Phillips 66 (PSX) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Trading Symbol	PSX
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	533,440,280

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales and other operating revenues
Sales and other operating revenues	[1]	$ 25,792	$ 40,417	$ 77,082	$ 126,249
Equity in earnings of affiliates		583	511	1,446	2,053
Net gain on dispositions		22	109	283	125
Other income		20	11	109	59
Total Revenues and Other Income		26,417	41,048	78,920	128,486
Costs and Expenses
Purchased crude oil and products		18,580	33,602	57,528	107,299
Operating expenses		1,083	1,104	3,220	3,271
Selling, general and administrative expenses		437	401	1,237	1,215
Depreciation and amortization		270	249	797	722
Impairments		1	12	3	16
Taxes other than income taxes	[1]	3,610	3,874	10,621	11,344
Accretion on discounted liabilities		5	6	16	18
Interest and debt expense		71	60	236	194
Foreign currency transaction losses		1	13	50	23
Total Costs and Expenses		24,058	39,321	73,708	124,102
Income from continuing operations before income taxes		2,359	1,727	5,212	4,384
Provision for income taxes		767	538	1,598	1,451
Income From Continuing Operations		1,592	1,189	3,614	2,933
Income from discontinued operations	[2],[3]				706
Net Income		1,592	1,189	3,614	3,639
Less: net income attributable to noncontrolling interests		14	9	37	24
Net Income Attributable to Phillips 66		1,578	1,180	3,577	3,615
Amounts Attributable to Phillips 66 Common Stockholders:
Income from continuing operations		$ 1,578	$ 1,180	$ 3,577	2,909
Income from discontinued operations					$ 706
Basic
Continuing operations		$ 2.92	$ 2.11	$ 6.56	$ 5.10
Discontinued operations					1.24
Net Income Attributable to Phillips 66 Per Share of Common Stock		2.92	2.11	6.56	6.34
Diluted
Continuing operations		2.90	2.09	6.52	5.05
Discontinued operations					1.23
Net Income Attributable to Phillips 66 Per Share of Common Stock		2.90	2.09	6.52	6.28
Dividends Paid Per Share of Common Stock (dollars)		$ 0.56	$ 0.5	$ 1.62	$ 1.39
Average Common Shares Outstanding (in thousands)
Basic		540,357	559,492	544,362	569,692
Diluted		544,696	564,958	549,034	575,589
[1]	Includes excise taxes on petroleum products sales: $3,513, $3,781, $10,338, $11,046
[2]	Net of provision for income taxes on discontinued operations: $-, $-, $-, $5
[3]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5

Consolidated Statement of Inco3

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Includes excise taxes on petroleum products sales	$ 3,513	$ 3,781	$ 10,338	$ 11,046
Net of provision for income taxes on discontinued operations				$ 5

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,592	$ 1,189	$ 3,614	$ 3,639
Actuarial gain (loss):
Actuarial loss arising during the period	(116)		(116)
Amortization to net income of net actuarial loss and settlements	98	15	147	41
Plans sponsored by equity affiliates	4	4	14	10
Income taxes on defined benefit plans	6	(5)	(14)	(16)
Defined benefit plans, net of tax	(8)	14	31	35
Foreign currency translation adjustments	(106)	(233)	(91)	(106)
Income taxes on foreign currency translation adjustments	(5)	8	3	9
Foreign currency translation adjustments, net of tax	(111)	(225)	(88)	(97)
Other Comprehensive Loss, Net of Tax	(119)	(211)	(57)	(62)
Comprehensive Income	1,473	978	3,557	3,577
Less: comprehensive income attributable to noncontrolling interests	14	9	37	24
Comprehensive Income Attributable to Phillips 66	$ 1,459	$ 969	$ 3,520	$ 3,553

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 4,822	$ 5,207
Accounts and notes receivable (net of allowances of $68 million in 2015 and $71 million in 2014)	4,315	6,306
Accounts and notes receivable - related parties	883	949
Inventories	4,388	3,397
Prepaid expenses and other current assets	641	837
Total Current Assets	15,049	16,696
Investments and long-term receivables	10,601	10,189
Net properties, plants and equipment	19,257	17,346
Goodwill	3,275	3,274
Intangibles	879	900
Other assets	354	336
Total Assets	49,415	48,741
Liabilities
Accounts payable	6,151	7,488
Accounts payable - related parties	711	576
Short-term debt	43	842
Accrued income and other taxes	980	878
Employee benefit obligations	458	462
Other accruals	532	848
Total Current Liabilities	8,875	11,094
Long-term debt	8,908	7,842
Asset retirement obligations and accrued environmental costs	681	683
Deferred income taxes	5,401	5,491
Employee benefit obligations	1,249	1,305
Other liabilities and deferred credits	269	289
Total Liabilities	25,383	26,704
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2015—638,634,255 shares; 2014—637,031,760 shares) Par Value	6	6
Capital in excess of par	19,116	19,040
Treasury stock (at cost: 2015—105,193,975 shares; 2014—90,649,984 shares)	(7,340)	(6,234)
Retained earnings	12,000	9,309
Accumulated other comprehensive loss	(588)	(531)
Total Stockholders' Equity	23,194	21,590
Noncontrolling interests	838	447
Total Equity	24,032	22,037
Total Liabilities and Equity	$ 49,415	$ 48,741

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts and notes receivable - allowance	$ 68	$ 71
Common stock authorized, shares	2,500,000,000	2,500,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock issued, shares	638,634,255	637,031,760
Treasury stock, shares	105,193,975	90,649,984

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income		$ 3,614	$ 3,639
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		797	722
Impairments		3	16
Accretion on discounted liabilities		16	18
Deferred taxes		(125)	(527)
Undistributed equity earnings		17	360
Net gain on dispositions		(283)	(125)
Income from discontinued operations	[1],[2]		(706)
Other		70	70
Working capital adjustments
Decrease (increase) in accounts and notes receivable		2,158	810
Decrease (increase) in inventories		(1,047)	(2,336)
Decrease (increase) in prepaid expenses and other current assets		165	(95)
Increase (decrease) in accounts payable		(1,136)	299
Increase (decrease) in taxes and other accruals		(33)	510
Net cash provided by continuing operating activities		4,216	2,655
Net cash provided by discontinued operations			2
Net Cash Provided by Operating Activities		4,216	2,657
Cash Flows From Investing Activities
Capital expenditures and investments	[3]	(3,286)	(2,647)
Proceeds from asset dispositions	[4]	68	663
Advances/loans—related parties		(50)	(3)
Collection of advances/loans—related parties		50
Other		2	161
Net cash used in continuing investing activities		(3,216)	(1,826)
Net cash used in discontinued operations			(2)
Net Cash Used in Investing Activities		(3,216)	(1,828)
Cash Flows From Financing Activities
Issuance of debt		1,169
Repayment of debt		(918)	(30)
Issuance of common stock		(27)	1
Repurchase of common stock		(1,106)	(1,750)
Share exchange—PSPI transaction			(450)
Dividends paid on common stock		(874)	(787)
Distributions to noncontrolling interests		(30)	(18)
Net proceeds from issuance of Phillips 66 Partners LP common units		384
Other	[3]	2	23
Net cash used in continuing financing activities		(1,400)	(3,011)
Net Cash Used in Financing Activities		(1,400)	(3,011)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		15	(110)
Net Change in Cash and Cash Equivalents		(385)	(2,292)
Cash and cash equivalents at beginning of period		5,207	5,400
Cash and Cash Equivalents at End of Period		$ 4,822	$ 3,108
[1]	Net of provision for income taxes on discontinued operations: $-, $-, $-, $5
[2]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5
[3]	Includes intercompany capital contributions.
[4]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value [Member]	Capital in Excess of Par [Member]	Treasury Stock [Member]	Treasury Stock Repurchase Plan [Member]	Treasury Stock Received On Disposition [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2013	$ 22,392	$ 6	$ 18,887	$ (2,602)			$ 5,622	$ 37	$ 442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,639						3,615		24
Other comprehensive income	(62)							(62)
Cash dividends paid on common stock	(787)						(787)
Treasury stock, Repurchase of common stock and Share exchange-PSPI transaction					$ (1,750)	$ (1,350)
Benefit plan activity			141
Benefit plan activity							(11)
Benefit plan activity	130
Distributions to noncontrolling interests and other									(18)
Distributions to noncontrolling interests and other	(18)
Ending Balance at Sep. 30, 2014	$ 22,194	6	19,028	(5,702)			8,439	(25)	448
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2013	634,286,000
Shares
Shares issued - share-based compensation	2,655,000
Ending Balance, Common Stock Issued, shares at Sep. 30, 2014	636,941,000
Beginning Balance, Treasury Stock at Dec. 31, 2013	44,106,000
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares					21,898,000	17,423,000
Ending Balance, Treasury Stock at Sep. 30, 2014	83,427,000
Beginning Balance at Dec. 31, 2014	$ 22,037	6	19,040	(6,234)			9,309	(531)	447
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,614						3,577		37
Other comprehensive income	(57)							(57)
Cash dividends paid on common stock	(874)						(874)
Treasury stock, Repurchase of common stock and Share exchange-PSPI transaction	(1,106)			(1,106)
Benefit plan activity			76
Benefit plan activity							(12)
Benefit plan activity	64
Issuance of Phillips 66 Partners LP common units	384								384
Distributions to noncontrolling interests and other									(30)
Distributions to noncontrolling interests and other	(30)
Ending Balance at Sep. 30, 2015	$ 24,032	$ 6	$ 19,116	$ (7,340)			$ 12,000	$ (588)	$ 838
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2014	637,031,760
Shares
Shares issued - share-based compensation	1,602,000
Ending Balance, Common Stock Issued, shares at Sep. 30, 2015	638,634,255
Beginning Balance, Treasury Stock at Dec. 31, 2014	90,649,984
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares	14,544,000
Ending Balance, Treasury Stock at Sep. 30, 2015	105,193,975

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2015
Additional Basis Of Presentation Disclosure [Abstract]
Interim Financial Information	Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2014 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the full year.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	9 Months Ended
	Sep. 30, 2015
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 natural gas liquids 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 of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities of Phillips 66 Partners that most significantly impact its economic performance. See Note 20—Phillips 66 Partners LP , for additional information. We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant non-consolidated 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 was challenged, and the dispute has been arbitrated. In April 2014, the arbitral tribunal upheld the exercise of the call right and the acquisition of the 50 percent ownership interest. In July 2014, PDVSA filed a petition to vacate the tribunal’s award, and in September 2015, the petition was denied. We expect PDVSA will appeal this denial. Until all legal challenges are resolved, we will 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 our separation from ConocoPhillips in 2012 (the Separation), we provided a 100 percent debt guarantee to the lender of MSLP’s 8.85% senior notes (MSLP Senior Notes). 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 our call exercise award is subject to being vacated because, under the partnership agreement, the co-venturers jointly direct the activities of MSLP that most significantly impact economic performance. At September 30, 2015 , our maximum exposure to loss represented the outstanding $173 million principal balance of the MSLP Senior Notes and our investment in MSLP of $149 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 Excel’s 7.43% senior secured bonds (Excel Senior Bonds). 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 use the equity method of accounting for this investment. At September 30, 2015 , our maximum exposure to loss represented 50 percent of the outstanding $32 million principal balance of the Excel Senior Bonds, or $16 million , half of the $60 million liquidity support, or $30 million , and our investment in Excel of $117 million .

