Phillips 66 (PSX) 10-K 19 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Trading Symbol	PSX
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		527,459,894
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 43.3

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Revenues and Other Income
Sales and other operating revenues	[1],[2]	$ 98,975	$ 161,212		$ 171,596
Equity in earnings (losses) of affiliates		1,573	2,466		3,073
Net gain on dispositions		283	295		55
Other income		118	120		85
Total Revenues and Other Income		100,949	164,093		174,809
Costs and Expenses
Purchased crude oil and products		73,399	135,748		148,245
Operating expenses		4,294	4,435		4,206
Selling, general and administrative expenses		1,670	1,663		1,478
Depreciation and amortization		1,078	995		947
Impairments		7	150		29
Taxes other than income taxes	[1]	14,077	15,040		14,119
Accretion on discounted liabilities		21	24		24
Interest and debt expense		310	267		275
Foreign currency transaction (gains) losses		49	26		(40)
Total Costs and Expenses		94,905	158,348		169,283
Income from continuing operations before income taxes		6,044	5,745		5,526
Provision for income taxes		1,764	1,654		1,844
Income from Continuing Operations		4,280	4,091		3,682
Income from discontinued operations	[4]		706	[3]	61	[5]
Net income		4,280	4,797		3,743
Less: net income attributable to noncontrolling interests		53	35		17
Net Income Attributable to Phillips 66		4,227	4,762		3,726
Amounts Attributable to Phillips 66 Common Stockholders:
Income from continuing operations		$ 4,227	4,056		3,665
Income from discontinued operations			$ 706		$ 61
Basic
Continuing operations (in dollars per share)		$ 7.78	$ 7.15		$ 5.97
Discontinued operations (in dollars per share)			1.25		0.10
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)		7.78	8.40		6.07
Diluted
Continuing operations (in dollars per share)		7.73	7.10		5.92
Discontinued operations (in dollars per share)			1.23		0.10
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)		7.73	8.33		6.02
Dividends Paid Per Share of Common Stock (dollars)		$ 2.18	$ 1.8900		$ 1.3275
Average Common Shares Outstanding (in thousands)
Basic (in shares)		542,355	565,902		612,918
Diluted (in shares)		546,977	571,504		618,989
[1]	Includes excise taxes on petroleum products sales: $13,780 million, $14,698 million, $13,866 million
[2]	Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.
[3]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5
[4]	Net of provision for income taxes on discontinued operations: $0 million, $5 million, $34 million
[5]	Net of provision for income taxes on discontinued operations: $-, $-, $34, $-, $34

Consolidated Statement of Inco3

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Includes excise taxes on petroleum products sales	$ 13,780	$ 14,698	$ 13,866
Net of provision for income taxes on discontinued operations	$ 0	$ 5	$ 34

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,280	$ 4,797	$ 3,743
Actuarial gain/loss:
Actuarial gain (loss) arising during the period	(138)	(451)	401
Amortization to net income of net actuarial loss and settlements	174	56	96
Plans sponsored by equity affiliates	11	(66)	88
Income taxes on defined benefit plans	(13)	169	(211)
Defined benefit plans, net of tax	34	(292)	374
Foreign currency translation adjustments	(163)	(294)	(21)
Income taxes on foreign currency translation adjustments	7	18	(2)
Foreign currency translation adjustments, net of tax	(156)	(276)	(23)
Hedging activities by equity affiliates			1
Income taxes on hedging activities by equity affiliates			(1)
Other Comprehensive Income (Loss), Net of Tax	(122)	(568)	351
Comprehensive Income	4,158	4,229	4,094
Less: comprehensive income attributable to noncontrolling interests	53	35	17
Comprehensive Income Attributable to Phillips 66	$ 4,105	$ 4,194	$ 4,077

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents		$ 3,074	$ 5,207
Accounts and notes receivable (net of allowances of $55 million in 2015 and $71 million in 2014)		4,411	6,306
Accounts and notes receivable - related parties		762	949
Inventories		3,477	3,397
Prepaid expenses and other current assets	[1]	532	833	[2]
Total Current Assets		12,256	16,692
Investments and long-term receivables		12,143	10,189
Net properties, plants and equipment		19,721	17,346
Goodwill		3,275	3,274
Intangibles		906	900
Other assets	[1]	279	291	[2]
Total Assets		48,580	48,692
Liabilities
Accounts payable		5,155	7,488
Accounts payable - related parties		500	576
Short-term debt		44	842
Accrued income and other taxes		878	878
Employee benefit obligations		576	462
Other accruals		378	848
Total Current Liabilities		7,531	11,094
Long-term debt	[1]	8,843	7,793	[2]
Asset retirement obligations and accrued environmental costs		665	683
Deferred income taxes		6,041	5,491
Employee benefit obligations		1,285	1,305
Other liabilities and deferred credits		277	289
Total Liabilities		24,642	26,655
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2015—639,336,287 shares; 2014—637,031,760 shares)		6	6
Capital in excess of par		19,145	19,040
Treasury stock (at cost: 2015—109,925,907 shares; 2014—90,649,984 shares)		(7,746)	(6,234)
Retained earnings		12,348	9,309
Accumulated other comprehensive loss		(653)	(531)
Total Stockholders' Equity		23,100	21,590
Noncontrolling interests		838	447
Total Equity		23,938	22,037
Total Liabilities and Equity		$ 48,580	$ 48,692
[1]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.
[2]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 55	$ 71
Common stock, shares authorized	2,500,000,000	2,500,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares Issued	639,336,287	637,031,760
Treasury stock, shares	109,925,907	90,649,984

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Cash Flows From Operating Activities
Net income		$ 4,280		$ 4,797		$ 3,743
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		1,078		995		947
Impairments		7		150		29
Accretion on discounted liabilities		21		24		24
Deferred taxes		529		(488)		594
Undistributed equity earnings		185		197		(354)
Net gain on dispositions		(283)		(295)		(55)
Income from discontinued operations	[2]			(706)	[1]	(61)	[3]
Other		117		(127)		195
Working capital adjustments
Decrease (increase) in accounts and notes receivable		2,129		2,226		481
Decrease (increase) in inventories		(144)		(85)		38
Decrease (increase) in prepaid expenses and other current assets		324		(316)		20
Increase (decrease) in accounts payable		(2,300)		(3,323)		360
Increase (decrease) in taxes and other accruals		(230)		478		(19)
Net cash provided by continuing operating activities		5,713		3,527		5,942
Net cash provided by discontinued operations				2		85
Net Cash Provided by Operating Activities		5,713		3,529		6,027
Cash Flows From Investing Activities
Capital expenditures and investments	[4]	(5,764)		(3,773)		(1,779)
Proceeds from asset dispositions	[5]	70	[6]	1,244		1,214
Advances/loans—related parties		(50)		(3)		(65)
Collection of advances/loans—related parties		50				165
Other		(44)		238		48
Net cash used in continuing investing activities		(5,738)		(2,294)		(417)
Net cash used in discontinued operations				(2)		(27)
Net Cash Used in Investing Activities		(5,738)		(2,296)		(444)
Cash Flows From Financing Activities
Issuance of debt		1,169		2,487
Repayment of debt		(926)		(49)		(1,020)
Issuance of common stock		(19)		1		6
Repurchase of common stock		(1,512)		(2,282)		(2,246)
Share exchange—PSPI transaction				(450)
Dividends paid on common stock		(1,172)		(1,062)		(807)
Distributions to noncontrolling interests		(46)		(30)		(10)
Net proceeds from issuance of Phillips 66 Partners LP common units		384				404
Other	[4]	5		23		(6)
Net cash used in continuing financing activities		(2,117)		(1,362)		$ (3,679)
Net cash used in discontinued operations
Net Cash Used in Financing Activities		(2,117)		(1,362)		$ (3,679)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		9		(64)		22
Net Change in Cash and Cash Equivalents		(2,133)		(193)		1,926
Cash and cash equivalents at beginning of year		5,207		5,400		3,474
Cash and Cash Equivalents at End of Year		$ 3,074		$ 5,207		$ 5,400
[1]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5
[2]	Net of provision for income taxes on discontinued operations: $0 million, $5 million, $34 million
[3]	Net of provision for income taxes on discontinued operations: $-, $-, $34, $-, $34
[4]	Includes intercompany capital contributions.
[5]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.
[6]	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]	TreasuryStockRepurchasePlan [Member]	TreasuryStockReceivedOnDisposition [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2012	$ 20,806	$ 6	$ 18,726	$ (356)			$ 2,713	$ (314)	$ 31
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,743						3,726		17
Other comprehensive income (loss)	351							351
Cash dividends paid on common stock	(807)						(807)
Treasury stock, Repurchase of common stock and Share exchange—PSPI transaction	(2,246)			(2,246)
Benefit plan activity			164
Benefit plan activity							(10)
Benefit plan activity	154
Issuance of Phillips 66 Partners LP common units	404								404
Distributions to noncontrolling interests and other			(3)
Distributions to noncontrolling interests and other									(10)
Distributions to noncontrolling interests and other	(13)
Ending Balance at Dec. 31, 2013	$ 22,392	6	18,887	(2,602)			5,622	37	442
Beginning Balance, Common shares at Dec. 31, 2012	631,150,000
Shares
Shares issued - stock-based compensation	3,136,000
Ending Balance, Common shares at Dec. 31, 2013	634,286,000
Beginning Balance, Treasury shares at Dec. 31, 2012	7,604,000
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares	36,502,000
Ending Balance, Treasury shares at Dec. 31, 2013	44,106,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 4,797						4,762		35
Other comprehensive income (loss)	(568)							(568)
Cash dividends paid on common stock	(1,062)						(1,062)
Treasury stock, Repurchase of common stock and Share exchange—PSPI transaction					$ (2,282)	$ (1,350)
Benefit plan activity			153
Benefit plan activity							(13)
Benefit plan activity	140
Distributions to noncontrolling interests and other									(30)
Distributions to noncontrolling interests and other	(30)
Ending Balance at Dec. 31, 2014	$ 22,037	6	19,040	(6,234)			9,309	(531)	447
Shares
Shares issued - stock-based compensation	2,746,000
Ending Balance, Common shares at Dec. 31, 2014	637,031,760
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares					29,121,000	17,423,000
Ending Balance, Treasury shares at Dec. 31, 2014	90,649,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 4,280						4,227		53
Other comprehensive income (loss)	(122)							(122)
Cash dividends paid on common stock	(1,172)						(1,172)
Treasury stock, Repurchase of common stock and Share exchange—PSPI transaction	(1,512)			(1,512)
Benefit plan activity			105
Benefit plan activity							(16)
Benefit plan activity	89
Issuance of Phillips 66 Partners LP common units	384								384
Distributions to noncontrolling interests and other									(46)
Distributions to noncontrolling interests and other	(46)
Ending Balance at Dec. 31, 2015	$ 23,938	$ 6	$ 19,145	$ (7,746)			$ 12,348	$ (653)	$ 838
Shares
Shares issued - stock-based compensation	2,304,000
Ending Balance, Common shares at Dec. 31, 2015	639,336,287
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares	19,276,000
Ending Balance, Treasury shares at Dec. 31, 2015	109,925,907

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Accounting Policies	Summary of Significant Accounting Policies ▪ Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. ▪ Recasted Financial Information —Certain prior period financial information has been recasted to reflect the current year’s presentation. ▪ Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability; we include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency. ▪ Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. ▪ Revenue Recognition —Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the “Purchased crude oil and products” line of our consolidated statement of income. ▪ Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these at cost plus accrued interest, which approximates fair value. ▪ Shipping and Handling Costs —We record shipping and handling costs in purchased crude oil and products. Freight costs billed to customers are recorded as a component of revenue. ▪ Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual or nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method. ▪ Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. ▪ Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the right of offset exists and certain other criteria are met. We also net collateral payables or receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not designated as cash-flow hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings. ▪ Capitalized Interest —Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plants and equipment and is amortized over the useful life of the asset. ▪ Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. ▪ Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized but is tested annually for impairment and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, the implied fair value of goodwill is calculated. The excess, if any, of the book value over the implied fair value of the goodwill is charged to net income. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining and Marketing and Specialties (M&S). ▪ Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). ▪ Impairment of Properties, Plants and Equipment —Properties, plants and equipment (PP&E) used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value through additional amortization or depreciation provisions and reported in the “Impairment” line of our consolidated statement of income in the period in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets (for example, at a refinery complex level). Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. ▪ Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate. ▪ Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. ▪ Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. ▪ Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Our estimate may change after initial recognition in which case we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable. ▪ Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. ▪ Stock-Based Compensation —We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award not to be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. ▪ Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses. ▪ Taxes Collected from Customers and Remitted to Governmental Authorities —Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes. ▪ Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders’ equity in the consolidated balance sheet.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 2015
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective December 1, 2015, we early adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-03 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 2015-15 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. Upon adoption, we reclassified $54 million and $49 million as a reduction of debt on our 2015 and 2014 consolidated balance sheets, respectively.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	12 Months Ended
	Dec. 31, 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 NGL pipelines and terminals, as well as other transportation and midstream assets. We consolidate Phillips 66 Partners as we determined that Phillips 66 Partners is a VIE and we are the primary beneficiary. As general partner 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 27—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 7—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. In January 2016, PDVSA filed an appeal with the appellate court seeking to reverse this ruling. 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 December 31, 2015 , our maximum exposure to loss was the outstanding principal balance of the MSLP Senior Notes of $157 million and our investment in MSLP of $158 million . We have a 50 percent ownership interest with a 50 percent governance interest in Excel Paralubes (Excel). 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 November 2015, Excel repaid this debt and our guarantee was relieved. Also, liquidity support up to $60 million is provided jointly by us and our co-venturer independently of equity ownership. In our assessment, Excel is a VIE as this liquidity support 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 December 31, 2015 , our maximum exposure to loss was half of the $60 million liquidity support, or $30 million , and our investment in Excel of $148 million .

Inventories

Inventories	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2015 2014 Crude oil and petroleum products $ 3,214 3,141 Materials and supplies 263 256 $ 3,477 3,397 Inventories valued on the LIFO basis totaled $3,085 million and $3,004 million at December 31, 2015 and 2014 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $1,300 million and $3,000 million at December 31, 2015 and 2014 , respectively. During each of the three years ended December 31, 2015 , certain reductions in inventory caused liquidations of LIFO inventory values. These liquidations decreased net income by approximately $37 million and $8 million in 2015 and 2014 , respectively, and increased net income by approximately $109 million in 2013 .

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 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 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 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 in the twelve-month period ended December 31, 2015.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	12 Months Ended
	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In December 2014, we completed the sale of our ownership interests in the Malaysia Refining Company Sdn. Bdh. (MRC), which was included in our Refining segment. At the time of the disposition, the total carrying value of our investment in MRC was $334 million , including $76 million of allocated goodwill and currency translation adjustments. A before-tax gain of $145 million was recognized from this disposition. 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 at closing, were not material for the years ended December 31, 2014 and 2013. 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 the sale due to an indemnity provided to the buyer. We recognized the deferred gain into 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 $126 million of the deferred gain during the years ended December 31, 2015 and 2014, respectively. In May 2013, we sold our E-Gas™ Technology business which was included in our M&S segment. A $48 million before-tax gain was recognized during 2013 from this disposition.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2015 2014 Equity investments $ 11,977 10,035 Long-term receivables 84 76 Other investments 82 78 $ 12,143 10,189 Equity Investments Affiliated companies in which we had a significant equity investment at December 31, 2015 , included: • WRB Refining LP— 50 percent owned business venture with Cenovus Energy Inc. (Cenovus)—owns the Wood River and Borger refineries. • DCP Midstream, LLC (DCP Midstream)— 50 percent owned joint venture with Spectra Energy Corp—owns and operates gas plants, gathering systems, storage facilities and fractionation plants. • Chevron Phillips Chemical Company LLC (CPChem)— 50 percent owned joint venture with Chevron U.S.A. Inc., an indirect wholly-owned subsidiary of Chevron Corporation—manufactures and markets petrochemicals and plastics. • Rockies Express Pipeline LLC (REX)— 25 percent owned joint venture with Tallgrass Energy Partners L.P. and Sempra Energy Corp.—owns and operates a natural gas pipeline system from Meeker, Colorado to Clarington, Ohio. • DCP Sand Hills Pipeline, LLC (Sand Hills)— 33 percent owned joint venture with DCP Midstream—owns and operates NGL pipeline systems from the Permian and Eagle Ford basins to Mont Belvieu, Texas. • DCP Southern Hills Pipeline, LLC (Southern Hills)— 33 percent owned joint venture with DCP Midstream—owns and operates NGL pipeline systems from the Midcontinent region to Mont Belvieu, Texas. • Dakota Access LLC (DAPL)/Energy Transfer Crude Oil Company, LLC (ETCOP)— two 25 percent owned joint ventures with Energy Transfer Equity L.P. and Energy Transfer Partners L.P. (collectively “Energy Transfer”). DAPL is constructing a crude oil pipeline system from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCOP is constructing a crude oil pipeline system from Patoka to Nederland, Texas. Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2015 2014 2013 Revenues $ 33,126 57,979 59,500 Income before income taxes 3,180 4,791 5,975 Net income 3,158 4,700 5,838 Current assets 6,024 7,402 9,865 Noncurrent assets 46,047 41,271 40,188 Current liabilities 4,130 6,854 7,971 Noncurrent liabilities 11,493 9,736 9,959 Our share of income taxes incurred directly by the equity companies is included in equity in earnings of affiliates, and as such is not included in the provision for income taxes in our consolidated financial statements. At December 31, 2015 , retained earnings included $1,444 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $1,769 million , $3,305 million , and $2,752 million in 2015 , 2014 and 2013 , respectively. WRB WRB’s operating assets consist of the Wood River and Borger refineries, located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. As a result of our contribution of these two assets to WRB, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded their historical book value. The difference is primarily amortized and recognized as a benefit evenly over a period of 26 years , which was the estimated remaining useful life of the refineries’ PP&E at the closing date. At December 31, 2015 , the book value of our investment in WRB was $1,967 million , and the basis difference was $3,155 million . Equity earnings in 2015 , 2014 and 2013 were increased by $218 million , $184 million , and $185 million , respectively, due to amortization of the basis difference. 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. DCP Midstream DCP Midstream owns and operates gas plants, gathering systems, storage facilities and fractionation plants. DCP Midstream markets a portion of its NGL to us and CPChem under supply agreements, the primary production commitment of which began a ratable wind-down period in December 2014 and expires in January 2019. This purchase commitment is on an “if-produced, will-purchase” basis. NGL is purchased under this agreement at various published market index prices, less transportation and fractionation fees. The deferred gain of $156 million related to the sale of our interest in the Seaway Products Pipeline Company, now Southern Hills, to DCP Midstream began amortizing in 2013. In 2015, we contributed $1,500 million in cash to DCP Midstream as a capital contribution. Our co-venturer contributed its interests in Sand Hills and Southern Hills as a capital contribution. Our ownership percentage in DCP Midstream remained unchanged. At December 31, 2015 , the book value of our investment in DCP Midstream was $2,293 million , and the basis difference was $56 million . CPChem CPChem manufactures and markets petrochemicals and plastics. At December 31, 2015 , the book value of our equity method investment in CPChem was $5,177 million . We have multiple supply and purchase agreements in place with CPChem, ranging in initial terms from one to 99 years, with extension options. These agreements cover sales and purchases of refined products, solvents, and petrochemical and NGL feedstocks, as well as fuel oils and gases. Delivery quantities vary by product, and are generally on an “if-produced, will-purchase” basis. All products are purchased and sold under specified pricing formulas based on various published pricing indices. REX REX owns a natural gas pipeline that runs from Meeker, Colorado to Clarington, Ohio, which became fully operational in November 2009. Long-term, binding firm commitments have been secured for virtually all of the pipeline’s capacity through 2019. In April 2015, 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. At December 31, 2015 , the book value of our equity method investment in REX was $407 million . Sand Hills The Sand Hills pipeline is a fee-based pipeline that transports NGL from the Permian Basin and Eagle Ford Shale to facilities along the Texas Gulf Coast and the Mont Belvieu market hub. This investment was contributed to Phillips 66 Partners LP in March 2015 as discussed further in Note 27—Phillips 66 Partners LP . At December 31, 2015 , the book value of our equity investment in Sand Hills was $431 million . Southern Hills The Southern Hills pipeline is a fee-based pipeline that transports NGL from the Midcontinent to facilities along the Texas Gulf Coast and the Mont Belvieu market hub. This investment was contributed to Phillips 66 Partners LP in March 2015 as discussed further in Note 27—Phillips 66 Partners LP . At December 31, 2015, the book value of our investment in Southern Hills was $213 million , and the basis difference was $98 million . DAPL/ETCOP In 2014, we formed two joint ventures to develop the DAPL and ETCOP pipelines. The DAPL pipeline will connect the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, with the ETCOP pipeline. The ETCOP pipeline will provide crude oil transportation service from Patoka to storage terminals located in Nederland, Texas. The DAPL and ETCOP pipelines are expected to have capacities of 470,000 and 395,000 barrels per day, respectively, and will be interstate Federal Energy Regulatory Commission regulated pipelines. At December 31, 2015 , the book values of our investments in DAPL and ETCOP were $317 million and $104 million , respectively. Other MSLP owns a delayed coker and related facilities at the Sweeny Refinery. MSLP processes long residue, which is produced from heavy sour crude oil, for a processing fee. Fuel-grade petroleum coke is produced as a by-product and becomes the property of MSLP. Prior to August 28, 2009, MSLP was owned 50 / 50 by ConocoPhillips and PDVSA. Under the agreements that govern the relationships between the partners, certain defaults by PDVSA with respect to supply of crude oil to the Sweeny Refinery triggered the right to acquire PDVSA’s 50 percent ownership interest in MSLP, which was exercised on August 28, 2009. PDVSA 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. In January 2016, PDVSA filed an appeal in the appellate court to vacate this ruling. 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. Loans and Long-term Receivables We enter into agreements with other parties to pursue business opportunities. Included in such activity are loans and long-term receivables to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered.

