) | ' | 0 | ||
Equity method investments, fair value | ' | $781 | ||
[1] | Represents the fair value at the time of the impairment. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | ||||||
Rockies Express Pipeline Llc Rex [Member] | Rockies Express Pipeline Llc Rex [Member] | Corporate Property [Member] | Refining [Member] | Refining [Member] | Refining [Member] | M&S Segment [Member] | M&S Segment [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Midstream Segment [Member] | Midstream Segment [Member] | Midstream Segment [Member] | Midstream Segment [Member] | Midstream Segment [Member] | Composite Graphite Business [Member] | |||||||||
Equipment [Member] | Corporate Property [Member] | Rockies Express Pipeline Llc Rex [Member] | Terminals and Storage Facilities [Member] | Natural Gas Transmission Pipeline [Member] | M&S Segment [Member] | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Carrying amount of net PP&E held for use | $15,398 | [1] | $15,407 | [1] | ' | ' | ' | $12,076 | [1] | $12,546 | ' | $646 | $1,380 | [1] | $518 | $465 | [1] | $31 | $1,688 | $1,444 | [1] | ' | $76 | ' | $18 |
Fair value of net PP&E held for use | ' | ' | ' | ' | 51 | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | 33 | ' | ' | ||||||
Before-tax loss on net properties, plants and equipment (held for use) | 27 | 68 | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | 43 | ' | 18 | ||||||
Carrying amount of net PP&E held for sale | ' | ' | ' | ' | ' | ' | ' | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair value of net PP&E held for sale | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Before-tax loss on net PP&E held for sale | ' | 42 | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net properties, plants and equipment (held for use), carrying amount | ' | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity investments | 11,080 | 10,291 | ' | 250 | ' | 1,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Equity method investments, fair value | ' | ' | ' | ' | ' | 498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283 | ' | ||||||
Equity method investment, before tax impairment other than temporary | ' | $1,044 | $480 | ' | ' | $564 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $480 | ' | $480 | ' | ||||||
[1] | At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 07, 2014 | Dec. 31, 2012 | Jul. 30, 2013 | Dec. 06, 2013 |
Subsequent Event [Member] | Initial Share Repurchase Program [Member] | Additional Share Repurchase Program July Thirty Two Thousand Thirteen [Member] | AdditionalShareRepurchaseProgramDecemberSixTwoThousandThirteen [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred stock authorized | 500,000,000 | ' | ' | ' | ' | ' |
Par value of preferred stock | $0.01 | ' | ' | ' | ' | ' |
Amount authorized for stock repurchase | ' | ' | ' | $2,000,000,000 | $1,000,000,000 | $2,000,000,000 |
Share repurchases | 44,106,380 | 7,603,896 | ' | ' | ' | ' |
Cost of shares repurchased | $2,602,000,000 | $356,000,000 | ' | ' | ' | ' |
Dividend declared | ' | ' | $0.39 | ' | ' | ' |
Leases_Summary_of_Future_Minim
Leases (Summary of Future Minimum Rental Payments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Future Minimum Rental Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | |
Capital Lease Obligations, 2014 | $19 | ' | |
Capital Lease Obligations, 2015 | 15 | ' | |
Capital Lease Obligations, 2016 | 14 | ' | |
Capital Lease Obligations, 2017 | 16 | ' | |
Capital Lease Obligations, 2018 | 13 | ' | |
Capital Lease Obligations, Remaining years | 196 | ' | |
Capital Lease Obligations, Total | 273 | ' | |
Income from subleases | ' | [1] | ' |
Less amount representing interest | 74 | ' | |
Operating Lease Obligations, 2014 | 522 | ' | |
Operating Lease Obligations, 2015 | 437 | ' | |
Operating Lease Obligations, 2016 | 289 | ' | |
Operating Lease Obligations, 2017 | 245 | ' | |
Operating Lease Obligations, 2018 | 197 | ' | |
Operating Lease Obligations, Remaining years | 355 | ' | |
Operating Lease Obligations, Total | 2,045 | ' | |
Less income from subleases | 112 | [1] | ' |
Net minimum operating lease payments | 1,933 | ' | |
Income related to subleases to related parties | 37 | ' | |
Capital Lease Obligations | $199 | $6 | |
[1] | Includes $37 million related to subleases to related parties. |
Leases_Summary_of_Operating_Le
Leases (Summary of Operating Lease Rental Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Minimum rentals | $572 | $554 | $576 |
Contingent rentals | 7 | 8 | 5 |
Less sublease rental income | 133 | 93 | 97 |
Rent expense, net | $446 | $469 | $484 |
Leases_Leases_Narrative_Detail
Leases Leases (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $206 | $17 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans (Reconciliation of Projected Benefit Obligations and Plan Assets) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Pension Plans of U S Entity Defined Benefit [Member] | United States Pension Plans of U S Entity Defined Benefit [Member] | United States Pension Plans of U S Entity Defined Benefit [Member] | Foreign Pension Plans Defined Benefit [Member] | Foreign Pension Plans Defined Benefit [Member] | Foreign Pension Plans Defined Benefit [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | Other Postretirement Benefit Plans Defined Benefit [Member] | ||
Change in Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation, beginning balance | ' | $2,624 | $0 | ' | $757 | $237 | ' | $191 | $0 | ' |
Service cost | ' | 125 | 82 | 0 | 36 | 22 | 5 | 8 | 4 | 0 |
Interest cost | ' | 91 | 65 | 0 | 31 | 25 | 13 | 7 | 5 | 0 |
Plan participant contributions | ' | 0 | 0 | ' | 4 | 2 | ' | 0 | 0 | ' |
Plan amendments | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | -18 | ' |
Actuarial loss | ' | -194 | 90 | ' | 1 | 83 | ' | -14 | 2 | ' |
Benefits paid | ' | -173 | -78 | ' | -15 | -12 | ' | -3 | -1 | ' |
Liabilities assumed from Separation | 3,060 | 0 | 2,465 | ' | 0 | 396 | ' | 0 | 199 | ' |
Foreign currency exchange rate change | ' | 0 | 0 | ' | 26 | 4 | ' | 0 | 0 | ' |
Benefit obligation, ending balance | ' | 2,473 | 2,624 | 0 | 840 | 757 | 237 | 189 | 191 | 0 |
Accumulated benefit obligation portion of above at December 31 | ' | 2,151 | 2,265 | ' | 627 | 563 | ' | ' | ' | ' |
Change in Fair Value of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, beginning balance | ' | 1,762 | 0 | ' | 527 | 120 | ' | 0 | 0 | ' |
Actual return on plan assets | ' | 283 | 91 | ' | 60 | 35 | ' | 0 | 0 | ' |
Company contributions | ' | 136 | 37 | ' | 50 | 36 | ' | 3 | 1 | ' |
Plan participant contributions | ' | 0 | 0 | ' | 4 | 2 | ' | 0 | 0 | ' |
Benefits paid | ' | -173 | -78 | ' | -15 | -12 | ' | -3 | -1 | ' |
Assets received from Separation | 2,056 | 0 | 1,712 | ' | 0 | 344 | ' | 0 | 0 | ' |
Foreign currency exchange rate change | ' | 0 | 0 | ' | 19 | 2 | ' | 0 | 0 | ' |
Fair value of plan assets, ending balance | ' | 2,008 | 1,762 | 0 | 645 | 527 | 120 | 0 | 0 | 0 |
Funded Status at December 31 | ' | ($465) | ($862) | ' | ($195) | ($230) | ' | ($189) | ($191) | ' |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent liabilities | ($921) | ($1,325) |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current liabilities | -8 | -8 |
Noncurrent liabilities | -457 | -854 |
Total recognized | -465 | -862 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent assets | 2 | ' |
Current liabilities | 0 | 0 |
Noncurrent liabilities | -197 | -230 |
Total recognized | -195 | -230 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current liabilities | -3 | -3 |
Noncurrent liabilities | -186 | -188 |
Total recognized | ($189) | ($191) |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans (Summary of Amounts Recognized in Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of (gain) loss included in income | ($401) | $152 | $8 |
Prior service (cost) credit arising during the period | 0 | -18 | 0 |
Amortization of prior service cost (credit) included in income | 0 | -1 | 0 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unrecognized net actuarial loss (gain) | 399 | 839 | ' |
Unrecognized prior service cost (credit) | 12 | 15 | ' |
Net loss arising during the period | 356 | -78 | ' |
Amortization of (gain) loss included in income | 84 | 49 | ' |
Net change during the period | 440 | -29 | ' |
Prior service (cost) credit arising during the period | 0 | 0 | ' |
Amortization of prior service cost (credit) included in income | 3 | 2 | ' |
Net change during the period | 3 | 2 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unrecognized net actuarial loss (gain) | 120 | 161 | ' |
Unrecognized prior service cost (credit) | -11 | -12 | ' |
Net loss arising during the period | 25 | -72 | ' |
Amortization of (gain) loss included in income | 16 | 7 | ' |
Net change during the period | 41 | -65 | ' |
Prior service (cost) credit arising during the period | 0 | 0 | ' |
Amortization of prior service cost (credit) included in income | -1 | -1 | ' |
Net change during the period | -1 | -1 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unrecognized net actuarial loss (gain) | -18 | -4 | ' |
Unrecognized prior service cost (credit) | -13 | -15 | ' |
Net loss arising during the period | 14 | -2 | ' |
Amortization of (gain) loss included in income | 0 | -1 | ' |
Net change during the period | 14 | -3 | ' |
Prior service (cost) credit arising during the period | 0 | 18 | ' |
Amortization of prior service cost (credit) included in income | -2 | 0 | ' |
Net change during the period | ($2) | $18 | ' |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $125 | $82 | $0 |
Interest cost | 91 | 65 | 0 |
Expected return on plan assets | -120 | -81 | 0 |
Amortization of prior service cost | 3 | 2 | 0 |
Recognized net actuarial loss (gain) | 84 | 49 | 0 |