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 4,124 3,141 Materials and supplies 264 256 $ 4,388 3,397 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,021 million and $3,004 million at September 30, 2015 , and December 31, 2014 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $2,300 million and $3,000 million at September 30, 2015 , and December 31, 2014 , respectively.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations We completed the following acquisitions in 2014: • In August 2014, we acquired a 7.1 million -barrel-storage-capacity crude oil and petroleum products terminal located near Beaumont, Texas, to promote growth plans in our Midstream segment. • In July 2014, we acquired Spectrum Corporation, a private label and specialty lubricants business headquartered in Memphis, Tennessee. The acquisition supports our plans to selectively grow stable-return businesses in our Marketing and Specialties (M&S) segment. • In March 2014, we acquired our co-venturer’s interest in an entity that operates a power and steam generation plant located in Texas that is included in our M&S segment. This acquisition provided us with full operational control over a key facility supplying utilities and other services to one of our refineries. We funded each of these acquisitions with cash on hand. Total cash consideration paid in 2014 was $741 million , net of cash acquired. Cash consideration paid for acquisitions is included in the “Capital expenditures and investments” line of our consolidated statement of cash flows. In the aggregate, as of December 31, 2014, we provisionally recorded $471 million of properties, plants and equipment (PP&E), $232 million of goodwill, $196 million of intangible assets, $70 million of net working capital and $109 million of long-term liabilities. Our acquisition accounting for these transactions is final and there were no material adjustments to the provisional amounts recorded.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	9 Months Ended
	Sep. 30, 2015
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In July 2014, we entered into an agreement to sell the Bantry Bay terminal in Ireland, which was included in our Refining segment. Accordingly, the net assets of the terminal were classified as held for sale, which resulted in a before-tax impairment of $12 million from the reduction of the carrying value of the long-lived assets to estimated fair value less costs to sell. As of December 31, 2014, long-lived assets of $77 million were recorded in the “Prepaid expenses and other current assets” line of our consolidated balance sheet. In addition, an immaterial amount of long-term liabilities was recorded in the “Other accruals” line of our consolidated balance sheet. In February 2015, we completed the sale of the terminal. At the time of the disposition, the terminal had a net carrying value of $68 million , which primarily related to net PP&E. An immaterial gain was recognized on this disposition. In February 2014, we exchanged the stock of Phillips Specialty Products Inc. (PSPI), a flow improver business, which was included in our M&S segment, for shares of Phillips 66 common stock owned by another party. The PSPI share exchange resulted in the receipt of approximately 17.4 million shares of Phillips 66 common stock, which are held as treasury shares, and the recognition of a before-tax gain of $696 million . At the time of the disposition, PSPI had a net carrying value of $685 million , which primarily included $481 million of cash and cash equivalents, $60 million of net PP&E and $117 million of allocated goodwill. Cash and cash equivalents of $450 million included in PSPI’s net carrying value is reflected as a financing cash outflow in the “Share exchange—PSPI transaction” line of our consolidated statement of cash flows. Revenues, income before tax and net income from discontinued operations, excluding the recognized before-tax gain of $696 million , were not material for the nine-month period ended September 30, 2014. In July 2013, we completed the sale of the Immingham Combined Heat and Power Plant (ICHP), which was included in our M&S segment. A gain on this disposal was deferred at the time of sale due to an indemnity provided to the buyer. We recognized the deferred gain in earnings as our exposure under the indemnity declined, beginning in the third quarter of 2014 and ending in the second quarter of 2015 when the indemnity expired. We recognized $242 million and $109 million of the deferred gain during the nine-month periods ended September 30 , 2015 and 2014, respectively. These amounts are included in the “Net gain on dispositions” line of our consolidated statement of income.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 5,266 7,896 16,092 24,579 Income before income taxes 881 784 2,611 3,094 Net income 860 758 2,556 3,021 WRB WRB is a 50 -percent-owned business venture with Cenovus Energy Inc. (Cenovus). Cenovus was obligated to contribute $7.5 billion , plus accrued interest, to WRB over a 10 -year period that began in 2007. In the first quarter of 2014, Cenovus prepaid its remaining balance under this obligation. As a result, WRB declared a special dividend, which was distributed to the co-venturers in March 2014. Of the $1,232 million that we received, $760 million was considered a return on our investment in WRB (an operating cash inflow), and $472 million was considered a return of our investment in WRB (an investing cash inflow). The return of investment portion of the dividend was included in the “Proceeds from asset dispositions” line in our consolidated statement of cash flows. At September 30, 2015 , the book value of our investment in WRB was $2,049 million and our basis difference was $3,235 million . Other In April 2015, Rockies Express Pipeline LLC (REX) repaid $450 million of its debt, reducing its long-term debt to approximately $2.6 billion . REX funded the repayment through member cash contributions. Our 25 percent share was approximately $112 million , which we contributed to REX in April 2015. 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 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. The arbitral tribunal issued its ruling in April 2014, which upheld the exercise of the call right and the acquisition of the 50 percent ownership interest. In July 2014, PDVSA filed a petition in U.S. district court to vacate the tribunal’s ruling, and in September 2015, the petition was denied. We expect PDVSA will appeal this denial. 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. Until all legal challenges are resolved, we will continue to use the equity method of accounting for our investment in MSLP.

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars September 30, 2015 December 31, 2014 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 6,571 1,257 5,314 4,726 1,185 3,541 Chemicals — — — — — — Refining 20,656 7,898 12,758 19,951 7,424 12,527 Marketing and Specialties 1,445 745 700 1,490 738 752 Corporate and Other 966 481 485 978 452 526 $ 29,638 10,381 19,257 27,145 9,799 17,346

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
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. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 1,578 1,578 1,180 1,180 3,577 3,577 2,909 2,909 Income allocated to participating securities (1 ) — (2 ) — (5 ) — (5 ) — Income from continuing operations available to common stockholders 1,577 1,578 1,178 1,180 3,572 3,577 2,904 2,909 Discontinued operations — — — — — — 706 706 Net Income available to common stockholders $ 1,577 1,578 1,178 1,180 3,572 3,577 3,610 3,615 Weighted-average common shares outstanding (thousands) : 535,618 540,357 555,677 559,492 539,616 544,362 565,831 569,692 Effect of stock-based compensation 4,739 4,339 3,815 5,466 4,746 4,672 3,861 5,897 Weighted-average common shares outstanding—EPS 540,357 544,696 559,492 564,958 544,362 549,034 569,692 575,589 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 2.92 2.90 2.11 2.09 6.56 6.52 5.10 5.05 Discontinued operations — — — — — — 1.24 1.23 Earnings Per Share $ 2.92 2.90 2.11 2.09 6.56 6.52 6.34 6.28

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Debt Repayment In March 2015, we repaid $800 million of 1.95% Senior Notes upon maturity. Debt Issuance In February 2015, Phillips 66 Partners closed on a public offering of $1.1 billion aggregate principal amount of unsecured senior notes, consisting of: • $300 million of 2.646% Senior Notes due 2020. • $500 million of 3.605% Senior Notes due 2025. • $300 million of 4.680% Senior Notes due 2045. Phillips 66 Partners utilized a portion of the net proceeds to fund part of the purchase price for its acquisition of our equity interests in Explorer Pipeline Company, DCP Sand Hills Pipeline, LLC, and DCP Southern Hills Pipeline, LLC. The remaining proceeds were used to repay existing borrowings from a subsidiary of Phillips 66, fund capital expenditures and for general partnership purposes. See Note 20—Phillips 66 Partners LP , for additional information. Credit Facilities At both September 30, 2015 , and December 31, 2014 , we had no direct outstanding borrowings under our $5 billion revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. At September 30, 2015 , and December 31, 2014 , no amount and $18 million , respectively, were outstanding under the $500 million revolving credit agreement of Phillips 66 Partners. Accordingly, as of September 30, 2015 , an aggregate $5.4 billion of total capacity was available under these facilities.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2015
Guarantees [Abstract]
Guarantees	Guarantees At September 30, 2015 , 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 2012, in connection with the Separation, we issued a guarantee for 100 percent of the MSLP Senior Notes issued in July 1999. At September 30, 2015 , the maximum potential amount of future payments to third parties under the guarantee was estimated to be $173 million , which could become payable if MSLP fails to meet its obligations under the senior notes agreement. The MSLP Senior Notes mature in 2019. Other Guarantees We have residual value guarantees associated with leases with maximum future potential payments totaling $395 million . We have other guarantees with maximum future potential payment amounts totaling $117 million , which consist primarily of guarantees to fund the short-term cash liquidity deficits of certain joint ventures and guarantees of the lease payment obligations of a joint venture. These guarantees generally extend up to 9 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, and employee claims; and real estate indemnity against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues with generally indefinite terms, and the maximum amount of future payments is generally unlimited. The carrying amount recorded for indemnifications at September 30, 2015 , was $210 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 $105 million of environmental accruals for known contamination that were primarily included in “Asset retirement obligations and accrued environmental costs” at September 30, 2015 . For additional information about environmental liabilities, see Note 11—Contingencies and Commitments . Indemnification and Release Agreement In 2012, 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	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various 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. 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 potentially 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 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 alleged to have liability 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 pertaining to sites 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. At September 30, 2015 , our total environmental accrual was $490 million , compared with $496 million at December 31, 2014 . We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. 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 September 30, 2015 , we had performance obligations secured by letters of credit and bank guarantees of $473 million (of which $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit and bank guarantees) related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 2015
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. Because we do not use 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 liquids (NGL), 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 13—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 13—Fair Value Measurements . Millions of Dollars September 30 December 31 Assets Accounts and notes receivable $ (1 ) (1 ) Prepaid expenses and other current assets 1,770 3,839 Other assets 25 29 Liabilities Other accruals 1,657 3,472 Other liabilities and deferred credits 21 1 Hedge accounting has not been used for any item in the table. The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and other operating revenues $ 195 179 21 208 Equity in earnings of affiliates — 6 — 4 Other income 12 (3 ) 59 12 Purchased crude oil and products 117 71 66 28 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 September 30, 2015 , and December 31, 2014 , the percentages of our derivative contract volumes expiring within the next 12 months were approximately 98 percent and 99 percent , respectively. Open Position Long/(Short) September 30 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (29 ) (11 ) 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 September 30, 2015 , or December 31, 2014 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
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 consolidated balance sheet approximates fair value. • Accounts and notes receivable: The carrying amount reported on the consolidated 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, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. • Futures: Fair values are based on quoted market prices obtained from the New York Mercantile Exchange, the InterContinental Exchange, or other traded exchanges. • Forward-exchange contracts: Fair value is estimated by comparing the contract rate to the forward rate in effect at the end of the reporting period, which approximates the exit price at that date. 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 either with: 1) adjusted quoted prices from an active market for similar assets or liabilities; 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. For the nine-month period ended September 30, 2015 , derivative assets with an aggregate value of $316 million and derivative liabilities with an aggregate value of $324 million were transferred into Level 1, as measured from the beginning of the reporting period. The measurements were reclassified within the fair value hierarchy due to the availability of unadjusted quoted prices from an active market. 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 quotes 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 agreements 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 the fair value of these contracts on a net basis in the column “Effect of Counterparty Netting,” which is how these also appear on the consolidated balance sheet. The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were: Millions of Dollars September 30, 2015 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 $ 979 738 — 1,717 (1,588 ) (10 ) — 119 1 OTC instruments — 12 — 12 (5 ) — — 7 — Physical forward contracts* — 63 2 65 (4 ) — — 61 — Rabbi trust assets 80 — — 80 N/A N/A — 80 N/A $ 1,059 813 2 1,874 (1,597 ) (10 ) — 267 Commodity Derivative Liabilities Exchange-cleared instruments $ 979 660 — 1,639 (1,588 ) (50 ) — 1 1 OTC instruments — 9 — 9 (5 ) — — 4 — Physical forward contracts* — 30 — 30 (4 ) — — 26 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,793 — 8,793 N/A N/A (106 ) 8,687 N/A $ 1,029 9,492 — 10,521 (1,597 ) (50 ) (106 ) 8,768 * 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 December 31, 2014 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 $ 2,058 1,525 — 3,583 (3,255 ) (225 ) — 103 — OTC instruments — 24 — 24 (14 ) — — 10 — Physical forward contracts* — 253 7 260 (38 ) — — 222 — Rabbi trust assets 76 — — 76 N/A N/A — 76 N/A $ 2,134 1,802 7 3,943 (3,307 ) (225 ) — 411 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,833 1,422 — 3,255 (3,255 ) — — — — OTC instruments — 29 — 29 (14 ) — — 15 — Physical forward contracts* — 189 — 189 (38 ) — — 151 — Floating-rate debt 68 — — 68 N/A N/A — 68 N/A Fixed-rate debt, excluding capital leases** — 8,806 — 8,806 N/A N/A (400 ) 8,406 N/A $ 1,901 10,446 — 12,347 (3,307 ) — (400 ) 8,640 * 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. The rabbi trust assets appear on our consolidated balance sheet in the “Investments and long-term receivables” line, while the floating-rate and fixed-rate debt appear in the “Short-term debt” and “Long-term debt” lines. For information regarding where our commodity derivative assets and liabilities appear on the balance sheet, see the first table in Note 12—Derivatives and Financial Instruments . Nonrecurring Fair Value Remeasurements During the nine-month period ended September 30, 2015, there were no significant nonrecurring fair value remeasurements of assets subsequent to their initial recognition. 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 nine-month period ended September 30, 2014: Millions of Dollars Fair Value Measurements Using Fair Value* Level 1 Inputs Level 2 Inputs Level 3 Inputs Before- Tax Loss September 30, 2014 Net asset disposal group (held for sale) $ 72 72 — — 12 * Represents the fair value at the time of the impairment. During the nine-month period ended September 30, 2014, net assets related to the Bantry Bay terminal in our Refining segment, with a carrying amount of $84 million , primarily consisting of net PP&E, were written down to fair value less costs to sell, resulting in a before-tax loss of $12 million . This impairment was attributed to the long-lived assets in the disposal group. The fair value was determined by a negotiated selling price with a third party. See Note 5—Assets Held for Sale or Sold , for additional information.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost for the three and nine months ended September 30, 2015 and 2014 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 32 9 30 9 1 1 Interest cost 27 7 27 9 2 2 Expected return on plan assets (35 ) (9 ) (35 ) (9 ) — — Amortization of prior service cost — — 1 — — — Recognized net actuarial loss 19 4 10 3 — — Settlements 75 — — — — — Net periodic benefit cost $ 118 11 33 12 3 3 Nine Months Ended September 30 Service cost $ 94 29 91 29 5 5 Interest cost 81 21 81 27 6 6 Expected return on plan assets (105 ) (28 ) (106 ) (28 ) — — Amortization of prior service cost (credit) 2 (1 ) 2 (1 ) (1 ) (1 ) Recognized net actuarial loss (gain) 56 12 30 9 (1 ) (1 ) Settlements 76 — — — — — Net periodic benefit cost $ 204 33 98 36 9 9 During the first nine months of 2015 , we contributed $225 million to our U.S. benefit plans and $52 million to our international benefit plans. We currently expect to make additional contributions of approximately $5 million to our U.S. benefit plans and $10 million to our international benefit plans during the remainder of 2015 . During the three months ended September 30, 2015, lump-sum benefit payments exceeded the sum of service and interest costs for the plan year for the U.S. qualified pension plan. As a result, we recognized a proportionate share of prior actuarial losses, or pension settlement expense, of $73 million . We have also recognized year-to-date pension settlement expense of $3 million related to our U.S. non-qualified supplemental retirement plan. In conjunction with the recognition of pension settlement expense, the plan assets and pension benefit obligation of the U.S. qualified pension plan were remeasured as of September 30, 2015. At the measurement date, the net pension liability increased $116 million resulting in a corresponding decrease to other comprehensive income. The increase in the net pension liability was primarily due to a decline in plan asset fair value.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2013 $ (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassifications 6 (97 ) — (91 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses 29 — — 29 Net current period other comprehensive income (loss) 35 (97 ) — (62 ) September 30, 2014 $ (369 ) 346 (2 ) (25 ) December 31, 2014 $ (696 ) 167 (2 ) (531 ) Other comprehensive loss before reclassifications (63 ) (88 ) — (151 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 94 — — 94 Net current period other comprehensive income (loss) 31 (88 ) — (57 ) September 30, 2015 $ (665 ) 79 (2 ) (588 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans , for additional information).