Properties, Plants and Equipmen

Properties, Plants and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining manufacturing facilities are generally depreciated on a straight-line basis over a 25 -year life, pipeline assets over a 45 -year life and terminal assets over a 33 -year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2015 2014 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 6,978 1,293 5,685 4,726 1,185 3,541 Chemicals — — — — — — Refining 20,850 8,046 12,804 19,951 7,424 12,527 Marketing and Specialties 1,422 746 676 1,490 738 752 Corporate and Other 1,060 504 556 978 452 526 $ 30,310 10,589 19,721 27,145 9,799 17,346

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill The carrying amount of goodwill was as follows: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2014 $ 518 1,919 659 3,096 Tax and other adjustments — (49 ) 52 3 Goodwill assigned to asset acquisitions 105 — 127 232 Goodwill allocated to assets held-for-sale or sold — (57 ) — (57 ) Balance at December 31, 2014 623 1,813 838 3,274 Goodwill assigned to asset acquisitions — — 1 1 Balance at December 31, 2015 $ 623 1,813 839 3,275 Intangible Assets Information relating to the carrying value of intangible assets at December 31 follows: Millions of Dollars Gross Carrying Amount 2015 2014 Indefinite-Lived Intangible Assets Trade names and trademarks $ 503 503 Refinery air and operating permits 266 239 Other 1 14 $ 770 756 At year-end 2015 , the net book value of our amortized intangible assets was $136 million , which included accumulated amortization of $135 million , compared with $144 million and $132 million , respectively, at year-end 2014 . See Note 5—Business Combinations for more information on intangible assets acquired in business acquisitions. Amortization expense was not material for 2015 and 2014 , and is not expected to be material in future years.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2015
Impairment Of Long Lived Assets Abstract [Abstract]
Impairments	Impairments During 2015 , 2014 and 2013 , we recognized the following before-tax impairment charges: Millions of Dollars 2015 2014 2013 Midstream $ 1 — 1 Refining 3 147 3 Marketing and Specialties 3 3 16 Corporate and Other — — 9 $ 7 150 29 2015 During the year ended December 31, 2015, there were no significant impairments. 2014 We recorded a $131 million held-for-use impairment in our Refining segment related to the Whitegate Refinery in Cork, Ireland, due to the current and forecasted negative market conditions in this region. In addition, we also recorded a $12 million held-for-sale impairment in our Refining segment related to the Bantry Bay terminal. See Note 6—Assets Held for Sale or Sold for additional information. 2013 We recorded impairments of $16 million in our M&S segment, primarily related to PP&E associated with our planned exit from the composite graphite business.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2015 2014 Asset retirement obligations $ 251 279 Accrued environmental costs 485 496 Total asset retirement obligations and accrued environmental costs 736 775 Asset retirement obligations and accrued environmental costs due within one year* (71 ) (92 ) Long-term asset retirement obligations and accrued environmental costs $ 665 683 *Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset removal obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve asbestos abatement at refineries. During 2015 and 2014 , our overall asset retirement obligation changed as follows: Millions of Dollars 2015 2014 Balance at January 1 $ 279 309 Accretion of discount 9 11 New obligations — 2 Changes in estimates of existing obligations (7 ) (16 ) Spending on existing obligations (20 ) (17 ) Property dispositions (2 ) (1 ) Foreign currency translation (8 ) (9 ) Balance at December 31 $ 251 279 Accrued Environmental Costs Total accrued environmental costs at December 31, 2015 and 2014 , were $485 million and $496 million , respectively. The 2015 decrease in total accrued environmental costs is due to payments and settlements exceeding new accruals, accrual adjustments and accretion during the year. We had accrued environmental costs at December 31, 2015 and 2014 , of $270 million and $268 million , respectively, primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $168 million and $178 million , respectively, associated with nonoperator sites; and $47 million and $50 million , respectively, where the company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years . Because a large portion of the accrued environmental costs were acquired in various business combinations, the obligations are recorded at a discount. Expected expenditures for acquired environmental obligations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $246 million at December 31, 2015 . The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $25 million in 2016 , $24 million in 2017 , $21 million in 2018 , $20 million in 2019 , $24 million in 2020 , and $200 million for all future years after 2020 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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. 2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 4,227 4,227 4,056 4,056 3,665 3,665 Income allocated to participating securities (6 ) — (7 ) — (5 ) — Income from continuing operations available to common stockholders 4,221 4,227 4,049 4,056 3,660 3,665 Discontinued operations — — 706 706 61 61 Net income available to common stockholders $ 4,221 4,227 4,755 4,762 3,721 3,726 Weighted-average common shares outstanding (thousands) : 537,602 542,355 561,859 565,902 608,983 612,918 Effect of stock-based compensation 4,753 4,622 4,043 5,602 3,935 6,071 Weighted-average common shares outstanding—EPS 542,355 546,977 565,902 571,504 612,918 618,989 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 7.78 7.73 7.15 7.10 5.97 5.92 Discontinued operations — — 1.25 1.23 0.10 0.10 Earnings Per Share $ 7.78 7.73 8.40 8.33 6.07 6.02

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt Long-term debt at December 31 was: Millions of Dollars 2015 2014 1.95% Senior Notes due 2015 $ — 800 2.95% Senior Notes due 2017 1,500 1,500 4.30% Senior Notes due 2022 2,000 2,000 4.65% Senior Notes due 2034 1,000 1,000 4.875% Senior Notes due 2044 1,500 1,500 5.875% Senior Notes due 2042 1,500 1,500 Phillips 66 Partners 2.646% Senior Notes due 2020 300 — Phillips 66 Partners 3.605% Senior Notes due 2025 500 — Phillips 66 Partners 4.680% Senior Notes due 2045 300 — Industrial Development Bonds due 2018 through 2021 at 0.01% at year-end 2015 and 0.02%-0.05% at year-end 2014 50 50 Sweeny Cogeneration, L.P. notes due 2020 at 7.54% 41 53 Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) 83 97 Phillips 66 Partners revolving credit facility due 2019 at 1.33% at year-end 2014 — 18 Other 1 1 Debt at face value 8,775 8,519 Capitalized leases 208 210 Net unamortized discounts and debt issuance costs (96 ) (94 ) Total debt 8,887 8,635 Short-term debt (44 ) (842 ) Long-term debt $ 8,843 7,793 Maturities of long-term borrowings, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2016 through 2020 are $44 million , $1,545 million , $51 million , $37 million and $337 million , respectively. 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 Sand Hills, Southern Hills and Explorer Pipeline Company (Explorer). 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 27—Phillips 66 Partners LP , for additional information. Credit Facilities and Commercial Paper Phillips 66 has a $5 billion revolving credit facility that extends until December 2019. This facility may be used for direct bank borrowings, as support for issuances of letters of credit, or as support for our commercial paper program. The facility is with a broad syndicate of financial institutions and contains covenants that we consider usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 60 percent . The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. Borrowings under the facility will incur interest at the London Interbank Offered Rate (LIBOR) plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor’s Ratings Services and Moody’s Investors Service. The facility also provides for customary fees, including administrative agent fees and commitment fees. As of December 31, 2015, no amount had been directly drawn under this revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. As a result, we ended 2015 with $4.9 billion of capacity under this facility. We have a $5 billion commercial paper program for short-term working capital needs. Commercial paper maturities are generally limited to 90 days. As of December 31, 2015, we had no borrowings under our commercial paper program. Phillips 66 Partners has a $500 million revolving credit facility that extends until November 2019. The Phillips 66 Partners facility is with a broad syndicate of financial institutions. As of December 31, 2015, no amounts were outstanding under this facility.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2015
Guarantees [Abstract]
Guarantees	Guarantees At December 31, 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 December 31, 2015 , the maximum potential amount of future payments to third parties under the guarantee was estimated to be $157 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 $389 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 December 31, 2015 , was $198 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 $98 million of environmental accruals for known contamination that were primarily included in “Asset retirement obligations and accrued environmental costs” at December 31, 2015 . For additional information about environmental liabilities, see Note 15—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	12 Months Ended
	Dec. 31, 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 financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 21—Income Taxes , for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other 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. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 11—Asset Retirement Obligations and Accrued Environmental Costs , for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2015 , we had performance obligations secured by letters of credit and bank guarantees of $308 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. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. The aggregate amounts of estimated payments under these various agreements are $ 312 million annually for each of the years from 2016 through 2020 and $3,147 million in the aggregate for years 2021 and thereafter . Total payments under the agreements were $328 million in 2015 , $331 million in 2014 and $345 million in 2013 .

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 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 have not used 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, 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 17—Fair Value Measurements . Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined products, natural gas, NGL, and electric power markets, exposing our revenues, purchases, cost of operating activities, and cash flows to fluctuations in the prices for these commodities. 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, all of which may reduce our exposure to fluctuations in market prices. 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. 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 17—Fair Value Measurements . Millions of Dollars 2015 2014 Assets Accounts and notes receivable $ — (1 ) Prepaid expenses and other current assets 2,607 3,839 Other assets 5 29 Liabilities Other accruals 2,425 3,472 Other liabilities and deferred credits 5 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 2015 2014 2013 Sales and other operating revenues $ 162 658 17 Equity in earnings of affiliates — 66 (19 ) Other income 58 20 3 Purchased crude oil and products 121 136 95 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. The percentage of our derivative contract volumes expiring within the next 12 months was approximately 99 percent at both December 31, 2015 and 2014 . Open Position Long / (Short) 2015 2014 Commodity Crude oil, refined products and NGL (millions of barrels) (17 ) (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 to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were not material at December 31, 2015 or 2014 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015, derivative assets with an aggregate value of $502 million and derivative liabilities with an aggregate value of $512 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 December 31, 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 $ 1,851 703 — 2,554 (2,389 ) (100 ) — 65 — OTC instruments — 13 — 13 (12 ) — — 1 — Physical forward contracts* 3 40 2 45 — — — 45 — Rabbi trust assets 83 — — 83 N/A N/A — 83 N/A $ 1,937 756 2 2,695 (2,401 ) (100 ) — 194 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,745 646 — 2,391 (2,389 ) — — 2 — OTC instruments — 17 — 17 (12 ) — — 5 — Physical forward contracts* — 22 — 22 — — — 22 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,434 — 8,434 N/A N/A 195 8,629 N/A $ 1,795 9,119 — 10,914 (2,401 ) — 195 8,708 *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 16—Derivatives and Financial Instruments . Nonrecurring Fair Value Remeasurements During the year ended December 31, 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 year ended December 31, 2014 : Millions of Dollars Fair Value Measurements Using Fair Value* Level 1 Inputs Level 3 Inputs Before- Tax Loss Year Ended December 31, 2014 Net properties, plants and equipment (held for use) $ 20 — 20 131 Net properties, plants and equipment (held for sale) 72 72 — 12 *Represents the classification and fair value at the time of the impairment. During 2014, net PP&E held for use related to our Whitegate Refinery in Ireland included in our Refining segment, with a carrying amount of $151 million , was written down to its fair value of $20 million , resulting in a before-tax loss of $131 million . The fair value was determined based on the highest and best use of these assets to a principal market participant using market transactions of similar assets with adjustments to reflect the condition of the assets. In addition, net assets held for sale 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 6—Assets Held for Sale or Sold , for additional information.

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2015 or 2014 . Treasury Stock On October 9, 2015, our Board of Directors increased our current share repurchase authorization by $2 billion resulting in a total authorization of $4 billion . Since July 2012, our Board of Directors has authorized repurchases of our outstanding common stock totaling up to $9 billion . The share repurchases are expected to be funded primarily through available cash. The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since the inception of our share repurchases in 2012, through December 31, 2015 , we have repurchased a total of 92,503,292 shares at a cost of $6.4 billion . Shares of stock repurchased are held as treasury shares. Common Stock Dividends On February 3, 2016 , our Board of Directors declared a quarterly cash dividend of $0.56 per common share, payable March 1, 2016 , to holders of record at the close of business on February 16, 2016 .

Leases

Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases	Leases We lease ocean transport vessels, tugboats, barges, pipelines, railcars, service station sites, computers, office buildings, corporate aircraft, land and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. Our capital lease obligations relate primarily to the lease of an oil terminal in the United Kingdom. The lease obligation is subject to foreign currency translation adjustments each reporting period. The total net PP&E recorded for capital leases was $231 million and $203 million at December 31, 2015 and 2014 , respectively. Future minimum lease payments as of December 31, 2015 , for operating and capital lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2016 $ 24 510 2017 25 418 2018 19 308 2019 18 234 2020 14 171 Remaining years 169 368 Total 269 2,009 Less: income from subleases — 99 Net minimum lease payments $ 269 1,910 Less: amount representing interest 61 Capital lease obligations $ 208 Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2015 2014 2013 Minimum rentals $ 641 570 572 Contingent rentals 6 8 7 Less: sublease rental income 136 135 133 $ 511 443 446

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 2,895 941 2,473 840 203 189 Service cost 124 38 121 38 7 7 Interest cost 109 28 108 35 7 8 Plan participant contributions — 3 — 4 1 1 Actuarial loss (gain) (25 ) (10 ) 409 116 13 4 Benefits paid (312 ) (20 ) (216 ) (18 ) (12 ) (6 ) Foreign currency exchange rate change — (68 ) — (74 ) — — Benefit obligation at December 31* $ 2,791 912 2,895 941 219 203 *Accumulated benefit obligation portion of above at December 31: $ 2,485 712 2,553 729 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,124 724 2,008 645 — — Actual return on plan assets (10 ) 18 168 89 — — Company contributions 221 63 164 60 11 5 Plan participant contributions — 3 — 4 1 1 Benefits paid (312 ) (20 ) (216 ) (18 ) (12 ) (6 ) Foreign currency exchange rate change — (46 ) — (56 ) — — Fair value of plan assets at December 31 $ 2,023 742 2,124 724 — — Funded Status at December 31 $ (768 ) (170 ) (771 ) (217 ) (219 ) (203 ) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2015 and 2014 , include: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — 20 — 13 — — Current liabilities (10 ) — (8 ) — (10 ) (6 ) Noncurrent liabilities (758 ) (190 ) (763 ) (230 ) (209 ) (197 ) Total recognized $ (768 ) (170 ) (771 ) (217 ) (219 ) (203 ) Included in accumulated other comprehensive income at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 710 143 741 165 2 (13 ) Unrecognized prior service cost (credit) 6 (7 ) 9 (9 ) (10 ) (12 ) Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income Net gain (loss) arising during the period $ (124 ) 7 (382 ) (57 ) (14 ) (3 ) Amortization of (gain) loss and settlements included in income 155 15 40 12 (1 ) (2 ) Net change during the period $ 31 22 (342 ) (45 ) (15 ) (5 ) Prior service cost arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income 3 (1 ) 3 (2 ) (2 ) (1 ) Net change during the period $ 3 (1 ) 3 (2 ) (2 ) (1 ) For our tax-qualified pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets were $3,005 million , $2,676 million , and $2,183 million , respectively, at December 31, 2015 , and $3,189 million , $2,815 million , and $2,295 million , respectively, at December 31, 2014 . For our unfunded nonqualified key employee supplemental pension plans, the projected benefit obligation and the accumulated benefit obligation were $137 million and $112 million , respectively, at December 31, 2015 , and $107 million and $83 million , respectively, at December 31, 2014 . The allocated benefit cost from Shared Plans, as well as the components of net periodic benefit cost associated with plans sponsored by us, for 2015 , 2014 and 2013 is shown in the table below: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 124 38 121 38 125 36 7 7 8 Interest cost 109 28 108 35 91 31 7 8 7 Expected return on plan assets (138 ) (37 ) (142 ) (37 ) (120 ) (29 ) — — — Amortization of prior service cost (credit) 3 (1 ) 3 (2 ) 3 (1 ) (2 ) (1 ) (2 ) Recognized net actuarial loss (gain) 75 15 40 12 84 16 (1 ) (2 ) — Settlements 80 — — — — — — — — Total net periodic benefit cost $ 253 43 130 46 183 53 11 12 13 In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. Amounts included in accumulated other comprehensive income at December 31, 2015 , that are expected to be amortized into net periodic benefit cost during 2016 are provided below: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. Unrecognized net actuarial loss $ 72 14 — Unrecognized prior service cost (credit) 3 (1 ) (1 ) The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 4.35 % 3.35 3.90 3.10 4.00 3.70 Rate of compensation increase 4.00 3.65 4.00 3.20 — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 3.90 % 3.10 4.55 4.30 3.70 4.40 Expected return on plan assets 7.00 5.15 7.00 5.50 — — Rate of compensation increase 4.00 3.20 4.00 3.90 — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance through the company. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 6.75 percent in 2016 that declines to 5.00 percent by 2023 . A 1 percentage-point change in the assumed health care cost trend rate would be immaterial to Phillips 66. Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of broadly diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 62 percent equity securities, 37 percent debt securities and 1 percent in all other types of investments. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities categorized in Level 1 are based on quoted market prices. • Fair values of corporate debt securities categorized in Level 2 are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair market value is calculated by pricing models that benchmark the security against other securities with actual market prices. • Fair values of mutual funds are valued based on quoted market prices, which represent the net asset value of shares held. • Cash and cash equivalents are valued at cost, which approximates fair value. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. • Fair values of investments in common/collective trusts are valued at net asset value (NAV) as determined by the issuer of each fund. Certain investments that are measured at fair value using the NAV value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of our pension plan assets at December 31, by asset class, were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2015 Equity Securities U.S. $ 322 — — 322 136 — — 136 International 125 — — 125 99 — — 99 Mutual funds — — — — — — — — Debt Securities Government — — — — 144 — — 144 Corporate — — — — — — — — Mutual funds 41 — — 41 — — — — Cash and cash equivalents 22 — — 22 3 — — 3 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Subtotal 510 — — 510 382 — 19 401 Common/collective trusts measured at NAV: Equity securities 855 168 Debt securities 658 171 Other receivables — 2 Total $ 510 — — 2,023 382 — 19 742 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2014 Equity Securities U.S. $ 288 — — 288 161 — — 161 International 163 — — 163 113 — — 113 Mutual funds — — — — 5 — — 5 Debt Securities Government — 32 — 32 141 — — 141 Corporate — 51 — 51 — — — — Mutual funds — — — — 2 — — 2 Cash and cash equivalents 20 — — 20 10 — — 10 Insurance contracts — — — — — — 14 14 Real estate — — — — — — 7 7 Subtotal 471 83 — 554 432 — 21 453 Common/collective trusts measured at NAV: Equity securities 920 110 Debt securities 648 161 Other receivables 2 — Total $ 471 83 — 2,124 432 — 21 724 As reflected in the table above, Level 3 activity was not material. Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2016 , we expect to contribute approximately $50 million to our U.S. pension plans and other postretirement benefit plans and $50 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2016 $ 270 20 25 2017 261 22 27 2018 259 21 26 2019 267 24 25 2020 292 24 25 2021-2024 1,333 144 104 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75 percent of their eligible pay, subject to certain statutory limits, in the thrift feature of the Savings Plan to a choice of investment funds. Phillips 66 provides a company match of participant thrift contributions up to 5 percent of eligible pay. In addition, participants who contribute at least 1 percent to the Savings Plan are eligible for “Success Share,” a semi-annual discretionary company contribution to the Savings Plan that can range from 0 to 6 percent of eligible pay, with a target of 2 percent . The total expense related to participants in the Savings Plan was $134 million , $112 million and $111 million in 2015 , 2014 and 2013 , respectively. Share-Based Compensation Plans In accordance with the Employee Matters Agreement related to the Separation, compensation awards based on ConocoPhillips stock and granted before April 30, 2012 (the Separation Date) were converted to compensation awards based on both ConocoPhillips and Phillips 66 stock if, on the Separation Date, the awards were: (1) options outstanding and exercisable; or (2) restricted stock or restricted stock units (RSUs) awarded for completed performance periods under the ConocoPhillips Performance Share Program. Phillips 66 restricted stock, RSUs, and options issued in this conversion became subject to the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan) on the Separation Date, whether held by grantees working for the company or grantees that remained employees of ConocoPhillips. Some of these awards based on Phillips 66 stock and held by employees of ConocoPhillips are still outstanding and appear in the activity tables for the Stock Option and the Performance Share Programs presented later in this footnote. In May 2013, shareholders approved the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan). Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan, which authorizes the Human Resources and Compensation Committee of our Board of Directors (the Committee) to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, non-employee directors, and other plan participants. The number of shares that may be issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million . Our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement. We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). The company made a policy election to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. Total share-based compensation expense recognized in income and the associated tax benefits for the years ended December 31 were as follows: Millions of Dollars 2015 2014 2013 Share-based compensation expense $ 144 134 132 Tax benefit (54 ) (50 ) (50 ) Stock Options Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchase of our common stock at exercise prices equivalent to the average market price of the stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date for the three years following the date of grant. Options awarded to employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. The following summarizes our stock option activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2015 5,843,555 $ 35.26 Granted 675,300 74.14 $ 18.84 Forfeited (15,692 ) 73.96 Exercised (1,071,424 ) 28.73 $ 60 Expired or canceled — — Outstanding at December 31, 2015 5,431,739 $ 41.27 Vested at December 31, 2015 5,137,728 $ 39.47 $ 218 Exercisable at December 31, 2015 4,222,873 $ 32.53 $ 208 All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2015 , were 5.60 years and 4.96 years , respectively. During 2015 , we received $31 million in cash and realized a tax benefit of $8 million from the exercise of options. At December 31, 2015 , the remaining unrecognized compensation expense from unvested options held by employees of Phillips 66 was $3 million , which will be recognized over a weighted-average period of 21 months , the longest period being 25 months . The calculations of realized tax benefit, unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2014 , we granted options with a weighted-average grant-date fair value of $18.95 and employees exercised options with an aggregate intrinsic value of $89 million . The following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2015 2014 2013 Assumptions used Risk-free interest rate 1.60 % 1.96 1.18 Dividend yield 3.00 % 3.00 2.50 Volatility factor 34.17 % 34.97 35.47 Expected life (years) 6.66 6.23 6.23 Prior to the Separation, we calculated volatility using the most recent ConocoPhillips end-of-week closing stock prices spanning a period equal to the expected life of the options granted. We calculate the volatility of options granted after the Separation using a formula that adjusts the pre-Separation historical volatility of ConocoPhillips by the ratio of Phillips 66 implied market volatility on the grant date divided by the pre-Separation implied market volatility of ConocoPhillips. We periodically calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Restricted Stock Unit Program Generally, RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years. Most RSU awards granted prior to the Separation vested ratably over five years, with one-third of the units vesting in 36 months , one-third vesting in 48 months , and the final third vesting 60 months from the date of grant. In addition to the regularly scheduled annual awards, RSUs are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these RSUs vest vary by award. Upon vesting, RSUs are settled by issuing one share of Phillips 66 common stock per RSU. RSUs awarded to employees already eligible for retirement vest within six months of the grant date, but those units are not issued as shares until the end of the normal vesting period. Until issued as stock, most recipients of RSUs receive a quarterly cash payment of a dividend equivalent, and for this reason the grant date fair value of these units is deemed equal to the average Phillips 66 stock price on the date of grant. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average Phillips 66 common stock price on the grant date, less the net present value of the dividend equivalents that will not be received. The following summarizes our RSU activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2015 3,646,916 $ 46.83 Granted 970,268 74.09 Forfeited (80,729 ) 61.17 Issued (1,401,840 ) 34.99 $ 107 Outstanding at December 31, 2015 3,134,615 $ 60.19 Not Vested at December 31, 2015 1,874,062 $ 60.99 At December 31, 2015 , the remaining unrecognized compensation cost from the unvested RSU awards held by employees of Phillips 66 was $46 million , which will be recognized over a weighted-average period of 20 months , the longest period being 35 months . The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2014 , we granted RSUs with a weighted-average grant-date fair value of $73.28 and issued shares with an aggregate fair value of $116 million to settle RSUs. Performance Share Program Under the P66 Omnibus Plan, we also annually grant to senior management restricted performance share units (PSUs) that vest: (1) with respect to awards for performance periods beginning before 2009, when the employee becomes eligible for retirement by reaching age 55 with five years of service; or (2) with respect to awards for performance periods beginning in 2009, five years after the grant date of the award (although recipients can elect to defer the lapsing of restrictions until retirement after reaching age 55 with five years of service); or (3) with respect to awards for performance periods beginning in 2013 or later, on the grant date. For PSU awards with performance periods beginning before 2013, we recognize compensation expense beginning on the date of grant and ending on the date the PSUs are scheduled to vest; however, since these awards are authorized three years prior to the grant date, we recognize compensation expense for employees that will become eligible for retirement by or shortly after the grant date over the period beginning on the date of authorization and ending on the date of grant. Since PSU awards with performance periods beginning in 2013 or later vest on the grant date, we recognize compensation expense beginning on the date of authorization and ending on the grant date for all employees participating in the PSU grant. We settle PSUs with performance periods that begin before 2013 by issuing one share of Phillips 66 common stock for each PSU. Recipients of these PSUs receive a quarterly cash payment of a dividend equivalent beginning on the grant date and ending on the settlement date. We settle PSUs with performance periods beginning in 2013 or later by paying cash equal to the fair value of the PSU on the grant date, which is also the date the PSU vests. Since these PSUs vest and settle on the grant date, dividend equivalents are never paid on these awards. The following summarizes our PSU activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2015 3,171,860 $ 43.96 Granted 838,710 74.14 Forfeited — — Issued (453,744 ) 51.48 $ 37 Outstanding at December 31, 2015 3,556,826 $ 50.11 Not Vested at December 31, 2015 602,428 $ 51.80 All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees. At December 31, 2015 , the remaining unrecognized compensation cost from unvested PSU awards held by employees of Phillips 66 was $15 million , which will be recognized over a weighted-average period of 36 months , the longest period being 11 years . The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2014 , we granted PSUs with a weighted-average grant-date fair value of $72.26 and issued shares with an aggregate fair value of $13 million to settle PSUs.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes charged to income were: Millions of Dollars 2015 2014 2013 Income Taxes Federal Current $ 1,128 1,661 1,054 Deferred 444 (378 ) 526 Foreign Current (74 ) 22 98 Deferred 42 80 (48 ) State and local Current 227 274 146 Deferred (3 ) (5 ) 68 $ 1,764 1,654 1,844 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2015 2014 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 4,361 3,799 Investment in joint ventures 2,292 2,331 Investment in subsidiaries 236 115 Inventory 176 152 Other 24 29 Total deferred tax liabilities 7,089 6,426 Deferred Tax Assets Benefit plan accruals 751 647 Asset retirement obligations and accrued environmental costs 215 207 Other financial accruals and deferrals 175 131 Loss and credit carryforwards 227 149 Other 1 2 Total deferred tax assets 1,369 1,136 Less: valuation allowance 160 107 Net deferred tax assets 1,209 1,029 Net deferred tax liabilities $ 5,880 5,397 With the exception of certain foreign tax credit and separate company loss carryforwards, tax attributes were not allocated to us from ConocoPhillips. The foreign tax credit carryforwards were fully utilized by the end of 2014. The loss carryforwards, all of which are related to foreign operations, have indefinite carryforward periods. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2015 , valuation allowances increased by a total of $53 million . This increase was primarily related to valuation allowances re-established for deferred tax assets that were reinstated in conjunction with German tax legislation enacted in 2015. The German tax legislation reinstated net operating loss and interest deduction carryforwards attributable to pre-Separation tax periods. The deferred tax asset associated with the interest deduction carryforward will not, more likely than not, be realized. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. As of December 31, 2015 , we had undistributed earnings related to foreign subsidiaries and foreign corporate joint ventures of approximately $2.8 billion for which deferred income taxes have not been provided. We plan to reinvest these earnings for the foreseeable future. If these amounts were distributed to the United States, we would be subject to additional U.S. income taxes. Determination of the amount of unrecognized deferred income tax liability is not practicable due to the number of unknown variables inherent in the calculation . As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are reflected in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. Millions of Dollars 2015 2014 2013 Balance at January 1 $ 142 202 158 Additions based on tax positions related to the current year — 13 30 Additions for tax positions of prior years 6 14 25 Reductions for tax positions of prior years (17 ) (68 ) (8 ) Settlements (49 ) (19 ) (3 ) Lapse of statute — — — Balance at December 31 $ 82 142 202 Included in the balance of unrecognized tax benefits for 2015 , 2014 and 2013 were $34 million , $98 million and $161 million , respectively, which, if recognized, would affect our effective tax rate. With respect to various unrecognized tax benefits and the related accrued liability, approximately $20 million may be recognized or paid within the next twelve months due to completion of audits. At December 31, 2015 , 2014 and 2013 , accrued liabilities for interest and penalties totaled $19 million , $16 million and $18 million , respectively, net of accrued income taxes. Interest and penalties increased earnings by $3 million in 2015, had no impact on earnings during 2014 and decreased earnings by $3 million in 2013 . We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2011), Germany (2011) and United States (2008). Certain issues remain in dispute for audited years, and unrecognized tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-tax Income 2015 2014 2013 2015 2014 2013 Income from continuing operations before income taxes United States $ 4,983 5,121 5,158 82.4 % 89.1 93.3 Foreign 1,061 624 368 17.6 10.9 6.7 $ 6,044 5,745 5,526 100.0 % 100.0 100.0 Federal statutory income tax $ 2,115 2,011 1,934 35.0 % 35.0 35.0 Goodwill allocated to assets sold 41 18 — 0.7 0.3 Sale of foreign subsidiaries (125 ) (293 ) — (2.1 ) (5.1 ) Foreign rate differential (239 ) (184 ) (198 ) (3.9 ) (3.2 ) (3.6 ) German tax legislation (103 ) — — (1.7 ) Federal manufacturing deduction (77 ) (81 ) (68 ) (1.3 ) (1.4 ) (1.2 ) State income tax, net of federal benefit 150 180 139 2.5 3.1 2.5 Other 2 3 37 0.1 0.7 $ 1,764 1,654 1,844 29.2 % 28.8 33.4 Included in the line item “Sale of foreign subsidiaries” is a $224 million tax benefit attributable to the realization of excess tax basis during the fourth quarter of 2014 resulting from the sale of MRC and a $72 million benefit realized in 2015 attributable to the nontaxable gain from the sale of ICHP. Income tax benefits of $34 million , $37 million and $34 million for the years 2015 , 2014 and 2013 , respectively, are reflected in the “Capital in Excess of Par” column of the consolidated statement of equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2012 $ (778 ) 466 (2 ) (314 ) Other comprehensive income (loss) 312 (44 ) — 268 Amounts reclassified from accumulated other comprehensive income (loss)* Foreign currency translation — 21 — 21 Amortization of defined benefit plan items** Actuarial losses 62 — — 62 Net current period other comprehensive income (loss) 374 (23 ) — 351 December 31, 2013 (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassifications (330 ) (276 ) — (606 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses 38 — — 38 Net current period other comprehensive income (loss) (292 ) (276 ) — (568 ) December 31, 2014 (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications (78 ) (156 ) — (234 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 112 — — 112 Net current period other comprehensive income (loss) 34 (156 ) — (122 ) December 31, 2015 $ (662 ) 11 (2 ) (653 ) *See Consolidated Statement of Changes in Equity. **Included in the computation of net periodic benefit cost. See Note 20—Employee Benefit Plans , for additional information.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Millions of Dollars 2015 2014 2013 Noncash Investing and Financing Activities Increase in net PP&E and debt related to capital lease obligation $ 31 33 177 Cash Payments Interest $ 275 238 259 Income taxes 1,560 2,185 1,021 PSPI Noncash Stock Exchange As discussed more fully in Note 6—Assets Held for Sale or Sold , in February 2014, we completed the exchange of our flow improvers business 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 .