Subtotal net periodic benefit cost | 183 | 117 | 0 |
Allocated benefit cost from ConocoPhillips | 0 | 71 | 199 |
Total net periodic benefit cost | 183 | 188 | 199 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 36 | 22 | 5 |
Interest cost | 31 | 25 | 13 |
Expected return on plan assets | -29 | -21 | -8 |
Amortization of prior service cost | -1 | -1 | 0 |
Recognized net actuarial loss (gain) | 16 | 7 | 3 |
Subtotal net periodic benefit cost | 53 | 32 | 13 |
Allocated benefit cost from ConocoPhillips | 0 | 13 | 39 |
Total net periodic benefit cost | 53 | 45 | 52 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 8 | 4 | 0 |
Interest cost | 7 | 5 | 0 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -2 | 0 | 0 |
Recognized net actuarial loss (gain) | 0 | -1 | 0 |
Subtotal net periodic benefit cost | 13 | 8 | 0 |
Allocated benefit cost from ConocoPhillips | 0 | 7 | 19 |
Total net periodic benefit cost | $13 | $15 | $19 |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized net actuarial loss | $40 |
Unrecognized prior service cost (credit) | 3 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized net actuarial loss | 12 |
Unrecognized prior service cost (credit) | -2 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized net actuarial loss | -2 |
Unrecognized prior service cost (credit) | ($1) |
Employee_Benefit_Plans_Summary4
Employee Benefit Plans (Summary of Weighted-Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Assumptions Used to Determine Benefit Obligations | ' | ' |
Discount rate | 4.55% | 3.60% |
Rate of compensation increase | 4.00% | 3.85% |
Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' |
Discount rate | 3.60% | 4.20% |
Expected return on plan assets | 7.00% | 7.00% |
Rate of compensation increase | 3.85% | 3.75% |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Assumptions Used to Determine Benefit Obligations | ' | ' |
Discount rate | 4.30% | 4.20% |
Rate of compensation increase | 3.90% | 3.60% |
Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' |
Discount rate | 4.20% | 5.10% |
Expected return on plan assets | 5.50% | 5.80% |
Rate of compensation increase | 3.60% | 3.60% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Assumptions Used to Determine Benefit Obligations | ' | ' |
Discount rate | 4.40% | 3.70% |
Rate of compensation increase | 0.00% | 0.00% |
Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' |
Discount rate | 3.70% | 4.20% |
Expected return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
Employee_Benefit_Plans_Summary5
Employee Benefit Plans (Summary of Pension Plan Asset Fair Values) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | ||||
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | $2,008 | $1,762 | $0 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 1,181 | ' | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 827 | ' | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 552 | 529 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 552 | 529 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 439 | 340 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 439 | 340 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 302 | 237 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 302 | 237 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 42 | 42 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 42 | 42 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 184 | 214 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 114 | 160 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 70 | 54 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 305 | 288 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 305 | 287 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 1 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 90 | 45 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 90 | 45 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 17 | 17 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 17 | 17 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 77 | 42 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 77 | 42 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Derivative [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 2 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | -1 | ' | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 1 | 2 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 2,008 | 1,756 | [1] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | 1,071 | [1] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | 684 | [1] | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | 1 | [1] | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 645 | 527 | 120 | |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 370 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 251 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 24 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 129 | 100 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 129 | 100 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 104 | 86 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 104 | 86 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 103 | 97 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 103 | 97 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 5 | 2 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 5 | 2 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 117 | 97 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 117 | 97 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Agency and Mortgage-Backed Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 148 | 112 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 148 | 112 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 1 | 1 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 1 | 1 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Cash [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 14 | 9 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 14 | 9 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Derivative [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | ' | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 16 | 15 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 16 | 15 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 8 | 7 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 0 | 0 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 8 | 7 | ' | |
Foreign Pension Plans, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | 645 | 526 | [1] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | 295 | [1] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | 209 | [1] | ' |
Foreign Pension Plans, Defined Benefit [Member] | Excluding Net Receivables Related To Security Transactions [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Fair value of pension plan assets | ' | $22 | [1] | ' |
[1] | Fair values in the table exclude net receivables related to security transactions of $7 million |
Employee_Benefit_Plans_Summary6
Employee Benefit Plans (Summary of Future Service Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | $203 |
2014 | 210 |
2015 | 222 |
2016 | 233 |
2017 | 259 |
2018-2022 | 1,333 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | 18 |
2014 | 20 |
2015 | 25 |
2016 | 27 |
2017 | 26 |
2018-2022 | 156 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | 9 |
2014 | 12 |
2015 | 15 |
2016 | 17 |
2017 | 19 |
2018-2022 | $106 |
Employee_Benefit_Plans_Summary7
Employee Benefit Plans (Summary of Compensation Expense and Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Compensation cost | $132 | $94 | $46 |
Tax benefit | ($50) | ($35) | ($18) |
Employee_Benefit_Plans_Summary8
Employee Benefit Plans (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 546,900 | [1] |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $62.17 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $16.77 | [1] |
Options, Outstanding at January 1, 2013 | 8,350,641 | [1] |
Options, Forfeited | -4,900 | [1] |
Options, Excercised | -2,002,575 | [1] |
Options, Expired or canceled | 0 | [1] |
Options, Outstanding at December 31, 2013 | 6,890,066 | [1] |
Options, Vested at December 31, 2013 | 6,358,111 | [1] |
Options, Exercisable at December 31, 2013 | 5,007,009 | [1] |
Weighted-Average Exercise Price, Outstanding at January 1, 2013 | $26.25 | [1] |
Weighted-Average Exercise Price, Forfeited | $62.17 | [1] |
Weighted Average Exercise Price, Exercised | $21.74 | [1] |
Weighted-Average Exercise Price, Expired or canceled | $0 | [1] |
Weighted-Average Exercise Price, Outstanding at December 31, 2013 | $30.38 | [1] |
Weighted-Average Exercise Price, Vested at December 31, 2013 | $29.47 | [1] |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $26.61 | [1] |
Aggregate Intrinsic Value, Exercised | $81 | [1] |
Aggregate Intrinsic Value, Vested at December 31, 2012 | 297 | [1] |
Aggregate Intrinsic Value, Exercisable at December 31, 2012 | $248 | [1] |
[1] | All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value Assumption and Assumption Ranges) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Assumptions Used | ' | ' | ' |
Risk-free interest rate | 1.18% | 1.62% | 3.10% |
Dividend yield | 2.50% | 4.00% | 4.00% |
Volatility factor | 35.47% | 33.30% | 33.40% |
Expected life (years) | '6 years 2 months 23 days | '7 years 5 months 1 day | '6 years 10 months 13 days |
Employee_Benefit_Plans_Summary9
Employee Benefit Plans (Summary of Stock Unit Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Issued | -2,002,575 | [1] |
Restricted Stock Units (RSUs) [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Outstanding at January 1, 2013 | 5,226,610 | [2] |
Granted | 850,824 | [2] |
Forfeited | -64,762 | [2] |
Issued | -1,572,411 | [2] |