Cash Flow Information

Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information PSPI Noncash Stock Exchange As discussed more fully in Note 5—Assets Held for Sale or Sold , in February 2014 we completed the exchange of the stock of PSPI for shares of Phillips 66 common stock owned by the other party to the transaction. The noncash portion of the net assets surrendered by us in the exchange was $204 million , and we received approximately 17.4 million shares of our common stock, with a fair value at the time of the exchange of $1.35 billion .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Operating revenues and other income (a) $ 581 1,653 1,872 5,306 Purchases (b) 1,927 3,772 6,281 12,298 Operating expenses and selling, general and administrative expenses (c) 29 33 91 109 Interest expense (d) 2 2 5 6 In December 2014, we completed the sale of our interest in the Malaysian Refining Company Sdn. Bdh. (MRC). Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 period in the table above. (a) 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 crude oil and other 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) We purchased crude oil and 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, LLC (DCP Midstream) and CPChem for use in our refinery processes and other feedstocks from various affiliates. We paid NGL fractionation fees to CPChem. 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. (c) We paid utility and processing fees to various affiliates. (d) We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Related

Segment Disclosures and Related Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information Our operating segments are: 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, delivers refined and specialty products to market, and provides storage services for crude oil and petroleum products. The Midstream segment includes, among other businesses, our 50 percent equity investment in DCP Midstream and our investment in Phillips 66 Partners. 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 14 refineries, mainly in the United States and Europe. 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 base oils and 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. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and Other Operating Revenues Midstream Total sales $ 821 1,323 2,703 4,633 Intersegment eliminations (250 ) (255 ) (747 ) (821 ) Total Midstream 571 1,068 1,956 3,812 Chemicals 1 2 4 6 Refining Total sales 16,511 28,910 49,737 91,753 Intersegment eliminations (10,758 ) (17,768 ) (31,434 ) (54,119 ) Total Refining 5,753 11,142 18,303 37,634 Marketing and Specialties Total sales 19,852 28,663 57,943 86,198 Intersegment eliminations (386 ) (466 ) (1,146 ) (1,424 ) Total Marketing and Specialties 19,466 28,197 56,797 84,774 Corporate and Other 1 8 22 23 Consolidated sales and other operating revenues $ 25,792 40,417 77,082 126,249 Net Income (Loss) Attributable to Phillips 66 Midstream $ 101 115 90 411 Chemicals 252 230 750 870 Refining 1,003 558 2,145 1,254 Marketing and Specialties 338 368 956 667 Corporate and Other (116 ) (91 ) (364 ) (293 ) Discontinued operations — — — 706 Consolidated net income attributable to Phillips 66 $ 1,578 1,180 3,577 3,615 Millions of Dollars September 30 December 31 Total Assets Midstream $ 9,251 7,295 Chemicals 5,168 5,209 Refining 22,777 22,808 Marketing and Specialties 6,428 7,051 Corporate and Other 5,791 6,378 Consolidated total assets $ 49,415 48,741

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the third quarter and the first nine months of 2015 was 33 percent and 31 percent , respectively, compared with 31 percent and 33 percent for the corresponding periods of 2014 . The increase in the effective tax rate for the third quarter of 2015 , compared with the third quarter of 2014 , was primarily attributable to the recognition of a nontaxable gain associated with the sale of ICHP in 2014. The decrease in the effective tax rate for the first nine months of 2015, compared with the first nine months of 2014, was primarily attributable to a favorable tax settlement in the United Kingdom and a larger impact in 2015 from the recognition of a nontaxable gain associated with the sale of ICHP. For additional information on the nontaxable gain, see Note 5—Assets Held for Sale or Sold . The effective tax rate varies from the federal statutory tax rate of 35 percent primarily as a result of state tax expense, offset by the manufacturing deduction and foreign operations.

Phillips 66 Partners LP

Phillips 66 Partners LP	9 Months Ended
	Sep. 30, 2015
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	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. In March 2015, we contributed to Phillips 66 Partners our equity interests in Explorer Pipeline Company ( 19.5 percent ), DCP Sand Hills Pipeline, LLC ( 33.3 percent ), and DCP Southern Hills Pipeline, LLC ( 33.3 percent ). Each of these investments is accounted for under the equity method of accounting. The total consideration for the transaction was $1,010 million , which consisted of $880 million in cash and the issuance of common units and general partner units to us with an aggregate fair value of $130 million . In February 2015, Phillips 66 Partners completed a public offering of 5,250,000 common units representing limited partner interests, at a public offering price of $75.50 per unit. The net proceeds received at closing were $384 million . Additionally, Phillips 66 Partners closed a public offering of $1.1 billion aggregate principal amount of senior notes. For additional information about the senior notes, see Note 9—Debt . Phillips 66 Partners used a portion of the net proceeds of both offerings to fund the acquisition transaction discussed above and repay existing borrowings from a subsidiary of Phillips 66. The remainder is being used for capital expenditures and for general partnership purposes. At September 30, 2015, we owned a 69 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 29 percent limited partner interest. We consolidate Phillips 66 Partners because we control the partnership through our general partner interest (see Note 2—Variable Interest Entities (VIEs) , for additional information). The public’s ownership interest in Phillips 66 Partners was $805 million at September 30, 2015, and is reflected as a noncontrolling interest in our financial statements. The most significant assets of Phillips 66 Partners that are available to settle only its obligations were equity investments of $858 million and net PP&E of $489 million at September 30, 2015.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2015
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015, applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." This standard states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing these costs when they relate to a line-of-credit arrangement. We currently have debt issuance costs included as deferred charges in our balance sheet, which will be reclassified as a reduction of debt when we adopt ASU 2015-03. At September 30, 2015 , this amount was $55 million . In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new standard converged guidance on recognizing revenues in contracts with customers under accounting principles generally accepted in the United States and International Financial Reporting Standards. This ASU is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendment in this ASU defers the effective date of ASU 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. Retrospective or modified retrospective application of the accounting standard is required. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On October 18, 2015, we entered into a definitive agreement with DCP Midstream and our co-venturer in DCP Midstream pursuant to which we will contribute $1.5 billion of cash to DCP Midstream and our co-venturer will contribute their interests in certain operating assets that are held as equity investments. The transaction closed on October 30, 2015. Upon completion of this transaction our interest in DCP Midstream will remain at 50 percent .

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information $7.5 billion of our 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. The 2014 condensed consolidating statements of income and cash flows were revised to eliminate intra-column lending transactions, to realign interest revenue from certain inter-column lending activities to the appropriate column, and to make the associated adjustments required to equity earnings and investments. These changes did not impact the total consolidated amounts. Millions of Dollars Three Months Ended September 30, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 18,122 7,670 — 25,792 Equity in earnings of affiliates 1,637 946 89 (2,089 ) 583 Net gain on dispositions — — 22 — 22 Other income — 12 8 — 20 Intercompany revenues — 264 2,556 (2,820 ) — Total Revenues and Other Income 1,637 19,344 10,345 (4,909 ) 26,417 Costs and Expenses Purchased crude oil and products — 14,210 7,138 (2,768 ) 18,580 Operating expenses — 887 203 (7 ) 1,083 Selling, general and administrative expenses 2 339 107 (11 ) 437 Depreciation and amortization — 206 64 — 270 Impairments — 1 — — 1 Taxes other than income taxes — 1,396 2,214 — 3,610 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 90 7 8 (34 ) 71 Foreign currency transaction losses — 1 — — 1 Total Costs and Expenses 92 17,051 9,735 (2,820 ) 24,058 Income from continuing operations before income taxes 1,545 2,293 610 (2,089 ) 2,359 Provision (benefit) for income taxes (33 ) 656 144 — 767 Income From Continuing Operations 1,578 1,637 466 (2,089 ) 1,592 Income from discontinued operations — — — — — Net income 1,578 1,637 466 (2,089 ) 1,592 Less: net income attributable to noncontrolling interests — — 14 — 14 Net Income Attributable to Phillips 66 $ 1,578 1,637 452 (2,089 ) 1,578 Comprehensive Income $ 1,459 1,518 365 (1,869 ) 1,473 Millions of Dollars Three Months Ended September 30, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 27,700 12,717 — 40,417 Equity in earnings of affiliates 1,225 816 87 (1,617 ) 511 Net gain on dispositions — — 109 — 109 Other income — 3 8 — 11 Intercompany revenues — 749 4,757 (5,506 ) — Total Revenues and Other Income 1,225 29,268 17,678 (7,123 ) 41,048 Costs and Expenses Purchased crude oil and products — 24,785 14,272 (5,455 ) 33,602 Operating expenses — 893 221 (10 ) 1,104 Selling, general and administrative expenses — 301 122 (22 ) 401 Depreciation and amortization — 189 60 — 249 Impairments — — 12 — 12 Taxes other than income taxes — 1,405 2,470 (1 ) 3,874 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 69 3 6 (18 ) 60 Foreign currency transaction losses — — 13 — 13 Total Costs and Expenses 69 27,581 17,177 (5,506 ) 39,321 Income from continuing operations before income taxes 1,156 1,687 501 (1,617 ) 1,727 Provision (benefit) for income taxes (24 ) 462 100 — 538 Income From Continuing Operations 1,180 1,225 401 (1,617 ) 1,189 Income from discontinued operations — — — — — Net income 1,180 1,225 401 (1,617 ) 1,189 Less: net income attributable to noncontrolling interests — — 9 — 9 Net Income Attributable to Phillips 66 $ 1,180 1,225 392 (1,617 ) 1,180 Comprehensive Income $ 969 1,014 178 (1,183 ) 978 Millions of Dollars Nine Months Ended September 30, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 53,612 23,470 — 77,082 Equity in earnings (losses) of affiliates 3,760 2,362 (13 ) (4,663 ) 1,446 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 77 32 — 109 Intercompany revenues — 753 7,699 (8,452 ) — Total Revenues and Other Income 3,760 56,689 31,586 (13,115 ) 78,920 Costs and Expenses Purchased crude oil and products — 42,959 22,899 (8,330 ) 57,528 Operating expenses 4 2,543 704 (31 ) 3,220 Selling, general and administrative expenses 5 934 311 (13 ) 1,237 Depreciation and amortization — 614 183 — 797 Impairments — 3 — — 3 Taxes other than income taxes — 4,212 6,409 — 10,621 Accretion on discounted liabilities — 12 4 — 16 Interest and debt expense 273 19 22 (78 ) 236 Foreign currency transaction losses — 1 49 — 50 Total Costs and Expenses 282 51,297 30,581 (8,452 ) 73,708 Income from continuing operations before income taxes 3,478 5,392 1,005 (4,663 ) 5,212 Provision (benefit) for income taxes (99 ) 1,632 65 — 1,598 Income from Continuing Operations 3,577 3,760 940 (4,663 ) 3,614 Income from discontinued operations — — — — — Net income 3,577 3,760 940 (4,663 ) 3,614 Less: net income attributable to noncontrolling interests — — 37 — 37 Net Income Attributable to Phillips 66 $ 3,577 3,760 903 (4,663 ) 3,577 Comprehensive Income $ 3,520 3,703 878 (4,544 ) 3,557 Millions of Dollars Nine Months Ended September 30, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 85,084 41,165 — 126,249 Equity in earnings of affiliates 3,055 2,269 395 (3,666 ) 2,053 Net gain on dispositions — — 125 — 125 Other income — 43 16 — 59 Intercompany revenues — 2,084 15,158 (17,242 ) — Total Revenues and Other Income 3,055 89,480 56,859 (20,908 ) 128,486 Costs and Expenses Purchased crude oil and products — 76,839 47,568 (17,108 ) 107,299 Operating expenses 2 2,658 638 (27 ) 3,271 Selling, general and administrative expenses 5 903 377 (70 ) 1,215 Depreciation and amortization — 552 170 — 722 Impairments — 2 14 — 16 Taxes other than income taxes — 4,122 7,223 (1 ) 11,344 Accretion on discounted liabilities — 14 4 — 18 Interest and debt expense 202 13 15 (36 ) 194 Foreign currency transaction losses — — 23 — 23 Total Costs and Expenses 209 85,103 56,032 (17,242 ) 124,102 Income from continuing operations before income taxes 2,846 4,377 827 (3,666 ) 4,384 Provision (benefit) for income taxes (73 ) 1,322 202 — 1,451 Income from Continuing Operations 2,919 3,055 625 (3,666 ) 2,933 Income from discontinued operations* 696 — 10 — 706 Net income 3,615 3,055 635 (3,666 ) 3,639 Less: net income attributable to noncontrolling interests — — 24 — 24 Net Income Attributable to Phillips 66 $ 3,615 3,055 611 (3,666 ) 3,615 Comprehensive Income $ 3,553 2,993 546 (3,515 ) 3,577 * Net of provision for income taxes on discontinued operations: $ — — 5 — 5 Millions of Dollars September 30, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 984 3,838 — 4,822 Accounts and notes receivable 15 3,438 2,297 (552 ) 5,198 Inventories — 2,698 1,690 — 4,388 Prepaid expenses and other current assets — 395 246 — 641 Total Current Assets 15 7,515 8,071 (552 ) 15,049 Investments and long-term receivables 32,970 22,799 5,729 (50,897 ) 10,601 Net properties, plants and equipment — 12,479 6,778 — 19,257 Goodwill — 3,040 235 — 3,275 Intangibles — 696 183 — 879 Other assets 62 146 150 (4 ) 354 Total Assets $ 33,047 46,675 21,146 (51,453 ) 49,415 Liabilities and Equity Accounts payable $ — 4,166 3,248 (552 ) 6,862 Short-term debt — 25 18 — 43 Accrued income and other taxes — 408 572 — 980 Employee benefit obligations — 415 43 — 458 Other accruals 144 246 142 — 532 Total Current Liabilities 144 5,260 4,023 (552 ) 8,875 Long-term debt 7,457 162 1,289 — 8,908 Asset retirement obligations and accrued environmental costs — 492 189 — 681 Deferred income taxes — 4,224 1,181 (4 ) 5,401 Employee benefit obligations — 1,045 204 — 1,249 Other liabilities and deferred credits 2,223 2,570 3,035 (7,559 ) 269 Total Liabilities 9,824 13,753 9,921 (8,115 ) 25,383 Common stock 11,782 25,404 9,314 (34,718 ) 11,782 Retained earnings 12,029 8,106 1,128 (9,263 ) 12,000 Accumulated other comprehensive income (loss) (588 ) (588 ) (55 ) 643 (588 ) Noncontrolling interests — — 838 — 838 Total Liabilities and Equity $ 33,047 46,675 21,146 (51,453 ) 49,415 Millions of Dollars December 31, 2014 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 2,045 3,162 — 5,207 Accounts and notes receivable 14 5,069 3,274 (1,102 ) 7,255 Inventories — 2,026 1,371 — 3,397 Prepaid expenses and other current assets 9 429 399 — 837 Total Current Assets 23 9,569 8,206 (1,102 ) 16,696 Investments and long-term receivables 30,141 18,896 4,631 (43,479 ) 10,189 Net properties, plants and equipment — 12,267 5,079 — 17,346 Goodwill — 3,040 234 — 3,274 Intangibles — 694 206 — 900 Other assets 60 159 121 (4 ) 336 Total Assets $ 30,224 44,625 18,477 (44,585 ) 48,741 Liabilities and Equity Accounts payable $ — 5,618 3,548 (1,102 ) 8,064 Short-term debt 798 26 18 — 842 Accrued income and other taxes — 356 522 — 878 Employee benefit obligations — 409 53 — 462 Other accruals 65 242 541 — 848 Total Current Liabilities 863 6,651 4,682 (1,102 ) 11,094 Long-term debt 7,457 159 226 — 7,842 Asset retirement obligations and accrued environmental costs — 494 189 — 683 Deferred income taxes — 4,240 1,255 (4 ) 5,491 Employee benefit obligations — 1,074 231 — 1,305 Other liabilities and deferred credits 285 1,919 2,126 (4,041 ) 289 Total Liabilities 8,605 14,537 8,709 (5,147 ) 26,704 Common stock 12,812 25,405 8,240 (33,645 ) 12,812 Retained earnings 9,338 5,214 1,074 (6,317 ) 9,309 Accumulated other comprehensive income (loss) (531 ) (531 ) 7 524 (531 ) Noncontrolling interests — — 447 — 447 Total Liabilities and Equity $ 30,224 44,625 18,477 (44,585 ) 48,741 Millions of Dollars Nine Months Ended September 30, 2015 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 $ 884 2,179 2,131 (978 ) 4,216 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 884 2,179 2,131 (978 ) 4,216 Cash Flows From Investing Activities Capital expenditures and investments* — (925 ) (3,195 ) 834 (3,286 ) Proceeds from asset dispositions — 774 176 (882 ) 68 Intercompany lending activities 1,938 (2,201 ) 263 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — (22 ) 24 — 2 Net cash provided by (used in) continuing investing activities 1,938 (2,374 ) (2,732 ) (48 ) (3,216 ) Net cash used in discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 1,938 (2,374 ) (2,732 ) (48 ) (3,216 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (19 ) (99 ) — (918 ) Issuance of common stock (27 ) — — — (27 ) Repurchase of common stock (1,106 ) — — — (1,106 ) Dividends paid on common stock (874 ) (874 ) (64 ) 938 (874 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (30 ) — (30 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (15 ) 27 88 (98 ) 2 Net cash provided by (used in) continuing financing activities (2,822 ) (866 ) 1,262 1,026 (1,400 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,822 ) (866 ) 1,262 1,026 (1,400 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 15 — 15 Net Change in Cash and Cash Equivalents — (1,061 ) 676 — (385 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 984 3,838 — 4,822 * Includes intercompany capital contributions. Millions of Dollars Nine Months Ended September 30, 2014 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 $ 60 982 1,759 (146 ) 2,655 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by Operating Activities 60 982 1,761 (146 ) 2,657 Cash Flows From Investing Activities Capital expenditures and investments* — (1,747 ) (1,885 ) 985 (2,647 ) Proceeds from asset dispositions — 999 64 (400 ) 663 Intercompany lending activities 2,937 (1,743 ) (1,194 ) — — Advances/loans—related parties — — (3 ) — (3 ) Other — (1 ) 162 — 161 Net cash provided by (used in) continuing investing activities 2,937 (2,492 ) (2,856 ) 585 (1,826 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 2,937 (2,492 ) (2,858 ) 585 (1,828 ) Cash Flows From Financing Activities Repayment of debt — (15 ) (15 ) — (30 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (1,750 ) — — — (1,750 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (787 ) — (102 ) 102 (787 ) Distributions to controlling interests — — (305 ) 305 — Distributions to noncontrolling interests — — (18 ) — (18 ) Other* (11 ) 33 847 (846 ) 23 Net cash provided by (used in) continuing financing activities (2,997 ) 18 407 (439 ) (3,011 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,997 ) 18 407 (439 ) (3,011 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (110 ) — (110 ) Net Change in Cash and Cash Equivalents — (1,492 ) (800 ) — (2,292 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 670 2,438 — 3,108 * Includes intercompany capital contributions.

