Phillips 66 (PSX) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Trading Symbol	PSX
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	525,581,458

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Sales and other operating revenues
Sales and other operating revenues	[1]	$ 17,409	$ 22,778
Equity in earnings of affiliates		333	456
Net gain on dispositions			122
Other income		18	70
Total Revenues and Other Income		17,760	23,426
Costs and Expenses
Purchased crude oil and products		11,930	16,695
Operating expenses		1,023	1,094
Selling, general and administrative expenses		386	394
Depreciation and amortization		280	253
Taxes other than income taxes	[1]	3,461	3,462
Accretion on discounted liabilities		5	5
Interest and debt expense		86	86
Foreign currency transaction (gains) losses		(7)	49
Total Costs and Expenses		17,164	22,038
Income before income taxes		596	1,388
Provision for income taxes		198	391
Net income		398	997
Less: net income attributable to noncontrolling interests		13	10
Net Income Attributable to Phillips 66		$ 385	$ 987
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Earnings Per Share, Basic		$ 0.72	$ 1.80
Earnings Per Share, Diluted		0.72	1.79
Dividends Paid Per Share of Common Stock (dollars)		$ 0.56	$ 0.5
Average Common Shares Outstanding (in thousands)
Basic (shares in thousands)		531,739	548,200
Diluted (shares in thousands)		534,709	552,337
[1]	Includes excise taxes on petroleum products sales: $3,360, $3,362

Consolidated Statement of Inco3

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Includes excise taxes on petroleum products sales	$ 3,360	$ 3,362

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 398	$ 997
Actuarial gain (loss):
Amortization to net income of net actuarial loss and settlements	23	30
Plans sponsored by equity affiliates	6	5
Income taxes on defined benefit plans	(11)	(10)
Defined benefit plans, net of tax	18	25
Foreign currency translation adjustments	(15)	(197)
Income taxes on foreign currency translation adjustments	(2)	9
Foreign currency translation adjustments, net of tax	(17)	(188)
Cash flow hedges	(8)
Income taxes on hedging activities	3
Hedging activities, net of tax	(5)
Other Comprehensive Loss, Net of Tax	(4)	(163)
Comprehensive Income	394	834
Less: comprehensive income attributable to noncontrolling interests	13	10
Comprehensive Income Attributable to Phillips 66	$ 381	$ 824

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 1,723	$ 3,074
Accounts and notes receivable (net of allowances of $41 million in 2016 and $55 million in 2015)	3,991	4,411
Accounts and notes receivable - related parties	746	762
Inventories	4,108	3,477
Prepaid expenses and other current assets	648	532
Total Current Assets	11,216	12,256
Investments and long-term receivables	12,449	12,143
Net properties, plants and equipment	20,075	19,721
Goodwill	3,275	3,275
Intangibles	901	906
Other assets	330	279
Total Assets	48,246	48,580
Liabilities
Accounts payable	5,063	5,155
Accounts payable - related parties	704	500
Short-term debt	32	44
Accrued income and other taxes	820	878
Employee benefit obligations	306	576
Other accruals	494	378
Total Current Liabilities	7,419	7,531
Long-term debt	8,803	8,843
Asset retirement obligations and accrued environmental costs	673	665
Deferred income taxes	6,089	6,041
Employee benefit obligations	1,310	1,285
Other liabilities and deferred credits	309	277
Total Liabilities	24,603	24,642
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2016—640,406,569 shares; 2015—639,336,287 shares) Par Value	6	6
Capital in excess of par	19,142	19,145
Treasury stock (at cost: 2016—114,825,111 shares; 2015—109,925,907 shares)	(8,137)	(7,746)
Retained earnings	12,434	12,348
Accumulated other comprehensive loss	(657)	(653)
Total Stockholders' Equity	22,788	23,100
Noncontrolling interests	855	838
Total Equity	23,643	23,938
Total Liabilities and Equity	$ 48,246	$ 48,580

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts and notes receivable - allowance	$ 41	$ 55
Common stock authorized, shares	2,500,000,000	2,500,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock issued, shares	640,406,569	639,336,287
Treasury stock, shares	114,825,111	109,925,907

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Net income		$ 398	$ 997
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		280	253
Accretion on discounted liabilities		5	5
Deferred taxes		154	(6)
Undistributed equity earnings		(166)	(337)
Net gain on dispositions			(122)
Other		51	90
Working capital adjustments
Decrease (increase) in accounts and notes receivable		524	1,684
Decrease (increase) in inventories		(620)	(834)
Decrease (increase) in prepaid expenses and other current assets		(310)	(130)
Increase (decrease) in accounts payable		98	(349)
Increase (decrease) in taxes and other accruals		(156)	101
Net Cash Provided by Operating Activities		258	1,352
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	(750)	(1,081)
Proceeds from asset dispositions	[2]	5	(9)
Advances/loans—related parties		(75)	(50)
Other		(42)	102
Net Cash Used in Investing Activities		(862)	(1,038)
Cash Flows From Financing Activities
Issuance of debt		50	1,169
Repayment of debt		(100)	(895)
Issuance of common stock		(31)	(25)
Repurchase of common stock		(391)	(399)
Dividends paid on common stock		(296)	(272)
Distributions to noncontrolling interests		(11)	(6)
Net proceeds from issuance of Phillips 66 Partners LP common units			384
Other	[1]	(4)	(14)
Net Cash Used in Financing Activities		(783)	(58)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		36	(73)
Net Change in Cash and Cash Equivalents		(1,351)	183
Cash and cash equivalents at beginning of period		3,074	5,207
Cash and Cash Equivalents at End of Period		$ 1,723	$ 5,390
[1]	Includes intercompany capital contributions.
[2]	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]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2014	$ 22,037	$ 6	$ 19,040	$ (6,234)	$ 9,309	$ (531)	$ 447
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	997				987		10
Other comprehensive loss	(163)					(163)
Cash dividends paid on common stock	(272)				(272)
Repurchase of common stock	(399)			(399)
Benefit plan activity			20
Benefit plan activity					(3)
Benefit plan activity	17
Issuance of Phillips 66 Partners LP common units	384						384
Distributions to noncontrolling interests and other							(6)
Distributions to noncontrolling interests and other	6
Ending Balance at Mar. 31, 2015	$ 22,595	6	19,060	(6,633)	10,021	(694)	835
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2014	637,032,000
Shares
Shares issued - share-based compensation	893,000
Ending Balance, Common Stock Issued, shares at Mar. 31, 2015	637,925,000
Beginning Balance, Treasury Stock, shares at Dec. 31, 2014	90,650,000
Shares
Repurchase of common stock, shares	5,643,000
Ending Balance, Treasury Stock, shares at Mar. 31, 2015	96,293,000
Beginning Balance at Dec. 31, 2015	$ 23,938	6	19,145	(7,746)	12,348	(653)	838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	398				385		13
Other comprehensive loss	(4)					(4)
Cash dividends paid on common stock	(296)				(296)
Repurchase of common stock	(391)			(391)
Benefit plan activity			8
Benefit plan activity					(3)
Benefit plan activity	5
Distributions to noncontrolling interests and other			(11)
Distributions to noncontrolling interests and other							4
Distributions to noncontrolling interests and other	7
Ending Balance at Mar. 31, 2016	$ 23,643	$ 6	$ 19,142	$ (8,137)	$ 12,434	$ (657)	$ 855
Beginning Balance, Common Stock Issued, shares at Dec. 31, 2015	639,336,287
Shares
Shares issued - share-based compensation	1,071,000
Ending Balance, Common Stock Issued, shares at Mar. 31, 2016	640,406,569
Beginning Balance, Treasury Stock, shares at Dec. 31, 2015	109,925,907
Shares
Repurchase of common stock, shares	4,899,000
Ending Balance, Treasury Stock, shares at Mar. 31, 2016	114,825,111