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2015 2014 2013 Interest and Debt Expense Incurred Debt $ 389 265 251 Other 27 22 24 416 287 275 Capitalized (106 ) (20 ) — Expensed $ 310 267 275 Other Income Interest income $ 27 21 20 Other, net* 91 99 65 $ 118 120 85 *Includes derivatives-related activities. Research and Development Expenditures— expensed $ 65 62 69 Advertising Expenses $ 73 70 68 Foreign Currency Transaction (Gains) Losses— after-tax Midstream $ — — — Chemicals — — — Refining 34 6 (41 ) Marketing and Specialties 4 8 (5 ) Corporate and Other — — 2 $ 38 14 (44 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2015 2014 2013 Operating revenues and other income (a) $ 2,452 6,514 7,907 Purchases (b) 8,142 15,647 18,320 Operating expenses and selling, general and administrative expenses (c) 129 133 109 Net interest expense (d) 6 7 8 In December 2014, we completed the sale of our interest in MRC. Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 and 2013 periods 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 for a fee. 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 for a fee. We purchased natural gas and NGL from 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. See Note 7—Investments, Loans and Long-Term Receivables and Note 13—Debt , for additional information on loans with affiliated companies.

Segment Disclosures and Related

Segment Disclosures and Related Information	12 Months Ended
	Dec. 31, 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 terminaling and storage services for crude and petroleum products. The Midstream segment includes our master limited partnership, Phillips 66 Partners LP, as well as our 50 percent equity investment in DCP Midstream. 2) Chemicals— Manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50 percent equity investment in CPChem. 3) Refining— Buys, sells and refines crude oil and other feedstocks at 14 refineries, mainly in the United States and Europe. 4) Marketing and Specialties (M&S)— Purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, 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 2015 2014 2013 Sales and Other Operating Revenues Midstream Total sales $ 3,676 6,222 6,575 Intersegment eliminations (1,034 ) (1,104 ) (933 ) Total Midstream 2,642 5,118 5,642 Chemicals 5 7 9 Refining Total sales 63,470 115,326 124,480 Intersegment eliminations (40,317 ) (68,263 ) (72,503 ) Total Refining 23,153 47,063 51,977 Marketing and Specialties Total sales 74,591 110,540 115,405 Intersegment eliminations (1,446 ) (1,548 ) (1,467 ) Total Marketing and Specialties 73,145 108,992 113,938 Corporate and Other 30 32 30 Consolidated sales and other operating revenues $ 98,975 161,212 171,596 Depreciation, Amortization and Impairments Midstream $ 128 92 89 Chemicals — — — Refining 741 850 688 Marketing and Specialties 100 97 119 Corporate and Other 116 106 80 Consolidated depreciation, amortization and impairments $ 1,085 1,145 976 Millions of Dollars 2015 2014 2013 Equity in Earnings of Affiliates Midstream $ (268 ) 360 436 Chemicals 1,316 1,634 1,362 Refining 325 311 1,107 Marketing and Specialties 207 162 169 Corporate and Other (7 ) (1 ) (1 ) Consolidated equity in earnings of affiliates $ 1,573 2,466 3,073 Income Taxes from Continuing Operations Midstream $ 73 310 264 Chemicals 353 495 375 Refining 1,104 696 1,035 Marketing and Specialties 466 440 433 Corporate and Other (232 ) (287 ) (263 ) Consolidated income taxes from continuing operations $ 1,764 1,654 1,844 Net Income Attributable to Phillips 66 Midstream $ 13 507 469 Chemicals 962 1,137 986 Refining 2,555 1,771 1,747 Marketing and Specialties 1,187 1,034 894 Corporate and Other (490 ) (393 ) (431 ) Discontinued Operations — 706 61 Consolidated net income attributable to Phillips 66 $ 4,227 4,762 3,726 Millions of Dollars 2015 2014 2013 Investments In and Advances To Affiliates Midstream $ 4,198 2,461 2,328 Chemicals 5,177 5,183 4,241 Refining 2,262 2,103 4,192 Marketing and Specialties 342 290 318 Corporate and Other 1 1 1 Consolidated investments in and advances to affiliates $ 11,980 10,038 11,080 Total Assets Midstream $ 11,043 7,295 5,485 Chemicals 5,237 5,209 4,377 Refining 21,993 22,808 26,046 Marketing and Specialties 5,631 7,051 7,331 Corporate and Other* 4,676 6,329 6,319 Discontinued Operations** — — 211 Consolidated total assets $ 48,580 48,692 49,769 *Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03. **In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI. Capital Expenditures and Investments Midstream $ 4,457 2,173 597 Chemicals — — — Refining 1,069 1,038 820 Marketing and Specialties 122 439 226 Corporate and Other 116 123 136 Consolidated capital expenditures and investments $ 5,764 3,773 1,779 Interest Income and Expense Interest income Marketing and Specialties $ 2 — — Corporate and Other 25 21 20 Consolidated interest income $ 27 21 20 Interest and debt expense Corporate and Other $ 310 267 275 Sales and Other Operating Revenues by Product Line Refined products $ 86,249 133,625 140,488 Crude oil resales 8,993 19,832 22,777 NGL 2,998 6,447 7,431 Other 735 1,308 900 Consolidated sales and other operating revenues by product line $ 98,975 161,212 171,596 Geographic Information Millions of Dollars Sales and Other Operating Revenues* Long-Lived Assets** 2015 2014 2013 2015 2014 2013 United States $ 69,578 110,713 115,378 29,624 25,255 23,641 United Kingdom 12,120 20,131 21,868 1,459 1,469 1,485 Germany 6,584 9,424 9,799 502 534 587 Other foreign countries 10,693 20,944 24,551 116 126 765 Worldwide consolidated $ 98,975 161,212 171,596 31,701 27,384 26,478 *Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. **Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2015
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP Initial Public Offering In 2013, we formed Phillips 66 Partners, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other transportation and midstream assets. On July 26, 2013, Phillips 66 Partners completed its initial public offering (IPO) of 18,888,750 common units at a price of $23.00 per unit. Phillips 66 Partners received $404 million in net proceeds from the sale of the units, after deducting underwriting discounts, commissions, structuring fees and offering expenses. Headquartered in Houston, Texas, Phillips 66 Partners’ assets currently consist of crude oil and refined petroleum product pipeline, terminal, and storage systems in the Central and Gulf Coast regions of the United States, as well as two crude oil rail-unloading facilities, all of which are integral to a connected Phillips 66-operated facility. Current Year Activities 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 13— Debt . Effective March 2, 2015, we contributed our equity interests in Explorer ( 19.5 percent ), Sand Hills ( 33.3 percent ) and Southern Hills ( 33.3 percent ) to Phillips 66 Partners. Total consideration paid was $1,010 million , which Phillips 66 Partners financed with $880 million in cash, funded by a portion of their proceeds from the public offering of common units and senior notes discussed above, and the issuance to us of 1,587,376 common units and 139,538 general partner units. Effective December 1, 2015, we contributed to Phillips 66 Partners our 40 percent interest in Bayou Bridge Pipeline, LLC (Bayou Bridge), a joint venture in which Energy Transfer Partners L.P. and Sunoco Logistics Partners L.P. each hold a 30 percent interest, with Sunoco Logistics serving as the operator. Phillips 66 Partners financed the acquisition with a $35 million note payable to us that was immediately paid in full, and the issuance to us of 606,056 common units and 12,369 general partner units valued at $35 million , for an aggregate consideration of $70 million . Ownership At December 31, 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 as a variable interest entity for financial reporting purposes. The most significant assets of Phillips 66 Partners that are available to settle only its obligations were equity investments of $945 million and net PP&E of $492 million at December 31, 2015. See Note 3—Variable Interest Entities (VIEs) for additional information on why we consolidate the partnership. As a result of this consolidation, the public unitholders’ ownership interest in Phillips 66 Partners is reflected as a noncontrolling interest of $809 million and $415 million in our financial statements as of December 31, 2015, and 2014, respectively. Generally, contributions of assets by us to Phillips 66 Partners will eliminate in consolidation, except for third-party debt or equity offerings made by Phillips 66 Partners to finance such transactions. For the first contribution in 2015 together with the public offerings of common units and senior notes discussed above, our consolidated cash increased by $1.5 billion , consolidated debt increased by $1.1 billion and consolidated equity increased by $384 million as a result of the transactions. The Bayou Bridge contribution in 2015 discussed above did not impact our consolidated financial statements. Recent Transactions On February 17, 2016, we entered into a contribution agreement with Phillips 66 Partners under which Phillips 66 Partners will acquire a 25 percent interest in our wholly owned subsidiary, Phillips 66 Sweeny Frac LLC, which owns the Sweeny Fractionator One, an NGL fractionator located within our Sweeny Refinery complex in Old Ocean, Texas, and the Clemens Caverns, an NGL salt dome storage facility located near Brazoria, Texas. Total consideration for the transaction is expected to be $236 million , which will consist of Phillips 66 Partners’ issuance of common and general partner units to us, with an aggregate fair value of $24 million , and Phillips 66 Partners’ assumption of $212 million of notes payable to us. The transaction is expected to close in early March 2016.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 2015
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10),” to meet its objective of providing more decision-useful information about financial instruments. The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, one provision will also affect net income. Equity investments carried under the cost method or lower of cost or fair value method of accounting, in accordance with current generally accepted accounting principles, will have to be carried at fair value upon adoption of ASU 2016-01, with changes in fair value recorded in net income. For equity investments that do not have readily determinable fair values, a company may elect to carry such investments at cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. Public business entities should apply the guidance in ASU 2016-01 for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption prohibited. We are currently evaluating the provisions of ASU 2016-01 and assessing the impact, if any, it may have on our financial position and results of operations. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes-Balance Sheet Classification of Deferred Taxes.” The new update will simplify the presentation of deferred income taxes and will require deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The classification shall be made at the tax-paying component level of an entity, after reflecting any offset of deferred tax liabilities, deferred tax assets and any related valuation allowances. Public business entities should apply the guidance in ASU 2015-17 for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application for public entities is permitted. The amendments can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We are currently evaluating the provisions of ASU 2015-17. In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915).” The new standard removes the definition of a development stage entity from the Master Glossary of Accounting Standard Codification and the related financial reporting requirements specific to development stage entities. This ASU is intended to reduce cost and complexity of financial reporting for entities that have not commenced planned principal operations. For financial reporting requirements other than the VIE guidance in ASC Topic 810, “Consolidation,” ASU 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2014. For the financial reporting requirements related to VIEs in ASC Topic 810, “Consolidation,” ASU 2014-10 is effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. Early application for public entities is permitted. We are currently evaluating the provisions of ASU 2014-10. Our preliminary assessment indicates that additional disclosures related to VIEs may be required for our joint ventures if the planned principal operations have not commenced. 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. As part of our assessment work to-date, we have formed an implementation work team, completed training of the new ASU’s revenue recognition model and begun contract review and documentation.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Our $7.5 billion of outstanding 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. Millions of Dollars Year Ended December 31, 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 $ — 68,478 30,497 — 98,975 Equity in earnings (losses) of affiliates 4,470 2,812 (134 ) (5,575 ) 1,573 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 81 37 — 118 Intercompany revenues — 1,071 9,845 (10,916 ) — Total Revenues and Other Income 4,470 72,327 40,643 (16,491 ) 100,949 Costs and Expenses Purchased crude oil and products — 54,925 29,221 (10,747 ) 73,399 Operating expenses 4 3,412 917 (39 ) 4,294 Selling, general and administrative expenses 5 1,265 416 (16 ) 1,670 Depreciation and amortization — 818 260 — 1,078 Impairments — 4 3 — 7 Taxes other than income taxes — 5,505 8,572 — 14,077 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 365 25 34 (114 ) 310 Foreign currency transaction losses — 1 48 — 49 Total Costs and Expenses 374 65,971 39,476 (10,916 ) 94,905 Income from continuing operations before income taxes 4,096 6,356 1,167 (5,575 ) 6,044 Provision (benefit) for income taxes (131 ) 1,886 9 — 1,764 Income from Continuing Operations 4,227 4,470 1,158 (5,575 ) 4,280 Income from discontinued operations — — — — — Net income 4,227 4,470 1,158 (5,575 ) 4,280 Less: net income attributable to noncontrolling interests — — 53 — 53 Net Income Attributable to Phillips 66 $ 4,227 4,470 1,105 (5,575 ) 4,227 Comprehensive Income $ 4,105 4,348 1,032 (5,327 ) 4,158 Millions of Dollars Year Ended December 31, 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 $ — 109,078 52,134 — 161,212 Equity in earnings of affiliates 4,257 3,021 444 (5,256 ) 2,466 Net gain (loss) on dispositions — (46 ) 341 — 295 Other income — 105 15 — 120 Intercompany revenues — 2,411 18,772 (21,183 ) — Total Revenues and Other Income 4,257 114,569 71,706 (26,439 ) 164,093 Costs and Expenses Purchased crude oil and products — 97,783 58,984 (21,019 ) 135,748 Operating expenses 2 3,600 870 (37 ) 4,435 Selling, general and administrative expenses 6 1,224 502 (69 ) 1,663 Depreciation and amortization — 761 234 — 995 Impairments — 3 147 — 150 Taxes other than income taxes — 5,478 9,563 (1 ) 15,040 Accretion on discounted liabilities — 18 6 — 24 Interest and debt expense 286 18 20 (57 ) 267 Foreign currency transaction gains — — 26 — 26 Total Costs and Expenses 294 108,885 70,352 (21,183 ) 158,348 Income from continuing operations before income taxes 3,963 5,684 1,354 (5,256 ) 5,745 Provision (benefit) for income taxes (103 ) 1,427 330 — 1,654 Income from Continuing Operations 4,066 4,257 1,024 (5,256 ) 4,091 Income from discontinued operations* 696 — 10 — 706 Net income 4,762 4,257 1,034 (5,256 ) 4,797 Less: net income attributable to noncontrolling interests — — 35 — 35 Net Income Attributable to Phillips 66 $ 4,762 4,257 999 (5,256 ) 4,762 Comprehensive Income $ 4,194 3,689 721 (4,375 ) 4,229 *Net of provision for income taxes on discontinued operations: $ — — 5 — 5 Millions of Dollars Year Ended December 31, 2013 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 113,499 58,097 — 171,596 Equity in earnings of affiliates 3,905 3,363 509 (4,704 ) 3,073 Net gain on dispositions — 49 6 — 55 Other income (loss) (3 ) 53 35 — 85 Intercompany revenues — 1,796 19,623 (21,419 ) — Total Revenues and Other Income 3,902 118,760 78,270 (26,123 ) 174,809 Costs and Expenses Purchased crude oil and products — 102,780 66,746 (21,281 ) 148,245 Operating expenses — 3,442 790 (26 ) 4,206 Selling, general and administrative expenses 6 1,025 540 (93 ) 1,478 Depreciation and amortization — 730 217 — 947 Impairments — — 29 — 29 Taxes other than income taxes — 5,147 8,973 (1 ) 14,119 Accretion on discounted liabilities — 19 5 — 24 Interest and debt expense 266 13 14 (18 ) 275 Foreign currency transaction gains — — (40 ) — (40 ) Total Costs and Expenses 272 113,156 77,274 (21,419 ) 169,283 Income from continuing operations before income taxes 3,630 5,604 996 (4,704 ) 5,526 Provision (benefit) for income taxes (96 ) 1,699 241 — 1,844 Income from Continuing Operations 3,726 3,905 755 (4,704 ) 3,682 Income from discontinued operations* — — 61 — 61 Net income 3,726 3,905 816 (4,704 ) 3,743 Less: net income attributable to noncontrolling interests — — 17 — 17 Net Income Attributable to Phillips 66 $ 3,726 3,905 799 (4,704 ) 3,726 Comprehensive Income $ 4,077 4,256 839 (5,078 ) 4,094 *Net of provision for income taxes on discontinued operations: $ — — 34 — 34 Millions of Dollars At December 31, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 575 2,499 — 3,074 Accounts and notes receivable 14 3,643 2,217 (701 ) 5,173 Inventories — 2,171 1,306 — 3,477 Prepaid expenses and other current assets 2 382 148 — 532 Total Current Assets 16 6,771 6,170 (701 ) 12,256 Investments and long-term receivables 33,315 24,068 7,395 (52,635 ) 12,143 Net properties, plants and equipment — 12,651 7,070 — 19,721 Goodwill — 3,040 235 — 3,275 Intangibles — 726 180 — 906 Other assets 16 154 113 (4 ) 279 Total Assets $ 33,347 47,410 21,163 (53,340 ) 48,580 Liabilities and Equity Accounts payable $ — 4,015 2,341 (701 ) 5,655 Short-term debt — 25 19 — 44 Accrued income and other taxes — 320 558 — 878 Employee benefit obligations — 528 48 — 576 Other accruals 59 240 79 — 378 Total Current Liabilities 59 5,128 3,045 (701 ) 7,531 Long-term debt 7,413 158 1,272 — 8,843 Asset retirement obligations and accrued environmental costs — 496 169 — 665 Deferred income taxes — 4,500 1,545 (4 ) 6,041 Employee benefit obligations — 1,094 191 — 1,285 Other liabilities and deferred credits 2,746 2,765 3,734 (8,968 ) 277 Total Liabilities 10,218 14,141 9,956 (9,673 ) 24,642 Common stock 11,405 25,404 10,688 (36,092 ) 11,405 Retained earnings 12,377 8,518 (200 ) (8,347 ) 12,348 Accumulated other comprehensive income (loss) (653 ) (653 ) (119 ) 772 (653 ) Noncontrolling interests — — 838 — 838 Total Liabilities and Equity $ 33,347 47,410 21,163 (53,340 ) 48,580 Millions of Dollars At 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* 5 429 399 — 833 Total Current Assets 19 9,569 8,206 (1,102 ) 16,692 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* 16 159 120 (4 ) 291 Total Assets $ 30,176 44,625 18,476 (44,585 ) 48,692 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* 7,409 159 225 — 7,793 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 8,557 14,537 8,708 (5,147 ) 26,655 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 $ 30,176 44,625 18,476 (44,585 ) 48,692 *Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03. Millions of Dollars Year Ended December 31, 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 $ 1,060 4,879 2,564 (2,790 ) 5,713 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 1,060 4,879 2,564 (2,790 ) 5,713 Cash Flows From Investing Activities Capital expenditures and investments* — (2,815 ) (5,283 ) 2,334 (5,764 ) Proceeds from asset dispositions** — 774 178 (882 ) 70 Intercompany lending activities 2,461 (3,153 ) 692 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — 6 (50 ) — (44 ) Net cash provided by (used in) continuing investing activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (23 ) (103 ) — (926 ) Issuance of common stock (19 ) — — — (19 ) Repurchase of common stock (1,512 ) — — — (1,512 ) Dividends paid on common stock (1,172 ) (1,172 ) (1,576 ) 2,748 (1,172 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (46 ) — (46 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (18 ) 34 1,585 (1,596 ) 5 Net cash provided by (used in) continuing financing activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 9 — 9 Net Change in Cash and Cash Equivalents — (1,470 ) (663 ) — (2,133 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 575 2,499 — 3,074 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 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 (used in) continuing operating activities $ (47 ) 2,551 1,527 (504 ) 3,527 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by (Used in) Operating Activities (47 ) 2,551 1,529 (504 ) 3,529 Cash Flows From Investing Activities Capital expenditures and investments* — (2,230 ) (2,532 ) 989 (3,773 ) Proceeds from asset dispositions — 960 687 (403 ) 1,244 Intercompany lending activities** 1,397 (1,402 ) 5 — — Advances/loans—related parties — — (3 ) — (3 ) Other — (13 ) 251 — 238 Net cash provided by (used in) continuing investing activities 1,397 (2,685 ) (1,592 ) 586 (2,294 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 1,397 (2,685 ) (1,594 ) 586 (2,296 ) Cash Flows From Financing Activities Issuance of debt 2,459 — 28 — 2,487 Repayment of debt — (20 ) (29 ) — (49 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (2,282 ) — — — (2,282 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (1,062 ) — (443 ) 443 (1,062 ) Distributions to controlling interests — — (323 ) 323 — Distributions to noncontrolling interests — — (30 ) — (30 ) Other* (16 ) 37 850 (848 ) 23 Net cash provided by (used in) continuing financing activities (1,350 ) 17 53 (82 ) (1,362 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (1,350 ) 17 53 (82 ) (1,362 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (64 ) — (64 ) Net Change in Cash and Cash Equivalents — (117 ) (76 ) — (193 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 2,045 3,162 — 5,207 * Includes intercompany capital contributions. ** Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66. Millions of Dollars Year Ended December 31, 2013 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 5 4,972 1,045 (80 ) 5,942 Net cash provided by discontinued operations — — 85 — 85 Net Cash Provided by Operating Activities 5 4,972 1,130 (80 ) 6,027 Cash Flows From Investing Activities Capital expenditures and investments* — (1,108 ) (690 ) 19 (1,779 ) Proceeds from asset dispositions — 63 1,151 — 1,214 Intercompany lending activities 4,055 (4,206 ) 151 — — Advances/loans—related parties — — (65 ) — (65 ) Collection of advances/loans—related parties — — 165 — 165 Other — 42 6 — 48 Net cash provided by (used in) continuing investing activities 4,055 (5,209 ) 718 19 (417 ) Net cash used in discontinued operations — — (27 ) — (27 ) Net Cash Provided by (Used in) Investing Activities 4,055 (5,209 ) 691 19 (444 ) Cash Flows From Financing Activities Repayment of debt (1,000 ) (18 ) (2 ) — (1,020 ) Issuance of common stock 6 — — — 6 Repurchase of common stock (2,246 ) — — — (2,246 ) Dividends paid on common stock (807 ) — (72 ) 72 (807 ) Distributions to controlling interests — — (8 ) 8 — Distributions to noncontrolling interests — — (10 ) — (10 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 404 — 404 Other* (13 ) 7 19 (19 ) (6 ) Net cash provided by (used in) continuing financing activities (4,060 ) (11 ) 331 61 (3,679 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (4,060 ) (11 ) 331 61 (3,679 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 22 — 22 Net Change in Cash and Cash Equivalents — (248 ) 2,174 — 1,926 Cash and cash equivalents at beginning of period — 2,410 1,064 — 3,474 Cash and Cash Equivalents at End of Period $ — 2,162 3,238 — 5,400 * Includes intercompany capital contributions.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Consolidated) Millions of Dollars Description Balance at January 1 Charged to Expense Other (a) Deductions Balance at December 31 2015 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 71 3 — (19 ) (b) 55 Deferred tax asset valuation allowance 107 (17 ) 70 — 160 2014 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 47 29 — (5 ) (b) 71 Deferred tax asset valuation allowance 127 (13 ) (7 ) — 107 2013 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 50 10 — (13 ) (b) 47 Deferred tax asset valuation allowance 329 20 (222 ) — 127 (a)Represents acquisitions/dispositions/revisions; net transfers associated with the Separation; deferred tax asset reinstatement in conjunction with German tax legislation, the realization of which is not more likely than not; and the effect of translating foreign financial statements. (b)Amounts charged off less recoveries of amounts previously charged off.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method is used if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost.
Recasted Financial Information	Recasted Financial Information —Certain prior period financial information has been recasted to reflect the current year’s presentation.
Foreign Currency Translation	Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability; we include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition —Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the “Purchased crude oil and products” line of our consolidated statement of income.
Cash Equivalents	Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these at cost plus accrued interest, which approximates fair value.
Shipping and Handling Costs	Shipping and Handling Costs —We record shipping and handling costs in purchased crude oil and products. Freight costs billed to customers are recorded as a component of revenue.
Inventories	Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual or nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method.
Fair Value Measurements	Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants.
Derivative Instruments	Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the right of offset exists and certain other criteria are met. We also net collateral payables or receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not designated as cash-flow hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income and appear on the balance sheet in accumulated other comprehensive income until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses will be recognized immediately in earnings.
Capitalized Interest	Capitalized Interest —Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plants and equipment and is amortized over the useful life of the asset.
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized but is tested annually for impairment and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, the implied fair value of goodwill is calculated. The excess, if any, of the book value over the implied fair value of the goodwill is charged to net income. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining and Marketing and Specialties (M&S).
Depreciation and Amortization	Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment —Properties, plants and equipment (PP&E) used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value through additional amortization or depreciation provisions and reported in the “Impairment” line of our consolidated statement of income in the period in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets (for example, at a refinery complex level). Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate.
Maintenance and Repairs	Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Property Dispositions	Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Our estimate may change after initial recognition in which case we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.
Guarantees	Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Stock-Based Compensation	Stock-Based Compensation —We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award not to be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.
Income Taxes	Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses.
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities —Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes.
Treasury Stock	Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders’ equity in the consolidated balance sheet.
Loans and Long-term Receivables	Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered.
Earnings Per Share	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Contingencies and Commitments	In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Summary of inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2015 2014 Crude oil and petroleum products $ 3,214 3,141 Materials and supplies 263 256 $ 3,477 3,397