Interim Financial Information I

Interim Financial Information Interim Financial Information (Policies)	9 Months Ended
	Sep. 30, 2015
Interim Financial Information [Abstract]
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.
Commitments and 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.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 4,124 3,141 Materials and supplies 264 256 $ 4,388 3,397

Investments, Loans and Long-T34

Investments, Loans and Long-Term Receivables (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 5,266 7,896 16,092 24,579 Income before income taxes 881 784 2,611 3,094 Net income 860 758 2,556 3,021

Properties, Plants and Equipm35

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars September 30, 2015 December 31, 2014 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 6,571 1,257 5,314 4,726 1,185 3,541 Chemicals — — — — — — Refining 20,656 7,898 12,758 19,951 7,424 12,527 Marketing and Specialties 1,445 745 700 1,490 738 752 Corporate and Other 966 481 485 978 452 526 $ 29,638 10,381 19,257 27,145 9,799 17,346

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 1,578 1,578 1,180 1,180 3,577 3,577 2,909 2,909 Income allocated to participating securities (1 ) — (2 ) — (5 ) — (5 ) — Income from continuing operations available to common stockholders 1,577 1,578 1,178 1,180 3,572 3,577 2,904 2,909 Discontinued operations — — — — — — 706 706 Net Income available to common stockholders $ 1,577 1,578 1,178 1,180 3,572 3,577 3,610 3,615 Weighted-average common shares outstanding (thousands) : 535,618 540,357 555,677 559,492 539,616 544,362 565,831 569,692 Effect of stock-based compensation 4,739 4,339 3,815 5,466 4,746 4,672 3,861 5,897 Weighted-average common shares outstanding—EPS 540,357 544,696 559,492 564,958 544,362 549,034 569,692 575,589 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 2.92 2.90 2.11 2.09 6.56 6.52 5.10 5.05 Discontinued operations — — — — — — 1.24 1.23 Earnings Per Share $ 2.92 2.90 2.11 2.09 6.56 6.52 6.34 6.28

Derivatives and Financial Ins37

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	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 13—Fair Value Measurements . Millions of Dollars September 30 December 31 Assets Accounts and notes receivable $ (1 ) (1 ) Prepaid expenses and other current assets 1,770 3,839 Other assets 25 29 Liabilities Other accruals 1,657 3,472 Other liabilities and deferred credits 21 1 Hedge accounting has not been used for any item in the table. The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and other operating revenues $ 195 179 21 208 Equity in earnings of affiliates — 6 — 4 Other income 12 (3 ) 59 12 Purchased crude oil and products 117 71 66 28 Hedge accounting has not been used for any item in the table.
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long/(Short) September 30 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (29 ) (11 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
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 and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were: Millions of Dollars September 30, 2015 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 $ 979 738 — 1,717 (1,588 ) (10 ) — 119 1 OTC instruments — 12 — 12 (5 ) — — 7 — Physical forward contracts* — 63 2 65 (4 ) — — 61 — Rabbi trust assets 80 — — 80 N/A N/A — 80 N/A $ 1,059 813 2 1,874 (1,597 ) (10 ) — 267 Commodity Derivative Liabilities Exchange-cleared instruments $ 979 660 — 1,639 (1,588 ) (50 ) — 1 1 OTC instruments — 9 — 9 (5 ) — — 4 — Physical forward contracts* — 30 — 30 (4 ) — — 26 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,793 — 8,793 N/A N/A (106 ) 8,687 N/A $ 1,029 9,492 — 10,521 (1,597 ) (50 ) (106 ) 8,768 * 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 December 31, 2014 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 $ 2,058 1,525 — 3,583 (3,255 ) (225 ) — 103 — OTC instruments — 24 — 24 (14 ) — — 10 — Physical forward contracts* — 253 7 260 (38 ) — — 222 — Rabbi trust assets 76 — — 76 N/A N/A — 76 N/A $ 2,134 1,802 7 3,943 (3,307 ) (225 ) — 411 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,833 1,422 — 3,255 (3,255 ) — — — — OTC instruments — 29 — 29 (14 ) — — 15 — Physical forward contracts* — 189 — 189 (38 ) — — 151 — Floating-rate debt 68 — — 68 N/A N/A — 68 N/A Fixed-rate debt, excluding capital leases** — 8,806 — 8,806 N/A N/A (400 ) 8,406 N/A $ 1,901 10,446 — 12,347 (3,307 ) — (400 ) 8,640 * 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 nine-month period ended September 30, 2014: Millions of Dollars Fair Value Measurements Using Fair Value* Level 1 Inputs Level 2 Inputs Level 3 Inputs Before- Tax Loss September 30, 2014 Net asset disposal group (held for sale) $ 72 72 — — 12 * Represents the fair value at the time of the impairment.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three and nine months ended September 30, 2015 and 2014 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 32 9 30 9 1 1 Interest cost 27 7 27 9 2 2 Expected return on plan assets (35 ) (9 ) (35 ) (9 ) — — Amortization of prior service cost — — 1 — — — Recognized net actuarial loss 19 4 10 3 — — Settlements 75 — — — — — Net periodic benefit cost $ 118 11 33 12 3 3 Nine Months Ended September 30 Service cost $ 94 29 91 29 5 5 Interest cost 81 21 81 27 6 6 Expected return on plan assets (105 ) (28 ) (106 ) (28 ) — — Amortization of prior service cost (credit) 2 (1 ) 2 (1 ) (1 ) (1 ) Recognized net actuarial loss (gain) 56 12 30 9 (1 ) (1 ) Settlements 76 — — — — — Net periodic benefit cost $ 204 33 98 36 9 9

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2013 $ (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassifications 6 (97 ) — (91 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses 29 — — 29 Net current period other comprehensive income (loss) 35 (97 ) — (62 ) September 30, 2014 $ (369 ) 346 (2 ) (25 ) December 31, 2014 $ (696 ) 167 (2 ) (531 ) Other comprehensive loss before reclassifications (63 ) (88 ) — (151 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 94 — — 94 Net current period other comprehensive income (loss) 31 (88 ) — (57 ) September 30, 2015 $ (665 ) 79 (2 ) (588 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans , for additional information).