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2016
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2015 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2016 , are not necessarily indicative of the results to be expected for the full year.

Changes in Accounting Principle

Changes in Accounting Principles	3 Months Ended
	Mar. 31, 2016
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2016, we early adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The new update simplified the presentation of deferred income taxes and required deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The classification was made at the taxpaying component level of an entity, after reflecting any offset of deferred tax liabilities, deferred tax assets and any related valuation allowances. We applied the amendments prospectively to all deferred tax liabilities and assets. In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities (VIE) Guidance in Topic 810, Consolidation.” The new standard removes the definition of a development stage entity from the Master Glossary of the 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 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. We adopted this standard and updated our disclosures about the risks and uncertainties related to our joint venture entities that have not commenced their principal operations.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities In 2013, we formed Phillips 66 Partners LP, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids (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 19—Phillips 66 Partners LP , for additional information. We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on our significant non-consolidated VIEs follows. Merey Sweeny, L.P. (MSLP) is a limited partnership that owns a delayed coker and related facilities at the Sweeny Refinery. As discussed more fully in Note 6—Investments, Loans and Long-Term Receivables , in August 2009, a call right was exercised to acquire the 50 percent ownership interest in MSLP of the co-venturer, Petróleos de Venezuela S.A. (PDVSA). That exercise was challenged, and the dispute has been arbitrated. In April 2014, the arbitral tribunal upheld the exercise of the call right and the acquisition of the 50 percent ownership interest. In July 2014, PDVSA filed a petition to vacate the tribunal’s award and in September 2015, the petition was denied. 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 March 31, 2016 , our maximum exposure to loss was the outstanding principal balance of the MSLP Senior Notes of $157 million and our investment in MSLP of $164 million . We have a 50 percent ownership interest with a 50 percent governance interest in Excel Paralubes (Excel). Liquidity support up to $60 million was provided jointly by us and our co-venturer independently of equity ownership. In March 2016, this liquidity support was terminated when Excel converted from a general partnership to a limited liability company and entered into a new credit agreement. In our reassessment of Excel’s VIE status, we determined that Excel is no longer a VIE, as it is now exposed to all potential losses. We have a 25 percent ownership interest in Dakota Access LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOP) in which the planned principal operations of each entity have not commenced. Until the planned principal operations have commenced, these entities do not have sufficient equity at risk to fully fund the construction of all assets required for principal operations, and thus represent VIEs. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of DAPL and ETCOP that most significantly impact economic performance. We use the equity method of accounting for these investments. At March 31, 2016, our maximum exposure to loss represented the aggregate book value of our investments of $494 million .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 3,845 3,214 Materials and supplies 263 263 $ 4,108 3,477 Inventories valued on the last-in, first-out (LIFO) basis totaled $3,738 million and $3,085 million at March 31, 2016 , and December 31, 2015 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $1.5 billion and $1.3 billion at March 31, 2016 , and December 31, 2015 , respectively. Certain planned year-to-date reductions in inventory caused liquidations of LIFO inventory values that are not expected to be replaced by the end of the year. These liquidations decreased net income by approximately $43 million during the three month period ending March 31, 2016 , and $36 million for the comparable period in 2015.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	3 Months Ended
	Mar. 31, 2016
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In July 2013, we completed the sale of the Immingham Combined Heat and Power Plant (ICHP), which was included in our Marketing and Specialties (M&S) segment. A gain on this disposal was deferred at the time of sale due to an indemnity provided to the buyer. We recognized the deferred gain in earnings as our exposure under the indemnity declined, beginning in the third quarter of 2014 and ending in the second quarter of 2015 when the indemnity expired. We recognized $110 million of the deferred gain in the first quarter of 2015.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended 2016 2015 Revenues $ 3,690 4,906 Income before income taxes 346 692 Net income 329 672 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.