Investments, Loans and Long-T41

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2015 2014 Equity investments $ 11,977 10,035 Long-term receivables 84 76 Other investments 82 78 $ 12,143 10,189
Summarized Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2015 2014 2013 Revenues $ 33,126 57,979 59,500 Income before income taxes 3,180 4,791 5,975 Net income 3,158 4,700 5,838 Current assets 6,024 7,402 9,865 Noncurrent assets 46,047 41,271 40,188 Current liabilities 4,130 6,854 7,971 Noncurrent liabilities 11,493 9,736 9,959

Properties, Plants and Equipm42

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Properties, plants and equipment with the associated accumulated depreciation and amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2015 2014 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 6,978 1,293 5,685 4,726 1,185 3,541 Chemicals — — — — — — Refining 20,850 8,046 12,804 19,951 7,424 12,527 Marketing and Specialties 1,422 746 676 1,490 738 752 Corporate and Other 1,060 504 556 978 452 526 $ 30,310 10,589 19,721 27,145 9,799 17,346

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill was as follows: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2014 $ 518 1,919 659 3,096 Tax and other adjustments — (49 ) 52 3 Goodwill assigned to asset acquisitions 105 — 127 232 Goodwill allocated to assets held-for-sale or sold — (57 ) — (57 ) Balance at December 31, 2014 623 1,813 838 3,274 Goodwill assigned to asset acquisitions — — 1 1 Balance at December 31, 2015 $ 623 1,813 839 3,275
Schedule of Changes in Carrying Value of Intangible Assets	Information relating to the carrying value of intangible assets at December 31 follows: Millions of Dollars Gross Carrying Amount 2015 2014 Indefinite-Lived Intangible Assets Trade names and trademarks $ 503 503 Refinery air and operating permits 266 239 Other 1 14 $ 770 756

Impairments (Tables)

Impairments (Tables)	12 Months Ended
	Dec. 31, 2015
Impairment Of Long Lived Assets Abstract [Abstract]
Impairment Charges	During 2015 , 2014 and 2013 , we recognized the following before-tax impairment charges: Millions of Dollars 2015 2014 2013 Midstream $ 1 — 1 Refining 3 147 3 Marketing and Specialties 3 3 16 Corporate and Other — — 9 $ 7 150 29

Asset Retirement Obligations 45

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2015
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2015 2014 Asset retirement obligations $ 251 279 Accrued environmental costs 485 496 Total asset retirement obligations and accrued environmental costs 736 775 Asset retirement obligations and accrued environmental costs due within one year* (71 ) (92 ) Long-term asset retirement obligations and accrued environmental costs $ 665 683 *Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	During 2015 and 2014 , our overall asset retirement obligation changed as follows: Millions of Dollars 2015 2014 Balance at January 1 $ 279 309 Accretion of discount 9 11 New obligations — 2 Changes in estimates of existing obligations (7 ) (16 ) Spending on existing obligations (20 ) (17 ) Property dispositions (2 ) (1 ) Foreign currency translation (8 ) (9 ) Balance at December 31 $ 251 279

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 4,227 4,227 4,056 4,056 3,665 3,665 Income allocated to participating securities (6 ) — (7 ) — (5 ) — Income from continuing operations available to common stockholders 4,221 4,227 4,049 4,056 3,660 3,665 Discontinued operations — — 706 706 61 61 Net income available to common stockholders $ 4,221 4,227 4,755 4,762 3,721 3,726 Weighted-average common shares outstanding (thousands) : 537,602 542,355 561,859 565,902 608,983 612,918 Effect of stock-based compensation 4,753 4,622 4,043 5,602 3,935 6,071 Weighted-average common shares outstanding—EPS 542,355 546,977 565,902 571,504 612,918 618,989 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 7.78 7.73 7.15 7.10 5.97 5.92 Discontinued operations — — 1.25 1.23 0.10 0.10 Earnings Per Share $ 7.78 7.73 8.40 8.33 6.07 6.02

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of long term debt	Long-term debt at December 31 was: Millions of Dollars 2015 2014 1.95% Senior Notes due 2015 $ — 800 2.95% Senior Notes due 2017 1,500 1,500 4.30% Senior Notes due 2022 2,000 2,000 4.65% Senior Notes due 2034 1,000 1,000 4.875% Senior Notes due 2044 1,500 1,500 5.875% Senior Notes due 2042 1,500 1,500 Phillips 66 Partners 2.646% Senior Notes due 2020 300 — Phillips 66 Partners 3.605% Senior Notes due 2025 500 — Phillips 66 Partners 4.680% Senior Notes due 2045 300 — Industrial Development Bonds due 2018 through 2021 at 0.01% at year-end 2015 and 0.02%-0.05% at year-end 2014 50 50 Sweeny Cogeneration, L.P. notes due 2020 at 7.54% 41 53 Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) 83 97 Phillips 66 Partners revolving credit facility due 2019 at 1.33% at year-end 2014 — 18 Other 1 1 Debt at face value 8,775 8,519 Capitalized leases 208 210 Net unamortized discounts and debt issuance costs (96 ) (94 ) Total debt 8,887 8,635 Short-term debt (44 ) (842 ) Long-term debt $ 8,843 7,793

Derivatives and Financial Ins48

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of commodity derivative assets and liabilities and gains (losses) from derivative contracts	Millions of Dollars 2015 2014 Assets Accounts and notes receivable $ — (1 ) Prepaid expenses and other current assets 2,607 3,839 Other assets 5 29 Liabilities Other accruals 2,425 3,472 Other liabilities and deferred credits 5 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 2015 2014 2013 Sales and other operating revenues $ 162 658 17 Equity in earnings of affiliates — 66 (19 ) Other income 58 20 3 Purchased crude oil and products 121 136 95 Hedge accounting has not been used for any item in the table.
Summary of material net exposures from outstanding commodity derivative contracts	Open Position Long / (Short) 2015 2014 Commodity Crude oil, refined products and NGL (millions of barrels) (17 ) (11 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	Millions of Dollars December 31, 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 $ 1,851 703 — 2,554 (2,389 ) (100 ) — 65 — OTC instruments — 13 — 13 (12 ) — — 1 — Physical forward contracts* 3 40 2 45 — — — 45 — Rabbi trust assets 83 — — 83 N/A N/A — 83 N/A $ 1,937 756 2 2,695 (2,401 ) (100 ) — 194 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,745 646 — 2,391 (2,389 ) — — 2 — OTC instruments — 17 — 17 (12 ) — — 5 — Physical forward contracts* — 22 — 22 — — — 22 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,434 — 8,434 N/A N/A 195 8,629 N/A $ 1,795 9,119 — 10,914 (2,401 ) — 195 8,708 *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 year ended December 31, 2014 : Millions of Dollars Fair Value Measurements Using Fair Value* Level 1 Inputs Level 3 Inputs Before- Tax Loss Year Ended December 31, 2014 Net properties, plants and equipment (held for use) $ 20 — 20 131 Net properties, plants and equipment (held for sale) 72 72 — 12 *Represents the classification and fair value at the time of the impairment.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments as of December 31, 2015 , for operating and capital lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2016 $ 24 510 2017 25 418 2018 19 308 2019 18 234 2020 14 171 Remaining years 169 368 Total 269 2,009 Less: income from subleases — 99 Net minimum lease payments $ 269 1,910 Less: amount representing interest 61 Capital lease obligations $ 208
Schedule of Operating Lease Rental Expense	Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2015 2014 2013 Minimum rentals $ 641 570 572 Contingent rentals 6 8 7 Less: sublease rental income 136 135 133 $ 511 443 446

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 2,895 941 2,473 840 203 189 Service cost 124 38 121 38 7 7 Interest cost 109 28 108 35 7 8 Plan participant contributions — 3 — 4 1 1 Actuarial loss (gain) (25 ) (10 ) 409 116 13 4 Benefits paid (312 ) (20 ) (216 ) (18 ) (12 ) (6 ) Foreign currency exchange rate change — (68 ) — (74 ) — — Benefit obligation at December 31* $ 2,791 912 2,895 941 219 203 *Accumulated benefit obligation portion of above at December 31: $ 2,485 712 2,553 729 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,124 724 2,008 645 — — Actual return on plan assets (10 ) 18 168 89 — — Company contributions 221 63 164 60 11 5 Plan participant contributions — 3 — 4 1 1 Benefits paid (312 ) (20 ) (216 ) (18 ) (12 ) (6 ) Foreign currency exchange rate change — (46 ) — (56 ) — — Fair value of plan assets at December 31 $ 2,023 742 2,124 724 — — Funded Status at December 31 $ (768 ) (170 ) (771 ) (217 ) (219 ) (203 )
Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2015 and 2014 , include: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — 20 — 13 — — Current liabilities (10 ) — (8 ) — (10 ) (6 ) Noncurrent liabilities (758 ) (190 ) (763 ) (230 ) (209 ) (197 ) Total recognized $ (768 ) (170 ) (771 ) (217 ) (219 ) (203 )
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive income at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 710 143 741 165 2 (13 ) Unrecognized prior service cost (credit) 6 (7 ) 9 (9 ) (10 ) (12 )
Sources of Change in Other Comprehensive Income	Millions of Dollars Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income Net gain (loss) arising during the period $ (124 ) 7 (382 ) (57 ) (14 ) (3 ) Amortization of (gain) loss and settlements included in income 155 15 40 12 (1 ) (2 ) Net change during the period $ 31 22 (342 ) (45 ) (15 ) (5 ) Prior service cost arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income 3 (1 ) 3 (2 ) (2 ) (1 ) Net change during the period $ 3 (1 ) 3 (2 ) (2 ) (1 )
Components of Net Periodic Benefit Cost	The allocated benefit cost from Shared Plans, as well as the components of net periodic benefit cost associated with plans sponsored by us, for 2015 , 2014 and 2013 is shown in the table below: Millions of Dollars Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 124 38 121 38 125 36 7 7 8 Interest cost 109 28 108 35 91 31 7 8 7 Expected return on plan assets (138 ) (37 ) (142 ) (37 ) (120 ) (29 ) — — — Amortization of prior service cost (credit) 3 (1 ) 3 (2 ) 3 (1 ) (2 ) (1 ) (2 ) Recognized net actuarial loss (gain) 75 15 40 12 84 16 (1 ) (2 ) — Settlements 80 — — — — — — — — Total net periodic benefit cost $ 253 43 130 46 183 53 11 12 13
Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortized into Net Periodic Benefit Cost Over the Next Fiscal Year	Amounts included in accumulated other comprehensive income at December 31, 2015 , that are expected to be amortized into net periodic benefit cost during 2016 are provided below: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. Unrecognized net actuarial loss $ 72 14 — Unrecognized prior service cost (credit) 3 (1 ) (1 )
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 4.35 % 3.35 3.90 3.10 4.00 3.70 Rate of compensation increase 4.00 3.65 4.00 3.20 — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 3.90 % 3.10 4.55 4.30 3.70 4.40 Expected return on plan assets 7.00 5.15 7.00 5.50 — — Rate of compensation increase 4.00 3.20 4.00 3.90 — —
Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2015 Equity Securities U.S. $ 322 — — 322 136 — — 136 International 125 — — 125 99 — — 99 Mutual funds — — — — — — — — Debt Securities Government — — — — 144 — — 144 Corporate — — — — — — — — Mutual funds 41 — — 41 — — — — Cash and cash equivalents 22 — — 22 3 — — 3 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Subtotal 510 — — 510 382 — 19 401 Common/collective trusts measured at NAV: Equity securities 855 168 Debt securities 658 171 Other receivables — 2 Total $ 510 — — 2,023 382 — 19 742 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2014 Equity Securities U.S. $ 288 — — 288 161 — — 161 International 163 — — 163 113 — — 113 Mutual funds — — — — 5 — — 5 Debt Securities Government — 32 — 32 141 — — 141 Corporate — 51 — 51 — — — — Mutual funds — — — — 2 — — 2 Cash and cash equivalents 20 — — 20 10 — — 10 Insurance contracts — — — — — — 14 14 Real estate — — — — — — 7 7 Subtotal 471 83 — 554 432 — 21 453 Common/collective trusts measured at NAV: Equity securities 920 110 Debt securities 648 161 Other receivables 2 — Total $ 471 83 — 2,124 432 — 21 724
Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2016 $ 270 20 25 2017 261 22 27 2018 259 21 26 2019 267 24 25 2020 292 24 25 2021-2024 1,333 144 104
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated tax benefits for the years ended December 31 were as follows: Millions of Dollars 2015 2014 2013 Share-based compensation expense $ 144 134 132 Tax benefit (54 ) (50 ) (50 )
Stock Option Activity	The following summarizes our stock option activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2015 5,843,555 $ 35.26 Granted 675,300 74.14 $ 18.84 Forfeited (15,692 ) 73.96 Exercised (1,071,424 ) 28.73 $ 60 Expired or canceled — — Outstanding at December 31, 2015 5,431,739 $ 41.27 Vested at December 31, 2015 5,137,728 $ 39.47 $ 218 Exercisable at December 31, 2015 4,222,873 $ 32.53 $ 208 All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.
Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2015 2014 2013 Assumptions used Risk-free interest rate 1.60 % 1.96 1.18 Dividend yield 3.00 % 3.00 2.50 Volatility factor 34.17 % 34.97 35.47 Expected life (years) 6.66 6.23 6.23
Summary of Stock Unit Activity	The following summarizes our RSU activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2015 3,646,916 $ 46.83 Granted 970,268 74.09 Forfeited (80,729 ) 61.17 Issued (1,401,840 ) 34.99 $ 107 Outstanding at December 31, 2015 3,134,615 $ 60.19 Not Vested at December 31, 2015 1,874,062 $ 60.99
Summary of Performance Share Program Activity	The following summarizes our PSU activity from January 1, 2015, to December 31, 2015 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2015 3,171,860 $ 43.96 Granted 838,710 74.14 Forfeited — — Issued (453,744 ) 51.48 $ 37 Outstanding at December 31, 2015 3,556,826 $ 50.11 Not Vested at December 31, 2015 602,428 $ 51.80 All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income taxes charged to income were: Millions of Dollars 2015 2014 2013 Income Taxes Federal Current $ 1,128 1,661 1,054 Deferred 444 (378 ) 526 Foreign Current (74 ) 22 98 Deferred 42 80 (48 ) State and local Current 227 274 146 Deferred (3 ) (5 ) 68 $ 1,764 1,654 1,844
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2015 2014 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 4,361 3,799 Investment in joint ventures 2,292 2,331 Investment in subsidiaries 236 115 Inventory 176 152 Other 24 29 Total deferred tax liabilities 7,089 6,426 Deferred Tax Assets Benefit plan accruals 751 647 Asset retirement obligations and accrued environmental costs 215 207 Other financial accruals and deferrals 175 131 Loss and credit carryforwards 227 149 Other 1 2 Total deferred tax assets 1,369 1,136 Less: valuation allowance 160 107 Net deferred tax assets 1,209 1,029 Net deferred tax liabilities $ 5,880 5,397
Schedule of Unrecognized Tax Benefits Roll Forward	As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are reflected in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. Millions of Dollars 2015 2014 2013 Balance at January 1 $ 142 202 158 Additions based on tax positions related to the current year — 13 30 Additions for tax positions of prior years 6 14 25 Reductions for tax positions of prior years (17 ) (68 ) (8 ) Settlements (49 ) (19 ) (3 ) Lapse of statute — — — Balance at December 31 $ 82 142 202
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-tax Income 2015 2014 2013 2015 2014 2013 Income from continuing operations before income taxes United States $ 4,983 5,121 5,158 82.4 % 89.1 93.3 Foreign 1,061 624 368 17.6 10.9 6.7 $ 6,044 5,745 5,526 100.0 % 100.0 100.0 Federal statutory income tax $ 2,115 2,011 1,934 35.0 % 35.0 35.0 Goodwill allocated to assets sold 41 18 — 0.7 0.3 Sale of foreign subsidiaries (125 ) (293 ) — (2.1 ) (5.1 ) Foreign rate differential (239 ) (184 ) (198 ) (3.9 ) (3.2 ) (3.6 ) German tax legislation (103 ) — — (1.7 ) Federal manufacturing deduction (77 ) (81 ) (68 ) (1.3 ) (1.4 ) (1.2 ) State income tax, net of federal benefit 150 180 139 2.5 3.1 2.5 Other 2 3 37 0.1 0.7 $ 1,764 1,654 1,844 29.2 % 28.8 33.4

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Accumulated other comprehensive income (loss)	Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2012 $ (778 ) 466 (2 ) (314 ) Other comprehensive income (loss) 312 (44 ) — 268 Amounts reclassified from accumulated other comprehensive income (loss)* Foreign currency translation — 21 — 21 Amortization of defined benefit plan items** Actuarial losses 62 — — 62 Net current period other comprehensive income (loss) 374 (23 ) — 351 December 31, 2013 (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassifications (330 ) (276 ) — (606 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses 38 — — 38 Net current period other comprehensive income (loss) (292 ) (276 ) — (568 ) December 31, 2014 (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications (78 ) (156 ) — (234 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 112 — — 112 Net current period other comprehensive income (loss) 34 (156 ) — (122 ) December 31, 2015 $ (662 ) 11 (2 ) (653 ) *See Consolidated Statement of Changes in Equity. **Included in the computation of net periodic benefit cost. See Note 20—Employee Benefit Plans , for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Millions of Dollars 2015 2014 2013 Noncash Investing and Financing Activities Increase in net PP&E and debt related to capital lease obligation $ 31 33 177 Cash Payments Interest $ 275 238 259 Income taxes 1,560 2,185 1,021

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Financial Information	Millions of Dollars 2015 2014 2013 Interest and Debt Expense Incurred Debt $ 389 265 251 Other 27 22 24 416 287 275 Capitalized (106 ) (20 ) — Expensed $ 310 267 275 Other Income Interest income $ 27 21 20 Other, net* 91 99 65 $ 118 120 85 *Includes derivatives-related activities. Research and Development Expenditures— expensed $ 65 62 69 Advertising Expenses $ 73 70 68 Foreign Currency Transaction (Gains) Losses— after-tax Midstream $ — — — Chemicals — — — Refining 34 6 (41 ) Marketing and Specialties 4 8 (5 ) Corporate and Other — — 2 $ 38 14 (44 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Significant transactions with related parties	Significant transactions with related parties were: Millions of Dollars 2015 2014 2013 Operating revenues and other income (a) $ 2,452 6,514 7,907 Purchases (b) 8,142 15,647 18,320 Operating expenses and selling, general and administrative expenses (c) 129 133 109 Net interest expense (d) 6 7 8 In December 2014, we completed the sale of our interest in MRC. Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 and 2013 periods 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 for a fee. 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 for a fee. We purchased natural gas and NGL from 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. See Note 7—Investments, Loans and Long-Term Receivables and Note 13—Debt , for additional information on loans with affiliated companies.