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Operating revenues and other income (a) $ 581 1,653 1,872 5,306 Purchases (b) 1,927 3,772 6,281 12,298 Operating expenses and selling, general and administrative expenses (c) 29 33 91 109 Interest expense (d) 2 2 5 6 In December 2014, we completed the sale of our interest in the Malaysian Refining Company Sdn. Bdh. (MRC). Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 period in the table above. (a) 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 crude oil and other 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) We purchased crude oil and 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, LLC (DCP Midstream) and CPChem for use in our refinery processes and other feedstocks from various affiliates. We paid NGL fractionation fees to CPChem. 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. (c) We paid utility and processing fees to various affiliates. (d) We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Relat42

Segment Disclosures and Related Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sales and Other Operating Revenues Midstream Total sales $ 821 1,323 2,703 4,633 Intersegment eliminations (250 ) (255 ) (747 ) (821 ) Total Midstream 571 1,068 1,956 3,812 Chemicals 1 2 4 6 Refining Total sales 16,511 28,910 49,737 91,753 Intersegment eliminations (10,758 ) (17,768 ) (31,434 ) (54,119 ) Total Refining 5,753 11,142 18,303 37,634 Marketing and Specialties Total sales 19,852 28,663 57,943 86,198 Intersegment eliminations (386 ) (466 ) (1,146 ) (1,424 ) Total Marketing and Specialties 19,466 28,197 56,797 84,774 Corporate and Other 1 8 22 23 Consolidated sales and other operating revenues $ 25,792 40,417 77,082 126,249 Net Income (Loss) Attributable to Phillips 66 Midstream $ 101 115 90 411 Chemicals 252 230 750 870 Refining 1,003 558 2,145 1,254 Marketing and Specialties 338 368 956 667 Corporate and Other (116 ) (91 ) (364 ) (293 ) Discontinued operations — — — 706 Consolidated net income attributable to Phillips 66 $ 1,578 1,180 3,577 3,615 Millions of Dollars September 30 December 31 Total Assets Midstream $ 9,251 7,295 Chemicals 5,168 5,209 Refining 22,777 22,808 Marketing and Specialties 6,428 7,051 Corporate and Other 5,791 6,378 Consolidated total assets $ 49,415 48,741

Condensed Consolidating Finan43

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended September 30, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 18,122 7,670 — 25,792 Equity in earnings of affiliates 1,637 946 89 (2,089 ) 583 Net gain on dispositions — — 22 — 22 Other income — 12 8 — 20 Intercompany revenues — 264 2,556 (2,820 ) — Total Revenues and Other Income 1,637 19,344 10,345 (4,909 ) 26,417 Costs and Expenses Purchased crude oil and products — 14,210 7,138 (2,768 ) 18,580 Operating expenses — 887 203 (7 ) 1,083 Selling, general and administrative expenses 2 339 107 (11 ) 437 Depreciation and amortization — 206 64 — 270 Impairments — 1 — — 1 Taxes other than income taxes — 1,396 2,214 — 3,610 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 90 7 8 (34 ) 71 Foreign currency transaction losses — 1 — — 1 Total Costs and Expenses 92 17,051 9,735 (2,820 ) 24,058 Income from continuing operations before income taxes 1,545 2,293 610 (2,089 ) 2,359 Provision (benefit) for income taxes (33 ) 656 144 — 767 Income From Continuing Operations 1,578 1,637 466 (2,089 ) 1,592 Income from discontinued operations — — — — — Net income 1,578 1,637 466 (2,089 ) 1,592 Less: net income attributable to noncontrolling interests — — 14 — 14 Net Income Attributable to Phillips 66 $ 1,578 1,637 452 (2,089 ) 1,578 Comprehensive Income $ 1,459 1,518 365 (1,869 ) 1,473 Millions of Dollars Three Months Ended September 30, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 27,700 12,717 — 40,417 Equity in earnings of affiliates 1,225 816 87 (1,617 ) 511 Net gain on dispositions — — 109 — 109 Other income — 3 8 — 11 Intercompany revenues — 749 4,757 (5,506 ) — Total Revenues and Other Income 1,225 29,268 17,678 (7,123 ) 41,048 Costs and Expenses Purchased crude oil and products — 24,785 14,272 (5,455 ) 33,602 Operating expenses — 893 221 (10 ) 1,104 Selling, general and administrative expenses — 301 122 (22 ) 401 Depreciation and amortization — 189 60 — 249 Impairments — — 12 — 12 Taxes other than income taxes — 1,405 2,470 (1 ) 3,874 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 69 3 6 (18 ) 60 Foreign currency transaction losses — — 13 — 13 Total Costs and Expenses 69 27,581 17,177 (5,506 ) 39,321 Income from continuing operations before income taxes 1,156 1,687 501 (1,617 ) 1,727 Provision (benefit) for income taxes (24 ) 462 100 — 538 Income From Continuing Operations 1,180 1,225 401 (1,617 ) 1,189 Income from discontinued operations — — — — — Net income 1,180 1,225 401 (1,617 ) 1,189 Less: net income attributable to noncontrolling interests — — 9 — 9 Net Income Attributable to Phillips 66 $ 1,180 1,225 392 (1,617 ) 1,180 Comprehensive Income $ 969 1,014 178 (1,183 ) 978 Millions of Dollars Nine Months Ended September 30, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 53,612 23,470 — 77,082 Equity in earnings (losses) of affiliates 3,760 2,362 (13 ) (4,663 ) 1,446 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 77 32 — 109 Intercompany revenues — 753 7,699 (8,452 ) — Total Revenues and Other Income 3,760 56,689 31,586 (13,115 ) 78,920 Costs and Expenses Purchased crude oil and products — 42,959 22,899 (8,330 ) 57,528 Operating expenses 4 2,543 704 (31 ) 3,220 Selling, general and administrative expenses 5 934 311 (13 ) 1,237 Depreciation and amortization — 614 183 — 797 Impairments — 3 — — 3 Taxes other than income taxes — 4,212 6,409 — 10,621 Accretion on discounted liabilities — 12 4 — 16 Interest and debt expense 273 19 22 (78 ) 236 Foreign currency transaction losses — 1 49 — 50 Total Costs and Expenses 282 51,297 30,581 (8,452 ) 73,708 Income from continuing operations before income taxes 3,478 5,392 1,005 (4,663 ) 5,212 Provision (benefit) for income taxes (99 ) 1,632 65 — 1,598 Income from Continuing Operations 3,577 3,760 940 (4,663 ) 3,614 Income from discontinued operations — — — — — Net income 3,577 3,760 940 (4,663 ) 3,614 Less: net income attributable to noncontrolling interests — — 37 — 37 Net Income Attributable to Phillips 66 $ 3,577 3,760 903 (4,663 ) 3,577 Comprehensive Income $ 3,520 3,703 878 (4,544 ) 3,557 Millions of Dollars Nine Months Ended September 30, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 85,084 41,165 — 126,249 Equity in earnings of affiliates 3,055 2,269 395 (3,666 ) 2,053 Net gain on dispositions — — 125 — 125 Other income — 43 16 — 59 Intercompany revenues — 2,084 15,158 (17,242 ) — Total Revenues and Other Income 3,055 89,480 56,859 (20,908 ) 128,486 Costs and Expenses Purchased crude oil and products — 76,839 47,568 (17,108 ) 107,299 Operating expenses 2 2,658 638 (27 ) 3,271 Selling, general and administrative expenses 5 903 377 (70 ) 1,215 Depreciation and amortization — 552 170 — 722 Impairments — 2 14 — 16 Taxes other than income taxes — 4,122 7,223 (1 ) 11,344 Accretion on discounted liabilities — 14 4 — 18 Interest and debt expense 202 13 15 (36 ) 194 Foreign currency transaction losses — — 23 — 23 Total Costs and Expenses 209 85,103 56,032 (17,242 ) 124,102 Income from continuing operations before income taxes 2,846 4,377 827 (3,666 ) 4,384 Provision (benefit) for income taxes (73 ) 1,322 202 — 1,451 Income from Continuing Operations 2,919 3,055 625 (3,666 ) 2,933 Income from discontinued operations* 696 — 10 — 706 Net income 3,615 3,055 635 (3,666 ) 3,639 Less: net income attributable to noncontrolling interests — — 24 — 24 Net Income Attributable to Phillips 66 $ 3,615 3,055 611 (3,666 ) 3,615 Comprehensive Income $ 3,553 2,993 546 (3,515 ) 3,577 * Net of provision for income taxes on discontinued operations: $ — — 5 — 5
Condensed Consolidating Balance Sheet	Millions of Dollars September 30, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 984 3,838 — 4,822 Accounts and notes receivable 15 3,438 2,297 (552 ) 5,198 Inventories — 2,698 1,690 — 4,388 Prepaid expenses and other current assets — 395 246 — 641 Total Current Assets 15 7,515 8,071 (552 ) 15,049 Investments and long-term receivables 32,970 22,799 5,729 (50,897 ) 10,601 Net properties, plants and equipment — 12,479 6,778 — 19,257 Goodwill — 3,040 235 — 3,275 Intangibles — 696 183 — 879 Other assets 62 146 150 (4 ) 354 Total Assets $ 33,047 46,675 21,146 (51,453 ) 49,415 Liabilities and Equity Accounts payable $ — 4,166 3,248 (552 ) 6,862 Short-term debt — 25 18 — 43 Accrued income and other taxes — 408 572 — 980 Employee benefit obligations — 415 43 — 458 Other accruals 144 246 142 — 532 Total Current Liabilities 144 5,260 4,023 (552 ) 8,875 Long-term debt 7,457 162 1,289 — 8,908 Asset retirement obligations and accrued environmental costs — 492 189 — 681 Deferred income taxes — 4,224 1,181 (4 ) 5,401 Employee benefit obligations — 1,045 204 — 1,249 Other liabilities and deferred credits 2,223 2,570 3,035 (7,559 ) 269 Total Liabilities 9,824 13,753 9,921 (8,115 ) 25,383 Common stock 11,782 25,404 9,314 (34,718 ) 11,782 Retained earnings 12,029 8,106 1,128 (9,263 ) 12,000 Accumulated other comprehensive income (loss) (588 ) (588 ) (55 ) 643 (588 ) Noncontrolling interests — — 838 — 838 Total Liabilities and Equity $ 33,047 46,675 21,146 (51,453 ) 49,415 Millions of Dollars December 31, 2014 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 2,045 3,162 — 5,207 Accounts and notes receivable 14 5,069 3,274 (1,102 ) 7,255 Inventories — 2,026 1,371 — 3,397 Prepaid expenses and other current assets 9 429 399 — 837 Total Current Assets 23 9,569 8,206 (1,102 ) 16,696 Investments and long-term receivables 30,141 18,896 4,631 (43,479 ) 10,189 Net properties, plants and equipment — 12,267 5,079 — 17,346 Goodwill — 3,040 234 — 3,274 Intangibles — 694 206 — 900 Other assets 60 159 121 (4 ) 336 Total Assets $ 30,224 44,625 18,477 (44,585 ) 48,741 Liabilities and Equity Accounts payable $ — 5,618 3,548 (1,102 ) 8,064 Short-term debt 798 26 18 — 842 Accrued income and other taxes — 356 522 — 878 Employee benefit obligations — 409 53 — 462 Other accruals 65 242 541 — 848 Total Current Liabilities 863 6,651 4,682 (1,102 ) 11,094 Long-term debt 7,457 159 226 — 7,842 Asset retirement obligations and accrued environmental costs — 494 189 — 683 Deferred income taxes — 4,240 1,255 (4 ) 5,491 Employee benefit obligations — 1,074 231 — 1,305 Other liabilities and deferred credits 285 1,919 2,126 (4,041 ) 289 Total Liabilities 8,605 14,537 8,709 (5,147 ) 26,704 Common stock 12,812 25,405 8,240 (33,645 ) 12,812 Retained earnings 9,338 5,214 1,074 (6,317 ) 9,309 Accumulated other comprehensive income (loss) (531 ) (531 ) 7 524 (531 ) Noncontrolling interests — — 447 — 447 Total Liabilities and Equity $ 30,224 44,625 18,477 (44,585 ) 48,741
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Nine Months Ended September 30, 2015 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 $ 884 2,179 2,131 (978 ) 4,216 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 884 2,179 2,131 (978 ) 4,216 Cash Flows From Investing Activities Capital expenditures and investments* — (925 ) (3,195 ) 834 (3,286 ) Proceeds from asset dispositions — 774 176 (882 ) 68 Intercompany lending activities 1,938 (2,201 ) 263 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — (22 ) 24 — 2 Net cash provided by (used in) continuing investing activities 1,938 (2,374 ) (2,732 ) (48 ) (3,216 ) Net cash used in discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 1,938 (2,374 ) (2,732 ) (48 ) (3,216 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (19 ) (99 ) — (918 ) Issuance of common stock (27 ) — — — (27 ) Repurchase of common stock (1,106 ) — — — (1,106 ) Dividends paid on common stock (874 ) (874 ) (64 ) 938 (874 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (30 ) — (30 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (15 ) 27 88 (98 ) 2 Net cash provided by (used in) continuing financing activities (2,822 ) (866 ) 1,262 1,026 (1,400 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,822 ) (866 ) 1,262 1,026 (1,400 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 15 — 15 Net Change in Cash and Cash Equivalents — (1,061 ) 676 — (385 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 984 3,838 — 4,822 * Includes intercompany capital contributions. Millions of Dollars Nine Months Ended September 30, 2014 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 $ 60 982 1,759 (146 ) 2,655 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by Operating Activities 60 982 1,761 (146 ) 2,657 Cash Flows From Investing Activities Capital expenditures and investments* — (1,747 ) (1,885 ) 985 (2,647 ) Proceeds from asset dispositions — 999 64 (400 ) 663 Intercompany lending activities 2,937 (1,743 ) (1,194 ) — — Advances/loans—related parties — — (3 ) — (3 ) Other — (1 ) 162 — 161 Net cash provided by (used in) continuing investing activities 2,937 (2,492 ) (2,856 ) 585 (1,826 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 2,937 (2,492 ) (2,858 ) 585 (1,828 ) Cash Flows From Financing Activities Repayment of debt — (15 ) (15 ) — (30 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (1,750 ) — — — (1,750 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (787 ) — (102 ) 102 (787 ) Distributions to controlling interests — — (305 ) 305 — Distributions to noncontrolling interests — — (18 ) — (18 ) Other* (11 ) 33 847 (846 ) 23 Net cash provided by (used in) continuing financing activities (2,997 ) 18 407 (439 ) (3,011 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,997 ) 18 407 (439 ) (3,011 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (110 ) — (110 ) Net Change in Cash and Cash Equivalents — (1,492 ) (800 ) — (2,292 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 670 2,438 — 3,108 * Includes intercompany capital contributions.