Properties, Plants and Equipmen

Properties, Plants and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in properties, plants and equipment (PP&E), with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars March 31, 2016 December 31, 2015 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 7,441 1,430 6,011 6,978 1,293 5,685 Chemicals — — — — — — Refining 20,930 8,113 12,817 20,850 8,046 12,804 Marketing and Specialties 1,468 785 683 1,422 746 676 Corporate and Other 1,088 524 564 1,060 504 556 $ 30,927 10,852 20,075 30,310 10,589 19,721

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended 2016 2015 Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 385 385 987 987 Income allocated to participating securities (1 ) (1 ) (2 ) (1 ) Net Income available to common stockholders $ 384 384 985 986 Weighted-average common shares outstanding (thousands) : 527,229 531,739 543,469 548,200 Effect of stock-based compensation 4,510 2,970 4,731 4,137 Weighted-average common shares outstanding—EPS 531,739 534,709 548,200 552,337 Earnings Per Share of Common Stock (dollars) : $ 0.72 0.72 1.80 1.79

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt At both March 31, 2016 , and December 31, 2015 , we had no direct outstanding borrowings under our $5 billion revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. At both March 31, 2016 , and December 31, 2015 , no amounts were outstanding under the $500 million revolving credit agreement of Phillips 66 Partners. Accordingly, as of March 31, 2016 , an aggregate $5.4 billion of total capacity was available under these facilities.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2016
Guarantees [Abstract]
Guarantees	Guarantees At March 31, 2016 , 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 March 31, 2016 , 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 $382 million . We have other guarantees with maximum future potential payment amounts totaling $114 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 8 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 March 31, 2016 , was $195 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 March 31, 2016 . For additional information about environmental liabilities, see Note 11—Contingencies and Commitments . Indemnification and Release Agreement In 2012, we entered into the Indemnification and Release Agreement with ConocoPhillips. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2016
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. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using all information available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At March 31, 2016 , our total environmental accrual was $488 million , compared with $485 million at December 31, 2015 . We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases 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 March 31, 2016 , we had performance obligations secured by letters of credit and bank guarantees of $375 million (of which $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit and bank guarantees) related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2016
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, interest rates and commodity prices or to capture market opportunities. Because we have not used cash-flow hedge accounting for commodity derivative contracts, all gains and losses, realized or unrealized, from these 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 13—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 13—Fair Value Measurements . Millions of Dollars March 31 December 31 Assets Prepaid expenses and other current assets $ 1,112 2,607 Other assets 4 5 Liabilities Other accruals 1,089 2,425 Other liabilities and deferred credits 5 5 Hedge accounting has not been used for any item in the table. The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2016 2015 Sales and other operating revenues $ (86 ) (31 ) Other income 9 43 Purchased crude oil and products (36 ) 20 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 March 31, 2016 and December 31, 2015 . Open Position Long/(Short) March 31 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (36 ) (17 ) Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of over-the-counter (OTC) derivative contracts and trade receivables. The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less . We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on historical write-off experience or specific counterparty collectability. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments, and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were not material at March 31, 2016 , or December 31, 2015 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 and forward purchases and sales: 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 three-month period ended March 31, 2016 , derivative assets with an aggregate value of $106 million and derivative liabilities with an aggregate value of $81 million were transferred into Level 1 from Level 2, 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 March 31, 2016 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 $ 668 409 — 1,077 (1,019 ) (7 ) — 51 — OTC instruments — 4 — 4 (2 ) — — 2 — Physical forward contracts* — 35 — 35 — — — 35 — Rabbi trust assets 92 — — 92 N/A N/A — 92 N/A $ 760 448 — 1,208 (1,021 ) (7 ) — 180 Commodity Derivative Liabilities Exchange-cleared instruments $ 684 387 — 1,071 (1,019 ) (52 ) — — — OTC instruments — 3 — 3 (2 ) — — 1 — Physical forward contracts* — 20 — 20 — — — 20 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,866 — 8,866 N/A N/A (280 ) 8,586 N/A $ 734 9,276 — 10,010 (1,021 ) (52 ) (280 ) 8,657 * 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, 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. The rabbi trust assets appear on our consolidated balance sheet in the “Investments and long-term receivables” line, while the floating-rate and fixed-rate debt appear in the “Short-term debt” and “Long-term debt” lines. For information regarding where our commodity derivative assets and liabilities appear on the balance sheet, see the first table in Note 12—Derivatives and Financial Instruments .

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2016 and 2015 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 32 9 31 10 2 2 Interest cost 29 7 27 7 2 2 Expected return on plan assets (32 ) (10 ) (35 ) (10 ) — — Amortization of prior service cost 1 — 1 — — — Recognized net actuarial loss 18 4 19 4 — — Settlements 3 — 1 — — — Net periodic benefit cost $ 51 10 44 11 4 4 During the first three months of 2016 , we contributed $8 million to our U.S. benefit plans and $12 million to our international benefit plans. We currently expect to make additional contributions of approximately $20 million to our U.S. benefit plans and $30 million to our international benefit plans during the remainder of 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2014 $ (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications 3 (188 ) — (185 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 22 — — 22 Net current period other comprehensive income (loss) 25 (188 ) — (163 ) March 31, 2015 $ (671 ) (21 ) (2 ) (694 ) December 31, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications 4 (17 ) (5 ) (18 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 14 — — 14 Net current period other comprehensive income (loss) 18 (17 ) (5 ) (4 ) March 31, 2016 $ (644 ) (6 ) (7 ) (657 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans , for additional information).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 2016 2015 Operating revenues and other income (a) $ 407 617 Purchases (b) 1,503 1,948 Operating expenses and selling, general and administrative expenses (c) 33 31 Interest expense (d) 1 2 (a) We sold NGL and other petrochemical feedstocks, along with solvents to CPChem, and we sold gas oil and hydrogen feedstocks to Excel. We sold certain feedstocks and intermediate products to WRB and 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. We purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products and NGL. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. (c) We paid utility and processing fees to various affiliates. (d) We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Related