Segment Disclosures and Relat57

Segment Disclosures and Related Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars 2015 2014 2013 Sales and Other Operating Revenues Midstream Total sales $ 3,676 6,222 6,575 Intersegment eliminations (1,034 ) (1,104 ) (933 ) Total Midstream 2,642 5,118 5,642 Chemicals 5 7 9 Refining Total sales 63,470 115,326 124,480 Intersegment eliminations (40,317 ) (68,263 ) (72,503 ) Total Refining 23,153 47,063 51,977 Marketing and Specialties Total sales 74,591 110,540 115,405 Intersegment eliminations (1,446 ) (1,548 ) (1,467 ) Total Marketing and Specialties 73,145 108,992 113,938 Corporate and Other 30 32 30 Consolidated sales and other operating revenues $ 98,975 161,212 171,596 Depreciation, Amortization and Impairments Midstream $ 128 92 89 Chemicals — — — Refining 741 850 688 Marketing and Specialties 100 97 119 Corporate and Other 116 106 80 Consolidated depreciation, amortization and impairments $ 1,085 1,145 976 Millions of Dollars 2015 2014 2013 Equity in Earnings of Affiliates Midstream $ (268 ) 360 436 Chemicals 1,316 1,634 1,362 Refining 325 311 1,107 Marketing and Specialties 207 162 169 Corporate and Other (7 ) (1 ) (1 ) Consolidated equity in earnings of affiliates $ 1,573 2,466 3,073 Income Taxes from Continuing Operations Midstream $ 73 310 264 Chemicals 353 495 375 Refining 1,104 696 1,035 Marketing and Specialties 466 440 433 Corporate and Other (232 ) (287 ) (263 ) Consolidated income taxes from continuing operations $ 1,764 1,654 1,844 Net Income Attributable to Phillips 66 Midstream $ 13 507 469 Chemicals 962 1,137 986 Refining 2,555 1,771 1,747 Marketing and Specialties 1,187 1,034 894 Corporate and Other (490 ) (393 ) (431 ) Discontinued Operations — 706 61 Consolidated net income attributable to Phillips 66 $ 4,227 4,762 3,726 Millions of Dollars 2015 2014 2013 Investments In and Advances To Affiliates Midstream $ 4,198 2,461 2,328 Chemicals 5,177 5,183 4,241 Refining 2,262 2,103 4,192 Marketing and Specialties 342 290 318 Corporate and Other 1 1 1 Consolidated investments in and advances to affiliates $ 11,980 10,038 11,080 Total Assets Midstream $ 11,043 7,295 5,485 Chemicals 5,237 5,209 4,377 Refining 21,993 22,808 26,046 Marketing and Specialties 5,631 7,051 7,331 Corporate and Other* 4,676 6,329 6,319 Discontinued Operations** — — 211 Consolidated total assets $ 48,580 48,692 49,769 *Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03. **In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI. Capital Expenditures and Investments Midstream $ 4,457 2,173 597 Chemicals — — — Refining 1,069 1,038 820 Marketing and Specialties 122 439 226 Corporate and Other 116 123 136 Consolidated capital expenditures and investments $ 5,764 3,773 1,779 Interest Income and Expense Interest income Marketing and Specialties $ 2 — — Corporate and Other 25 21 20 Consolidated interest income $ 27 21 20 Interest and debt expense Corporate and Other $ 310 267 275
Sales and Other Operating Revenues by Product Line	Sales and Other Operating Revenues by Product Line Refined products $ 86,249 133,625 140,488 Crude oil resales 8,993 19,832 22,777 NGL 2,998 6,447 7,431 Other 735 1,308 900 Consolidated sales and other operating revenues by product line $ 98,975 161,212 171,596
Geographic Information	Geographic Information Millions of Dollars Sales and Other Operating Revenues* Long-Lived Assets** 2015 2014 2013 2015 2014 2013 United States $ 69,578 110,713 115,378 29,624 25,255 23,641 United Kingdom 12,120 20,131 21,868 1,459 1,469 1,485 Germany 6,584 9,424 9,799 502 534 587 Other foreign countries 10,693 20,944 24,551 116 126 765 Worldwide consolidated $ 98,975 161,212 171,596 31,701 27,384 26,478 *Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. **Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.

Condensed Consolidating Finan58

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Income Statement	Millions of Dollars Year Ended December 31, 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 $ — 68,478 30,497 — 98,975 Equity in earnings (losses) of affiliates 4,470 2,812 (134 ) (5,575 ) 1,573 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 81 37 — 118 Intercompany revenues — 1,071 9,845 (10,916 ) — Total Revenues and Other Income 4,470 72,327 40,643 (16,491 ) 100,949 Costs and Expenses Purchased crude oil and products — 54,925 29,221 (10,747 ) 73,399 Operating expenses 4 3,412 917 (39 ) 4,294 Selling, general and administrative expenses 5 1,265 416 (16 ) 1,670 Depreciation and amortization — 818 260 — 1,078 Impairments — 4 3 — 7 Taxes other than income taxes — 5,505 8,572 — 14,077 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 365 25 34 (114 ) 310 Foreign currency transaction losses — 1 48 — 49 Total Costs and Expenses 374 65,971 39,476 (10,916 ) 94,905 Income from continuing operations before income taxes 4,096 6,356 1,167 (5,575 ) 6,044 Provision (benefit) for income taxes (131 ) 1,886 9 — 1,764 Income from Continuing Operations 4,227 4,470 1,158 (5,575 ) 4,280 Income from discontinued operations — — — — — Net income 4,227 4,470 1,158 (5,575 ) 4,280 Less: net income attributable to noncontrolling interests — — 53 — 53 Net Income Attributable to Phillips 66 $ 4,227 4,470 1,105 (5,575 ) 4,227 Comprehensive Income $ 4,105 4,348 1,032 (5,327 ) 4,158 Millions of Dollars Year Ended December 31, 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 $ — 109,078 52,134 — 161,212 Equity in earnings of affiliates 4,257 3,021 444 (5,256 ) 2,466 Net gain (loss) on dispositions — (46 ) 341 — 295 Other income — 105 15 — 120 Intercompany revenues — 2,411 18,772 (21,183 ) — Total Revenues and Other Income 4,257 114,569 71,706 (26,439 ) 164,093 Costs and Expenses Purchased crude oil and products — 97,783 58,984 (21,019 ) 135,748 Operating expenses 2 3,600 870 (37 ) 4,435 Selling, general and administrative expenses 6 1,224 502 (69 ) 1,663 Depreciation and amortization — 761 234 — 995 Impairments — 3 147 — 150 Taxes other than income taxes — 5,478 9,563 (1 ) 15,040 Accretion on discounted liabilities — 18 6 — 24 Interest and debt expense 286 18 20 (57 ) 267 Foreign currency transaction gains — — 26 — 26 Total Costs and Expenses 294 108,885 70,352 (21,183 ) 158,348 Income from continuing operations before income taxes 3,963 5,684 1,354 (5,256 ) 5,745 Provision (benefit) for income taxes (103 ) 1,427 330 — 1,654 Income from Continuing Operations 4,066 4,257 1,024 (5,256 ) 4,091 Income from discontinued operations* 696 — 10 — 706 Net income 4,762 4,257 1,034 (5,256 ) 4,797 Less: net income attributable to noncontrolling interests — — 35 — 35 Net Income Attributable to Phillips 66 $ 4,762 4,257 999 (5,256 ) 4,762 Comprehensive Income $ 4,194 3,689 721 (4,375 ) 4,229 *Net of provision for income taxes on discontinued operations: $ — — 5 — 5 Millions of Dollars Year Ended December 31, 2013 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 113,499 58,097 — 171,596 Equity in earnings of affiliates 3,905 3,363 509 (4,704 ) 3,073 Net gain on dispositions — 49 6 — 55 Other income (loss) (3 ) 53 35 — 85 Intercompany revenues — 1,796 19,623 (21,419 ) — Total Revenues and Other Income 3,902 118,760 78,270 (26,123 ) 174,809 Costs and Expenses Purchased crude oil and products — 102,780 66,746 (21,281 ) 148,245 Operating expenses — 3,442 790 (26 ) 4,206 Selling, general and administrative expenses 6 1,025 540 (93 ) 1,478 Depreciation and amortization — 730 217 — 947 Impairments — — 29 — 29 Taxes other than income taxes — 5,147 8,973 (1 ) 14,119 Accretion on discounted liabilities — 19 5 — 24 Interest and debt expense 266 13 14 (18 ) 275 Foreign currency transaction gains — — (40 ) — (40 ) Total Costs and Expenses 272 113,156 77,274 (21,419 ) 169,283 Income from continuing operations before income taxes 3,630 5,604 996 (4,704 ) 5,526 Provision (benefit) for income taxes (96 ) 1,699 241 — 1,844 Income from Continuing Operations 3,726 3,905 755 (4,704 ) 3,682 Income from discontinued operations* — — 61 — 61 Net income 3,726 3,905 816 (4,704 ) 3,743 Less: net income attributable to noncontrolling interests — — 17 — 17 Net Income Attributable to Phillips 66 $ 3,726 3,905 799 (4,704 ) 3,726 Comprehensive Income $ 4,077 4,256 839 (5,078 ) 4,094 *Net of provision for income taxes on discontinued operations: $ — — 34 — 34
Condensed Consolidated Balance Sheet	Millions of Dollars At December 31, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 575 2,499 — 3,074 Accounts and notes receivable 14 3,643 2,217 (701 ) 5,173 Inventories — 2,171 1,306 — 3,477 Prepaid expenses and other current assets 2 382 148 — 532 Total Current Assets 16 6,771 6,170 (701 ) 12,256 Investments and long-term receivables 33,315 24,068 7,395 (52,635 ) 12,143 Net properties, plants and equipment — 12,651 7,070 — 19,721 Goodwill — 3,040 235 — 3,275 Intangibles — 726 180 — 906 Other assets 16 154 113 (4 ) 279 Total Assets $ 33,347 47,410 21,163 (53,340 ) 48,580 Liabilities and Equity Accounts payable $ — 4,015 2,341 (701 ) 5,655 Short-term debt — 25 19 — 44 Accrued income and other taxes — 320 558 — 878 Employee benefit obligations — 528 48 — 576 Other accruals 59 240 79 — 378 Total Current Liabilities 59 5,128 3,045 (701 ) 7,531 Long-term debt 7,413 158 1,272 — 8,843 Asset retirement obligations and accrued environmental costs — 496 169 — 665 Deferred income taxes — 4,500 1,545 (4 ) 6,041 Employee benefit obligations — 1,094 191 — 1,285 Other liabilities and deferred credits 2,746 2,765 3,734 (8,968 ) 277 Total Liabilities 10,218 14,141 9,956 (9,673 ) 24,642 Common stock 11,405 25,404 10,688 (36,092 ) 11,405 Retained earnings 12,377 8,518 (200 ) (8,347 ) 12,348 Accumulated other comprehensive income (loss) (653 ) (653 ) (119 ) 772 (653 ) Noncontrolling interests — — 838 — 838 Total Liabilities and Equity $ 33,347 47,410 21,163 (53,340 ) 48,580 Millions of Dollars At 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* 5 429 399 — 833 Total Current Assets 19 9,569 8,206 (1,102 ) 16,692 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* 16 159 120 (4 ) 291 Total Assets $ 30,176 44,625 18,476 (44,585 ) 48,692 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* 7,409 159 225 — 7,793 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 8,557 14,537 8,708 (5,147 ) 26,655 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 $ 30,176 44,625 18,476 (44,585 ) 48,692
Condensed Consolidated Cash Flow	Millions of Dollars Year Ended December 31, 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 $ 1,060 4,879 2,564 (2,790 ) 5,713 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 1,060 4,879 2,564 (2,790 ) 5,713 Cash Flows From Investing Activities Capital expenditures and investments* — (2,815 ) (5,283 ) 2,334 (5,764 ) Proceeds from asset dispositions** — 774 178 (882 ) 70 Intercompany lending activities 2,461 (3,153 ) 692 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — 6 (50 ) — (44 ) Net cash provided by (used in) continuing investing activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (23 ) (103 ) — (926 ) Issuance of common stock (19 ) — — — (19 ) Repurchase of common stock (1,512 ) — — — (1,512 ) Dividends paid on common stock (1,172 ) (1,172 ) (1,576 ) 2,748 (1,172 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (46 ) — (46 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (18 ) 34 1,585 (1,596 ) 5 Net cash provided by (used in) continuing financing activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 9 — 9 Net Change in Cash and Cash Equivalents — (1,470 ) (663 ) — (2,133 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 575 2,499 — 3,074 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 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 (used in) continuing operating activities $ (47 ) 2,551 1,527 (504 ) 3,527 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by (Used in) Operating Activities (47 ) 2,551 1,529 (504 ) 3,529 Cash Flows From Investing Activities Capital expenditures and investments* — (2,230 ) (2,532 ) 989 (3,773 ) Proceeds from asset dispositions — 960 687 (403 ) 1,244 Intercompany lending activities** 1,397 (1,402 ) 5 — — Advances/loans—related parties — — (3 ) — (3 ) Other — (13 ) 251 — 238 Net cash provided by (used in) continuing investing activities 1,397 (2,685 ) (1,592 ) 586 (2,294 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 1,397 (2,685 ) (1,594 ) 586 (2,296 ) Cash Flows From Financing Activities Issuance of debt 2,459 — 28 — 2,487 Repayment of debt — (20 ) (29 ) — (49 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (2,282 ) — — — (2,282 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (1,062 ) — (443 ) 443 (1,062 ) Distributions to controlling interests — — (323 ) 323 — Distributions to noncontrolling interests — — (30 ) — (30 ) Other* (16 ) 37 850 (848 ) 23 Net cash provided by (used in) continuing financing activities (1,350 ) 17 53 (82 ) (1,362 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (1,350 ) 17 53 (82 ) (1,362 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (64 ) — (64 ) Net Change in Cash and Cash Equivalents — (117 ) (76 ) — (193 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 2,045 3,162 — 5,207 * Includes intercompany capital contributions. ** Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66. Millions of Dollars Year Ended December 31, 2013 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 5 4,972 1,045 (80 ) 5,942 Net cash provided by discontinued operations — — 85 — 85 Net Cash Provided by Operating Activities 5 4,972 1,130 (80 ) 6,027 Cash Flows From Investing Activities Capital expenditures and investments* — (1,108 ) (690 ) 19 (1,779 ) Proceeds from asset dispositions — 63 1,151 — 1,214 Intercompany lending activities 4,055 (4,206 ) 151 — — Advances/loans—related parties — — (65 ) — (65 ) Collection of advances/loans—related parties — — 165 — 165 Other — 42 6 — 48 Net cash provided by (used in) continuing investing activities 4,055 (5,209 ) 718 19 (417 ) Net cash used in discontinued operations — — (27 ) — (27 ) Net Cash Provided by (Used in) Investing Activities 4,055 (5,209 ) 691 19 (444 ) Cash Flows From Financing Activities Repayment of debt (1,000 ) (18 ) (2 ) — (1,020 ) Issuance of common stock 6 — — — 6 Repurchase of common stock (2,246 ) — — — (2,246 ) Dividends paid on common stock (807 ) — (72 ) 72 (807 ) Distributions to controlling interests — — (8 ) 8 — Distributions to noncontrolling interests — — (10 ) — (10 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 404 — 404 Other* (13 ) 7 19 (19 ) (6 ) Net cash provided by (used in) continuing financing activities (4,060 ) (11 ) 331 61 (3,679 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (4,060 ) (11 ) 331 61 (3,679 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 22 — 22 Net Change in Cash and Cash Equivalents — (248 ) 2,174 — 1,926 Cash and cash equivalents at beginning of period — 2,410 1,064 — 3,474 Cash and Cash Equivalents at End of Period $ — 2,162 3,238 — 5,400 * Includes intercompany capital contributions.

Accounting Policies (Narrative)

Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015reporting_unittechnique
Number of reporting units for purposes of testing goodwill for impairment | reporting_unit	3
Minimum time required for an award not to be subject to forfeiture, in months	6 months
Minimum [Member]
Length of construction period for interest capitalization, in years	1 year
Minimum time required for an award not to be subject to forfeiture, in months	6 months
Property, Plant and Equipment [Member] | Minimum [Member]
Number of methods used to determine fair value | technique	1

Changes in Accounting Princip60

Changes in Accounting Principles (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Amount reclassified as a reduction of debt upon early adoption of ASU 2015-03	$ 54	$ 49

Variable Interest Entities (V61

Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2012	Aug. 31, 2009	Aug. 28, 2009	Aug. 27, 2009
Merey Sweeny L.P. [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Additional equity method ownership interest acquired in Merey Sweeny Limited Partnership			50.00%	50.00%
Book value of VIE	$ 158
Merey Sweeny L.P. [Member] | Conocophillips [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Percentage of ownership interest					50.00%
Merey Sweeny L.P. [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Debt guarantee to lender, percentage		100.00%
Stated interest rate of debt, percent		8.85%
Maximum exposure of loss/potential amount of future payments	157
Percentage of guarantee		100.00%
Excel Paralubes, L.P. [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Book value of VIE	$ 148
Percentage of ownership interest	50.00%
Governance interest percentage	50.00%
Liquidity support guarantee of VIE shared with CoVenturer	$ 60
Liquidity support guarantee of VIE	$ 30
Excel Paralubes, L.P. [Member] | Excel Seven Point Four Three Senior Secured Bonds [Member] | Guarantees of Joint Venture Debt [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Stated interest rate of debt, percent	7.43%
Excel Paralubes, L.P. [Member] | Excel Seven Point Four Three Senior Secured Bonds [Member] | Guarantees of Joint Venture Debt [Member] | Conocophillips [Member]
Variable Interest Entities (VIEs) (Textual) [Abstract]
Percentage of guarantee	50.00%

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Summary of inventories
Crude oil and petroleum products	$ 3,214	$ 3,141
Materials and supplies	263	256
Inventories	$ 3,477	$ 3,397

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Total inventories	$ 3,085	$ 3,004
Estimated excess of current replacement cost over LIFO cost of inventories	1,300	3,000
Effect on net income due to LIFO inventory liquidation	$ (37)	$ (8)	$ 109

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) bbl in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2014bbl	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Number of refineries to which facility provides utilities and other services	1
Goodwill provisionally recorded		$ 3,274	$ 3,275		$ 3,096
Midstream Segment [Member]
Business Acquisition [Line Items]
Goodwill provisionally recorded		623	$ 623		$ 518
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
Long-term liabilities provisionally recorded		109
Series of Individually Immaterial Business Acquisitions [Member] | Capital Expenditures And Investments [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			12 Months Ended
	Dec. 31, 2014	Jul. 31, 2014	Feb. 28, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2015
Assets Held For Sale Or Sold (Textual) [Abstract]
Before-tax loss on net PP&E held for sale					$ 12
Repurchase of common stock, shares				19,276		36,502
Cash included in carrying value reflected as financing cash outflow					450
Phillips Specialty Products Inc [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Allocated goodwill included in carrying value of disposed asset						$ 117
Refining [Member] | Bantry Bay Terminal [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Before-tax loss on net PP&E held for sale					12
Net carrying value at time of disposition	$ 84				84
Refining [Member] | IRELAND | Bantry Bay Terminal [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Before-tax loss on net PP&E held for sale		$ 12
Net carrying value at time of disposition							$ 68
Refining [Member] | IRELAND | Prepaid Expenses and Other Current Assets [Member] | Bantry Bay Terminal [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Net carrying value at time of disposition	77				77
Marketing And Specialties [Member] | Phillips Specialty Products Inc [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Net carrying value at time of disposition			$ 685
Repurchase of common stock, shares			17,400
Recognition of before-tax gain			$ 696
Cash and cash equivalents included in carrying value			481
Net PP&E included in carrying value			60
Allocated goodwill included in carrying value of disposed asset			$ 117
Marketing And Specialties [Member] | Immingham Combined Heat and Power Plant [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Gain on disposition				$ 242	126
Marketing And Specialties [Member] | E-Gas Technology Business [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Gain on disposition						$ 48
Marketing And Specialties [Member] | ShareExchangePspiTransaction [Member] | Phillips Specialty Products Inc [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Cash included in carrying value reflected as financing cash outflow					450
Malaysian Refining Company [Member] | Refining [Member]
Assets Held For Sale Or Sold (Textual) [Abstract]
Total carrying value of ownership interest sold	334
Carrying amount at time of disposition including goodwill and currency translation adjustments	76				$ 76
Before-tax gain recognized on disposition	$ 145

Investments, Loans and Long-T66

Investments, Loans and Long-Term Receivables (Summary of Components of Investments, Loans, and Long-Term Receivables) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Equity investments	$ 11,977	$ 10,035
Long-term receivables	84	76
Other investments	82	78
Total	$ 12,143	$ 10,189

Investments, Loans and Long-T67

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of financial information
Revenues	$ 33,126	$ 57,979	$ 59,500
Income before income taxes	3,180	4,791	5,975
Net income	3,158	4,700	5,838
Current assets	6,024	7,402	9,865
Noncurrent assets	46,047	41,271	40,188
Current liabilities	4,130	6,854	7,971
Noncurrent liabilities	$ 11,493	$ 9,736	$ 9,959

Investments, Loans and Long-T68

Investments, Loans and Long-Term Receivables (Narrative) (Details) bbl in Thousands, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)assetjoint_venturebbl	Dec. 31, 2014USD ($)joint_venture	Dec. 31, 2013USD ($)	Dec. 31, 2007USD ($)	Mar. 02, 2015USD ($)	Aug. 31, 2009	Aug. 28, 2009	Aug. 27, 2009
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture				2
Retained earnings related to undistributed earnings of affilated companies			$ 1,444
Dividends received from affiliates			1,769	$ 3,305	$ 2,752
Equity investments			$ 11,977	10,035
Approximate amount of remaining long-term debt of REX							$ 1,100
Refining Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of assets contributed | asset			2
Energy Transfer [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture			2
WRB Refining LP [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			50.00%
Dividends received from affiliates		$ 760
Amortization period for basis difference of assets contributed to WRB, years			26 years
Equity investments			$ 1,967
Equity investments, basis difference			3,155
Equity investment, amortization of basis difference			$ 218	$ 184	185
Special dividend amount		1,232
WRB Refining LP [Member] | Proceeds From Asset Dispositions [Member]
Schedule of Equity Method Investments [Line Items]
Return of investment		$ 472
WRB Refining LP [Member] | Cenovus Energy Inc [Member]
Schedule of Equity Method Investments [Line Items]
Contribution obligation by co-venturer						$ 7,500
Contribution obligation by co-venturer, obligation period						10 years
DCP Midstream [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			50.00%
Equity investments			$ 2,293
Equity investments, basis difference			56
Cash contribution			$ 1,500
CP Chem [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			50.00%
Equity investments			$ 5,177
CP Chem [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term			1 year
CP Chem [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term			99 years
Rockies Express Pipeline LLC (REX) [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25.00%		25.00%
Equity investments			$ 407
Cash contribution	$ 112
Amount of debt repaid by REX	450
Approximate amount of remaining long-term debt of REX	$ 2,600
DCP Sand Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			33.30%
Equity investments			$ 431
DCP Southern Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			33.30%
Equity investments			$ 213
Equity investments, basis difference			$ 98
Deferred gain on sale of equity method investment					$ 156
Dakota Access LLC (DAPL) [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			25.00%
Equity investments			$ 317
Dakota Access LLC (DAPL) [Member] | Sand Hills Pipeline [Member]
Schedule of Equity Method Investments [Line Items]
Expected capacity of pipeline under construction | bbl			470
Energy Transfer Crude Oil Company LLC (ETCOP) [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			25.00%
Equity investments			$ 104
Energy Transfer Crude Oil Company LLC (ETCOP) [Member] | Energy Transfer Crude Oil Company LLC Pipeline [Member]
Schedule of Equity Method Investments [Line Items]
Expected capacity of pipeline under construction | bbl			395
Merey Sweeny [Member]
Schedule of Equity Method Investments [Line Items]
Additional equity method ownership interest acquired in MSLP								50.00%	50.00%
Merey Sweeny [Member] | Conocophillips [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest										50.00%
Merey Sweeny [Member] | Petroleos De Venezuela Sa [Member]
Schedule of Equity Method Investments [Line Items]
Co-venturers interest in equity investment, percentage										50.00%