Outstanding at December 31, 2013 | 4,440,261 | [2] |
Not Vested at December 31, 2013 | 2,843,964 | [2] |
Outstanding at January 1, 2013 | 28.62 | [2] |
Granted | 62.14 | [2] |
Forfeited | 43.23 | [2] |
Issued | 26.8 | [2] |
Outstanding at December 31, 2013 | 35.48 | [2] |
Not Vested at December 31, 2013 | 35.64 | [2] |
Issued | 100 | [2] |
[1] | All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | |
[2] | All RSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. |
Recovered_Sheet1
Employee Benefit Plans (Summary of Performance Share Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Issued | -2,002,575 | [1] |
Performance Shares [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Outstanding at January 1, 2013 | 2,592,274 | [2] |
Granted | 266,052 | [2] |
Forfeited | 0 | [2] |
Issued | -145,358 | [2] |
Outstanding at December 31, 2013 | 2,712,968 | [2] |
Not Vested at December 31, 2013 | 649,672 | [2] |
Outstanding at January 1, 2013 | 34.36 | [2] |
Granted | 62.17 | [2] |
Forfeited | ' | [2] |
Issued | 33.84 | [2] |
Outstanding at December 31, 2013 | 37.12 | [2] |
Not Vested at December 31, 2013 | 37.73 | [2] |
Issued | 9 | [2] |
[1] | All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. | |
[2] | All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Pension Plans of U S Entity Defined Benefit [Member] | United States Pension Plans of U S Entity Defined Benefit [Member] | Foreign Pension Plans Defined Benefit [Member] | Foreign Pension Plans Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Tax-Qualified Pension Plans [Member] | Tax-Qualified Pension Plans [Member] | Unfunded Nonqualified Key Employee Pension Plans [Member] | Unfunded Nonqualified Key Employee Pension Plans [Member] | Equity Securities [Member] | Debt Securities [Member] | Other Types of Investments [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Minimum [Member] | Maximum [Member] | First Third of Options [Member] | Second Third of Options [Member] | Final Third of Options [Member] | Employees Eligible for Retirement [Member] | Employees Eligible for Retirement [Member] | Defined Benefit Plan [Member] | Defined Benefit Plan [Member] | |||||||||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||
Employee Benefit Plans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of plan assets | $2,056 | ' | ' | ' | ' | ' | ' | ' | $0 | $1,712 | $0 | $344 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of benefit obligations | 3,060 | ' | ' | ' | ' | ' | ' | ' | 0 | 2,465 | 0 | 396 | 0 | 199 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of other comprehensive loss | 869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of other comprehensive loss, net of tax | 540 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,757 | 3,308 | 82 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,407 | 2,777 | 58 | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, Tax-qualified pension plans with projected benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,177 | 2,289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial gains and losses, Percent amortized | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate, after decline | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year of measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate, after decline | ' | ' | ' | '2023 | ' | '2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage-point change in the assumed health care cost trend rate | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocations for plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62.00% | 37.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables related to security transactions, Net | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future employer contributions next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 175 | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum employee contribution of eligible pay, Percent | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | ' | ' | ' | ' | 5.00% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employee Contribution of Gross Pay, Percentage Required to be Eligible for Discretionary Company Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Company matching contribution of eligible pay per employee, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution, Target Percent of Employees' Gross Pay | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Percentage | ' | ' | ' | 5.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions charged to expense | ' | ' | ' | ' | ' | 111 | 15 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 38 |
Employee percent of eligible pay contribution for participation in stock savings feature, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Common stock issuable under P66 Omnibus Plan, maximum | ' | ' | ' | 45,000,000 | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental compensation expense | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Service Period to Avoid Award Forfeiture | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option terms in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P10Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights per anniversary date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-third | 'one-third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | '48 months | '60 months | '6 months | '6 months | ' | ' |
Weighted-average remaining contractual terms of vested options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 7 months 30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual terms of exercisable options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 11 months 22 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from the exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from the exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense from unvested awards held by employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | $50 | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense from unvested awards held by employees, Weighted-average period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '16 months | '25 months | '33 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense from unvested awards held by employees, Longest period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 months | '40 months | '13 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible retirement age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Years of service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'five years | 'five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of performance awards authorization relative to grant date | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock to be issued per stock unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal | ' | ' | ' |
Current | $1,054 | $1,967 | $713 |
Deferred | 526 | 69 | 745 |
Foreign | ' | ' | ' |
Current | 98 | 160 | 126 |
Deferred | -48 | 45 | -9 |
State and Local | ' | ' | ' |
Current | 146 | 253 | 132 |
Deferred | 68 | -21 | 115 |
Income tax expense | $1,844 | $2,473 | $1,822 |
Income_Taxes_Deferred_Tax_Liab
Income Taxes (Deferred Tax Liabilities and Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Tax Liabilities | ' | ' |
Properties, plants and equipment, and intangibles | $3,747 | $3,721 |
Investment in joint ventures | 2,696 | 2,183 |
Investments in foreign subsidiaries | 401 | 386 |
Other | 0 | 24 |
Total deferred tax liabilities | 6,844 | 6,314 |
Deferred Tax Assets | ' | ' |
Benefit plan accruals | 499 | 614 |
Inventory | 51 | 92 |
Asset retirement obligations and accrued environmental costs | 223 | 234 |
Other financial accruals and deferrals | 223 | 166 |
Loss and credit carryforwards | 123 | 313 |
Other | 18 | 59 |
Total deferred tax assets | 1,137 | 1,478 |
Less valuation allowance | 127 | 329 |
Net deferred tax assets | 1,010 | 1,149 |
Net deferred tax liabilities | $5,834 | $5,165 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, beinning of period | $158 | $169 | $166 |
Additions based on tax positions related to the current year | 30 | 3 | 11 |
Additions for tax positions of prior years | 25 | 35 | 27 |
Reductions for tax positions of prior years | -8 | -47 | -32 |
Settlements | -3 | -2 | -2 |
Lapse of statute | 0 | 0 | -1 |
Unrecognized tax benefits, end of period | $202 | $158 | $169 |
Income_Taxes_Income_Tax_Reconc
Income Taxes (Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (loss) before income taxes [Abstract] | ' | ' | ' |
United States | $5,158 | $6,192 | $6,107 |
Foreign | 368 | 364 | 452 |
Income from continuing operations before income taxes | 5,526 | 6,556 | 6,559 |
United States, percent of pre-tax income | 93.30% | 94.40% | 93.10% |
Foreign, percent of pre-tax income | 6.70% | 5.60% | 6.90% |
Total, percent of pre-tax income | 100.00% | 100.00% | 100.00% |
Income Tax Expense (Benefit), Income Tax Reconciliation | ' | ' | ' |
Federal statutory income tax | 1,934 | 2,295 | 2,295 |
Goodwill allocated to assets sold | 0 | 9 | 96 |
Capital loss utilization | 0 | 0 | -619 |
Tax on foreign operations | -198 | 141 | -61 |
Federal manufacturing deduction | -68 | -124 | -52 |
State income tax, net of federal benefit | 139 | 151 | 161 |
Other | 37 | 1 | 2 |
Income tax expense | $1,844 | $2,473 | $1,822 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.70% | 0.00% | 0.00% |
Effective Income Tax Rate, Tax Rate Reconciliation | ' | ' | ' |
Federal statutory income tax, percent | 35.00% | 35.00% | 35.00% |
Goodwill allocated to assets sold, percent | 0.00% | 0.10% | 1.40% |
Capital loss utilization, percent | 0.00% | 0.00% | -9.40% |
Tax on foreign operations, percent | -3.60% | 2.20% | -0.90% |
Federal manufacturing deduction, percent | -1.20% | -1.90% | -0.80% |