Segment Disclosures and Related Information	3 Months Ended
	Mar. 31, 2016
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 oil 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— Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations. Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents. We evaluate performance and allocate resources based on net income attributable to Phillips 66. Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2016 2015 Sales and Other Operating Revenues Midstream Total sales $ 931 969 Intersegment eliminations (292 ) (254 ) Total Midstream 639 715 Chemicals 1 2 Refining Total sales 10,238 14,271 Intersegment eliminations (6,559 ) (8,756 ) Total Refining 3,679 5,515 Marketing and Specialties Total sales 13,348 16,748 Intersegment eliminations (266 ) (211 ) Total Marketing and Specialties 13,082 16,537 Corporate and Other 8 9 Consolidated sales and other operating revenues $ 17,409 22,778 Net Income (Loss) Attributable to Phillips 66 Midstream $ 65 67 Chemicals 156 203 Refining 86 538 Marketing and Specialties 205 304 Corporate and Other (127 ) (125 ) Consolidated net income attributable to Phillips 66 $ 385 987 Millions of Dollars March 31 December 31 Total Assets Midstream $ 11,383 11,043 Chemicals 5,410 5,237 Refining 22,790 21,993 Marketing and Specialties 6,031 5,631 Corporate and Other 2,632 4,676 Consolidated total assets $ 48,246 48,580

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the first quarter of 2016 was 33 percent , compared with 28 percent for the corresponding period of 2015 . The increase in the effective tax rate was primarily attributable to a decrease in the manufacturing deduction in the first quarter of 2016, and a favorable tax settlement in the United Kingdom and recognition of a nontaxable gain associated with the sale of ICHP in the first quarter of 2015. For additional information on the nontaxable gain, see Note 5—Assets Held for Sale or Sold . The effective tax rate varies from the federal statutory tax rate of 35 percent primarily as a result of state tax expense, offset by the manufacturing deduction and foreign operations.