Variable Interest Entities (V44

Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2012	Aug. 31, 2009	Aug. 28, 2009	Aug. 27, 2009
Merey Sweeny [Member]
Variable interest entities VIEs (Textual) [Abstract]
Additional ownership interest acquired in MSLP that is in dispute			50.00%	50.00%
Book value of investment	$ 149
Merey Sweeny [Member] | Conocophillips [Member]
Variable interest entities VIEs (Textual) [Abstract]
Percentage of ownership interest					50.00%
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member]
Variable interest entities VIEs (Textual) [Abstract]
Debt guarantee to lender of 8.85% senior notes issued by MSLP, percentage		100.00%
Stated interest rate of debt issued, percentage		8.85%
Maximum exposure under debt guarantee	173
Percentage of guarantee		100.00%
Excel Paralubes [Member]
Variable interest entities VIEs (Textual) [Abstract]
Book value of investment	$ 117
Percentage of ownership interest	50.00%
Percentage of governance interest in Excel	50.00%
Liquidity support guarantee of VIE shared with CoVenturer	$ 60	$ 60
Liquidity support guarantee of Excel	30
Excel Paralubes [Member] | Excel 7.43% Senior Secured Bonds [Member]
Variable interest entities VIEs (Textual) [Abstract]
Outstanding principal debt balance of Excel	32
Excel Paralubes [Member] | Excel 7.43% Senior Secured Bonds [Member] | Guarantees of Joint Venture Debt [Member]
Variable interest entities VIEs (Textual) [Abstract]
Stated interest rate of debt issued, percentage		7.43%
Maximum exposure under debt guarantee	$ 16
Percentage of guarantee	50.00%
Excel Paralubes [Member] | Excel 7.43% Senior Secured Bonds [Member] | Conocophillips [Member] | Guarantees of Joint Venture Debt [Member]
Variable interest entities VIEs (Textual) [Abstract]
Percentage of guarantee		50.00%

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Summary of inventories
Crude oil and petroleum products	$ 4,124	$ 3,141
Materials and supplies	264	256
Inventories	$ 4,388	$ 3,397

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventories valued on the last-in, first out (LIFO) basis	$ 4,021	$ 3,004
Estimated excess of current replacement cost over LIFO cost of inventories	$ 2,300	$ 3,000

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) bbl in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Aug. 31, 2014bbl
Business Acquisition [Line Items]
Number of refineries to which facility provides utilities and other services	1
Goodwill provisionally recorded		$ 3,274	$ 3,275
Beaumont, Texas,Crude Oil And Petroleum Products Terminal, 7.1 Million-Barrel-Storage-Capacity [Member] | Midstream Segment [Member]
Business Acquisition [Line Items]
Storage capacity of terminal acquired, in barrels | bbl				7.1
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
PP&E provisionally recorded		471
Goodwill provisionally recorded		232
Intangible assets provisionally recorded		196
Net working capital provisionally recorded		70
Assumed long-term liabilities provisionally recorded		109
Series of Individually Immaterial Business Acquisitions [Member] | CapitalExpendituresAndInvestments [Member]
Business Acquisition [Line Items]
Consideration paid, net of cash acquired		$ 741

Assets Held for Sale or Sold (N

Assets Held for Sale or Sold (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2014	Feb. 28, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Feb. 28, 2015	Dec. 31, 2014
Assets Held for Sale or Sold (Narrative) [Abstract]
Held for sale impairment, before tax						$ 12
Shares of Phillips 66 common stock received in exchange					14,544
PSPI's cash included in net carrying value						450
Net gain on dispositions			$ 22	$ 109	$ 283	125
Bantry Bay Terminal [Member] | Refining [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Held for sale impairment, before tax						12
Carrying value				$ 84		84
Phillips Specialty Products Inc [Member] | Marketing and Specialties [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Carrying value		$ 685
Shares of Phillips 66 common stock received in exchange		17,400
PSPI before-tax gain		$ 696				696
Cash and cash equivalents included in carrying value		481
Net PP&E included in net carrying value		60
Allocated goodwill included in net carrying value		117
Immingham Combined Heat and Power Plant [Member] | Marketing and Specialties [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Net gain on dispositions					$ 242	$ 109
IRELAND | Bantry Bay Terminal [Member] | Refining [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Held for sale impairment, before tax	$ 12
Carrying value							$ 68
Prepaid Expenses and Other Current Assets [Member] | IRELAND | Bantry Bay Terminal [Member] | Refining [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Carrying value								$ 77
Share Exchange—PSPI Transaction [Member] | Phillips Specialty Products Inc [Member] | Marketing and Specialties [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
PSPI's cash included in net carrying value		$ 450

Investments, Loans and Long-T49

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - WRB Refining LP And Chevron Phillips Chemical Company LLC [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary of financial information
Revenues	$ 5,266	$ 7,896	$ 16,092	$ 24,579
Income before income taxes	881	784	2,611	3,094
Net income	$ 860	$ 758	$ 2,556	$ 3,021

Investments, Loans and Long-T50

Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($) $ in Millions		1 Months Ended		9 Months Ended		84 Months Ended
		Apr. 30, 2015	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2013	Aug. 31, 2009	Aug. 28, 2009	Aug. 27, 2009
Schedule of Equity Method Investments [Line Items]
Capital Expenditures And Investments	[1]			$ 3,286	$ 2,647
WRB Refining LP [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%
Total distribution received			$ 1,232
Dividend considered an operating cash inflow			760
Dividend considered an investing cash inflow			$ 472
Book value of our investment in WRB				$ 2,049
Basis difference in book value of our investment in WRB				$ 3,235
Rockies Express Pipeline Llc Rex [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25.00%
Repayments of Long-term Debt		$ 450
Long-term debt		2,600
Capital Expenditures And Investments		$ 112
Merey Sweeny [Member]
Schedule of Equity Method Investments [Line Items]
Additional ownership interest acquired							50.00%	50.00%
Petroleos De Venezuela S.A. (PDVSA) [Member] | Merey Sweeny [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest of others									50.00%
Cenovus Energy Inc [Member] | WRB Refining LP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution to WRB Cenovus was obligated to make						$ 7,500
Length of period of Cenovus' obligation to contribute, years				10 years
Conocophillips [Member] | Merey Sweeny [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest									50.00%
[1]	Includes intercompany capital contributions.

Properties, Plants and Equipm51

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 29,638	$ 27,145
Accum D&A	10,381	9,799
Net PP&E	19,257	17,346
Midstream [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	6,571	4,726
Accum D&A	1,257	1,185
Net PP&E	5,314	3,541
Refining [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	20,656	19,951
Accum D&A	7,898	7,424
Net PP&E	12,758	12,527
Marketing and Specialties [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,445	1,490
Accum D&A	745	738
Net PP&E	700	752
Corporate and Other [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	966	978
Accum D&A	481	452
Net PP&E	$ 485	$ 526

Earnings per Share (Summary of

Earnings per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic EPS Calculation
Income from continuing operations attributable to Phillips 66	$ 1,578	$ 1,180	$ 3,577	$ 2,909
Income allocated to participating securities	(1)	(2)	(5)	(5)
Income from continuing operations available to common stockholders	$ 1,577	1,178	3,572	2,904
Discontinued operations				706
Net Income available to common stockholders	$ 1,577	$ 1,178	$ 3,572	$ 3,610
Weighted-average common shares outstanding (thousands)	535,618	555,677	539,616	565,831
Effect of stock-based compensation (thousands)	4,739	3,815	4,746	3,861
Weighted-average commons shares outstanding - EPS (thousands)	540,357	559,492	544,362	569,692
Income from continuing operations attributable to Phillips 66, per share (dollars)	$ 2.92	$ 2.11	$ 6.56	$ 5.10
Discontinued operations, per share (dollars)				1.24
Earnings Per Share (dollars)	$ 2.92	$ 2.11	$ 6.56	$ 6.34
Diluted EPS Calculation
Income from continuing operations available to common stockholders	$ 1,578	$ 1,180	$ 3,577	$ 2,909
Net Income available to common stockholders	$ 1,578	$ 1,180	$ 3,577	$ 3,615
Effect of stock-based compensation (thousands)	4,339	5,466	4,672	5,897
Weighted-average commons shares outstanding - EPS (thousands)	544,696	564,958	549,034	575,589
Income from continuing operations attributable to Phillips 66, per share (dollars)	$ 2.90	$ 2.09	$ 6.52	$ 5.05
Discontinued operations, per share (dollars)				1.23
Earnings Per Share (dollars)	$ 2.90	$ 2.09	$ 6.52	$ 6.28

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	1 Months Ended
	Mar. 31, 2015	Sep. 30, 2015	Feb. 28, 2015	Dec. 31, 2014
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate total capacity available under credit facilities		$ 5,400,000,000
5 Billion US Dollars Revolver [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement		0		$ 0
Borrowing capacity under revolving credit agreement		5,000,000,000
Letters of credit issued		51,000,000		51,000,000
Phillips 66 Partners Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement		0		$ 18,000,000
Borrowing capacity under revolving credit agreement		$ 500,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Phillips 66 Partners public offering of senior notes			$ 1,100,000,000
Senior Notes [Member] | 1.95% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes repaid upon maturity	$ 800,000,000
Interest Rate, Stated Percentage	1.95%
Senior Notes [Member] | Phillips 66 Partners 2.646% Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage			2.646%
Phillips 66 Partners public offering of senior notes			$ 300,000,000
Senior Notes [Member] | Phillips 66 Partners 3.605% Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage			3.605%
Phillips 66 Partners public offering of senior notes			$ 500,000,000
Senior Notes [Member] | Phillips 66 Partners 4.680% Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage			4.68%
Phillips 66 Partners public offering of senior notes			$ 300,000,000

Guarantees (Narrative) (Details

Guarantees (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2012
Guarantees (Textual) [Abstract]
Environmental accruals included in recorded carrying amount	$ 490	$ 496
Residual Value Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees	395
Other Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees	117
Indemnifications [Member]
Guarantees (Textual) [Abstract]
Carrying amount of indemnifications	210
Asset Retirement Obligations And Accrued Environmental Cost [Member] | Indemnifications [Member]
Guarantees (Textual) [Abstract]
Environmental accruals included in recorded carrying amount	$ 105
Maximum [Member] | Other Guarantees [Member]
Guarantees (Textual) [Abstract]
Term of the guarantees, in years	9 years
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member]
Guarantees (Textual) [Abstract]
Percentage of guarantee			100.00%
Maximum potential amount of future payments under the guarantees	$ 173

Contingencies and Commitments (

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Contingencies and Commitments (Textual) [Abstract]
Total environmental accrual	$ 490	$ 496
Expected years to incur a substantial amount of expenditures	30 years
Performance Guarantee [Member]
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 473
Performance Guarantee [Member] | Revolving Credit Facility [Member]
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 51

Derivatives and Financial Ins56

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Accounts and notes receivable [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets, fair value gross	[1]	$ (1)	$ (1)
Prepaid Expenses and Other Current Assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets, fair value gross	[1]	1,770	3,839
Other Assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets, fair value gross	[1]	25	29
Other Accruals [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities, fair value gross	[1]	1,657	3,472
Other Liabilities and Deferred Credits [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities, fair value gross	[1]	$ 21	$ 1
[1]	Hedge accounting has not been used for any item in the table.

Derivatives and Financial Ins57

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales and Other Operating Revenues [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	$ 195	$ 179	$ 21	$ 208
Equity In Earnings Of Affiliates [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]		6		4
Other Income [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	12	(3)	59	12
Purchased Crude Oil and Products [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	$ 117	$ 71	$ 66	$ 28
[1]	Hedge accounting has not been used for any item in the table.

Derivatives and Financial Ins58

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Crude oil, refined products and NGL (millions of barrels)	(29)	(11)

Derivatives and Financial Ins59

Derivatives and Financial Instruments (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months	98.00%	99.00%

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, floating-rate debt		$ 50	$ 68
Difference In Carrying Value And Fair Value Liability		106	400
Net carrying value presented on balance sheet, fixed-rate debt, excluding capital leases	[1]	8,687	8,406
Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Difference In Carrying Value And Fair Value Liability	[1]	106	400
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets and investments		267	411
Net carrying value presented on balance sheet, commodity derivative liabilities and debt		8,768	8,640
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Rabbi Trust Assets [Member] | Investments And Long-term Receivables [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets		80	76
Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Collateral Received of Paid Not Offset on Balance Sheet		1
Cash Collateral Received of Paid Not Offset on Balance Sheet		1
Exchange-cleared Instruments [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets		119	103
Net carrying value presented on balance sheet, commodity derivative liabilities		1
OTC Instruments [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets		7	10
Net carrying value presented on balance sheet, commodity derivative liabilities		4	15
Physical Forward Contracts [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	[2]	61	222
Net carrying value presented on balance sheet, commodity derivative liabilities	[2]	26	151
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of counterparty netting, commodity derivative assets		(1,597)	(3,307)
Effect of collateral netting, commodity derivative assets		(10)	(225)
Total assets, fair value disclosure gross		1,874	3,943
Effect of counterparty netting, commodity derivative liabilities		(1,597)	(3,307)
Effect of collateral netting, commodity derivative liabilities		(50)
Total liabilities, fair value disclosure gross		10,521	12,347
Fair Value, Measurements, Recurring [Member] | Floating Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross		50	68
Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	[1]	8,793	8,806
Fair Value, Measurements, Recurring [Member] | Rabbi Trust Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets		80	76
Fair Value, Measurements, Recurring [Member] | Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		1,717	3,583
Effect of counterparty netting, commodity derivative assets		(1,588)	(3,255)
Effect of collateral netting, commodity derivative assets		(10)	(225)
Commodity derivative liabilities, fair value gross		1,639	3,255
Effect of counterparty netting, commodity derivative liabilities		(1,588)	(3,255)
Effect of collateral netting, commodity derivative liabilities		(50)
Fair Value, Measurements, Recurring [Member] | OTC Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		12	24
Effect of counterparty netting, commodity derivative assets		(5)	(14)
Commodity derivative liabilities, fair value gross		9	29
Effect of counterparty netting, commodity derivative liabilities		(5)	(14)
Fair Value, Measurements, Recurring [Member] | Physical Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	[2]	65	260
Effect of counterparty netting, commodity derivative assets	[2]	(4)	(38)
Commodity derivative liabilities, fair value gross	[2]	30	189
Effect of counterparty netting, commodity derivative liabilities	[2]	(4)	(38)
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross		1,059	2,134
Total liabilities, fair value disclosure gross		1,029	1,901
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Floating Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross		50	68
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Rabbi Trust Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets		80	76
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		979	2,058
Commodity derivative liabilities, fair value gross		979	1,833
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross		813	1,802
Total liabilities, fair value disclosure gross		9,492	10,446
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	[1]	8,793	8,806
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		738	1,525
Commodity derivative liabilities, fair value gross		660	1,422
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | OTC Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		12	24
Commodity derivative liabilities, fair value gross		9	29
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Physical Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	[2]	63	253
Commodity derivative liabilities, fair value gross	[2]	30	189
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross		2	7
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Physical Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	[2]	$ 2	$ 7
[1]	We carry fixed-rate debt on the balance sheet at amortized cost.
[2]	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.