State income tax, net of federal benefit, percent | 2.50% | 2.30% | 2.50% |
Effective income tax rate | 33.40% | 37.70% | 27.80% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Tax Assets | ' | ' | ' |
Deferred tax assets, current | $291,000,000 | $307,000,000 | ' |
Deferred tax assets, noncurrent | 0 | 1,000,000 | ' |
Deferred Tax Liabilities | ' | ' | ' |
Deferred tax liabilities, current | 0 | 29,000,000 | ' |
Deferred tax liabilities, noncurrent | 6,125,000,000 | 5,444,000,000 | ' |
Change in deferred tax asset valuation allowance | 202,000,000 | ' | ' |
Income considered to be permanently reinvested in foreign subsidiaries and foreign corporate joint ventures | 1,700,000,000 | ' | ' |
Income Tax Uncertainties | ' | ' | ' |
Unrecognized tax benefits that if recognized, would affect effective tax rate | 161,000,000 | 125,000,000 | 114,000,000 |
Unrecognized tax benefits and the related accrued liability that may be recognized or paid within the next twelve months | 118,000,000 | ' | ' |
Accrued liabilities for interest and penalties | 18,000,000 | 15,000,000 | 9,000,000 |
Interest and penalties affecting earnings, increase (decrease) | $3,000,000 | $6,000,000 | ($7,000,000) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | $104 | ($92) | |
Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -314 | 122 | 214 | |
Other comprehensive income (loss) | 351 | 104 | -92 | |
Net Transfer To Parent Company | ' | -6,247 | -7,420 | |
Defined benefit plans, Other comprehensive income (loss) | 268 | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 37 | -314 | 122 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | -93 | -29 | |
Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -778 | -145 | -116 | |
Other comprehensive income (loss) | 374 | ' | ' | |
Net Transfer To Parent Company | ' | -540 | ' | |
Defined benefit plans, Other comprehensive income (loss) | 312 | ' | ' | |
Defined benefit plans, Net transfer from ConocoPhillips | 62 | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -404 | -778 | -145 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | |
Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: | ' | ' | ' | |
Other comprehensive income (loss) | 351 | 104 | -92 | |
Net Transfer To Parent Company | ' | -540 | [1] | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | 196 | -64 | |
Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 466 | 270 | 334 | |
Other comprehensive income (loss) | -23 | ' | ' | |
Defined benefit plans, Other comprehensive income (loss) | -44 | ' | ' | |
Defined benefit plans, Net transfer from ConocoPhillips | 21 | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 443 | 466 | 270 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | 1 | 1 | |
Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -2 | -3 | -4 | |
Other comprehensive income (loss) | 0 | ' | ' | |
Defined benefit plans, Other comprehensive income (loss) | 0 | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | ($2) | ($2) | ($3) | |
[1] | . |
Cash_Flow_Information_Summary_
Cash Flow Information (Summary of Cash Flow Information) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Noncash Investing and Financing Activities | ' | ' | ' | |||
Capital Lease Obligations Incurred | $177 | ' | ' | |||
Transfer of PP&E in accordance with the Separation and Distribution Agreement with ConocoPhillips | ' | 374 | ' | |||
Transfer of employee benefit liabilities in accordance with the Separation and Distribution Agreement with ConocoPhillips | ' | 1,234 | ' | |||
Increase in deferred taxes associated with the employee benefit liabilities transferred in accordance with the Separation and Distribution Agreement with ConocoPhillips | ' | 461 | ' | |||
Interest Paid [Abstract] | ' | ' | ' | |||
Interest Paid, Net | 259 | 176 | ' | |||
Income Taxes Paid | ' | ' | ' | |||
Income taxes | $1,021 | [1] | $2,183 | [1] | $197 | [1] |
[1] | Excludes our share of cash tax payments made directly by ConocoPhillips prior to the Separation on April 30, 2012. |
Other_Financial_Information_De
Other Financial Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest and Debt Expense [Abstract] | ' | ' | ' | |||
Incurred, debt | $251 | $221 | $12 | |||
Incurred, other | 24 | 25 | 5 | |||
Total incurred | 275 | 246 | 17 | |||
Capitalized | 0 | 0 | 0 | |||
Expensed | 275 | 246 | 17 | |||
Other Income [Abstract] | ' | ' | ' | |||
Interest income | 20 | 18 | 33 | |||
Other, net | 65 | [1] | 117 | [1] | 12 | [1] |
Other income | 85 | 135 | 45 | |||
Research and Development Expense [Abstract] | ' | ' | ' | |||
Research and development expenditures | 69 | 70 | 69 | |||
Advertising expenses | 68 | 57 | 63 | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | -44 | -22 | -24 | |||
Midstream [Member] | ' | ' | ' | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | 0 | 0 | 0 | |||
Chemicals [Member] | ' | ' | ' | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | 0 | 0 | 0 | |||
Refining [Member] | ' | ' | ' | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | -41 | -17 | -15 | |||
Marketing And Specialties [Member] | ' | ' | ' | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | -5 | -5 | -9 | |||
Corporate and Other [Member] | ' | ' | ' | |||
Interest and Debt Expense [Abstract] | ' | ' | ' | |||
Expensed | 275 | 246 | 17 | |||
Foreign Currency Transaction Gain (Loss), by Segment [Line Items] | ' | ' | ' | |||
Foreign currency transaction (gains) losses, after-tax | $2 | $0 | $0 | |||
[1] | Includes derivatives-related activities. 2012 also includes a $37 million co-venturer contractual payment related to Rockies Express Pipeline. |
Other_Financial_Information_De1
Other Financial Information (Details 1) (Rockies Express Pipeline Llc Rex [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Rockies Express Pipeline Llc Rex [Member] | ' |
Other Income | ' |
Contractual Payment from Co-Venturer | $37 |
Related_Party_Transactions_Sum
Related Party Transactions (Summary of Significant Related Party Transactions) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Significant transactions with related parties | ' | ' | ' | |||
Operating revenues and other income | $7,907 | [1] | $8,226 | [1] | $9,024 | [1] |
Gain on dispositions | ' | [2] | ' | [2] | 156 | [2] |
Purchases | 18,320 | [3] | 22,446 | [3] | 34,554 | [3] |
Operating expenses and selling, general and administrative expenses | 109 | [4] | 208 | [4] | 361 | [4] |
Net interest expense | $8 | [5] | $8 | [5] | $10 | [5] |
[1] | We sold crude oil to MRC. NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying other crude oil and feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. | |||||
[2] | In 2011, we sold the Seaway Products Pipeline Company to DCP Midstream for cash proceeds of $400 million, resulting in a before-tax gain of $156 million. | |||||
[3] | We purchased refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCPÂ Midstream and CPChem for use in our refinery processes and other feedstocks from various affiliates. We purchased refined products from MRC. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. | |||||
[4] | We paid utility and processing fees to various affiliates. | |||||
[5] | We incurred interest expense on a note payable to MSLP. See Note 6—Investments, Loans and Long-Term Receivables and Note 12—Debt, for additional information on loans with affiliated companies. |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Before-tax gain on sale to DCP Midstream | ' | [1] | ' | [1] | $156 | [1] |
Sales to ConocoPhillips while it was a related party | 7,907 | [2] | 8,226 | [2] | 9,024 | [2] |
Purchases from ConocoPhillips while it was a related party | 18,320 | [3] | 22,446 | [3] | 34,554 | [3] |
Net charges from ConocoPhillips while it was a related party | 109 | [4] | 208 | [4] | 361 | [4] |
Net distributions to ConocoPhillips in 2012 | 0 | -5,255 | -7,471 | |||
ConocoPhillips [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Sales to ConocoPhillips while it was a related party | ' | 381 | 1,197 | |||
Purchases from ConocoPhillips while it was a related party | ' | 5,328 | 15,798 | |||
Net charges from ConocoPhillips while it was a related party | ' | 70 | 180 | |||
DCP Midstream [Member] | Seaway Products Pipeline Company [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Cash proceeds from sale of Seaway Products Pipeline Company to DCP Midstream | ' | ' | 400 | |||
Before-tax gain on sale to DCP Midstream | ' | ' | $156 | |||
[1] | In 2011, we sold the Seaway Products Pipeline Company to DCP Midstream for cash proceeds of $400 million, resulting in a before-tax gain of $156 million. | |||||
[2] | We sold crude oil to MRC. NGL and other petrochemical feedstocks, along with solvents, were sold to CPChem, and gas oil and hydrogen feedstocks were sold to Excel. Certain feedstocks and intermediate products were sold to WRB. We also acted as agent for WRB in supplying other crude oil and feedstocks, wherein the transactional amounts did not impact operating revenues. In addition, we charged several of our affiliates, including CPChem and MSLP, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. | |||||
[3] | We purchased refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents, wherein the transactional amounts did not impact purchases. We purchased natural gas and NGL from DCPÂ Midstream and CPChem for use in our refinery processes and other feedstocks from various affiliates. We purchased refined products from MRC. We also paid fees to various pipeline equity companies for transporting finished refined products. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. | |||||
[4] | We paid utility and processing fees to various affiliates. |
Segment_Disclosures_and_Relate2
Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues and Depreciation, Amortization, and Impairments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | $171,596 | [1],[2] | $179,290 | [1],[2] | $195,931 | [1],[2] |
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 976 | 2,064 | 1,374 | |||
Midstream [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 5,544 | 6,237 | 8,370 | |||
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 89 | 607 | 89 | |||
Chemicals [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 9 | 11 | 11 | |||
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 0 | 0 | 0 | |||
Refining [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 52,076 | 57,761 | 67,092 | |||
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 688 | 1,262 | 1,128 | |||
Marketing And Specialties [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 113,937 | 115,268 | 120,455 | |||
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 119 | 148 | 154 | |||
Corporate and Other [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 30 | 13 | 3 | |||
Analysis of results of depreciation, amortization and impairments by operating segment | ' | ' | ' | |||
Depreciation, amortization and impairments | 80 | 47 | 3 | |||
Operating Segments [Member] | Midstream [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 6,477 | 7,138 | 9,475 | |||
Operating Segments [Member] | Refining [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 124,579 | 131,154 | 143,457 | |||
Operating Segments [Member] | Marketing And Specialties [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | 115,358 | 116,623 | 121,829 | |||
Intersegment Eliminations [Member] | Midstream [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | -933 | -901 | -1,105 | |||
Intersegment Eliminations [Member] | Refining [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | -72,503 | -73,393 | -76,365 | |||
Intersegment Eliminations [Member] | Marketing And Specialties [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues by operating segment | ' | ' | ' | |||
Sales and other operating revenues | ($1,421) | ($1,355) | ($1,374) | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million |
Segment_Disclosures_and_Relate3
Segment Disclosures and Related Information (Summary of Equity in Earnings of Affiliates, Income Taxes, and Net Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | $3,073 | $3,134 | $2,843 |
Provision for income taxes | 1,844 | 2,473 | 1,822 |
Net income attributable to Phillips 66 | 3,726 | 4,124 | 4,775 |
Midstream [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | 436 | 343 | 544 |
Provision for income taxes | 265 | 29 | 454 |
Net income attributable to Phillips 66 | 469 | 53 | 2,149 |
Chemicals [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | 1,362 | 1,192 | 975 |
Provision for income taxes | 375 | 366 | 252 |
Net income attributable to Phillips 66 | 986 | 823 | 716 |
Refining [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | 1,213 | 1,542 | 1,270 |
Provision for income taxes | 1,091 | 2,067 | 902 |
Net income attributable to Phillips 66 | 1,851 | 3,217 | 1,529 |
Marketing And Specialties [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | 63 | 57 | 54 |
Provision for income taxes | 376 | 250 | 311 |
Net income attributable to Phillips 66 | 790 | 417 | 530 |
Corporate and Other [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Equity in earnings of affiliates | -1 | 0 | 0 |
Provision for income taxes | -263 | -239 | -97 |
Net income attributable to Phillips 66 | -431 | -434 | -192 |
Discontinued Operations [Member] | ' | ' | ' |
Analysis of results of equity in earnings of affiliates by operating segment | ' | ' | ' |
Net income attributable to Phillips 66 | $61 | $48 | $43 |
Segment_Disclosures_and_Relate4
Segment Disclosures and Related Information (Summary of Investments In and Advances to Affiliates, Total Assets, Capital Expenditures and Investments, Interest Income and Expense) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | $11,080 | $10,291 | $10,234 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 49,798 | 48,073 | 43,211 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 1,779 | 1,701 | 1,016 | |||
Analysis of results of interest income and expense by operating segment | ' | ' | ' | |||
Interest income | 20 | 18 | 33 | |||
Interest and debt expense | 275 | 246 | 17 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 171,596 | [1],[2] | 179,290 | [1],[2] | 195,931 | [1],[2] |
Midstream [Member] | ' | ' | ' | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | 2,328 | 2,011 | 1,873 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 5,413 | 4,641 | 4,997 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 528 | 704 | 122 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 5,544 | 6,237 | 8,370 | |||
Chemicals [Member] | ' | ' | ' | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | 4,241 | 3,524 | 2,998 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 4,377 | 3,816 | 2,999 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 0 | 0 | 0 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 9 | 11 | 11 | |||
Refining [Member] | ' | ' | ' | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | 4,316 | 4,571 | 5,186 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 26,294 | 26,834 | 27,336 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 889 | 738 | 771 | |||
Analysis of results of interest income and expense by operating segment | ' | ' | ' | |||
Interest income | ' | ' | 1 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 52,076 | 57,761 | 67,092 | |||
Marketing And Specialties [Member] | ' | ' | ' | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | 194 | 185 | 177 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 7,155 | 7,806 | 7,681 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 226 | 119 | 106 | |||
Analysis of results of interest income and expense by operating segment | ' | ' | ' | |||
Interest income | 0 | 0 | 32 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 113,937 | 115,268 | 120,455 | |||
Corporate and Other [Member] | ' | ' | ' | |||
Analysis of results of investments in and advances to affiliates by operating segment | ' | ' | ' | |||
Investments in and advances to affiliates | 1 | 0 | 0 | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Consolidated total assets | 6,348 | 4,770 | 22 | |||
Analysis of results of capital expenditures and investments by operating segment [Abstract] | ' | ' | ' | |||
Capital expenditures and investments | 136 | 140 | 17 | |||
Analysis of results of interest income and expense by operating segment | ' | ' | ' | |||
Interest income | 20 | 18 | 0 | |||
Interest and debt expense | 275 | 246 | 17 | |||
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract] | ' | ' | ' | |||
Sales and other operating revenues by product line | 30 | 13 | 3 | |||
Discontinued Operations [Member] | ' | ' | ' | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Assets of Disposal Group, Including Discontinued Operation | 211 | [3] | 206 | [3] | 176 | [3] |
Phillips Specialty Products Inc [Member] | ' | ' | ' | |||
Analysis of results of total assets by operating segment | ' | ' | ' | |||
Goodwill allocated to assets held for sale in association with the planned disposition of PSPI | $117 | ' | ' | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million | |||||
[3] | In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI. Although this goodwill was included in the M&S segment at December 31, 2012 and 2011, for more useful comparisons, it is included in the discontinued operations line of this table for all periods presented. |
Segment_Disclosures_and_Relate5
Segment Disclosures and Related Information Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues by Product Line) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Sales and other operating revenues | $171,596 | [1],[2] | $179,290 | [1],[2] | $195,931 | [1],[2] |
Refind products [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Sales and other operating revenues | 140,488 | 140,986 | 146,683 | |||
Crude Oil [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Sales and other operating revenues | 22,777 | 28,730 | 38,259 | |||
Natural Gas Liquids [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Sales and other operating revenues | 7,431 | 8,533 | 10,024 | |||
Other Income [Member] | ' | ' | ' | |||
Revenue from External Customer [Line Items] | ' | ' | ' | |||
Sales and other operating revenues | $900 | $1,041 | $965 | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million |
Segment_Disclosures_and_Relate6
Segment Disclosures and Related Information (Summary of Geographic Information) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract] | ' | ' | ' | |||
Sales and other operating revenues | $171,596 | [1],[2] | $179,290 | [1],[2] | $195,931 | [1],[2] |
Long-Lived Assets | 26,478 | [3] | 25,698 | [3] | 25,005 | [3] |
United States [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract] | ' | ' | ' | |||
Sales and other operating revenues | 115,378 | [1] | 120,332 | [1] | 134,342 | [1] |
Long-Lived Assets | 23,641 | [3] | 22,285 | [3] | 21,196 | [3] |
United Kingdom [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract] | ' | ' | ' | |||
Sales and other operating revenues | 21,868 | [1] | 22,129 | [1] | 26,976 | [1] |
Long-Lived Assets | 1,485 | [3] | 2,018 | [3] | 1,927 | [3] |
Germany [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract] | ' | ' | ' | |||
Sales and other operating revenues | 9,799 | [1] | 9,908 | [1] | 10,647 | [1] |
Long-Lived Assets | 587 | [3] | 567 | [3] | 547 | [3] |
Other foreign countries [Member] | ' | ' | ' | |||
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract] | ' | ' | ' | |||
Sales and other operating revenues | 24,551 | [1] | 26,921 | [1] | 23,966 | [1] |