Phillips 66 Partners LP

Phillips 66 Partners LP	3 Months Ended
	Mar. 31, 2016
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP In 2013, we formed Phillips 66 Partners, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other transportation and midstream assets. On March 1, 2016, we contributed to Phillips 66 Partners 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 was $236 million , which consisted of Phillips 66 Partners’ assumption of a $212 million note payable to us, and the issuance of common units and general partner units to us with an aggregate fair value of $24 million . At March 31, 2016 , we owned a 69 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 29 percent limited partner interest. We consolidate Phillips 66 Partners because we control the partnership through our general partner interest (see Note 3—Variable Interest Entities , for additional information). The public’s ownership interest in Phillips 66 Partners was $809 million at March 31, 2016 , and is reflected as a noncontrolling interest in our financial statements. The most significant assets of Phillips 66 Partners that are available to settle only its obligations at March 31, 2016 , were equity investments of $967 million and net PP&E of $778 million , excluding the noncontrolling interest of Phillips 66 Sweeny Frac LLC.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In March 2016, the FASB issued ASU No. 2016-07, “Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The new standard eliminates the requirement that an investor retroactively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for the equity method. Public business entities should apply the guidance in ASU 2016-07 for annual periods beginning after December 15, 2016, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the provisions of ASU 2016-07 and assessing the impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” In the new standard, the FASB modified its determination of whether a contract is a lease rather than whether a lease is a capital or operating lease under the previous accounting principles generally accepted in the United States (GAAP) . A contract represents a lease if a transfer of control occurs over an identified property, plant and equipment for a period of time in exchange for consideration. Control over the use of the identified asset includes the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct its use. The FASB continued to maintain two classifications of leases - financing and operating - which are substantially similar to capital and operating leases in the previous lease guidance. Under the new standard, recognition of assets and liabilities arising from operating leases will require recognition on the balance sheet. The effect of all leases in the statement of comprehensive income and the statement of cash flows will be largely unchanged. Lessor accounting will also be largely unchanged. Additional disclosures will be required for financing and operating leases for both lessors and lessees. Public business entities should apply the guidance in ASU 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU 2016-02 and assessing its impact on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” 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 GAAP, 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 on our financial statements. 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 GAAP 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 on our financial statements. 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	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information $7.5 billion of our senior notes were issued by Phillips 66, and are guaranteed by Phillips 66 Company, a 100 -percent-owned subsidiary. Phillips 66 Company has fully and unconditionally guaranteed the payment obligations of Phillips 66 with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended March 31, 2016 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 11,698 5,711 — 17,409 Equity in earnings of affiliates 447 398 86 (598 ) 333 Net gain on dispositions — — — — — Other income — 15 3 — 18 Intercompany revenues — 178 1,587 (1,765 ) — Total Revenues and Other Income 447 12,289 7,387 (2,363 ) 17,760 Costs and Expenses Purchased crude oil and products — 8,994 4,645 (1,709 ) 11,930 Operating expenses — 832 199 (8 ) 1,023 Selling, general and administrative expenses 3 287 99 (3 ) 386 Depreciation and amortization — 200 80 — 280 Taxes other than income taxes — 1,344 2,117 — 3,461 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 93 8 30 (45 ) 86 Foreign currency transaction (gains) losses — — (7 ) — (7 ) Total Costs and Expenses 96 11,669 7,164 (1,765 ) 17,164 Income before income taxes 351 620 223 (598 ) 596 Provision (benefit) for income taxes (34 ) 173 59 — 198 Net income 385 447 164 (598 ) 398 Less: net income attributable to noncontrolling interests — — 13 — 13 Net Income Attributable to Phillips 66 $ 385 447 151 (598 ) 385 Comprehensive Income $ 381 443 152 (582 ) 394 Millions of Dollars Three Months Ended March 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 $ — 15,587 7,191 — 22,778 Equity in earnings of affiliates 1,052 722 49 (1,367 ) 456 Net gain (loss) on dispositions — (5 ) 127 — 122 Other income — 59 11 — 70 Intercompany revenues — 140 2,149 (2,289 ) — Total Revenues and Other Income 1,052 16,503 9,527 (3,656 ) 23,426 Costs and Expenses Purchased crude oil and products — 12,277 6,673 (2,255 ) 16,695 Operating expenses 4 874 230 (14 ) 1,094 Selling, general and administrative expenses 2 292 101 (1 ) 394 Depreciation and amortization — 194 59 — 253 Taxes other than income taxes — 1,381 2,081 — 3,462 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 93 6 6 (19 ) 86 Foreign currency transaction (gains) losses — — 49 — 49 Total Costs and Expenses 99 15,028 9,200 (2,289 ) 22,038 Income before income taxes 953 1,475 327 (1,367 ) 1,388 Provision (benefit) for income taxes (34 ) 423 2 — 391 Net income 987 1,052 325 (1,367 ) 997 Less: net income attributable to noncontrolling interests — — 10 — 10 Net Income Attributable to Phillips 66 $ 987 1,052 315 (1,367 ) 987 Comprehensive Income $ 824 889 149 (1,028 ) 834 Millions of Dollars March 31, 2016 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 310 1,413 — 1,723 Accounts and notes receivable 22 2,995 2,719 (999 ) 4,737 Inventories — 2,561 1,547 — 4,108 Prepaid expenses and other current assets 1 360 287 — 648 Total Current Assets 23 6,226 5,966 (999 ) 11,216 Investments and long-term receivables 31,952 22,839 7,504 (49,846 ) 12,449 Net properties, plants and equipment — 12,723 7,352 — 20,075 Goodwill — 3,040 235 — 3,275 Intangibles — 724 177 — 901 Other assets 13 166 153 (2 ) 330 Total Assets $ 31,988 45,718 21,387 (50,847 ) 48,246 Liabilities and Equity Accounts payable $ — 3,949 2,817 (999 ) 5,767 Short-term debt — 26 6 — 32 Accrued income and other taxes — 317 503 — 820 Employee benefit obligations — 279 27 — 306 Other accruals 143 267 84 — 494 Total Current Liabilities 143 4,838 3,437 (999 ) 7,419 Long-term debt 7,415 151 1,237 — 8,803 Asset retirement obligations and accrued environmental costs — 500 173 — 673 Deferred income taxes — 4,416 1,675 (2 ) 6,089 Employee benefit obligations — 1,109 201 — 1,310 Other liabilities and deferred credits 1,613 2,795 3,909 (8,008 ) 309 Total Liabilities 9,171 13,809 10,632 (9,009 ) 24,603 Common stock 11,011 25,404 10,764 (36,168 ) 11,011 Retained earnings 12,463 7,162 (733 ) (6,458 ) 12,434 Accumulated other comprehensive income (loss) (657 ) (657 ) (131 ) 788 (657 ) Noncontrolling interests — — 855 — 855 Total Liabilities and Equity $ 31,988 45,718 21,387 (50,847 ) 48,246 Millions of Dollars 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 Three Months Ended March 31, 2016 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 Operating Activities $ 1,863 561 321 (2,487 ) 258 Cash Flows From Investing Activities Capital expenditures and investments* — (345 ) (443 ) 38 (750 ) Proceeds from asset dispositions — 3 2 — 5 Intercompany lending activities (1,141 ) 1,396 (255 ) — — Advances/loans—related parties — (75 ) — — (75 ) Other — 8 (50 ) — (42 ) Net Cash Provided by (Used in) Investing Activities (1,141 ) 987 (746 ) 38 (862 ) Cash Flows From Financing Activities Issuance of debt — — 50 — 50 Repayment of debt — (6 ) (94 ) — (100 ) Issuance of common stock (31 ) — — — (31 ) Repurchase of common stock (391 ) — — — (391 ) Dividends paid on common stock (296 ) (1,807 ) (680 ) 2,487 (296 ) Distributions to noncontrolling interests — — (11 ) — (11 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — — — — Other* (4 ) — 38 (38 ) (4 ) Net Cash Used in Financing Activities (722 ) (1,813 ) (697 ) 2,449 (783 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 36 — 36 Net Change in Cash and Cash Equivalents — (265 ) (1,086 ) — (1,351 ) Cash and cash equivalents at beginning of period — 575 2,499 — 3,074 Cash and Cash Equivalents at End of Period $ — 310 1,413 — 1,723 * Includes intercompany capital contributions. Millions of Dollars Three Months Ended March 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 Operating Activities $ 52 60 1,298 (58 ) 1,352 Cash Flows From Investing Activities Capital expenditures and investments* — (425 ) (1,490 ) 834 (1,081 ) Proceeds from asset dispositions** — 881 (10 ) (880 ) (9 ) Intercompany lending activities 1,449 (833 ) (616 ) — — Advances/loans—related parties — (50 ) — — (50 ) Other — 12 90 — 102 Net Cash Provided by (Used in) Investing Activities 1,449 (415 ) (2,026 ) (46 ) (1,038 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (4 ) (91 ) — (895 ) Issuance of common stock (25 ) — — — (25 ) Repurchase of common stock (399 ) — — — (399 ) Dividends paid on common stock (272 ) — (39 ) 39 (272 ) Distributions to controlling interests — — (165 ) 165 — Distributions to noncontrolling interests — — (6 ) — (6 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (5 ) — 91 (100 ) (14 ) Net Cash Provided by (Used in) Financing Activities (1,501 ) (4 ) 1,343 104 (58 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (73 ) — (73 ) Net Change in Cash and Cash Equivalents — (359 ) 542 — 183 Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 1,686 3,704 — 5,390 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions.

Interim Financial Information (

Interim Financial Information (Policies)	3 Months Ended
	Mar. 31, 2016
Interim Financial Information [Abstract]
Earnings Per Share	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Commitments and Contingencies	In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we 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)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 3,845 3,214 Materials and supplies 263 263 $ 4,108 3,477

Investments, Loans and Long-T32

Investments, Loans and Long-Term Receivables (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Summarized 100 percent financial information for WRB Refining LP (WRB) and Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended 2016 2015 Revenues $ 3,690 4,906 Income before income taxes 346 692 Net income 329 672

Properties, Plants and Equipm33

Properties, Plants and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our investment in properties, plants and equipment (PP&E), with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars March 31, 2016 December 31, 2015 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 7,441 1,430 6,011 6,978 1,293 5,685 Chemicals — — — — — — Refining 20,930 8,113 12,817 20,850 8,046 12,804 Marketing and Specialties 1,468 785 683 1,422 746 676 Corporate and Other 1,088 524 564 1,060 504 556 $ 30,927 10,852 20,075 30,310 10,589 19,721