Fair Value Measurements (Summ61

Fair Value Measurements (Summary of Nonrecurring Fair Value Measurements) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Before-Tax Loss	$ 12
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net asset disposal group (held for sale)	72
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net asset disposal group (held for sale)	$ 72

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset value transferred into Level 1, as measured from the beginning of the reporting period		$ 316
Liability value transferred into Level 1, as measured from the beginning of the reporting period		$ 324
Before-Tax Loss	$ 12
Bantry Bay Terminal [Member] | Refining [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	84
Before-Tax Loss	$ 12

Employee Benefit Plans (Summary

Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
United States Pension Plans of U S Entity, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	$ 32	$ 30	$ 94	$ 91
Interest cost	27	27	81	81
Expected return on plan assets	(35)	(35)	(105)	(106)
Amortization of prior service cost (credit)		1	2	2
Recognized net actuarial loss (gain)	19	10	56	30
Settlements	75		76
Net periodic benefit cost	118	33	204	98
Foreign Pension Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	9	9	29	29
Interest cost	7	9	21	27
Expected return on plan assets	(9)	(9)	(28)	(28)
Amortization of prior service cost (credit)			(1)	(1)
Recognized net actuarial loss (gain)	4	3	12	9
Net periodic benefit cost	11	12	33	36
Other Postretirement Benefit Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	1	1	5	5
Interest cost	2	2	6	6
Amortization of prior service cost (credit)			(1)	(1)
Recognized net actuarial loss (gain)			(1)	(1)
Net periodic benefit cost	$ 3	$ 3	$ 9	$ 9

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Employee Benefit Plans (Textual) [Abstract]
Decrease to other comprehensive income	$ 116	$ 116
United States Pension Plans of U S Entity, Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans		225
Additional contributions expected to be made during remainder of 2015		5
Settlements	75	76
Qualified Pension Plan [Member]
Employee Benefit Plans (Textual) [Abstract]
Settlements	$ 73
Increase in net pension liability		116
Decrease to other comprehensive income		116
Non-qualified Supplement Retirement Plan[Member]
Employee Benefit Plans (Textual) [Abstract]
Settlements		3
Foreign Pension Plans, Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans		52
Additional contributions expected to be made during remainder of 2015		$ 10

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance				$ (531)	$ 37
Other comprehensive income before reclassifications				(151)	(91)
Actuarial losses and settlements	[1]			94	29
Other Comprehensive Loss, Net of Tax		$ (119)	$ (211)	(57)	(62)
Accumulated other comprehensive income (loss), ending balance		(588)	(25)	(588)	(25)
Defined Benefit Plans [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance				(696)	(404)
Other comprehensive income before reclassifications				(63)	6
Actuarial losses and settlements	[1]			94	29
Other Comprehensive Loss, Net of Tax				31	35
Accumulated other comprehensive income (loss), ending balance		(665)	(369)	(665)	(369)
Foreign Curency Translation [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance				167	443
Other comprehensive income before reclassifications				(88)	(97)
Other Comprehensive Loss, Net of Tax				(88)	(97)
Accumulated other comprehensive income (loss), ending balance		79	346	79	346
Hedging [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance				(2)	(2)
Accumulated other comprehensive income (loss), ending balance		$ (2)	$ (2)	$ (2)	$ (2)
[1]	These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans, for additional information).

Cash Flow Information (Narrativ

Cash Flow Information (Narrative) (Details) - Phillips Specialty Products Inc [Member] shares in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2014USD ($)shares
Noncash or Part Noncash Divestitures [Line Items]
Noncash portion of net assets surrendered in exchange	$ 204
Number of shares of Phillips 66 common stock received in exchange | shares	17.4
Fair value of shares at time of the exchange	$ 1,350

Related Party Transactions (Sum

Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Significant transactions with related parties
Operating revenues and other income	[1]	$ 581	$ 1,653	$ 1,872	$ 5,306
Purchases	[2]	1,927	3,772	6,281	12,298
Operating expenses and selling, general and administrative expenses	[3]	29	33	91	109
Interest expense	[4]	$ 2	$ 2	$ 5	$ 6
[1]	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 crude oil and other 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]	We purchased crude oil and 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, LLC (DCP Midstream) and CPChem for use in our refinery processes and other feedstocks from various affiliates. We paid NGL fractionation fees to CPChem. 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.
[3]	We paid utility and processing fees to various affiliates.
[4]	We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Relat68

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Analysis of results by operating segment
Sales and other operating revenues	[1]	$ 25,792	$ 40,417	$ 77,082	$ 126,249
Net Income (Loss) Attributable to Phillips 66		1,578	1,180	3,577	3,615
Analysis of results of assets by operating segment
Total Assets		49,415		49,415		$ 48,741
Discontinued Operations [Member]
Analysis of results by operating segment
Net Income (Loss) Attributable to Phillips 66					706
Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		571	1,068	1,956	3,812
Net Income (Loss) Attributable to Phillips 66		101	115	90	411
Analysis of results of assets by operating segment
Total Assets		9,251		9,251		7,295
Chemicals [Member]
Analysis of results by operating segment
Sales and other operating revenues		1	2	4	6
Net Income (Loss) Attributable to Phillips 66		252	230	750	870
Analysis of results of assets by operating segment
Total Assets		5,168		5,168		5,209
Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		5,753	11,142	18,303	37,634
Net Income (Loss) Attributable to Phillips 66		1,003	558	2,145	1,254
Analysis of results of assets by operating segment
Total Assets		22,777		22,777		22,808
Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		19,466	28,197	56,797	84,774
Net Income (Loss) Attributable to Phillips 66		338	368	956	667
Analysis of results of assets by operating segment
Total Assets		6,428		6,428		7,051
Corporate and Other [Member]
Analysis of results by operating segment
Sales and other operating revenues		1	8	22	23
Net Income (Loss) Attributable to Phillips 66		(116)	(91)	(364)	(293)
Analysis of results of assets by operating segment
Total Assets		5,791		5,791		$ 6,378
Operating Segments [Member] | Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		821	1,323	2,703	4,633
Operating Segments [Member] | Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		16,511	28,910	49,737	91,753
Operating Segments [Member] | Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		19,852	28,663	57,943	86,198
Intersegment Eliminations [Member] | Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		(250)	(255)	(747)	(821)
Intersegment Eliminations [Member] | Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		(10,758)	(17,768)	(31,434)	(54,119)
Intersegment Eliminations [Member] | Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		$ (386)	$ (466)	$ (1,146)	$ (1,424)
[1]	Includes excise taxes on petroleum products sales: $3,513, $3,781, $10,338, $11,046

Segment Disclosures and Relat69

Segment Disclosures and Related Information (Narrative) (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2014	Sep. 30, 2015
Segment Disclosures And Related Information (Textual) [Abstract]
Number of refineries	1
Midstream Segment [Member] | DCP Midstream [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest		50.00%
Chemicals Segment [Member] | CP Chem [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest		50.00%
Refining [Member] | Mainly United States And Europe [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Number of refineries		14

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes (Textual) [Abstract]
Effective tax rate, percent	33.00%	31.00%	31.00%	33.00%
Federal statutory tax rate, percent			35.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2015USD ($)$ / sharesshares	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest			$ 838	$ 447
Net properties, plants and equipment			$ 19,257	$ 17,346
Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage			69.00%
General partnership interest in Phillips 66 Partners, percentage			2.00%
Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage			29.00%
Equity investments			$ 858
Net properties, plants and equipment			489
Phillips 66 Partners LP [Member] | Common Units [Member]
Subsidiary or Equity Method Investee [Line Items]
Public offering of common units | shares	5,250,000
Public offering price, per share | $ / shares	$ 75.50
Partners' Capital Account, Public Sale of Units Net of Offering Costs	$ 384
Noncontrolling Interest [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest			$ 805
Phillips 66 Partners LP [Member] | Explorer Pipeline Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interests contributed, percentage		0.195
Phillips 66 Partners LP [Member] | DCP Sand Hills Pipeline, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interests contributed, percentage		0.333
Phillips 66 Partners LP [Member] | DCP Southern Hills Pipeline, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interests contributed, percentage		0.333
Phillips 66 Partners LP [Member] | ExplorerPipelineCompanyDcpSandHillsPipelineLlcDcpSouthernHillsPipelineLlc [Member]
Subsidiary or Equity Method Investee [Line Items]
Total consideration for contributed assets		$ 1,010
Cash received for contributed assets		880
Common And General Partner Units [Member] | Phillips 66 Partners LP [Member] | ExplorerPipelineCompanyDcpSandHillsPipelineLlcDcpSouthernHillsPipelineLlc [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate fair value of units received		$ 130
Senior Notes [Member]
Subsidiary or Equity Method Investee [Line Items]
Phillips 66 Partners public offering of senior notes	1,100
Senior Notes [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Phillips 66 Partners public offering of senior notes	$ 1,100

New Accounting Standards New Ac

New Accounting Standards New Accounting Standards (Narrative) (Details) $ in Millions	Sep. 30, 2015USD ($)
New Accounting Standards [Abstract]
Deferred Finance Costs, Noncurrent, Net	$ 55

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - DCP Midstream [Member] $ in Billions	1 Months Ended
	Oct. 30, 2015USD ($)
Subsequent Event [Line Items]
Cash contribution	$ 1.5
Percentage of ownership interest	50.00%