Long-Lived Assets | $765 | [3] | $828 | [3] | $1,335 | [3] |
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million | |||||
[3] | Defined as net properties, plants and equipment plus investments in and advances to affiliated companies. |
Segment_Disclosures_and_Relate7
Segment Disclosures and Related Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Disclosures and Related Information (Textual) [Abstract] | ' |
Number of operating segments | 2 |
DCP Midstream [Member] | ' |
Segment Disclosures and Related Information (Textual) [Abstract] | ' |
Equity investment | 50.00% |
CP Chem [Member] | ' |
Segment Disclosures and Related Information (Textual) [Abstract] | ' |
Equity investment | 50.00% |
United States [Member] | ' |
Segment Disclosures and Related Information (Textual) [Abstract] | ' |
Refineries Owned by Entity | 15 |
Phillips_66_Partners_LP_Detail
Phillips 66 Partners LP (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 27, 2013 | Jul. 27, 2013 | Dec. 31, 2013 | Jul. 27, 2013 | Jul. 24, 2013 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Phillips 66 Partners LP [Member] | Phillips 66 Partners LP [Member] | Phillips 66 Partners LP [Member] | Phillips 66 Partners LP [Member] | Phillips 66 Partners LP [Member] | Noncontrolling Interest [Member] | ||||
Common Units [Member] | Common Units [Member] | Phillips 66 Partners LP [Member] | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Phillips 66 Partners common units issued in initial public offering | ' | ' | ' | ' | ' | ' | ' | 18,888,750 | ' | ' |
Price of Phillips 66 Partners common units, price per unit | ' | ' | ' | ' | ' | ' | ' | ' | $23 | ' |
Phillips 66 Partners common unit over-allotment option exercised by underwriters, units | ' | ' | ' | ' | ' | ' | ' | 2,463,750 | ' | ' |
Net proceeds received by Phillips 66 Partners from initial public offering sale of common units | ' | ' | ' | ' | ' | ' | ' | $404 | ' | ' |
Limited partnership interest in Phillips 66 Partners, percentage | ' | ' | ' | ' | 71.70% | ' | ' | ' | ' | ' |
General partnership interest in Phillips 66 Partners, percentage | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Limited partner interest in Phillips 66 Partners owned by public, percentage | ' | ' | ' | ' | ' | 26.30% | ' | ' | ' | ' |
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest | 442 | 31 | ' | ' | ' | ' | ' | ' | ' | 409 |
Phillips 66 Partners' cash and cash equivalents | $5,400 | $3,474 | $0 | $0 | ' | ' | $425 | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Income Statement) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | $171,596 | [1],[2] | $179,290 | [1],[2] | $195,931 | [1],[2] |
Equity in earnings of affiliates | 3,073 | 3,134 | 2,843 | |||
Net gain on dispositions | 55 | 193 | 1,638 | |||
Other income (loss) | 85 | 135 | 45 | |||
Intercompany revenues | 0 | 0 | 0 | |||
Total Revenues and Other Income | 174,809 | 182,752 | 200,457 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | 148,245 | 154,413 | 172,768 | |||
Operating expenses | 4,206 | 4,033 | 4,071 | |||
Selling, general and administrative expenses | 1,478 | 1,703 | 1,394 | |||
Depreciation and amortization | 947 | 906 | 902 | |||
Impairments | 29 | 1,158 | 472 | |||
Taxes other than income taxes | 14,119 | [2] | 13,740 | [2] | 14,287 | [2] |
Accretion on discounted liabilities | 24 | 25 | 21 | |||
Interest and debt expense | 275 | 246 | 17 | |||
Foreign currency transaction (gains) losses | -40 | -28 | -34 | |||
Total Costs and Expenses | 169,283 | 176,196 | 193,898 | |||
Income (loss) before income taxes | 5,526 | 6,556 | 6,559 | |||
Provision (benefit) for income taxes | 1,844 | 2,473 | 1,822 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 3,682 | 4,083 | 4,737 | |||
Less: net income attributable to noncontrolling interests | 17 | 7 | 5 | |||
Net income attributable to Phillips 66 | 3,726 | 4,124 | 4,775 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,094 | 4,235 | 4,688 | |||
Income from discontinued operations | 61 | [3] | 48 | [3] | 43 | [3] |
Income from continuing operations before taxes | 3,743 | 4,131 | 4,780 | |||
Consolidating Adjustments [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 0 | 0 | 0 | |||
Equity in earnings of affiliates | -5,064 | -4,864 | -5,490 | |||
Net gain on dispositions | 0 | 0 | 0 | |||
Other income (loss) | 0 | 0 | 0 | |||
Intercompany revenues | -21,752 | -26,086 | -32,136 | |||
Total Revenues and Other Income | -26,816 | -30,950 | -37,626 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | -21,281 | -25,989 | -32,092 | |||
Operating expenses | -26 | -56 | -44 | |||
Selling, general and administrative expenses | -93 | -41 | 0 | |||
Depreciation and amortization | ' | 0 | 0 | |||
Impairments | ' | 0 | 0 | |||
Taxes other than income taxes | -1 | -1 | 0 | |||
Accretion on discounted liabilities | 0 | 0 | 0 | |||
Interest and debt expense | -351 | 1 | 0 | |||
Foreign currency transaction (gains) losses | 0 | 0 | 0 | |||
Total Costs and Expenses | -21,752 | -26,086 | -32,136 | |||
Income (loss) before income taxes | -5,064 | -4,864 | -5,490 | |||
Provision (benefit) for income taxes | 0 | 0 | 0 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -5,064 | -4,864 | -5,490 | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income attributable to Phillips 66 | -5,064 | -4,864 | -5,490 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -5,438 | -5,004 | -5,425 | |||
Income from discontinued operations | 0 | ' | ' | |||
Income from continuing operations before taxes | -5,064 | -4,864 | -5,490 | |||
Phillips 66 [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 0 | 0 | 0 | |||
Equity in earnings of affiliates | 3,905 | 4,284 | 4,775 | |||
Net gain on dispositions | 0 | 0 | 0 | |||
Other income (loss) | -3 | 2 | 0 | |||
Intercompany revenues | 0 | 1 | 0 | |||
Total Revenues and Other Income | 3,902 | 4,287 | 4,775 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | 0 | 0 | 0 | |||
Operating expenses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 6 | 4 | 0 | |||
Depreciation and amortization | ' | 0 | 0 | |||
Impairments | 0 | 0 | 0 | |||
Taxes other than income taxes | 0 | 0 | 0 | |||
Accretion on discounted liabilities | 0 | 0 | 0 | |||
Interest and debt expense | 266 | 212 | 0 | |||
Foreign currency transaction (gains) losses | 0 | 0 | 0 | |||
Total Costs and Expenses | 272 | 216 | 0 | |||
Income (loss) before income taxes | 3,630 | 4,071 | 4,775 | |||
Provision (benefit) for income taxes | -96 | -53 | 0 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 3,726 | 4,124 | 4,775 | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income attributable to Phillips 66 | 3,726 | 4,124 | 4,775 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,077 | 4,228 | 4,683 | |||
Income from discontinued operations | 0 | ' | ' | |||
Income from continuing operations before taxes | 3,726 | 4,124 | 4,775 | |||
Phillips 66 Company [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 113,499 | 117,574 | 131,761 | |||
Equity in earnings of affiliates | 3,723 | 3,269 | 2,835 | |||
Net gain on dispositions | 50 | 192 | 1,867 | |||
Other income (loss) | 53 | -15 | 10 | |||
Intercompany revenues | 1,436 | 2,739 | 4,887 | |||
Total Revenues and Other Income | 118,761 | 123,759 | 141,360 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | 102,781 | 106,687 | 124,772 | |||
Operating expenses | 3,442 | 3,329 | 3,278 | |||
Selling, general and administrative expenses | 1,024 | 1,312 | 995 | |||
Depreciation and amortization | 730 | 668 | 655 | |||
Impairments | ' | 71 | 468 | |||
Taxes other than income taxes | 5,148 | 5,155 | 4,801 | |||
Accretion on discounted liabilities | 19 | 18 | 13 | |||
Interest and debt expense | 13 | 29 | 16 | |||
Foreign currency transaction (gains) losses | 0 | 0 | -1 | |||
Total Costs and Expenses | 113,157 | 117,269 | 134,997 | |||
Income (loss) before income taxes | 5,604 | 6,490 | 6,363 | |||
Provision (benefit) for income taxes | 1,699 | 2,206 | 1,588 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 3,905 | 4,284 | 4,775 | |||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | |||
Net income attributable to Phillips 66 | 3,905 | 4,284 | 4,775 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,256 | 4,388 | 4,683 | |||
Income from discontinued operations | 0 | ' | ' | |||
Income from continuing operations before taxes | 3,905 | 4,284 | 4,775 | |||
All Other Subsidiaries [Member] | ' | ' | ' | |||
Revenues and Other Income | ' | ' | ' | |||
Sales and other operating revenues | 58,097 | 61,716 | 64,170 | |||
Equity in earnings of affiliates | 509 | 445 | 723 | |||
Net gain on dispositions | 5 | 1 | -229 | |||
Other income (loss) | 35 | 148 | 35 | |||
Intercompany revenues | 20,316 | 23,346 | 27,249 | |||
Total Revenues and Other Income | 78,962 | 85,656 | 91,948 | |||
Costs and Expenses | ' | ' | ' | |||
Purchased crude oil and products | 66,745 | 73,715 | 80,088 | |||
Operating expenses | 790 | 760 | 837 | |||
Selling, general and administrative expenses | 541 | 428 | 399 | |||
Depreciation and amortization | 217 | 238 | 247 | |||
Impairments | 29 | 1,087 | 4 | |||
Taxes other than income taxes | 8,972 | 8,586 | 9,486 | |||
Accretion on discounted liabilities | 5 | 7 | 8 | |||
Interest and debt expense | 347 | 4 | 1 | |||
Foreign currency transaction (gains) losses | -40 | -28 | -33 | |||
Total Costs and Expenses | 77,606 | 84,797 | 91,037 | |||
Income (loss) before income taxes | 1,356 | 859 | 911 | |||
Provision (benefit) for income taxes | 241 | 320 | 234 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,115 | 539 | 677 | |||
Less: net income attributable to noncontrolling interests | 17 | 7 | 5 | |||
Net income attributable to Phillips 66 | 1,159 | 580 | 715 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,199 | 623 | 747 | |||