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended 2016 2015 Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 385 385 987 987 Income allocated to participating securities (1 ) (1 ) (2 ) (1 ) Net Income available to common stockholders $ 384 384 985 986 Weighted-average common shares outstanding (thousands) : 527,229 531,739 543,469 548,200 Effect of stock-based compensation 4,510 2,970 4,731 4,137 Weighted-average common shares outstanding—EPS 531,739 534,709 548,200 552,337 Earnings Per Share of Common Stock (dollars) : $ 0.72 0.72 1.80 1.79

Derivatives and Financial Ins35

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities presented net (i.e., commodity derivative assets and liabilities with the same counterparty are netted where the right of setoff exists); however, the balances in the following table are presented gross. For information on the impact of counterparty netting and collateral netting, see Note 13—Fair Value Measurements . Millions of Dollars March 31 December 31 Assets Prepaid expenses and other current assets $ 1,112 2,607 Other assets 4 5 Liabilities Other accruals 1,089 2,425 Other liabilities and deferred credits 5 5 Hedge accounting has not been used for any item in the table. The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2016 2015 Sales and other operating revenues $ (86 ) (31 ) Other income 9 43 Purchased crude oil and products (36 ) 20 Hedge accounting has not been used for any item in the table.
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long/(Short) March 31 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (36 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were: Millions of Dollars March 31, 2016 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 $ 668 409 — 1,077 (1,019 ) (7 ) — 51 — OTC instruments — 4 — 4 (2 ) — — 2 — Physical forward contracts* — 35 — 35 — — — 35 — Rabbi trust assets 92 — — 92 N/A N/A — 92 N/A $ 760 448 — 1,208 (1,021 ) (7 ) — 180 Commodity Derivative Liabilities Exchange-cleared instruments $ 684 387 — 1,071 (1,019 ) (52 ) — — — OTC instruments — 3 — 3 (2 ) — — 1 — Physical forward contracts* — 20 — 20 — — — 20 — Floating-rate debt 50 — — 50 N/A N/A — 50 N/A Fixed-rate debt, excluding capital leases** — 8,866 — 8,866 N/A N/A (280 ) 8,586 N/A $ 734 9,276 — 10,010 (1,021 ) (52 ) (280 ) 8,657 * 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, 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.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended March 31, 2016 and 2015 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 32 9 31 10 2 2 Interest cost 29 7 27 7 2 2 Expected return on plan assets (32 ) (10 ) (35 ) (10 ) — — Amortization of prior service cost 1 — 1 — — — Recognized net actuarial loss 18 4 19 4 — — Settlements 3 — 1 — — — Net periodic benefit cost $ 51 10 44 11 4 4

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2014 $ (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications 3 (188 ) — (185 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 22 — — 22 Net current period other comprehensive income (loss) 25 (188 ) — (163 ) March 31, 2015 $ (671 ) (21 ) (2 ) (694 ) December 31, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications 4 (17 ) (5 ) (18 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 14 — — 14 Net current period other comprehensive income (loss) 18 (17 ) (5 ) (4 ) March 31, 2016 $ (644 ) (6 ) (7 ) (657 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans , for additional information).

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended 2016 2015 Operating revenues and other income (a) $ 407 617 Purchases (b) 1,503 1,948 Operating expenses and selling, general and administrative expenses (c) 33 31 Interest expense (d) 1 2 (a) We sold NGL and other petrochemical feedstocks, along with solvents to CPChem, and we sold gas oil and hydrogen feedstocks to Excel. We sold certain feedstocks and intermediate products to WRB and 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. We purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products and NGL. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses. (c) We paid utility and processing fees to various affiliates. (d) We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Relat40

Segment Disclosures and Related Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended 2016 2015 Sales and Other Operating Revenues Midstream Total sales $ 931 969 Intersegment eliminations (292 ) (254 ) Total Midstream 639 715 Chemicals 1 2 Refining Total sales 10,238 14,271 Intersegment eliminations (6,559 ) (8,756 ) Total Refining 3,679 5,515 Marketing and Specialties Total sales 13,348 16,748 Intersegment eliminations (266 ) (211 ) Total Marketing and Specialties 13,082 16,537 Corporate and Other 8 9 Consolidated sales and other operating revenues $ 17,409 22,778 Net Income (Loss) Attributable to Phillips 66 Midstream $ 65 67 Chemicals 156 203 Refining 86 538 Marketing and Specialties 205 304 Corporate and Other (127 ) (125 ) Consolidated net income attributable to Phillips 66 $ 385 987 Millions of Dollars March 31 December 31 Total Assets Midstream $ 11,383 11,043 Chemicals 5,410 5,237 Refining 22,790 21,993 Marketing and Specialties 6,031 5,631 Corporate and Other 2,632 4,676 Consolidated total assets $ 48,246 48,580