Properties, Plants and Equipm69

Properties, Plants and Equipment (Summary of Investment in Property, Plant, and Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 30,310	$ 27,145
Accum D&A	10,589	9,799
Net PP&E	19,721	17,346
Midstream [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	6,978	4,726
Accum D&A	1,293	1,185
Net PP&E	5,685	3,541
Refining [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	20,850	19,951
Accum D&A	8,046	7,424
Net PP&E	12,804	12,527
Marketing And Specialties [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,422	1,490
Accum D&A	746	738
Net PP&E	676	752
Corporate and Other [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,060	978
Accum D&A	504	452
Net PP&E	$ 556	$ 526

Properties, Plants and Equipm70

Properties, Plants and Equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015
Refining Manufacturing Facilities [Member]
Property, Plant and Equipment [Line Items]
Useful life, in years	25 years
Pipeline Assets [Member]
Property, Plant and Equipment [Line Items]
Useful life, in years	45 years
Terminal Assets [Member]
Property, Plant and Equipment [Line Items]
Useful life, in years	33 years

Goodwill and Intangibles (Goodw

Goodwill and Intangibles (Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Balance at January 1	$ 3,274	$ 3,096
Tax and other adjustments		3
Goodwill assigned to asset acquisitions	1	232
Goodwill allocated to assets held-for-sale or sold		(57)
Balance at December 31	3,275	3,274
Midstream [Member]
Goodwill [Roll Forward]
Balance at January 1	623	518
Goodwill assigned to asset acquisitions		105
Balance at December 31	623	623
Refining [Member]
Goodwill [Roll Forward]
Balance at January 1	1,813	1,919
Tax and other adjustments		(49)
Goodwill allocated to assets held-for-sale or sold		(57)
Balance at December 31	1,813	1,813
Marketing And Specialties [Member]
Goodwill [Roll Forward]
Balance at January 1	838	659
Tax and other adjustments		52
Goodwill assigned to asset acquisitions	1	127
Balance at December 31	$ 839	$ 838

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 770	$ 756
Trade names and trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	503	503
Refinery air and operating permits [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	266	239
Other [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 1	$ 14

Goodwill and Intangibles (Narra

Goodwill and Intangibles (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortized intangible asset balance	$ 136	$ 144
Accumulated amortization	$ 135	$ 132

Impairments (Summary of Before-

Impairments (Summary of Before-Tax Impairment Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Impairment Charges
Before-tax impairment charges	$ 7	$ 150	$ 29
Midstream [Member]
Impairment Charges
Before-tax impairment charges	1		1
Refining [Member]
Impairment Charges
Before-tax impairment charges	3	147	3
Marketing And Specialties [Member]
Impairment Charges
Before-tax impairment charges	$ 3	$ 3	16
Corporate and Other [Member]
Impairment Charges
Before-tax impairment charges			$ 9

Impairments (Narrative) (Detail

Impairments (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Impaired Long-Lived Assets [Line Items]
Held-for-use impairment			$ 131
Before-tax loss on net PP&E held for sale			12
Impairments		$ 7	150	$ 29
Refining [Member]
Schedule of Impaired Long-Lived Assets [Line Items]
Impairments		3	147	3
Refining [Member] | Bantry Bay Terminal [Member]
Schedule of Impaired Long-Lived Assets [Line Items]
Before-tax loss on net PP&E held for sale			12
Refining [Member] | IRELAND | Bantry Bay Terminal [Member]
Schedule of Impaired Long-Lived Assets [Line Items]
Before-tax loss on net PP&E held for sale	$ 12
Refining [Member] | Whitegate Refinery [Member] | IRELAND
Schedule of Impaired Long-Lived Assets [Line Items]
Held-for-use impairment			131
Marketing And Specialties [Member]
Schedule of Impaired Long-Lived Assets [Line Items]
Impairments		$ 3	$ 3	$ 16

Asset Retirement Obligations 76

Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Asset retirement obligations		$ 251	$ 279	$ 309
Accrued environmental costs		485	496
Total asset retirement obligations and accrued environmental costs		736	775
Long-term asset retirement obligations and accrued environmental costs		665	683
Other Accruals [Member]
Asset retirement obligations and accrued environmental costs due within one year	[1]	$ (71)	$ (92)
[1]	Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”

Asset Retirement Obligations 77

Asset Retirement Obligations and Accrued Environmental Costs (Schedule of Change in Overall Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 279	$ 309
Accretion of discount	9	11
New obligations		2
Changes in estimates of existing obligations	(7)	(16)
Spending on existing obligations	(20)	(17)
Property dispositions	(2)	(1)
Foreign currency translation	(8)	(9)
Balance at end of period	$ 251	$ 279

Asset Retirement Obligations 78

Asset Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Site Contingency [Line Items]
Accrued environmental costs	$ 485	$ 496
Maximum period over which accrued environmental costs are expected to be paid, years	30 years
Domestic refineries and underground storage tanks [Member]
Site Contingency [Line Items]
Accrued environmental costs	$ 270	268
Nonoperator sites [Member]
Site Contingency [Line Items]
Accrued environmental costs	168	178
Other sites [Member]
Site Contingency [Line Items]
Accrued environmental costs	47	$ 50
Acquired through Business Combination [Member]
Site Contingency [Line Items]
Accrued environmental costs	246
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2016	25
Expected future undiscounted payments, due in 2017	24
Expected future undiscounted payments, due in 2018	21
Expected future undiscounted payments, due in 2019	20
Expected future undiscounted payments, due in 2020	24
Expected future undiscounted payments, due for all future years after 2020	$ 200
Weighted Average [Member] | Acquired through Business Combination [Member]
Site Contingency [Line Items]
Accrued environmental costs, discount rate	5.00%

Earnings per Share (Summary of

Earnings per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic
Income from continuing operations attributable to Phillips 66	$ 4,227	$ 4,056	$ 3,665
Income allocated to participating securities, Basic	(6)	(7)	(5)
Income from continuing operations available to common stockholders, Basic	4,221	4,049	3,660
Discontinued operations		706	61
Net Income available to common stockholders, Basic	$ 4,221	$ 4,755	$ 3,721
Weighted-average common shares outstanding (thousands)	537,602	561,859	608,983
Effect of stock-based compensation (thousands)	4,753	4,043	3,935
Weighted-average commons shares outstanding - basic	542,355	565,902	612,918
Income from continuing operations attributable to Phillips 66, Per Basic Share	$ 7.78	$ 7.15	$ 5.97
Discontinued operations, Per Basic Share		1.25	0.10
Earnings per share - basic	$ 7.78	$ 8.40	$ 6.07
Diluted
Income from continuing operations available to common stockholders, Diluted	$ 4,227	$ 4,056	$ 3,665
Net Income available to common stockholders, Diluted	$ 4,227	$ 4,762	$ 3,726
Effect of stock-based compensation (thousands)	4,622	5,602	6,071
Weighted-average commons shares outstanding - diluted	546,977	571,504	618,989
Income from continuing operations attributable to Phillips 66, Per Diluted Share	$ 7.73	$ 7.10	$ 5.92
Discontinued operations, Per Diluted Share		1.23	0.10
Earnings per share - diluted	$ 7.73	$ 8.33	$ 6.02

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($)		Dec. 31, 2015	Dec. 31, 2014
Summary of long term debt
Debt at face value		$ 8,775,000,000	$ 8,519,000,000
Capitalized leases		208,000,000	210,000,000
Net unamortized discounts and debt issuance costs		(96,000,000)	(94,000,000)
Total debt		8,887,000,000	8,635,000,000
Short-term debt		(44,000,000)	(842,000,000)
Long-term debt	[1]	$ 8,843,000,000	7,793,000,000	[2]
1.95% Senior Notes Due 2015 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes			800,000,000
Stated interest rate of debt, percent		1.95%
2.95% Senior Notes Due 2017 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 1,500,000,000	1,500,000,000
Stated interest rate of debt, percent		2.95%
4.30% Senior Notes Due 2022 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 2,000,000,000	2,000,000,000
Stated interest rate of debt, percent		4.30%
4.65% Senior Notes Due 2034 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 1,000,000,000	1,000,000,000
Stated interest rate of debt, percent		4.65%
4.875% Senior Notes Due 2044 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 1,500,000,000	1,500,000,000
Stated interest rate of debt, percent		4.875%
5.875% Senior Notes Due 2042 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 1,500,000,000	1,500,000,000
Stated interest rate of debt, percent		5.875%
Phillips 66 Partners 2.646% Senior Notes Due 2020 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 300,000,000
Stated interest rate of debt, percent		2.646%
Phillips 66 Partners 3.605% Senior Notes Due 2025 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 500,000,000
Stated interest rate of debt, percent		3.605%
Phillips 66 Partners 4.680% Senior Notes Due 2045 [Member] | Senior Notes [Member]
Summary of long term debt
Senior Notes		$ 300,000,000
Stated interest rate of debt, percent		4.68%
Industrial Development Bonds Due 2018 Through 2021 [Member]
Summary of long term debt
Debt		$ 50,000,000	50,000,000
Stated interest rate of debt, percent		0.01%
Sweeny Cogeneration LP Notes Due 2020 At 7.54% [Member]
Summary of long term debt
Debt		$ 41,000,000	53,000,000
Stated interest rate of debt, percent		7.54%
Note Payable To Merey Sweeny LP Due 2020 At 7% Related Party [Member]
Summary of long term debt
Notes Payable to Merey Sweeny, L.P. due 2020 at 7% (related party)		$ 83,000,000	97,000,000
Stated interest rate of debt, percent		7.00%
Phillips 66 Partners Revolving Credit Facility Due 2019 [Member]
Summary of long term debt
Phillips 66 Partners revolving credit facility due 2019 at 1.33% at year-end 2014			$ 18,000,000
Stated interest rate of debt, percent			1.33%
Other Debt [Member]
Summary of long term debt
Debt		$ 1,000,000	$ 1,000,000
Minimum [Member] | Industrial Development Bonds Due 2018 Through 2021 [Member]
Summary of long term debt
Stated interest rate of debt, percent			0.02%
Maximum [Member] | Industrial Development Bonds Due 2018 Through 2021 [Member]
Summary of long term debt
Stated interest rate of debt, percent			0.05%
[1]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.
[2]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 28, 2015
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term borrowing maturities, 2016	$ 44,000,000
Long-term borrowing maturities, 2017	1,545,000,000
Long-term borrowing maturities, 2018	51,000,000
Long-term borrowing maturities, 2019	37,000,000
Long-term borrowing maturities, 2020	$ 337,000,000
Maximum consolidated net debt-to-capitalization ratio, percent	0.6
Borrowings under commercial paper program	$ 0
Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	5,000,000,000
Amount outstanding under facility	0
Letters of credit issued	51,000,000
Remaining capacity under facility	4,900,000,000
Phillips 66 Partners [Member] | Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	500,000,000
Amount outstanding under facility	0
Phillips 66 Partners [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes		$ 1,100,000,000
Commercial Paper [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	5,000,000,000
Phillips 66 Partners 2.646% Senior Notes Due 2020 [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes	$ 300,000,000
Senior notes, interest percent	2.646%
Phillips 66 Partners 2.646% Senior Notes Due 2020 [Member] | Phillips 66 Partners [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes		$ 300,000,000
Senior notes, interest percent		2.646%
Phillips 66 Partners 3.605% Senior Notes Due 2025 [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes	$ 500,000,000
Senior notes, interest percent	3.605%
Phillips 66 Partners 3.605% Senior Notes Due 2025 [Member] | Phillips 66 Partners [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes		$ 500,000,000
Senior notes, interest percent		3.605%
Phillips 66 Partners 4.680% Senior Notes Due 2045 [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes	$ 300,000,000
Senior notes, interest percent	4.68%
Phillips 66 Partners 4.680% Senior Notes Due 2045 [Member] | Phillips 66 Partners [Member] | Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes		$ 300,000,000
Senior notes, interest percent		4.68%
Maximum [Member] | Commercial Paper [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Number of days maturities are generally limited to	90 days

Guarantees (Narrative) (Details

Guarantees (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Guarantees (Textual) [Abstract]
Environmental accruals for known contaminations	$ 485	$ 496
Residual Value Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments	389
Other Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments	117
Indemnifications [Member]
Guarantees (Textual) [Abstract]
Carrying amount of indemnifications	198
Asset Retirement Obligations And Accrued Environmental Cost [Member] | Indemnifications [Member]
Guarantees (Textual) [Abstract]
Environmental accruals for known contaminations	$ 98
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 exposure of loss/potential amount of future payments	$ 157

Contingencies and Commitments (

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contingencies and Commitments (Textual) [Abstract]
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2016	$ 312
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2017	312
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2018	312
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2019	312
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2020	312
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2021 and after	3,147
Total payments under long-term throughput and take-or-pay agreements	328	$ 331	$ 345
Revolving Credit Facility [Member]
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	51
Performance Guarantee [Member]
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	308
Performance Guarantee [Member] | Revolving Credit Facility [Member]
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	$ 51

Derivatives and Financial Ins84

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - Commodity derivatives [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts and notes receivable [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets		$ (1)
Prepaid expenses and other current assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets	$ 2,607	3,839
Other assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets	5	29
Other accruals [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities	2,425	3,472
Other liabilities and deferred credits [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities	$ 5	$ 1

Derivatives and Financial Ins85

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity derivatives [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Sales and other operating revenues [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	$ 162	$ 658	$ 17
Equity in earnings of affiliates [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives		66	(19)
Other Income [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	58	20	3
Purchased crude oil and products [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	$ 121	$ 136	$ 95

Derivatives and Financial Ins86

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Dec. 31, 2015	Dec. 31, 2014
Commodity
Crude oil, refined products and NGL (millions of barrels)	(17)	(11)

Derivatives and Financial Ins87

Derivatives and Financial Instruments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivatives and Financial Instruments (Textual) [Abstract]
Estimated percentage of derivative contract volume expiring within twelve months	99.00%	99.00%
Payment terms of receivables	30 days or less

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Floating-rate debt		$ 50	$ 68
Difference In Carrying Value And Fair Value		195	(400)
Fixed-rate debt, excluding capital leases	[1]	8,629	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	[1]	195	(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		194	411
Net carrying value presented on balance sheet, commodity derivative liabilities and debt		8,708	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		83	76
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		65	103
Net carrying value presented on balance sheet, commodity derivative liabilities		2
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		1	10
Net carrying value presented on balance sheet, commodity derivative liabilities		5	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]	45	222
Net carrying value presented on balance sheet, commodity derivative liabilities	[2]	22	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		(2,401)	(3,307)
Effect of collateral netting, commodity derivative assets		(100)	(225)
Total assets, fair value disclosure gross		2,695	3,943
Effect of counterparty netting, commodity derivative liabilities		(2,401)	(3,307)
Total liabilities, fair value disclosure gross		10,914	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 excluding capital leases, 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 excluding capital leases, fair value gross	[1]	8,434	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		83	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		2,554	3,583
Effect of counterparty netting, commodity derivative assets		(2,389)	(3,255)
Effect of collateral netting, commodity derivative assets		(100)	(225)
Commodity derivative liabilities, fair value gross		2,391	3,255
Effect of counterparty netting, commodity derivative liabilities		(2,389)	(3,255)
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		13	24
Effect of counterparty netting, commodity derivative assets		(12)	(14)
Commodity derivative liabilities, fair value gross		17	29
Effect of counterparty netting, commodity derivative liabilities		(12)	(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]	45	260
Effect of counterparty netting, commodity derivative assets	[2]		(38)
Commodity derivative liabilities, fair value gross	[2]	22	189
Effect of counterparty netting, commodity derivative liabilities	[2]		(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		1,937	2,134
Total liabilities, fair value disclosure gross		1,795	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 excluding capital leases, 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		83	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		1,851	2,058
Commodity derivative liabilities, fair value gross		1,745	1,833
Fair Value, Measurements, Recurring [Member] | Level 1 [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]	3
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		756	1,802
Total liabilities, fair value disclosure gross		9,119	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 excluding capital leases, fair value gross	[1]	8,434	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		703	1,525
Commodity derivative liabilities, fair value gross		646	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		13	24
Commodity derivative liabilities, fair value gross		17	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]	40	253
Commodity derivative liabilities, fair value gross	[2]	22	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 (Summ89

Fair Value Measurements (Summary of Nonrecurring Fair Value Measurements) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Before-tax loss on net properties, plants and equipment (held for use)	$ 131
Before-tax loss on net properties, plants and equipment (held for sale)	12
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net properties, plants and equipment (held for use)	20	[1]
Net properties, plants and equipment (held for sale)	72	[1]
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net properties, plants and equipment (held for sale)	72
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net properties, plants and equipment (held for use)	$ 20
[1]	Represents the classification and fair value at the time of the impairment.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Feb. 28, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate value of assets transferred to Level 1			$ 502
Aggregate value of liabilities transferred to Level 1			512
Carrying amount of net PP&E held for use		$ 17,346	19,721
Before-tax loss on net properties, plants and equipment (held for use)		131
Before-tax loss on net PP&E held for sale		12
Refining [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of net PP&E held for use		12,527	$ 12,804
Refining [Member] | Bantry Bay Terminal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of net PP&E held for sale		84
Before-tax loss on net PP&E held for sale		12
IRELAND | Refining [Member] | Bantry Bay Terminal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of net PP&E held for sale				$ 68
Before-tax loss on net PP&E held for sale	$ 12
Whitegate Refinery [Member] | IRELAND | Refining [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of net PP&E held for use		151
Fair value of net PP&E held for use		20
Before-tax loss on net properties, plants and equipment (held for use)		$ 131

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 03, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2015	Oct. 09, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock authorized, shares		500,000,000		500,000,000
Par value of preferred stock, per share		$ 0.01		$ 0.01
Preferred stock outstanding, shares		0		0		0
Amount authorized for stock repurchase					$ 4,000
Repurchase of common stock, shares		19,276,000	36,502,000
Cost of shares repurchased		$ 1,512	$ 2,246
Subsequent Event [Member]
Class of Stock [Line Items]
Quarterly cash dividend declared	$ 0.56
Additional Share Repurchase Program October Nine Two Thousand Fifteen [Member]
Class of Stock [Line Items]
Amount authorized for stock repurchase					$ 2,000
Initial Share Repurchase Program And Additional Share Repurchases Authorized Through December Thirty One Two Thousand Fifteen [Member]
Class of Stock [Line Items]
Amount authorized for stock repurchase		$ 9,000		$ 9,000
Initial Share Repurchase Program And Additional Share Repurchases Through December Thirty One Two Thousand Fifteen [Member]
Class of Stock [Line Items]
Repurchase of common stock, shares				92,503,292
Cost of shares repurchased				$ 6,400

Leases (Summary of Future Minim

Leases (Summary of Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 24
2,017	25
2,018	19
2,019	18
2,020	14
Remaining years	169
Total	269
Net minimum lease payments	269
Less: amount representing interest	61
Capital lease obligations	208	$ 210
Operating Leases, Future Minimum Rental Payments Due, Fiscal Year Maturity [Abstract]
2,016	510
2,017	418
2,018	308
2,019	234
2,020	171
Remaining years	368
Total	2,009
Less: income from subleases	99
Net minimum lease payments	$ 1,910

Leases (Summary of Operating Le

Leases (Summary of Operating Lease Rental Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Rent Expense, Net [Abstract]
Minimum rentals	$ 641	$ 570	$ 572
Contingent rentals	6	8	7
Less sublease rental income	136	135	133
Total	$ 511	$ 443	$ 446

Leases Leases (Narrative) (Deta

Leases Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Leases [Abstract]
Total net PP&E recorded for capital leases	$ 231	$ 203

Employee Benefit Plans (Reconci

Employee Benefit Plans (Reconciliation of Projected Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
United States Pension Plans of U S Entity Defined Benefit [Member]
Change in Benefit Obligation
Benefit obligation, beginning balance	$ 2,895	[1]	$ 2,473
Service cost	124		121		$ 125
Interest cost	109		108		91
Actuarial loss (gain)	(25)		409
Benefits paid	(312)		(216)
Benefit obligation, ending balance	2,791	[1]	2,895	[1]	2,473
Accumulated benefit obligation portion of above at December 31	2,485		2,553
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	2,124		2,008
Actual return on plan assets	(10)		168
Company contributions	221		164
Benefits paid	(312)		(216)
Fair value of plan assets, ending balance	2,023		2,124		2,008
Funded Status at December 31	(768)		(771)
Foreign Pension Plans Defined Benefit [Member]
Change in Benefit Obligation
Benefit obligation, beginning balance	941	[1]	840
Service cost	38		38		36
Interest cost	28		35		31
Plan participant contributions	3		4
Actuarial loss (gain)	(10)		116
Benefits paid	(20)		(18)
Foreign currency exchange rate change	(68)		(74)
Benefit obligation, ending balance	912	[1]	941	[1]	840
Accumulated benefit obligation portion of above at December 31	712		729
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	724		645
Actual return on plan assets	18		89
Company contributions	63		60
Plan participant contributions	3		4
Benefits paid	(20)		(18)
Foreign currency exchange rate change	(46)		(56)
Fair value of plan assets, ending balance	742		724		645
Funded Status at December 31	(170)		(217)
Other Postretirement Benefit Plans Defined Benefit [Member]
Change in Benefit Obligation
Benefit obligation, beginning balance	203		189
Service cost	7		7		8
Interest cost	7		8		7
Plan participant contributions	1		1
Actuarial loss (gain)	13		4
Benefits paid	(12)		(6)
Benefit obligation, ending balance	219		203		$ 189
Change in Fair Value of Plan Assets
Company contributions	11		5
Plan participant contributions	1		1
Benefits paid	(12)		(6)
Funded Status at December 31	$ (219)		$ (203)
[1]	Accumulated benefit obligation portion of above at December 31:A one percentage-point change in the assumed health care cost trend rate would be immaterial to Phillips 66.In addition, participants who contribute at least 1 percent to the Savings Plan are eligible for “Success Share,” a semi-annual discretionary company contribution to the Savings Plan that can range from 0 percent to 6 percent of eligible pay, with a target of 2 percentThe options have terms of 10 years and generally vest ratably, with 33.3300% (one-third) of the options awarded vesting and becoming exercisable on each anniversary date for the three years following the date of grant.Most RSU awards granted prior to the Separation vested ratably over five years, with one-third [us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights] of the units vesting in 36 months, one-third vesting in 48 months, and the final third vesting 60 months from the date of grant.