Income from discontinued operations | 61 | 48 | 43 | |||
Income from continuing operations before taxes | $1,176 | $587 | $720 | |||
[1] | Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues and 2012 amounts are reclassified to correct the geographic alignment of certain revenues, primarily between the United Kingdom and other foreign countries. | |||||
[2] | Includes excise taxes on petroleum products sales: $13,866 million, $13,371 million, $13,955 million | |||||
[3] | Net of provision for income taxes on discontinued operations: $34 million, $27 million, $22 million |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $5,400 | $3,474 | $0 | $0 | ||
Accounts and notes receivable | 9,632 | 10,403 | ' | ' | ||
Inventories | 3,354 | 3,430 | ' | ' | ||
Prepaid expenses and other current assets | 851 | 655 | ' | ' | ||
Total Current Assets | 19,237 | 17,962 | ' | ' | ||
Investments and long-term receivables | 11,220 | 10,471 | ' | ' | ||
Net properties, plants and equipment | 15,398 | [1] | 15,407 | [1] | ' | ' |
Goodwill | 3,096 | 3,344 | 3,332 | ' | ||
Intangibles | 698 | 724 | ' | ' | ||
Other assets | 149 | 165 | ' | ' | ||
Total Assets | 49,798 | 48,073 | 43,211 | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ||
Accounts payable | 11,090 | 10,710 | ' | ' | ||
Short-term debt | 24 | 13 | ' | ' | ||
Accrued income and other taxes | 872 | 901 | ' | ' | ||
Employee benefit obligations | 476 | 441 | ' | ' | ||
Other accruals | 469 | 417 | ' | ' | ||
Total Current Liabilities | 12,931 | 12,482 | ' | ' | ||
Long-term debt | 6,131 | 6,961 | ' | ' | ||
Asset retirement obligations and accrued environmental costs | 700 | 740 | ' | ' | ||
Deferred income taxes | 6,125 | 5,444 | ' | ' | ||
Employee benefit obligations | 921 | 1,325 | ' | ' | ||
Other liabilities and deferred credits | 598 | 315 | ' | ' | ||
Total Liabilities | 27,406 | 27,267 | ' | ' | ||
Common stock | 16,291 | ' | ' | ' | ||
Retained earnings | 5,622 | 2,713 | ' | ' | ||
Net ConocoPhillips investments | ' | 18,376 | ' | ' | ||
Accumulated other comprehensive income (loss) | 37 | -314 | 122 | 214 | ||
Noncontrolling interests | 442 | 31 | ' | ' | ||
Total Liabilities and Equity | 49,798 | 48,073 | ' | ' | ||
Consolidating Adjustments [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts and notes receivable | -684 | -989 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Prepaid expenses and other current assets | 0 | 0 | ' | ' | ||
Total Current Assets | -684 | -989 | ' | ' | ||
Investments and long-term receivables | -56,868 | -45,635 | ' | ' | ||
Net properties, plants and equipment | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Intangibles | 0 | 0 | ' | ' | ||
Other assets | -4 | -36 | ' | ' | ||
Total Assets | -57,556 | -46,660 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ||
Accounts payable | -684 | -989 | ' | ' | ||
Short-term debt | 0 | 0 | ' | ' | ||
Accrued income and other taxes | 0 | 0 | ' | ' | ||
Employee benefit obligations | 0 | 0 | ' | ' | ||
Other accruals | 0 | 0 | ' | ' | ||
Total Current Liabilities | -684 | -989 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Asset retirement obligations and accrued environmental costs | 0 | 0 | ' | ' | ||
Deferred income taxes | -4 | -36 | ' | ' | ||
Employee benefit obligations | 0 | 0 | ' | ' | ||
Other liabilities and deferred credits | -14,048 | -8,321 | ' | ' | ||
Total Liabilities | -14,736 | -9,346 | ' | ' | ||
Common stock | -34,240 | ' | ' | ' | ||
Retained earnings | -8,224 | -3,232 | ' | ' | ||
Net ConocoPhillips investments | ' | -34,100 | ' | ' | ||
Accumulated other comprehensive income (loss) | -356 | 18 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total Liabilities and Equity | -57,556 | -46,660 | ' | ' | ||
Phillips 66 [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts and notes receivable | 9 | 47 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Prepaid expenses and other current assets | 10 | 11 | ' | ' | ||
Total Current Assets | 19 | 58 | ' | ' | ||
Investments and long-term receivables | 33,178 | 28,934 | ' | ' | ||
Net properties, plants and equipment | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Intangibles | 0 | 0 | ' | ' | ||
Other assets | 40 | 78 | ' | ' | ||
Total Assets | 33,237 | 29,070 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ||
Accounts payable | 1 | 17 | ' | ' | ||
Short-term debt | 0 | 0 | ' | ' | ||
Accrued income and other taxes | 0 | 0 | ' | ' | ||
Employee benefit obligations | 0 | 0 | ' | ' | ||
Other accruals | 49 | 50 | ' | ' | ||
Total Current Liabilities | 50 | 67 | ' | ' | ||
Long-term debt | 5,796 | 6,795 | ' | ' | ||
Asset retirement obligations and accrued environmental costs | 0 | 0 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Employee benefit obligations | 0 | 0 | ' | ' | ||
Other liabilities and deferred credits | 5,441 | 1,433 | ' | ' | ||
Total Liabilities | 11,287 | 8,295 | ' | ' | ||
Common stock | 16,291 | ' | ' | ' | ||
Retained earnings | 5,622 | 2,713 | ' | ' | ||
Net ConocoPhillips investments | ' | 18,376 | ' | ' | ||
Accumulated other comprehensive income (loss) | 37 | -314 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total Liabilities and Equity | 33,237 | 29,070 | ' | ' | ||
Phillips 66 Company [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 2,162 | 2,410 | 0 | 0 | ||
Accounts and notes receivable | 2,176 | 2,889 | ' | ' | ||
Inventories | 1,962 | 1,938 | ' | ' | ||
Prepaid expenses and other current assets | 368 | 403 | ' | ' | ||
Total Current Assets | 6,668 | 7,640 | ' | ' | ||
Investments and long-term receivables | 27,414 | 20,937 | ' | ' | ||
Net properties, plants and equipment | 12,031 | 11,714 | ' | ' | ||
Goodwill | 3,094 | 3,344 | ' | ' | ||
Intangibles | 694 | 710 | ' | ' | ||
Other assets | 112 | 114 | ' | ' | ||
Total Assets | 50,013 | 44,459 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ||
Accounts payable | 7,508 | 7,014 | ' | ' | ||
Short-term debt | 18 | 13 | ' | ' | ||
Accrued income and other taxes | 250 | 245 | ' | ' | ||
Employee benefit obligations | 422 | 391 | ' | ' | ||
Other accruals | 178 | 279 | ' | ' | ||
Total Current Liabilities | 8,376 | 7,942 | ' | ' | ||
Long-term debt | 152 | 165 | ' | ' | ||
Asset retirement obligations and accrued environmental costs | 527 | 563 | ' | ' | ||
Deferred income taxes | 5,045 | 4,478 | ' | ' | ||
Employee benefit obligations | 724 | 1,094 | ' | ' | ||
Other liabilities and deferred credits | 2,153 | 1,435 | ' | ' | ||
Total Liabilities | 16,977 | 15,677 | ' | ' | ||
Common stock | 25,938 | ' | ' | ' | ||
Retained earnings | 7,061 | 3,145 | ' | ' | ||
Net ConocoPhillips investments | ' | 25,951 | ' | ' | ||
Accumulated other comprehensive income (loss) | 37 | -314 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total Liabilities and Equity | 50,013 | 44,459 | ' | ' | ||
All Other Subsidiaries [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 3,238 | 1,064 | 0 | 0 | ||
Accounts and notes receivable | 8,131 | 8,456 | ' | ' | ||
Inventories | 1,392 | 1,492 | ' | ' | ||
Prepaid expenses and other current assets | 473 | 241 | ' | ' | ||
Total Current Assets | 13,234 | 11,253 | ' | ' | ||
Investments and long-term receivables | 7,496 | 6,235 | ' | ' | ||
Net properties, plants and equipment | 3,367 | 3,693 | ' | ' | ||
Goodwill | 2 | 0 | ' | ' | ||
Intangibles | 4 | 14 | ' | ' | ||
Other assets | 1 | 9 | ' | ' | ||
Total Assets | 24,104 | 21,204 | ' | ' | ||
Liabilities and Equity | ' | ' | ' | ' | ||
Accounts payable | 4,265 | 4,668 | ' | ' | ||
Short-term debt | 6 | 0 | ' | ' | ||
Accrued income and other taxes | 622 | 656 | ' | ' | ||
Employee benefit obligations | 54 | 50 | ' | ' | ||
Other accruals | 242 | 88 | ' | ' | ||
Total Current Liabilities | 5,189 | 5,462 | ' | ' | ||
Long-term debt | 183 | 1 | ' | ' | ||
Asset retirement obligations and accrued environmental costs | 173 | 177 | ' | ' | ||
Deferred income taxes | 1,084 | 1,002 | ' | ' | ||
Employee benefit obligations | 197 | 231 | ' | ' | ||
Other liabilities and deferred credits | 7,052 | 5,768 | ' | ' | ||
Total Liabilities | 13,878 | 12,641 | ' | ' | ||
Common stock | 8,302 | ' | ' | ' | ||
Retained earnings | 1,163 | 87 | ' | ' | ||
Net ConocoPhillips investments | ' | 8,149 | ' | ' | ||
Accumulated other comprehensive income (loss) | 319 | 296 | ' | ' | ||
Noncontrolling interests | 442 | 31 | ' | ' | ||
Total Liabilities and Equity | $24,104 | $21,204 | ' | ' | ||
[1] | At December 31, 2013, net PP&E of $58 million associated with discontinued operations was classified as current assets. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Cash Flow) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $5,942,000,000 | $4,259,000,000 | $4,953,000,000 |
Net cash provided by (used in) discontinued operations | 85,000,000 | 37,000,000 | 53,000,000 |
Net Cash Provided by (Used in) Operating Activities | 6,027,000,000 | 4,296,000,000 | 5,006,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Capital expenditures and investments | -1,779,000,000 | -1,701,000,000 | -1,016,000,000 |
Proceeds from asset dispositions | 1,214,000,000 | 286,000,000 | 2,627,000,000 |
Proceeds from Collection of Long-term Loans to Related Parties | 0 | 0 | ' |
Advances/loans—related parties | -65,000,000 | -100,000,000 | 0 |
Collection of advances/loans—related parties | 165,000,000 | 0 | 550,000,000 |
Other | 48,000,000 | 0 | 337,000,000 |
Net Cash Provided by (Used in) Financing Activities | -417,000,000 | -1,515,000,000 | 2,498,000,000 |
Net cash used in discontinued operations | -27,000,000 | -20,000,000 | -6,000,000 |
Net Cash Provided by (Used in) Investing Activities | -444,000,000 | -1,535,000,000 | 2,492,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Repayment of debt | -1,020,000,000 | -1,210,000,000 | -26,000,000 |