Condensed Consolidating Finan41

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended March 31, 2016 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 11,698 5,711 — 17,409 Equity in earnings of affiliates 447 398 86 (598 ) 333 Net gain on dispositions — — — — — Other income — 15 3 — 18 Intercompany revenues — 178 1,587 (1,765 ) — Total Revenues and Other Income 447 12,289 7,387 (2,363 ) 17,760 Costs and Expenses Purchased crude oil and products — 8,994 4,645 (1,709 ) 11,930 Operating expenses — 832 199 (8 ) 1,023 Selling, general and administrative expenses 3 287 99 (3 ) 386 Depreciation and amortization — 200 80 — 280 Taxes other than income taxes — 1,344 2,117 — 3,461 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 93 8 30 (45 ) 86 Foreign currency transaction (gains) losses — — (7 ) — (7 ) Total Costs and Expenses 96 11,669 7,164 (1,765 ) 17,164 Income before income taxes 351 620 223 (598 ) 596 Provision (benefit) for income taxes (34 ) 173 59 — 198 Net income 385 447 164 (598 ) 398 Less: net income attributable to noncontrolling interests — — 13 — 13 Net Income Attributable to Phillips 66 $ 385 447 151 (598 ) 385 Comprehensive Income $ 381 443 152 (582 ) 394 Millions of Dollars Three Months Ended March 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 $ — 15,587 7,191 — 22,778 Equity in earnings of affiliates 1,052 722 49 (1,367 ) 456 Net gain (loss) on dispositions — (5 ) 127 — 122 Other income — 59 11 — 70 Intercompany revenues — 140 2,149 (2,289 ) — Total Revenues and Other Income 1,052 16,503 9,527 (3,656 ) 23,426 Costs and Expenses Purchased crude oil and products — 12,277 6,673 (2,255 ) 16,695 Operating expenses 4 874 230 (14 ) 1,094 Selling, general and administrative expenses 2 292 101 (1 ) 394 Depreciation and amortization — 194 59 — 253 Taxes other than income taxes — 1,381 2,081 — 3,462 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 93 6 6 (19 ) 86 Foreign currency transaction (gains) losses — — 49 — 49 Total Costs and Expenses 99 15,028 9,200 (2,289 ) 22,038 Income before income taxes 953 1,475 327 (1,367 ) 1,388 Provision (benefit) for income taxes (34 ) 423 2 — 391 Net income 987 1,052 325 (1,367 ) 997 Less: net income attributable to noncontrolling interests — — 10 — 10 Net Income Attributable to Phillips 66 $ 987 1,052 315 (1,367 ) 987 Comprehensive Income $ 824 889 149 (1,028 ) 834
Condensed Consolidating Balance Sheet	Millions of Dollars March 31, 2016 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 310 1,413 — 1,723 Accounts and notes receivable 22 2,995 2,719 (999 ) 4,737 Inventories — 2,561 1,547 — 4,108 Prepaid expenses and other current assets 1 360 287 — 648 Total Current Assets 23 6,226 5,966 (999 ) 11,216 Investments and long-term receivables 31,952 22,839 7,504 (49,846 ) 12,449 Net properties, plants and equipment — 12,723 7,352 — 20,075 Goodwill — 3,040 235 — 3,275 Intangibles — 724 177 — 901 Other assets 13 166 153 (2 ) 330 Total Assets $ 31,988 45,718 21,387 (50,847 ) 48,246 Liabilities and Equity Accounts payable $ — 3,949 2,817 (999 ) 5,767 Short-term debt — 26 6 — 32 Accrued income and other taxes — 317 503 — 820 Employee benefit obligations — 279 27 — 306 Other accruals 143 267 84 — 494 Total Current Liabilities 143 4,838 3,437 (999 ) 7,419 Long-term debt 7,415 151 1,237 — 8,803 Asset retirement obligations and accrued environmental costs — 500 173 — 673 Deferred income taxes — 4,416 1,675 (2 ) 6,089 Employee benefit obligations — 1,109 201 — 1,310 Other liabilities and deferred credits 1,613 2,795 3,909 (8,008 ) 309 Total Liabilities 9,171 13,809 10,632 (9,009 ) 24,603 Common stock 11,011 25,404 10,764 (36,168 ) 11,011 Retained earnings 12,463 7,162 (733 ) (6,458 ) 12,434 Accumulated other comprehensive income (loss) (657 ) (657 ) (131 ) 788 (657 ) Noncontrolling interests — — 855 — 855 Total Liabilities and Equity $ 31,988 45,718 21,387 (50,847 ) 48,246 Millions of Dollars 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
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Three Months Ended March 31, 2016 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 Operating Activities $ 1,863 561 321 (2,487 ) 258 Cash Flows From Investing Activities Capital expenditures and investments* — (345 ) (443 ) 38 (750 ) Proceeds from asset dispositions — 3 2 — 5 Intercompany lending activities (1,141 ) 1,396 (255 ) — — Advances/loans—related parties — (75 ) — — (75 ) Other — 8 (50 ) — (42 ) Net Cash Provided by (Used in) Investing Activities (1,141 ) 987 (746 ) 38 (862 ) Cash Flows From Financing Activities Issuance of debt — — 50 — 50 Repayment of debt — (6 ) (94 ) — (100 ) Issuance of common stock (31 ) — — — (31 ) Repurchase of common stock (391 ) — — — (391 ) Dividends paid on common stock (296 ) (1,807 ) (680 ) 2,487 (296 ) Distributions to noncontrolling interests — — (11 ) — (11 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — — — — Other* (4 ) — 38 (38 ) (4 ) Net Cash Used in Financing Activities (722 ) (1,813 ) (697 ) 2,449 (783 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 36 — 36 Net Change in Cash and Cash Equivalents — (265 ) (1,086 ) — (1,351 ) Cash and cash equivalents at beginning of period — 575 2,499 — 3,074 Cash and Cash Equivalents at End of Period $ — 310 1,413 — 1,723 * Includes intercompany capital contributions. Millions of Dollars Three Months Ended March 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 Operating Activities $ 52 60 1,298 (58 ) 1,352 Cash Flows From Investing Activities Capital expenditures and investments* — (425 ) (1,490 ) 834 (1,081 ) Proceeds from asset dispositions** — 881 (10 ) (880 ) (9 ) Intercompany lending activities 1,449 (833 ) (616 ) — — Advances/loans—related parties — (50 ) — — (50 ) Other — 12 90 — 102 Net Cash Provided by (Used in) Investing Activities 1,449 (415 ) (2,026 ) (46 ) (1,038 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (4 ) (91 ) — (895 ) Issuance of common stock (25 ) — — — (25 ) Repurchase of common stock (399 ) — — — (399 ) Dividends paid on common stock (272 ) — (39 ) 39 (272 ) Distributions to controlling interests — — (165 ) 165 — Distributions to noncontrolling interests — — (6 ) — (6 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 384 — 384 Other* (5 ) — 91 (100 ) (14 ) Net Cash Provided by (Used in) Financing Activities (1,501 ) (4 ) 1,343 104 (58 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (73 ) — (73 ) Net Change in Cash and Cash Equivalents — (359 ) 542 — 183 Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 1,686 3,704 — 5,390 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2012	Aug. 31, 2009	Aug. 28, 2009
Merey Sweeny [Member]
Variable interest entities VIEs (Textual) [Abstract]
Additional ownership interest acquired in MSLP that is in dispute			50.00%	50.00%
Book value of investment	$ 164
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member]
Variable interest entities VIEs (Textual) [Abstract]
Debt guarantee to lender of 8.85% senior notes issued by MSLP, percentage		100.00%
Stated interest rate of debt issued, percentage		8.85%
Maximum exposure under debt guarantee	$ 157
Excel Paralubes [Member]
Variable interest entities VIEs (Textual) [Abstract]
Percentage of ownership interest	50.00%
Percentage of governance interest in Excel	50.00%
Liquidity support guarantee of VIE shared with CoVenturer	$ 60
Dakota Access LLC [Member]
Variable interest entities VIEs (Textual) [Abstract]
Percentage of ownership interest	25.00%
Energy Transfer Crude Oil Company LLC [Member]
Variable interest entities VIEs (Textual) [Abstract]
Percentage of ownership interest	25.00%
DAPL And ETCOP [Member]
Variable interest entities VIEs (Textual) [Abstract]
Book value of investment	$ 494