Employee Benefit Plans (Summary

Employee Benefit Plans (Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (1,285)	$ (1,305)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(10)	(8)
Noncurrent liabilities	(758)	(763)
Total recognized	(768)	(771)
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	20	13
Noncurrent liabilities	(190)	(230)
Total recognized	(170)	(217)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(10)	(6)
Noncurrent liabilities	(209)	(197)
Total recognized	$ (219)	$ (203)

Employee Benefit Plans (Summa97

Employee Benefit Plans (Summary of Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the period	$ (138)	$ (451)	$ 401
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	710	741
Unrecognized prior service cost (credit)	6	9
Net gain (loss) arising during the period	(124)	(382)
Amortization of (gain) loss and settlements included in income	155	40
Net change during the period	31	(342)
Amortization of prior service cost (credit) included in income	3	3
Net change during the period	3	3
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	143	165
Unrecognized prior service cost (credit)	(7)	(9)
Net gain (loss) arising during the period	7	(57)
Amortization of (gain) loss and settlements included in income	15	12
Net change during the period	22	(45)
Amortization of prior service cost (credit) included in income	(1)	(2)
Net change during the period	(1)	(2)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	2	(13)
Unrecognized prior service cost (credit)	(10)	(12)
Net gain (loss) arising during the period	(14)	(3)
Amortization of (gain) loss and settlements included in income	(1)	(2)
Net change during the period	(15)	(5)
Amortization of prior service cost (credit) included in income	(2)	(1)
Net change during the period	$ (2)	$ (1)

Employee Benefit Plans (Summa98

Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 124	$ 121	$ 125
Interest cost	109	108	91
Expected return on plan assets	(138)	(142)	(120)
Amortization of prior service cost (credit)	3	3	3
Recognized net actuarial loss (gain)	75	40	84
Settlements	80
Total net periodic benefit cost	253	130	183
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	38	38	36
Interest cost	28	35	31
Expected return on plan assets	(37)	(37)	(29)
Amortization of prior service cost (credit)	(1)	(2)	(1)
Recognized net actuarial loss (gain)	15	12	16
Total net periodic benefit cost	43	46	53
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7	8
Interest cost	7	8	7
Amortization of prior service cost (credit)	(2)	(1)	(2)
Recognized net actuarial loss (gain)	(1)	(2)
Total net periodic benefit cost	$ 11	$ 12	$ 13

Employee Benefit Plans (Summa99

Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	$ 72
Unrecognized prior service cost (credit)	3
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	14
Unrecognized prior service cost (credit)	(1)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service cost (credit)	$ (1)

Employee Benefit Plans (Summ100

Employee Benefit Plans (Summary of Weighted-Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
United States Pension Plans of US Entity, Defined Benefit [Member]
Assumptions Used to Determine Benefit Obligations
Discount rate	4.35%	3.90%
Rate of compensation increase	4.00%	4.00%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.90%	4.55%
Expected return on plan assets	7.00%	7.00%
Rate of compensation increase	4.00%	4.00%
Foreign Pension Plans, Defined Benefit [Member]
Assumptions Used to Determine Benefit Obligations
Discount rate	3.35%	3.10%
Rate of compensation increase	3.65%	3.20%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.10%	4.30%
Expected return on plan assets	5.15%	5.50%
Rate of compensation increase	3.20%	3.90%
Other Postretirement Benefit Plans, Defined Benefit [Member]
Assumptions Used to Determine Benefit Obligations
Discount rate	4.00%	3.70%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.70%	4.40%

Employee Benefit Plans (Summ101

Employee Benefit Plans (Summary of Pension Plan Asset Fair Values) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 2,023	$ 2,124	$ 2,008
Subtotal	510	554
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	510	471
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		83
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	322	288
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	322	288
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	125	163
United States Pension Plans of US Entity, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	125	163
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		32
United States Pension Plans of US Entity, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		32
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		51
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		51
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	41
United States Pension Plans of US Entity, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	41
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	22	20
United States Pension Plans of US Entity, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	22	20
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	855	920
United States Pension Plans of US Entity, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	658	648
United States Pension Plans of US Entity, Defined Benefit [Member] | Accounts Receivable [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		2
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	742	724	$ 645
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	382	432
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	19	21
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	136	161
Foreign Pension Plans, Defined Benefit [Member] | United States Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	136	161
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	99	113
Foreign Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	99	113
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		5
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		5
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	144	141
Foreign Pension Plans, Defined Benefit [Member] | Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	144	141
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		2
Foreign Pension Plans, Defined Benefit [Member] | Mutual Funds Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets		2
Foreign Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	3	10
Foreign Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	3	10
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	13	14
Foreign Pension Plans, Defined Benefit [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	13	14
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	6	7
Subtotal	401	453
Foreign Pension Plans, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	6	7
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	168	110
Foreign Pension Plans, Defined Benefit [Member] | Common or Collective Trusts Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	171	$ 161
Foreign Pension Plans, Defined Benefit [Member] | Accounts Receivable [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension plan assets	$ 2

Employee Benefit Plans (Summ102

Employee Benefit Plans (Summary of Future Service Benefit Payments) (Details) $ in Millions	Dec. 31, 2015USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
2,016	$ 270
2,017	261
2,018	259
2,019	267
2,020	292
2021-2024	1,333
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
2,016	20
2,017	22
2,018	21
2,019	24
2,020	24
2021-2024	144
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
2,016	25
2,017	27
2,018	26
2,019	25
2,020	25
2021-2024	$ 104

Employee Benefit Plans (Summ103

Employee Benefit Plans (Summary of Compensation Expense and Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Compensation cost	$ 144	$ 134	$ 132
Tax benefit	$ (54)	$ (50)	$ (50)

Employee Benefit Plans (Summ104

Employee Benefit Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Options, Outstanding, Beginning of period	[1]	5,843,555
Options, Granted	[1]	675,300
Options, Forfeited	[1]	(15,692)
Options, Excercised	[1]	(1,071,424)
Options, Outstanding, End of period	[1]	5,431,739
Options, Vested, End of period	[1]	5,137,728
Options, Exercisable, End of period	[1]	4,222,873
Weighted-Average Exercise Price, Outstanding, Beginning of period	[1]	$ 35.26
Weighted-Average Exercise Price, Granted	[1]	74.14
Weighted-Average Exercise Price, Forfeited	[1]	73.96
Weighted Average Exercise Price, Exercised	[1]	28.73
Weighted-Average Exercise Price, Outstanding, End of period	[1]	41.27
Weighted-Average Exercise Price, Vested, End of period	[1]	39.47
Weighted-Average Exercise Price, Exercisable, End of period	[1]	32.53
Weighted-Average Grant-Date Fair Value, Options, Granted	[1]	$ 18.84	$ 18.95
Aggregate Intrinsic Value, Options, Exercised	[1]	$ 60	$ 89
Aggregate Intrinsic Value, Options, Vested, End of period	[1]	218
Aggregate Intrinsic Value, Options, Exercisable, End of period	[1]	$ 208
[1]	All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.

Employee Benefit Plans (Fair Va

Employee Benefit Plans (Fair Value Assumptions) (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assumptions Used
Risk-free interest rate	1.60%	1.96%	1.18%
Dividend yield	3.00%	3.00%	2.50%
Volatility factor	34.17%	34.97%	35.47%
Expected life (years)	6 years 7 months 28 days	6 years 2 months 23 days	6 years 2 months 23 days

Employee Benefit Plans (Summ106

Employee Benefit Plans (Summary of Stock Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Issued	[1]	(1,071,424)
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Outstanding, Beginning of period		3,646,916
Units, Granted		970,268
Units, Forfeited		(80,729)
Units, Issued		(1,401,840)
Units, Outstanding, End of period		3,134,615
Units, Not Vested, End of period		1,874,062
Units, Outstanding, Beginning of period		$ 46.83
Units, Granted		74.09	$ 73.28
Units, Forfeited		61.17
Units, Issued		34.99
Units, Outstanding, End of period		60.19
Units, Not Vested, End of period		$ 60.99
Units, Issued		$ 107	$ 116
[1]	All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.

Employee Benefit Plans (Summ107

Employee Benefit Plans (Summary of Performance Share Activity) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Issued	[1]	(1,071,424)
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Outstanding, Beginning of period	[2]	3,171,860
Units, Granted	[2]	838,710
Units, Issued	[2]	(453,744)
Units, Outstanding, End of period	[2]	3,556,826
Units, Not Vested, End of period	[2]	602,428
Units, Outstanding, Beginning of period	[2]	$ 43.96
Units, Granted	[2]	74.14	$ 72.26
Units, Issued	[2]	51.48
Units, Outstanding, End of period	[2]	50.11
Units, Not Vested, End of period	[2]	$ 51.80
Units, Issued	[2]	$ 37	$ 13
[1]	All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.
[2]	All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)$ / shares	Dec. 31, 2012shares	Dec. 31, 2009	Dec. 31, 2008	May. 31, 2013shares	Jan. 02, 2009
Employee Benefit Plans (Textual) [Abstract]
Net actuarial gains and losses, Percent amortized		10.00%
Health care cost trend rate, ultimate, percentage		5.00%
Year of measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate, after decline		2,023
Percentage-point change in the assumed health care cost trend rate		1.00%
Maximum employee contribution of eligible pay, Percent		75.00%
Semi-annual discretionary company contribution target, Percent		2.00%
Total expense related to participants in the Savings Plan		$ 134	$ 112	$ 111
Minimum service period to avoid award forfeiture, in months		6 months
Date of performance awards authorization relative to grant date					3 years
Weighted average grant date fair value of options granted | $ / shares	[1]	$ 18.84		$ 18.95
Intrinsic value of options exercised	[1]	$ 60		$ 89
United States Pension Plans of U S Entity Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Expected future employer contributions next fiscal year		50
Foreign Pension Plans Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Expected future employer contributions next fiscal year		$ 50
Other Postretirement Benefit Plans, Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Health care cost trend rate, percentage		6.75%
Tax-Qualified Pension Plans [Member]
Employee Benefit Plans (Textual) [Abstract]
Projected benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets		$ 3,005	3,189
Accumulated benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets		2,676	2,815
Fair value of plan assets, Tax-qualified pension plans with projected benefit obligations in excess of plan assets		2,183	2,295
Unfunded Nonqualified Key Employee Pension Plans [Member]
Employee Benefit Plans (Textual) [Abstract]
Projected benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets		137	107
Accumulated benefit obligation, Tax-qualified pension plans with projected benefit obligations in excess of plan assets		$ 112	$ 83
Equity Securities [Member]
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets		62.00%
Debt Securities [Member]
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets		37.00%
Other Types of Investments [Member]
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets		1.00%
Stock Options [Member]
Employee Benefit Plans (Textual) [Abstract]
Stock option terms in years		10 years
Weighted-average remaining contractual terms of vested options		5 years 7 months 6 days
Weighted-average remaining contractual terms of exercisable options		4 years 11 months 16 days
Cash received from the exercise of options		$ 31
Tax benefit from the exercise of options		8
Unrecognized compensation expense from unvested awards held by employees		$ 3
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		21 months
Longest period for recognition of unrecognized compensation expense from unvested awards		25 months
Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting rights per anniversary date		one-third
Unrecognized compensation expense from unvested awards held by employees		$ 46
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		20 months
Longest period for recognition of unrecognized compensation expense from unvested awards		35 months
Number of shares of common stock to be issued per stock unit | shares		1
Weighted average grant date fair value | $ / shares		$ 74.09		$ 73.28
Aggregate fair value		$ 107		$ 116
Performance Shares [Member]
Employee Benefit Plans (Textual) [Abstract]
Unrecognized compensation expense from unvested awards held by employees		$ 15
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		36 months
Longest period for recognition of unrecognized compensation expense from unvested awards		11 years
Eligible retirement age							55		55
Years of service						5 years	5 years
Number of shares of common stock to be issued per stock unit | shares					1
Weighted average grant date fair value | $ / shares	[2]	$ 74.14		$ 72.26
Aggregate fair value	[2]	$ 37		$ 13
Minimum [Member]
Employee Benefit Plans (Textual) [Abstract]
Minimum participant contribution to Savings Plan to be eligible for Success Share, Percent		1.00%
Semi-annual discretionary company contribution, Percent		0.00%
Minimum service period to avoid award forfeiture, in months		6 months
Maximum [Member]
Employee Benefit Plans (Textual) [Abstract]
Company match of participant's contributions of eligible pay, Percent		5.00%
Semi-annual discretionary company contribution, Percent		6.00%
Employees Eligible for Retirement [Member] | Stock Options [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		6 months
Employees Eligible for Retirement [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		6 months
Awards Vesting Ratably Over Three Years On Anniversary Of Grant Date [Member] | Stock Options [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		3 years
Before April 30, 2012 [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		5 years
Before April 30, 2012 [Member] | Awards Vesting Over Five Years, First Third Of Units [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		36 months
Before April 30, 2012 [Member] | Awards Vesting Over Five Years, Second Third Of Units [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		48 months
Before April 30, 2012 [Member] | Awards Vesting Over Five Years, Final Third Of Units [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		60 months
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 [Member]
Employee Benefit Plans (Textual) [Abstract]
Common stock issuable under P66 Omnibus Plan, maximum | shares								45,000,000
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 [Member] | Cliff Vesting [Member] | Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Textual) [Abstract]
Award vesting period		3 years
[1]	All option awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.
[2]	All PSU awards presented in this table are for Phillips 66 stock only, including those awards held by ConocoPhillips employees.

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal
Current	$ 1,128	$ 1,661	$ 1,054
Deferred	444	(378)	526
Foreign
Current	(74)	22	98
Deferred	42	80	(48)
State and Local
Current	227	274	146
Deferred	(3)	(5)	68
Income tax expense	$ 1,764	$ 1,654	$ 1,844

Income Taxes (Deferred Tax Liab

Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 4,361	$ 3,799
Investment in joint ventures	2,292	2,331
Investment in subsidiaries	236	115
Inventory	176	152
Other	24	29
Total deferred tax liabilities	7,089	6,426
Deferred Tax Assets
Benefit plan accruals	751	647
Asset retirement obligations and accrued environmental costs	215	207
Other financial accruals and deferrals	175	131
Loss and credit carryforwards	227	149
Other	1	2
Total deferred tax assets	1,369	1,136
Less valuation allowance	160	107
Net deferred tax assets	1,209	1,029
Net deferred tax liabilities	$ 5,880	$ 5,397

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beinning of period	$ 142	$ 202	$ 158
Additions based on tax positions related to the current year		13	30
Additions for tax positions of prior years	6	14	25
Reductions for tax positions of prior years	(17)	(68)	(8)
Settlements	(49)	(19)	(3)
Unrecognized tax benefits, end of period	$ 82	$ 142	$ 202

Income Taxes (Income Tax Reconc

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income (loss) before income taxes [Abstract]
United States	$ 4,983	$ 5,121	$ 5,158
Foreign	1,061	624	368
Income from continuing operations before income taxes	$ 6,044	$ 5,745	$ 5,526
United States, percent of pre-tax income	82.40%	89.10%	93.30%
Foreign, percent of pre-tax income	17.60%	10.90%	6.70%
Total, percent of pre-tax income	100.00%	100.00%	100.00%
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax	$ 2,115	$ 2,011	$ 1,934
Goodwill allocated to assets sold	41	18
Sale of foreign subsidiaries	(125)	(293)
Foreign rate differential	(239)	(184)	(198)
German tax legislation	(103)
Federal manufacturing deduction	(77)	(81)	(68)
State income tax, net of federal benefit	150	180	139
Other	2	3	37
Income tax expense	$ 1,764	$ 1,654	$ 1,844
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax, percent	35.00%	35.00%	35.00%
Goodwill allocated to assets sold, percent	0.70%	0.30%
Sale of foreign subsidiaries, percent	(2.10%)	(5.10%)
Foreign rate differential, percent	(3.90%)	(3.20%)	(3.60%)
German tax legislation, percent	(1.70%)
Federal manufacturing deduction, percent	(1.30%)	(1.40%)	(1.20%)
State income tax, net of federal benefit, percent	2.50%	3.10%	2.50%
Other, Percent		0.10%	0.70%
Effective income tax rate	29.20%	28.80%	33.40%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase in valuation allowance		$ 53
Undistributed earnings related to foreign subsidiaries and foreign corporate joint ventures		2,800
Unrecognized tax benefits that if recognized would affect our effective tax rate	$ 98	34	$ 98	$ 161
Amount of unrecognized tax benefits and related liability which may be recognized or paid		20
Accrued liabilities for interest and penalties	16	19	16	18
Interest and penalties (increased) decreased earnings		(3)		3
Income tax benefits reflected in the Capital in Excess of Par column of the consolidated statement of equity		34	$ 37	$ 34
Malaysian Refining Company [Member]
Tax benefit attributable to excess tax basis included in Sale of foreign subsidiaries	$ 224
Immingham Combined Heat and Power Plant [Member]
Tax benefit related to nontaxable gain included in Sale of foreign subsidiaries		$ 72

Accumulated Other Comprehens114

Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance		$ (531)	$ 37	$ (314)
Other comprehensive income (loss)				268
Other comprehensive income (loss) before reclassifications		(234)	(606)
Net current period other comprehensive income (loss)		(122)	(568)	351
Accumulated other comprehensive income (loss), Ending Balance		(653)	(531)	37
Defined Benefit Plans [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance		(696)	(404)	(778)
Other comprehensive income (loss)				312
Other comprehensive income (loss) before reclassifications		(78)	(330)
Reclassified	[1]	112	38	62
Net current period other comprehensive income (loss)		34	(292)	374
Accumulated other comprehensive income (loss), Ending Balance		(662)	(696)	(404)
Foreign Currency Translation [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance		167	443	466
Other comprehensive income (loss)				(44)
Other comprehensive income (loss) before reclassifications		(156)	(276)
Reclassified				21
Net current period other comprehensive income (loss)		(156)	(276)	(23)
Accumulated other comprehensive income (loss), Ending Balance		11	167	443
Hedging [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance		(2)	(2)	(2)
Accumulated other comprehensive income (loss), Ending Balance		$ (2)	$ (2)	$ (2)
[1]	Included in the computation of net periodic benefit cost. See Note 20—Employee Benefit Plans, for additional information.

Cash Flow Information (Summary

Cash Flow Information (Summary of Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information [Abstract]
Increase in net PP&E and debt related to capital lease obligation	$ 31	$ 33	$ 177
Cash Payments
Interest	275	238	259
Cash Payments
Income taxes	$ 1,560	$ 2,185	$ 1,021

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 our common stock received in exchange | shares	17.4
Fair value of shares at time of the exchange	$ 1,350

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest and Debt Expense [Abstract]
Incurred, debt		$ 389	$ 265	$ 251
Incurred, other		27	22	24
Total incurred		416	287	275
Capitalized		(106)	(20)
Expensed		310	267	275
Other Income [Abstract]
Interest income		27	21	20
Other, net	[1]	91	99	65
Other Income		118	120	85
Research and Development Expense [Abstract]
Research and Development Expenditures—expensed		65	62	69
Advertising Expenses		73	70	68
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax		38	14	(44)
Refining [Member]
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax		34	6	(41)
Marketing And Specialties [Member]
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax		4	8	(5)
Corporate and Other [Member]
Interest and Debt Expense [Abstract]
Expensed		$ 310	$ 267	275
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax				$ 2
[1]	Includes derivatives-related activities.

Related Party Transactions (Sum

Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant transactions with related parties
Operating revenues and other income	[1]	$ 2,452	$ 6,514	$ 7,907
Purchases	[2]	8,142	15,647	18,320
Operating expenses and selling, general and administrative expenses	[3]	129	133	109
Net interest expense	[4]	$ 6	$ 7	$ 8
[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 for a fee. 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 for a fee. We purchased natural gas and NGL from 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. See Note 7—Investments, Loans and Long-Term Receivables and Note 13—Debt, for additional information on loans with affiliated companies.

Segment Disclosures and Rela119

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues and Depreciation, Amortization, and Impairments) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues	[1],[2]	$ 98,975	$ 161,212	$ 171,596
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments		1,085	1,145	976
Midstream [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		2,642	5,118	5,642
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments		128	92	89
Chemicals [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		5	7	9
Refining [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		23,153	47,063	51,977
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments		741	850	688
Marketing And Specialties [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		73,145	108,992	113,938
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments		100	97	119
Corporate and Other [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		30	32	30
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments		116	106	80
Operating Segments [Member] | Midstream [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		3,676	6,222	6,575
Operating Segments [Member] | Refining [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		63,470	115,326	124,480
Operating Segments [Member] | Marketing And Specialties [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		74,591	110,540	115,405
Intersegment Eliminations [Member] | Midstream [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		(1,034)	(1,104)	(933)
Intersegment Eliminations [Member] | Refining [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		(40,317)	(68,263)	(72,503)
Intersegment Eliminations [Member] | Marketing And Specialties [Member]
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues		$ (1,446)	$ (1,548)	$ (1,467)
[1]	Includes excise taxes on petroleum products sales: $13,780 million, $14,698 million, $13,866 million
[2]	Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Segment Disclosures and Rela120

Segment Disclosures and Related Information (Summary of Equity in Earnings of Affiliates, Income Taxes, and Net Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	$ 1,573	$ 2,466	$ 3,073
Provision for income taxes	1,764	1,654	1,844
Net Income Attributable to Phillips 66	4,227	4,762	3,726
Midstream [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	(268)	360	436
Provision for income taxes	73	310	264
Net Income Attributable to Phillips 66	13	507	469
Chemicals [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	1,316	1,634	1,362
Provision for income taxes	353	495	375
Net Income Attributable to Phillips 66	962	1,137	986
Refining [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	325	311	1,107
Provision for income taxes	1,104	696	1,035
Net Income Attributable to Phillips 66	2,555	1,771	1,747
Marketing And Specialties [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	207	162	169
Provision for income taxes	466	440	433
Net Income Attributable to Phillips 66	1,187	1,034	894
Corporate and Other [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings (losses) of affiliates	(7)	(1)	(1)
Provision for income taxes	(232)	(287)	(263)
Net Income Attributable to Phillips 66	$ (490)	(393)	(431)
Discontinued Operations [Member]
Analysis of results of equity in earnings of affiliates by operating segment
Net Income Attributable to Phillips 66		$ 706	$ 61

Segment Disclosures and Rela121

Segment Disclosures and Related Information (Summary of Investments In and Advances to Affiliates, Total Assets, Capital Expenditures and Investments, Interest Income and Expense) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2014
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		$ 11,980	$ 10,038	$ 11,080
Analysis of results of total assets by operating segment
Total assets		48,580	48,692	49,769
Analysis of results of capital expenditures and investments by operating segment [Abstract]
Capital Expenditures and Investments		5,764	3,773	1,779
Analysis of results of interest income and expense by operating segment
Interest income		27	21	20
Interest and debt expense		310	267	275
Phillips Specialty Products Inc [Member]
Analysis of results of total assets by operating segment
Goodwill allocated to assets held for sale in association with the planned disposition of PSPI				117
Discontinued Operations [Member]
Analysis of results of total assets by operating segment
Total assets, Discontinued Operations	[1]			211
Midstream [Member]
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		4,198	2,461	2,328
Analysis of results of total assets by operating segment
Total assets		11,043	7,295	5,485
Analysis of results of capital expenditures and investments by operating segment [Abstract]
Capital Expenditures and Investments		4,457	2,173	597
Chemicals [Member]
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		5,177	5,183	4,241
Analysis of results of total assets by operating segment
Total assets		5,237	5,209	4,377
Refining [Member]
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		2,262	2,103	4,192
Analysis of results of total assets by operating segment
Total assets		21,993	22,808	26,046
Analysis of results of capital expenditures and investments by operating segment [Abstract]
Capital Expenditures and Investments		1,069	1,038	820
Marketing And Specialties [Member]
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		342	290	318
Analysis of results of total assets by operating segment
Total assets		5,631	7,051	7,331
Analysis of results of capital expenditures and investments by operating segment [Abstract]
Capital Expenditures and Investments		122	439	226
Analysis of results of interest income and expense by operating segment
Interest income		2
Marketing And Specialties [Member] | Phillips Specialty Products Inc [Member]
Analysis of results of total assets by operating segment
Goodwill allocated to assets held for sale in association with the planned disposition of PSPI					$ 117
Corporate and Other [Member]
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates		1	1	1
Analysis of results of total assets by operating segment
Total assets	[2]	4,676	6,329	6,319
Analysis of results of capital expenditures and investments by operating segment [Abstract]
Capital Expenditures and Investments		116	123	136
Analysis of results of interest income and expense by operating segment
Interest income		25	21	20
Interest and debt expense		$ 310	$ 267	$ 275
[1]	In December 2013, $117 million of goodwill was allocated to assets held for sale in association with the planned disposition of PSPI.
[2]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.