Issuance of common stock | 6,000,000 | 47,000,000 | 0 |
Issuance of common stock | 6,000,000 | ' | ' |
Repurchase of common stock | -2,246,000,000 | -356,000,000 | 0 |
Dividends paid on common stock | -807,000,000 | -282,000,000 | 0 |
Distributions to noncontrolling interests | -10,000,000 | -5,000,000 | -1,000,000 |
Net proceeds from issuance of Phillips 66 Partners LP common units | 404,000,000 | 0 | 0 |
Contributions from (distributions to) ConocoPhillips | 0 | -5,255,000,000 | -7,471,000,000 |
Issuance of debt | 0 | 7,794,000,000 | 0 |
Other | -6,000,000 | -34,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -3,679,000,000 | 699,000,000 | -7,498,000,000 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -3,679,000,000 | 699,000,000 | -7,498,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 22,000,000 | 14,000,000 | 0 |
Net Change in Cash and Cash Equivalents | 1,926,000,000 | 3,474,000,000 | 0 |
Cash and cash equivalents at beginning of year | 3,474,000,000 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 5,400,000,000 | 3,474,000,000 | 0 |
Consolidating Adjustments [Member] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -80,000,000 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | -80,000,000 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Capital expenditures and investments | 19,000,000 | 10,000,000 | 0 |
Proceeds from asset dispositions | 0 | 0 | 0 |
Proceeds from Collection of Long-term Loans to Related Parties | 0 | 0 | ' |
Advances/loans—related parties | 0 | 0 | ' |
Collection of advances/loans—related parties | 0 | -7,000,000 | 0 |
Other | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 19,000,000 | 3,000,000 | ' |
Net cash used in discontinued operations | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities | 19,000,000 | 3,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Repayment of debt | ' | 7,000,000 | 0 |
Issuance of common stock | ' | 0 | ' |
Issuance of common stock | ' | ' | ' |
Repurchase of common stock | ' | 0 | ' |
Dividends paid on common stock | 72,000,000 | 0 | ' |
Partners' Capital Account, Distributions | -8,000,000 | ' | ' |
Distributions to noncontrolling interests | ' | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | ' | ' | ' |
Contributions from (distributions to) ConocoPhillips | ' | 0 | 0 |
Issuance of debt | ' | 0 | ' |
Other | -19,000,000 | -10,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 61,000,000 | -3,000,000 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 61,000,000 | -3,000,000 | 0 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | ' |
Net Change in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Phillips 66 [Member] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 5,000,000 | -42,000,000 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | 5,000,000 | -42,000,000 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Capital expenditures and investments | 0 | 0 | 0 |
Proceeds from asset dispositions | 0 | 0 | 0 |
Proceeds from Collection of Long-term Loans to Related Parties | 4,055,000,000 | 1,376,000,000 | ' |
Advances/loans—related parties | 0 | 0 | ' |
Collection of advances/loans—related parties | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 4,055,000,000 | 1,376,000,000 | ' |
Net cash used in discontinued operations | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities | 4,055,000,000 | 1,376,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Repayment of debt | -1,000,000,000 | -1,000,000,000 | 0 |
Issuance of common stock | ' | 47,000,000 | ' |
Issuance of common stock | 6,000,000 | ' | ' |
Repurchase of common stock | -2,246,000,000 | -356,000,000 | ' |
Dividends paid on common stock | -807,000,000 | -282,000,000 | ' |
Distributions to noncontrolling interests | ' | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | ' | ' | ' |
Contributions from (distributions to) ConocoPhillips | ' | -7,469,000,000 | 0 |
Issuance of debt | ' | 7,794,000,000 | ' |
Other | -13,000,000 | -68,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -4,060,000,000 | -1,334,000,000 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -4,060,000,000 | -1,334,000,000 | 0 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | ' |
Net Change in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Phillips 66 Company [Member] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 4,972,000,000 | 7,429,000,000 | 3,038,000,000 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | 4,972,000,000 | 7,429,000,000 | 3,038,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Capital expenditures and investments | -1,108,000,000 | -861,000,000 | -717,000,000 |
Proceeds from asset dispositions | 63,000,000 | 240,000,000 | 2,517,000,000 |
Proceeds from Collection of Long-term Loans to Related Parties | -4,206,000,000 | -4,334,000,000 | ' |
Advances/loans—related parties | 0 | 0 | ' |
Collection of advances/loans—related parties | 0 | 0 | 550,000,000 |
Other | 42,000,000 | 0 | 51,000,000 |
Net Cash Provided by (Used in) Financing Activities | -5,209,000,000 | -4,955,000,000 | 2,401,000,000 |
Net cash used in discontinued operations | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities | -5,209,000,000 | -4,955,000,000 | 2,401,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Repayment of debt | -18,000,000 | -208,000,000 | -18,000,000 |
Issuance of common stock | ' | 0 | ' |
Issuance of common stock | ' | ' | ' |
Repurchase of common stock | ' | 0 | ' |
Dividends paid on common stock | ' | 0 | ' |
Distributions to noncontrolling interests | ' | 0 | 0 |
Net proceeds from issuance of Phillips 66 Partners LP common units | ' | ' | ' |
Contributions from (distributions to) ConocoPhillips | ' | 110,000,000 | -5,421,000,000 |
Issuance of debt | ' | 0 | ' |
Other | 7,000,000 | 34,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -11,000,000 | -64,000,000 | -5,439,000,000 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -11,000,000 | -64,000,000 | -5,439,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | ' |
Net Change in Cash and Cash Equivalents | -248,000,000 | 2,410,000,000 | 0 |
Cash and cash equivalents at beginning of year | 2,410,000,000 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 2,162,000,000 | 2,410,000,000 | 0 |
All Other Subsidiaries [Member] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,045,000,000 | -3,128,000,000 | 1,915,000,000 |
Net cash provided by (used in) discontinued operations | 85,000,000 | 37,000,000 | 53,000,000 |
Net Cash Provided by (Used in) Operating Activities | 1,130,000,000 | -3,091,000,000 | 1,968,000,000 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Capital expenditures and investments | -690,000,000 | -850,000,000 | -299,000,000 |
Proceeds from asset dispositions | 1,151,000,000 | 46,000,000 | 110,000,000 |
Proceeds from Collection of Long-term Loans to Related Parties | 151,000,000 | 2,958,000,000 | ' |
Advances/loans—related parties | -65,000,000 | -100,000,000 | ' |
Collection of advances/loans—related parties | 165,000,000 | 7,000,000 | 0 |
Other | 6,000,000 | 0 | 286,000,000 |
Net Cash Provided by (Used in) Financing Activities | 718,000,000 | 2,061,000,000 | 97,000,000 |
Net cash used in discontinued operations | -27,000,000 | -20,000,000 | -6,000,000 |
Net Cash Provided by (Used in) Investing Activities | 691,000,000 | 2,041,000,000 | 91,000,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Repayment of debt | -2,000,000 | -9,000,000 | -8,000,000 |
Issuance of common stock | ' | 0 | ' |
Issuance of common stock | ' | ' | ' |
Repurchase of common stock | ' | 0 | ' |
Dividends paid on common stock | -72,000,000 | 0 | ' |
Distributions to noncontrolling interests | -10,000,000 | -5,000,000 | -1,000,000 |
Net proceeds from issuance of Phillips 66 Partners LP common units | 404,000,000 | ' | ' |
Contributions from (distributions to) ConocoPhillips | ' | 2,104,000,000 | -2,050,000,000 |
Issuance of debt | ' | 0 | ' |
Other | 19,000,000 | 10,000,000 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 331,000,000 | 2,100,000,000 | -2,059,000,000 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 331,000,000 | 2,100,000,000 | -2,059,000,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 22,000,000 | 14,000,000 | ' |
Net Change in Cash and Cash Equivalents | 2,174,000,000 | 1,064,000,000 | 0 |
Cash and cash equivalents at beginning of year | 1,064,000,000 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 3,238,000,000 | 1,064,000,000 | 0 |
All Other Subsidiaries [Member] | Consolidating Adjustments [Member] | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ' | ' | ' |
Partners' Capital Account, Distributions | ($8,000,000) | ' | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Billions, unless otherwise specified | |
Condensed Consolidating Financial Information [Abstract] | ' |
Debt at face value | $5.80 |
Percentage of ownership in subsidiary | 100.00% |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts and notes receivable [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $50 | $13 | $7 | |||
Charged to Expense | 10 | 36 | 7 | |||
Other | 0 | [1] | 0 | [1] | 0 | [1] |
Deductions | -13 | [2] | 1 | [2] | -1 | [2] |
Balance at end of period | 47 | 50 | 13 | |||
Deferred tax asset valuation allowance [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 329 | 210 | 165 | |||
Charged to Expense | 20 | 61 | 54 | |||
Other | -222 | [1] | 54 | [1] | -9 | [1] |
Deductions | 0 | 4 | 0 | |||
Balance at end of period | $127 | $329 | $210 | |||
[1] | Represents acquisitions/dispositions/revisions, net transfers associated with the Separation and the effect of translating foreign financial statements. | |||||
[2] | Amounts charged off less recoveries of amounts previously charged off. |