Condensed Consolidating Finan74

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues and Other Income
Sales and other operating revenues	[1]	$ 25,792	$ 40,417	$ 77,082	$ 126,249
Equity in earnings (losses) of affiliates		583	511	1,446	2,053
Net gain (loss) on dispositions		22	109	283	125
Other income		20	11	109	59
Total Revenues and Other Income		26,417	41,048	78,920	128,486
Cost And Expenses
Purchased crude oil and products		18,580	33,602	57,528	107,299
Operating expenses		1,083	1,104	3,220	3,271
Selling, general and administrative expenses		437	401	1,237	1,215
Depreciation and amortization		270	249	797	722
Impairments		1	12	3	16
Taxes other than income taxes	[1]	3,610	3,874	10,621	11,344
Accretion on discounted liabilities		5	6	16	18
Interest and debt expense		71	60	236	194
Foreign currency transaction losses		1	13	50	23
Total Costs and Expenses		24,058	39,321	73,708	124,102
Income from continuing operations before income taxes		2,359	1,727	5,212	4,384
Provision (benefit) for income taxes		767	538	1,598	1,451
Income From Continuing Operations		1,592	1,189	3,614	2,933
Income from discontinued operations	[2],[3]				706
Net income		1,592	1,189	3,614	3,639
Less: net income attributable to noncontrolling interests		14	9	37	24
Net Income Attributable to Phillips 66		1,578	1,180	3,577	3,615
Comprehensive Income		1,473	978	3,557	3,577
Phillips 66 [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		1,637	1,225	3,760	3,055
Total Revenues and Other Income		1,637	1,225	3,760	3,055
Cost And Expenses
Operating expenses				4	2
Selling, general and administrative expenses		2		5	5
Interest and debt expense		90	69	273	202
Total Costs and Expenses		92	69	282	209
Income from continuing operations before income taxes		1,545	1,156	3,478	2,846
Provision (benefit) for income taxes		(33)	(24)	(99)	(73)
Income From Continuing Operations		1,578	1,180	3,577	2,919
Income from discontinued operations	[3]				696
Net income		1,578	1,180	3,577	3,615
Net Income Attributable to Phillips 66		1,578	1,180	3,577	3,615
Comprehensive Income		1,459	969	3,520	3,553
Phillips 66 Company [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		946	816	2,362	2,269
Net gain (loss) on dispositions				(115)
Other income		12	3	77	43
Total Revenues and Other Income		19,344	29,268	56,689	89,480
Cost And Expenses
Purchased crude oil and products		14,210	24,785	42,959	76,839
Operating expenses		887	893	2,543	2,658
Selling, general and administrative expenses		339	301	934	903
Depreciation and amortization		206	189	614	552
Impairments		1		3	2
Taxes other than income taxes		1,396	1,405	4,212	4,122
Accretion on discounted liabilities		4	5	12	14
Interest and debt expense		7	3	19	13
Foreign currency transaction losses		1		1
Total Costs and Expenses		17,051	27,581	51,297	85,103
Income from continuing operations before income taxes		2,293	1,687	5,392	4,377
Provision (benefit) for income taxes		656	462	1,632	1,322
Income From Continuing Operations		1,637	1,225	3,760	3,055
Net income		1,637	1,225	3,760	3,055
Net Income Attributable to Phillips 66		1,637	1,225	3,760	3,055
Comprehensive Income		1,518	1,014	3,703	2,993
All Other Subsidiaries [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		89	87	(13)	395
Net gain (loss) on dispositions		22	109	398	125
Other income		8	8	32	16
Total Revenues and Other Income		10,345	17,678	31,586	56,859
Cost And Expenses
Purchased crude oil and products		7,138	14,272	22,899	47,568
Operating expenses		203	221	704	638
Selling, general and administrative expenses		107	122	311	377
Depreciation and amortization		64	60	183	170
Impairments			12		14
Taxes other than income taxes		2,214	2,470	6,409	7,223
Accretion on discounted liabilities		1	1	4	4
Interest and debt expense		8	6	22	15
Foreign currency transaction losses			13	49	23
Total Costs and Expenses		9,735	17,177	30,581	56,032
Income from continuing operations before income taxes		610	501	1,005	827
Provision (benefit) for income taxes		144	100	65	202
Income From Continuing Operations		466	401	940	625
Income from discontinued operations	[3]				10
Net income		466	401	940	635
Less: net income attributable to noncontrolling interests		14	9	37	24
Net Income Attributable to Phillips 66		452	392	903	611
Comprehensive Income		365	178	878	546
Reportable Legal Entities [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		18,122	27,700	53,612	85,084
Reportable Legal Entities [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		7,670	12,717	23,470	41,165
Consolidating Adjustments [Member]
Revenues and Other Income
Sales and other operating revenues		(2,820)	(5,506)	(8,452)	(17,242)
Equity in earnings (losses) of affiliates		(2,089)	(1,617)	(4,663)	(3,666)
Total Revenues and Other Income		(4,909)	(7,123)	(13,115)	(20,908)
Cost And Expenses
Purchased crude oil and products		(2,768)	(5,455)	(8,330)	(17,108)
Operating expenses		(7)	(10)	(31)	(27)
Selling, general and administrative expenses		(11)	(22)	(13)	(70)
Taxes other than income taxes			(1)		(1)
Interest and debt expense		(34)	(18)	(78)	(36)
Total Costs and Expenses		(2,820)	(5,506)	(8,452)	(17,242)
Income from continuing operations before income taxes		(2,089)	(1,617)	(4,663)	(3,666)
Income From Continuing Operations		(2,089)	(1,617)	(4,663)	(3,666)
Net income		(2,089)	(1,617)	(4,663)	(3,666)
Net Income Attributable to Phillips 66		(2,089)	(1,617)	(4,663)	(3,666)
Comprehensive Income		(1,869)	(1,183)	(4,544)	(3,515)
Consolidating Adjustments [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		(264)	(749)	(753)	(2,084)
Consolidating Adjustments [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		$ (2,556)	$ (4,757)	$ (7,699)	$ (15,158)
[1]	Includes excise taxes on petroleum products sales: $3,513, $3,781, $10,338, $11,046
[2]	Net of provision for income taxes on discontinued operations: $-, $-, $-, $5
[3]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5

Condensed Consolidating Finan75

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets [Abstract]
Cash and cash equivalents	$ 4,822	$ 5,207	$ 3,108	$ 5,400
Accounts and notes receivable	5,198	7,255
Inventories	4,388	3,397
Prepaid expenses and other current assets	641	837
Total Current Assets	15,049	16,696
Investments and long-term receivables	10,601	10,189
Net properties, plants and equipment	19,257	17,346
Goodwill	3,275	3,274
Intangibles	879	900
Other assets	354	336
Total Assets	49,415	48,741
Liabilities and Equity [Abstract]
Accounts payable	6,862	8,064
Short-term debt	43	842
Accrued income and other taxes	980	878
Employee benefit obligations	458	462
Other accruals	532	848
Total Current Liabilities	8,875	11,094
Long-term debt	8,908	7,842
Asset retirement obligations and accrued environmental costs	681	683
Deferred income taxes	5,401	5,491
Employee benefit obligations	1,249	1,305
Other liabilities and deferred credits	269	289
Total Liabilities	25,383	26,704
Common stock	11,782	12,812
Retained earnings	12,000	9,309
Accumulated other comprehensive income (loss)	(588)	(531)	(25)	37
Noncontrolling interests	838	447
Total Liabilities and Equity	49,415	48,741
Phillips 66 [Member]
Assets [Abstract]
Accounts and notes receivable	15	14
Prepaid expenses and other current assets		9
Total Current Assets	15	23
Investments and long-term receivables	32,970	30,141
Other assets	62	60
Total Assets	33,047	30,224
Liabilities and Equity [Abstract]
Short-term debt		798
Other accruals	144	65
Total Current Liabilities	144	863
Long-term debt	7,457	7,457
Other liabilities and deferred credits	2,223	285
Total Liabilities	9,824	8,605
Common stock	11,782	12,812
Retained earnings	12,029	9,338
Accumulated other comprehensive income (loss)	(588)	(531)
Total Liabilities and Equity	33,047	30,224
Phillips 66 Company [Member]
Assets [Abstract]
Cash and cash equivalents	984	2,045	670	2,162
Accounts and notes receivable	3,438	5,069
Inventories	2,698	2,026
Prepaid expenses and other current assets	395	429
Total Current Assets	7,515	9,569
Investments and long-term receivables	22,799	18,896
Net properties, plants and equipment	12,479	12,267
Goodwill	3,040	3,040
Intangibles	696	694
Other assets	146	159
Total Assets	46,675	44,625
Liabilities and Equity [Abstract]
Accounts payable	4,166	5,618
Short-term debt	25	26
Accrued income and other taxes	408	356
Employee benefit obligations	415	409
Other accruals	246	242
Total Current Liabilities	5,260	6,651
Long-term debt	162	159
Asset retirement obligations and accrued environmental costs	492	494
Deferred income taxes	4,224	4,240
Employee benefit obligations	1,045	1,074
Other liabilities and deferred credits	2,570	1,919
Total Liabilities	13,753	14,537
Common stock	25,404	25,405
Retained earnings	8,106	5,214
Accumulated other comprehensive income (loss)	(588)	(531)
Total Liabilities and Equity	46,675	44,625
All Other Subsidiaries [Member]
Assets [Abstract]
Cash and cash equivalents	3,838	3,162	$ 2,438	$ 3,238
Accounts and notes receivable	2,297	3,274
Inventories	1,690	1,371
Prepaid expenses and other current assets	246	399
Total Current Assets	8,071	8,206
Investments and long-term receivables	5,729	4,631
Net properties, plants and equipment	6,778	5,079
Goodwill	235	234
Intangibles	183	206
Other assets	150	121
Total Assets	21,146	18,477
Liabilities and Equity [Abstract]
Accounts payable	3,248	3,548
Short-term debt	18	18
Accrued income and other taxes	572	522
Employee benefit obligations	43	53
Other accruals	142	541
Total Current Liabilities	4,023	4,682
Long-term debt	1,289	226
Asset retirement obligations and accrued environmental costs	189	189
Deferred income taxes	1,181	1,255
Employee benefit obligations	204	231
Other liabilities and deferred credits	3,035	2,126
Total Liabilities	9,921	8,709
Common stock	9,314	8,240
Retained earnings	1,128	1,074
Accumulated other comprehensive income (loss)	(55)	7
Noncontrolling interests	838	447
Total Liabilities and Equity	21,146	18,477
Consolidating Adjustments [Member]
Assets [Abstract]
Accounts and notes receivable	(552)	(1,102)
Total Current Assets	(552)	(1,102)
Investments and long-term receivables	(50,897)	(43,479)
Other assets	(4)	(4)
Total Assets	(51,453)	(44,585)
Liabilities and Equity [Abstract]
Accounts payable	(552)	(1,102)
Total Current Liabilities	(552)	(1,102)
Deferred income taxes	(4)	(4)
Other liabilities and deferred credits	(7,559)	(4,041)
Total Liabilities	(8,115)	(5,147)
Common stock	(34,718)	(33,645)
Retained earnings	(9,263)	(6,317)
Accumulated other comprehensive income (loss)	643	524
Total Liabilities and Equity	$ (51,453)	$ (44,585)

Condensed Consolidating Finan76

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash provided by continuing operating activities		$ 4,216	$ 2,655
Net cash provided by discontinued operations			2
Net Cash Provided by Operating Activities		4,216	2,657
Capital expenditures and investments	[1]	(3,286)	(2,647)
Proceeds from asset dispositions	[2]	68	663
Advances/loans—related parties		(50)	(3)
Collection of advances/loans—related parties		50
Other		2	161
Net cash used in continuing investing activities		(3,216)	(1,826)
Net cash used in discontinued operations			(2)
Net Cash Used in Investing Activities		(3,216)	(1,828)
Issuance of debt		1,169
Repayment of debt		(918)	(30)
Issuance of common stock		(27)	1
Repurchase of common stock		(1,106)	(1,750)
Share exchange—PSPI transaction			(450)
Dividends paid on common stock		(874)	(787)
Distributions to noncontrolling interests		(30)	(18)
Net proceeds from issuance of Phillips 66 Partners LP common units		384
Other	[1]	2	23
Net cash used in continuing financing activities		(1,400)	(3,011)
Net Cash Used in Financing Activities		(1,400)	(3,011)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		15	(110)
Net Change in Cash and Cash Equivalents		(385)	(2,292)
Cash and cash equivalents at beginning of period		5,207	5,400
Cash and Cash Equivalents at End of Period		4,822	3,108
Phillips 66 [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by continuing operating activities		884	60
Net Cash Provided by Operating Activities		884	60
Intercompany lending activities		1,938	2,937
Net cash used in continuing investing activities		1,938	2,937
Net Cash Used in Investing Activities		1,938	2,937
Repayment of debt		(800)
Issuance of common stock		(27)	1
Repurchase of common stock		(1,106)	(1,750)
Share exchange—PSPI transaction			(450)
Dividends paid on common stock		(874)	(787)
Other	[1]	(15)	(11)
Net cash used in continuing financing activities		(2,822)	(2,997)
Net Cash Used in Financing Activities		(2,822)	(2,997)
Phillips 66 Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by continuing operating activities		2,179	982
Net Cash Provided by Operating Activities		2,179	982
Capital expenditures and investments	[1]	(925)	(1,747)
Proceeds from asset dispositions		774	999
Intercompany lending activities		(2,201)	(1,743)
Advances/loans—related parties		(50)
Collection of advances/loans—related parties		50
Other		(22)	(1)
Net cash used in continuing investing activities		(2,374)	(2,492)
Net Cash Used in Investing Activities		(2,374)	(2,492)
Repayment of debt		(19)	(15)
Dividends paid on common stock		(874)
Other	[1]	27	33
Net cash used in continuing financing activities		(866)	18
Net Cash Used in Financing Activities		(866)	18
Net Change in Cash and Cash Equivalents		(1,061)	(1,492)
Cash and cash equivalents at beginning of period		2,045	2,162
Cash and Cash Equivalents at End of Period		984	670
All Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by continuing operating activities		2,131	1,759
Net cash provided by discontinued operations			2
Net Cash Provided by Operating Activities		2,131	1,761
Capital expenditures and investments	[1]	(3,195)	(1,885)
Proceeds from asset dispositions		176	64
Intercompany lending activities		263	(1,194)
Advances/loans—related parties			(3)
Other		24	162
Net cash used in continuing investing activities		(2,732)	(2,856)
Net cash used in discontinued operations			(2)
Net Cash Used in Investing Activities		(2,732)	(2,858)
Issuance of debt		1,169
Repayment of debt		(99)	(15)
Dividends paid on common stock		(64)	(102)
Distributions to noncontrolling interests		(30)	(18)
Net proceeds from issuance of Phillips 66 Partners LP common units		384
Other	[1]	88	847
Net cash used in continuing financing activities		1,262	407
Net Cash Used in Financing Activities		1,262	407
Effect of Exchange Rate Changes on Cash and Cash Equivalents		15	(110)
Net Change in Cash and Cash Equivalents		676	(800)
Cash and cash equivalents at beginning of period		3,162	3,238
Cash and Cash Equivalents at End of Period		3,838	2,438
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by continuing operating activities		(978)	(146)
Net Cash Provided by Operating Activities		(978)	(146)
Capital expenditures and investments	[1]	834	985
Proceeds from asset dispositions		(882)	(400)
Net cash used in continuing investing activities		(48)	585
Net Cash Used in Investing Activities		(48)	585
Dividends paid on common stock		938	102
Distributions to controlling interests		186	305
Other	[1]	(98)	(846)
Net cash used in continuing financing activities		1,026	(439)
Net Cash Used in Financing Activities		1,026	(439)
Consolidating Adjustments [Member] | All Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Distributions to controlling interests		$ (186)	$ (305)
[1]	Includes intercompany capital contributions.
[2]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.

Condensed Consolidating Finan77

Condensed Consolidating Financial Information (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Feb. 28, 2015
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership in subsidiary		100.00%
Net of provision for income taxes on discontinued operations	$ 5
Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 1,100
Phillips 66 [Member] | Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt issued		$ 7,500
All Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net of provision for income taxes on discontinued operations	$ 5