Segment Disclosures and Rela122

Segment Disclosures and Related Information Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues by Product Line) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and Other Operating Revenues by Product Line	[1],[2]	$ 98,975	$ 161,212	$ 171,596
Refined products [Member]
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and Other Operating Revenues by Product Line		86,249	133,625	140,488
Crude Oil Resales [Member]
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and Other Operating Revenues by Product Line		8,993	19,832	22,777
NGL [Member]
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and Other Operating Revenues by Product Line		2,998	6,447	7,431
Other Income [Member]
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and Other Operating Revenues by Product Line		$ 735	$ 1,308	$ 900
[1]	Includes excise taxes on petroleum products sales: $13,780 million, $14,698 million, $13,866 million
[2]	Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Segment Disclosures and Rela123

Segment Disclosures and Related Information (Summary of Geographic Information) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	[1],[2]	$ 98,975	$ 161,212	$ 171,596
Long-Lived Assets	[3]	31,701	27,384	26,478
United States [Member]
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	[2]	69,578	110,713	115,378
Long-Lived Assets	[3]	29,624	25,255	23,641
United Kingdom [Member]
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	[2]	12,120	20,131	21,868
Long-Lived Assets	[3]	1,459	1,469	1,485
Germany [Member]
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	[2]	6,584	9,424	9,799
Long-Lived Assets	[3]	502	534	587
Other foreign countries [Member]
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	[2]	10,693	20,944	24,551
Long-Lived Assets	[3]	$ 116	$ 126	$ 765
[1]	Includes excise taxes on petroleum products sales: $13,780 million, $14,698 million, $13,866 million
[2]	Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.
[3]	Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.

Segment Disclosures and Rela124

Segment Disclosures and Related Information (Narrative) (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2015
Segment Disclosures and Related Information (Textual) [Abstract]
Number of refineries	1
Refining [Member] | Mainly United States And Europe [Member]
Segment Disclosures and Related Information (Textual) [Abstract]
Number of refineries		14
DCP Midstream [Member]
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
DCP Midstream [Member] | Midstream Segment [Member]
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
CP Chem [Member]
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
CP Chem [Member] | Chemicals Segment [Member]
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative)(Details)	Feb. 17, 2016USD ($)	Dec. 01, 2015USD ($)shares	Mar. 02, 2015USD ($)shares	Mar. 02, 2015USD ($)	Feb. 28, 2015USD ($)$ / sharesshares	Jul. 27, 2013USD ($)shares	Dec. 31, 2015USD ($)rail_rack	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 24, 2013$ / shares	Dec. 31, 2012USD ($)
Subsidiary or Equity Method Investee [Line Items]
Number of crude oil rail-unloading facilities | rail_rack							2
Equity investments							$ 11,977,000,000	$ 10,035,000,000
Net properties, plants and equipment							19,721,000,000	17,346,000,000
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest							838,000,000	447,000,000
Increase in consolidated cash				$ 1,500,000,000			(2,133,000,000)	(193,000,000)	$ 1,926,000,000
Increase in consolidated debt			$ 1,100,000,000	1,100,000,000
Increase in consolidated equity			$ 384,000,000	$ 384,000,000			23,938,000,000	22,037,000,000	22,392,000,000		$ 20,806,000,000
Noncontrolling Interest [Member]
Subsidiary or Equity Method Investee [Line Items]
Increase in consolidated equity							838,000,000	447,000,000	$ 442,000,000		$ 31,000,000
Energy Equipment [Member] | Phillips 66 Partners LP [Member] | Subsequent Event [Member]
Subsidiary or Equity Method Investee [Line Items]
Interest to be acquired, percentage	0.25
Total consideration	$ 236,000,000
Note payable assumed	212,000,000
Common And General Partner Units [Member] | Energy Equipment [Member] | Phillips 66 Partners LP [Member] | Subsequent Event [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate fair value	$ 24,000,000
Explorer Pipeline Company [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interest contributed			0.195	0.195
DCP Sand Hills Pipeline, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity investments							431,000,000
DCP Sand Hills Pipeline, LLC [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interest contributed			0.333	0.333
DCP Southern Hills Pipeline, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity investments							$ 213,000,000
DCP Southern Hills Pipeline, LLC [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interest contributed			0.333	0.333
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC And DCP Southern Hills Pipeline LLC [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Total consideration received for transferred assets			$ 1,010,000,000
Cash consideration			$ 880,000,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC And DCP Southern Hills Pipeline LLC [Member] | Common Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Units issued as consideration | shares			1,587,376
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC And DCP Southern Hills Pipeline LLC [Member] | General Partner Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Units issued as consideration | shares			139,538
BayouBridgePipelineLlc [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity interest contributed		0.4
Total consideration received for transferred assets		$ 70,000,000
Cash consideration		$ 35,000,000
BayouBridgePipelineLlc [Member] | Common Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Units issued as consideration | shares		606,056
BayouBridgePipelineLlc [Member] | General Partner Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Units issued as consideration | shares		12,369
BayouBridgePipelineLlc [Member] | Common And General Partner Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Value of units issued		$ 35,000,000
Phillips 66 Partners [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 [Member] | Senior Notes [Member]
Subsidiary or Equity Method Investee [Line Items]
Senior Notes					$ 1,100,000,000
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							$ 945,000,000
Net properties, plants and equipment							492,000,000
Phillips 66 Partners LP [Member] | Noncontrolling Interest [Member]
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest							$ 809,000,000	$ 415,000,000
Phillips 66 Partners LP [Member] | Senior Notes [Member]
Subsidiary or Equity Method Investee [Line Items]
Senior Notes					$ 1,100,000,000
Energy Transfer Partners [Member] | BayouBridgePipelineLlc [Member]
Subsidiary or Equity Method Investee [Line Items]
Co-venturers interest		30.00%
Sunoco Logistics Partners [Member] | BayouBridgePipelineLlc [Member]
Subsidiary or Equity Method Investee [Line Items]
Co-venturers interest		30.00%
Common Units [Member] | Phillips 66 Partners LP [Member]
Subsidiary or Equity Method Investee [Line Items]
Phillips 66 Partners IPO, common units issued | shares						18,888,750
Phillips 66 Partners offering price, per unit | $ / shares					$ 75.50					$ 23
Net proceeds					$ 384,000,000	$ 404,000,000
Phillips 66 Partners common units issued | shares					5,250,000

Condensed Consolidating Fina126

Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Revenues and Other Income
Sales and other operating revenues	[1],[2]	$ 98,975	$ 161,212		$ 171,596
Equity in earnings (losses) of affiliates		1,573	2,466		3,073
Net gain on dispositions		283	295		55
Other income (loss)		118	120		85
Total Revenues and Other Income		100,949	164,093		174,809
Costs and Expenses
Purchased crude oil and products		73,399	135,748		148,245
Operating expenses		4,294	4,435		4,206
Selling, general and administrative expenses		1,670	1,663		1,478
Depreciation and amortization		1,078	995		947
Impairments		7	150		29
Taxes other than income taxes	[1]	14,077	15,040		14,119
Accretion on discounted liabilities		21	24		24
Interest and debt expense		310	267		275
Foreign currency transaction (gains) losses		49	26		(40)
Total Costs and Expenses		94,905	158,348		169,283
Income from continuing operations before income taxes		6,044	5,745		5,526
Provision (benefit) for income taxes		1,764	1,654		1,844
Income from Continuing Operations		4,280	4,091		3,682
Income from discontinued operations	[4]		706	[3]	61	[5]
Net income		4,280	4,797		3,743
Less: net income attributable to noncontrolling interests		53	35		17
Net Income Attributable to Phillips 66		4,227	4,762		3,726
Comprehensive Income		4,158	4,229		4,094
Phillips 66 [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		4,470	4,257		3,905
Other income (loss)					(3)
Total Revenues and Other Income		4,470	4,257		3,902
Costs and Expenses
Operating expenses		4	2
Selling, general and administrative expenses		5	6		6
Interest and debt expense		365	286		266
Total Costs and Expenses		374	294		272
Income from continuing operations before income taxes		4,096	3,963		3,630
Provision (benefit) for income taxes		(131)	(103)		(96)
Income from Continuing Operations		4,227	4,066		3,726
Income from discontinued operations	[3]		696
Net income		4,227	4,762		3,726
Net Income Attributable to Phillips 66		4,227	4,762		3,726
Comprehensive Income		4,105	4,194		4,077
Phillips 66 Company [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		2,812	3,021		3,363
Net gain on dispositions		(115)	(46)		49
Other income (loss)		81	105		53
Total Revenues and Other Income		72,327	114,569		118,760
Costs and Expenses
Purchased crude oil and products		54,925	97,783		102,780
Operating expenses		3,412	3,600		3,442
Selling, general and administrative expenses		1,265	1,224		1,025
Depreciation and amortization		818	761		730
Impairments		4	3
Taxes other than income taxes		5,505	5,478		5,147
Accretion on discounted liabilities		16	18		19
Interest and debt expense		25	18		13
Foreign currency transaction (gains) losses		1
Total Costs and Expenses		65,971	108,885		113,156
Income from continuing operations before income taxes		6,356	5,684		5,604
Provision (benefit) for income taxes		1,886	1,427		1,699
Income from Continuing Operations		4,470	4,257		3,905
Net income		4,470	4,257		3,905
Net Income Attributable to Phillips 66		4,470	4,257		3,905
Comprehensive Income		4,348	3,689		4,256
All Other Subsidiaries [Member]
Revenues and Other Income
Equity in earnings (losses) of affiliates		(134)	444		509
Net gain on dispositions		398	341		6
Other income (loss)		37	15		35
Total Revenues and Other Income		40,643	71,706		78,270
Costs and Expenses
Purchased crude oil and products		29,221	58,984		66,746
Operating expenses		917	870		790
Selling, general and administrative expenses		416	502		540
Depreciation and amortization		260	234		217
Impairments		3	147		29
Taxes other than income taxes		8,572	9,563		8,973
Accretion on discounted liabilities		5	6		5
Interest and debt expense		34	20		14
Foreign currency transaction (gains) losses		48	26		(40)
Total Costs and Expenses		39,476	70,352		77,274
Income from continuing operations before income taxes		1,167	1,354		996
Provision (benefit) for income taxes		9	330		241
Income from Continuing Operations		1,158	1,024		755
Income from discontinued operations			10	[3]	61	[5]
Net income		1,158	1,034		816
Less: net income attributable to noncontrolling interests		53	35		17
Net Income Attributable to Phillips 66		1,105	999		799
Comprehensive Income		1,032	721		839
Reportable Legal Entities [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		68,478	109,078		113,499
Reportable Legal Entities [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		30,497	52,134		58,097
Consolidating Adjustments [Member]
Revenues and Other Income
Sales and other operating revenues		(10,916)	(21,183)		(21,419)
Equity in earnings (losses) of affiliates		(5,575)	(5,256)		(4,704)
Total Revenues and Other Income		(16,491)	(26,439)		(26,123)
Costs and Expenses
Purchased crude oil and products		(10,747)	(21,019)		(21,281)
Operating expenses		(39)	(37)		(26)
Selling, general and administrative expenses		(16)	(69)		(93)
Taxes other than income taxes			(1)		(1)
Interest and debt expense		(114)	(57)		(18)
Total Costs and Expenses		(10,916)	(21,183)		(21,419)
Income from continuing operations before income taxes		(5,575)	(5,256)		(4,704)
Income from Continuing Operations		(5,575)	(5,256)		(4,704)
Net income		(5,575)	(5,256)		(4,704)
Net Income Attributable to Phillips 66		(5,575)	(5,256)		(4,704)
Comprehensive Income		(5,327)	(4,375)		(5,078)
Consolidating Adjustments [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		(1,071)	(2,411)		(1,796)
Consolidating Adjustments [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		$ (9,845)	$ (18,772)		$ (19,623)
[1]	Includes excise taxes on petroleum products sales: $13,780 million, $14,698 million, $13,866 million
[2]	Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.
[3]	Net of provision for income taxes on discontinued operations: $-, $-, $5, $-, $5
[4]	Net of provision for income taxes on discontinued operations: $0 million, $5 million, $34 million
[5]	Net of provision for income taxes on discontinued operations: $-, $-, $34, $-, $34

Condensed Consolidating Fina127

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents		$ 3,074	$ 5,207		$ 5,400	$ 3,474
Accounts and notes receivable		5,173	7,255
Inventories		3,477	3,397
Prepaid expenses and other current assets	[1]	532	833	[2]
Total Current Assets		12,256	16,692
Investments and long-term receivables		12,143	10,189
Net properties, plants and equipment		19,721	17,346
Goodwill		3,275	3,274		3,096
Intangibles		906	900
Other assets	[1]	279	291	[2]
Total Assets		48,580	48,692		49,769
Liabilities and Equity
Accounts payable		5,655	8,064
Short-term debt		44	842
Accrued income and other taxes		878	878
Employee benefit obligations		576	462
Other accruals		378	848
Total Current Liabilities		7,531	11,094
Long-term debt	[1]	8,843	7,793	[2]
Asset retirement obligations and accrued environmental costs		665	683
Deferred income taxes		6,041	5,491
Employee benefit obligations		1,285	1,305
Other liabilities and deferred credits		277	289
Total Liabilities		24,642	26,655
Common stock		11,405	12,812
Retained earnings		12,348	9,309
Accumulated other comprehensive income (loss)		(653)	(531)		37	(314)
Noncontrolling interests		838	447
Total Liabilities and Equity		48,580	48,692
Consolidating Adjustments [Member]
Assets
Accounts and notes receivable		(701)	(1,102)
Total Current Assets		(701)	(1,102)
Investments and long-term receivables		(52,635)	(43,479)
Other assets		(4)	(4)	[2]
Total Assets		(53,340)	(44,585)
Liabilities and Equity
Accounts payable		(701)	(1,102)
Total Current Liabilities		(701)	(1,102)
Deferred income taxes		(4)	(4)
Other liabilities and deferred credits		(8,968)	(4,041)
Total Liabilities		(9,673)	(5,147)
Common stock		(36,092)	(33,645)
Retained earnings		(8,347)	(6,317)
Accumulated other comprehensive income (loss)		772	524
Total Liabilities and Equity		(53,340)	(44,585)
Phillips 66 [Member]
Assets
Accounts and notes receivable		14	14
Prepaid expenses and other current assets		2	5	[2]
Total Current Assets		16	19
Investments and long-term receivables		33,315	30,141
Other assets		16	16	[2]
Total Assets		33,347	30,176
Liabilities and Equity
Short-term debt			798
Other accruals		59	65
Total Current Liabilities		59	863
Long-term debt		7,413	7,409	[2]
Other liabilities and deferred credits		2,746	285
Total Liabilities		10,218	8,557
Common stock		11,405	12,812
Retained earnings		12,377	9,338
Accumulated other comprehensive income (loss)		(653)	(531)
Total Liabilities and Equity		33,347	30,176
Phillips 66 Company [Member]
Assets
Cash and cash equivalents		575	2,045		2,162	2,410
Accounts and notes receivable		3,643	5,069
Inventories		2,171	2,026
Prepaid expenses and other current assets		382	429	[2]
Total Current Assets		6,771	9,569
Investments and long-term receivables		24,068	18,896
Net properties, plants and equipment		12,651	12,267
Goodwill		3,040	3,040
Intangibles		726	694
Other assets		154	159	[2]
Total Assets		47,410	44,625
Liabilities and Equity
Accounts payable		4,015	5,618
Short-term debt		25	26
Accrued income and other taxes		320	356
Employee benefit obligations		528	409
Other accruals		240	242
Total Current Liabilities		5,128	6,651
Long-term debt		158	159	[2]
Asset retirement obligations and accrued environmental costs		496	494
Deferred income taxes		4,500	4,240
Employee benefit obligations		1,094	1,074
Other liabilities and deferred credits		2,765	1,919
Total Liabilities		14,141	14,537
Common stock		25,404	25,405
Retained earnings		8,518	5,214
Accumulated other comprehensive income (loss)		(653)	(531)
Total Liabilities and Equity		47,410	44,625
All Other Subsidiaries [Member]
Assets
Cash and cash equivalents		2,499	3,162		$ 3,238	$ 1,064
Accounts and notes receivable		2,217	3,274
Inventories		1,306	1,371
Prepaid expenses and other current assets		148	399	[2]
Total Current Assets		6,170	8,206
Investments and long-term receivables		7,395	4,631
Net properties, plants and equipment		7,070	5,079
Goodwill		235	234
Intangibles		180	206
Other assets		113	120	[2]
Total Assets		21,163	18,476
Liabilities and Equity
Accounts payable		2,341	3,548
Short-term debt		19	18
Accrued income and other taxes		558	522
Employee benefit obligations		48	53
Other accruals		79	541
Total Current Liabilities		3,045	4,682
Long-term debt		1,272	225	[2]
Asset retirement obligations and accrued environmental costs		169	189
Deferred income taxes		1,545	1,255
Employee benefit obligations		191	231
Other liabilities and deferred credits		3,734	2,126
Total Liabilities		9,956	8,708
Common stock		10,688	8,240
Retained earnings		(200)	1,074
Accumulated other comprehensive income (loss)		(119)	7
Noncontrolling interests		838	447
Total Liabilities and Equity		$ 21,163	$ 18,476
[1]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.
[2]	Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.

Condensed Consolidating Fina128

Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
		Mar. 02, 2015	Dec. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities				$ 5,713		$ 3,527		$ 5,942
Net cash provided by discontinued operations						2		85
Net Cash Provided by (Used in) Operating Activities				5,713		3,529		6,027
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments	[1]			(5,764)		(3,773)		(1,779)
Proceeds from asset dispositions	[2]			70	[3]	1,244		1,214
Advances/loans—related parties				(50)		(3)		(65)
Collection of advances/loans—related parties				50				165
Other				(44)		238		48
Net cash used in continuing investing activities				(5,738)		(2,294)		(417)
Net cash used in discontinued operations						(2)		(27)
Net Cash Used in Investing Activities				(5,738)		(2,296)		(444)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Proceeds from Issuance of Debt				1,169		2,487
Repayment of debt				(926)		(49)		(1,020)
Issuance of common stock				(19)		1		6
Repurchase of common stock				(1,512)		(2,282)		(2,246)
Share exchange—PSPI transaction						(450)
Dividends paid on common stock				(1,172)		(1,062)		(807)
Distributions to noncontrolling interests				(46)		(30)		(10)
Net proceeds from issuance of Phillips 66 Partners LP common units				384				404
Other	[1]			5		23		(6)
Net cash used in continuing financing activities				(2,117)		(1,362)		$ (3,679)
Net cash provided by (used in) discontinued operations
Net Cash Used in Financing Activities				(2,117)		(1,362)		$ (3,679)
Effect of Exchange Rate Changes on Cash and Cash Equivalents				9		(64)		22
Net Change in Cash and Cash Equivalents		$ 1,500		(2,133)		(193)		1,926
Cash and cash equivalents at beginning of year				5,207		5,400		3,474
Cash and Cash Equivalents at End of Year			$ 5,207	3,074		5,207		5,400
Consolidating Adjustments [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities				(2,790)		(504)		(80)
Net Cash Provided by (Used in) Operating Activities				(2,790)		(504)		(80)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments	[1]			2,334		989		19
Proceeds from asset dispositions				(882)	[3]	(403)
Net cash used in continuing investing activities				1,452		586		19
Net Cash Used in Investing Activities				1,452		586		19
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Dividends paid on common stock				2,748		443		(72)
Distributions to controlling interests				186		323		8
Other	[1]			(1,596)		(848)		(19)
Net cash used in continuing financing activities				1,338		(82)		61
Net Cash Used in Financing Activities				1,338		(82)		61
Phillips 66 [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities				1,060		(47)		5
Net Cash Provided by (Used in) Operating Activities				1,060		(47)		5
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Intercompany lending activities				2,461	[4]	1,397	[4]	4,055
Net cash used in continuing investing activities				2,461		1,397		4,055
Net Cash Used in Investing Activities				2,461		1,397		4,055
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Proceeds from Issuance of Debt						2,459
Repayment of debt				(800)				(1,000)
Issuance of common stock				(19)		1		6
Repurchase of common stock				(1,512)		(2,282)		(2,246)
Share exchange—PSPI transaction						(450)
Dividends paid on common stock				(1,172)		(1,062)		(807)
Other	[1]			(18)		(16)		(13)
Net cash used in continuing financing activities				(3,521)		(1,350)		(4,060)
Net Cash Used in Financing Activities				(3,521)		(1,350)		(4,060)
Noncash Investing and Financing Items [Abstract]
Intercompany receivables declared and distributed in non-cash investing activity, receipt			6,100
Phillips 66 Company [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities				4,879		2,551		4,972
Net Cash Provided by (Used in) Operating Activities				4,879		2,551		4,972
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments	[1]			(2,815)		(2,230)		(1,108)
Proceeds from asset dispositions				774	[3]	960		63
Intercompany lending activities				(3,153)	[4]	(1,402)	[4]	(4,206)
Advances/loans—related parties				(50)
Collection of advances/loans—related parties				50
Other				6		(13)		42
Net cash used in continuing investing activities				(5,188)		(2,685)		(5,209)
Net Cash Used in Investing Activities				(5,188)		(2,685)		(5,209)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Repayment of debt				(23)		(20)		(18)
Dividends paid on common stock				(1,172)
Other	[1]			34		37		7
Net cash used in continuing financing activities				(1,161)		17		(11)
Net Cash Used in Financing Activities				(1,161)		17		(11)
Net Change in Cash and Cash Equivalents				(1,470)		(117)		(248)
Cash and cash equivalents at beginning of year				2,045		2,162		2,410
Cash and Cash Equivalents at End of Year			2,045	575		2,045		2,162
Noncash Investing and Financing Items [Abstract]
Intercompany receivables declared and distributed in non-cash investing activity	[4]		6,100
All Other Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities				2,564		1,527		1,045
Net cash provided by discontinued operations						2		85
Net Cash Provided by (Used in) Operating Activities				2,564		1,529		1,130
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments	[1]			(5,283)		(2,532)		(690)
Proceeds from asset dispositions				178	[3]	687		1,151
Intercompany lending activities				692	[4]	5	[4]	151
Advances/loans—related parties						(3)		(65)
Collection of advances/loans—related parties								165
Other				(50)		251		6
Net cash used in continuing investing activities				(4,463)		(1,592)		718
Net cash used in discontinued operations						(2)		(27)
Net Cash Used in Investing Activities				(4,463)		(1,594)		691
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Proceeds from Issuance of Debt				1,169		28
Repayment of debt				(103)		(29)		(2)
Dividends paid on common stock				(1,576)		(443)		(72)
Distributions to noncontrolling interests				(46)		(30)		(10)
Net proceeds from issuance of Phillips 66 Partners LP common units				384				404
Other	[1]			1,585		850		19
Net cash used in continuing financing activities				1,227		53		331
Net Cash Used in Financing Activities				1,227		53		331
Effect of Exchange Rate Changes on Cash and Cash Equivalents				9		(64)		22
Net Change in Cash and Cash Equivalents				(663)		(76)		2,174
Cash and cash equivalents at beginning of year				3,162		3,238		1,064
Cash and Cash Equivalents at End of Year			$ 3,162	2,499		3,162		3,238
All Other Subsidiaries [Member] | Consolidating Adjustments [Member]
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Distributions to controlling interests				$ (186)		$ (323)		$ (8)
[1]	Includes intercompany capital contributions.
[2]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.
[3]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.
[4]	Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared $6.1 billion and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66.

Condensed Consolidating Fina129

Condensed Consolidating Financial Information (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Net of provision for income taxes on discontinued operations	$ 0	$ 5,000,000	$ 34,000,000
All Other Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net of provision for income taxes on discontinued operations		$ 5,000,000	$ 34,000,000
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership In subsidiary	100.00%
Senior Notes [Member] | Phillips 66 [Member]
Condensed Financial Statements, Captions [Line Items]
Senior Notes	$ 7,500,000,000

Schedule II - Valuation and 130

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts and notes receivable [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period		$ 71	$ 47	$ 50
Charged to Expense		3	29	10
Deductions	[1]	(19)	(5)	(13)
Balance at end of period		55	71	47
Deferred tax asset valuation allowance [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period		107	127	329
Charged to Expense		(17)	(13)	20
Other	[2]	70	(7)	(222)
Deductions				0
Balance at end of period		$ 160	$ 107	$ 127
[1]	Amounts charged off less recoveries of amounts previously charged off.
[2]	Represents acquisitions/dispositions/revisions; net transfers associated with the Separation; deferred tax asset reinstatement in conjunction with German tax legislation, the realization of which is not more likely than not; and the effect of translating foreign financial statements.