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Summary of inventories
Crude oil and petroleum products	$ 3,845	$ 3,214
Materials and supplies	263	263
Inventories	$ 4,108	$ 3,477

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventories valued on the last-in, first out (LIFO) basis	$ 3,738		$ 3,085
Estimated excess of current replacement cost over LIFO cost of inventories	1,500		$ 1,300
Decreased net income due to LIFO inventory liquidations	$ 43	$ 36

Assets Held for Sale or Sold (N

Assets Held for Sale or Sold (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015USD ($)
Assets Held for Sale or Sold (Narrative) [Abstract]
Net gain on dispositions	$ 122
Immingham Combined Heat and Power Plant [Member] | Marketing and Specialties [Member]
Assets Held for Sale or Sold (Narrative) [Abstract]
Net gain on dispositions	$ 110

Investments, Loans and Long-T46

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - WRB Refining LP And Chevron Phillips Chemical Company LLC [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Summary of financial information
Revenues	$ 3,690	$ 4,906
Income before income taxes	346	692
Net income	$ 329	$ 672

Investments, Loans and Long-T47

Investments, Loans and Long-Term Receivables (Narrative) (Details) - Merey Sweeny [Member]	Aug. 31, 2009	Aug. 28, 2009	Aug. 27, 2009
Schedule of Equity Method Investments [Line Items]
Additional ownership interest acquired	50.00%	50.00%
Petroleos De Venezuela S.A. (PDVSA) [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest of others			50.00%
Conocophillips [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			50.00%

Properties, Plants and Equipm48

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 30,927	$ 30,310
Accum D&A	10,852	10,589
Net PP&E	20,075	19,721
Midstream [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	7,441	6,978
Accum D&A	1,430	1,293
Net PP&E	6,011	5,685
Refining [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	20,930	20,850
Accum D&A	8,113	8,046
Net PP&E	12,817	12,804
Marketing and Specialties [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,468	1,422
Accum D&A	785	746
Net PP&E	683	676
Corporate and Other [Member]
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,088	1,060
Accum D&A	524	504
Net PP&E	$ 564	$ 556

Earnings per Share (Summary of

Earnings per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic EPS Calculation
Net Income Attributable to Phillips 66	$ 385	$ 987
Income allocated to participating securities	(1)	(2)
Net Income available to common stockholders	$ 384	$ 985
Weighted-average common shares outstanding (thousands)	527,229	543,469
Effect of stock-based compensation (thousands)	4,510	4,731
Weighted-average commons shares outstanding - EPS (thousands)	531,739	548,200
Diluted EPS Calculation
Income allocated to participating securities	$ (1)	$ (1)
Net Income available to common stockholders	$ 384	$ 986
Effect of stock-based compensation (thousands)	2,970	4,137
Weighted-average commons shares outstanding - EPS (thousands)	534,709	552,337
Earnings Per Share of Common Stock (dollars), Basic	$ 0.72	$ 1.80
Earnings Per Share of Common Stock (dollars), Diluted	$ 0.72	$ 1.79

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Revolving Credit Facility [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Aggregate total capacity available under credit facilities	$ 5,400,000,000
5 Billion US Dollars Revolver [Member]
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement	0	$ 0
Borrowing capacity under revolving credit agreement	5,000,000,000
Letters of credit issued	51,000,000	51,000,000
Phillips 66 Partners Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement	0	$ 0
Borrowing capacity under revolving credit agreement	$ 500,000,000

Guarantees (Narrative) (Details

Guarantees (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Guarantees (Textual) [Abstract]
Environmental accruals included in recorded carrying amount	$ 488	$ 485
Residual Value Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees	382
Other Guarantees [Member]
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees	114
Indemnifications [Member]
Guarantees (Textual) [Abstract]
Carrying amount of indemnifications	195
Asset Retirement Obligations And Accrued Environmental Cost [Member] | Indemnifications [Member]
Guarantees (Textual) [Abstract]
Environmental accruals included in recorded carrying amount	$ 98
Maximum [Member] | Other Guarantees [Member]
Guarantees (Textual) [Abstract]
Term of the guarantees, in years	8 years
Merey Sweeny [Member] | MSLP 8.85% Senior Notes [Member] | Guarantees of Joint Venture Debt [Member]
Guarantees (Textual) [Abstract]
Percentage of guarantee			100.00%
Maximum potential amount of future payments under the guarantees	$ 157

Contingencies and Commitments (

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Contingencies and Commitments (Textual) [Abstract]
Total environmental accrual	$ 488	$ 485
Expected years to incur a substantial amount of expenditures	30 years
Performance Guarantee [Member]
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 375
Performance Guarantee [Member] | Revolving Credit Facility [Member]
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 51

Derivatives and Financial Ins53

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Prepaid Expenses and Other Current Assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets, fair value gross	[1]	$ 1,112	$ 2,607
Other Assets [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative assets, fair value gross	[1]	4	5
Other Accruals [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities, fair value gross	[1]	1,089	2,425
Other Liabilities and Deferred Credits [Member]
Fair value of commodity derivative assets and liabilities, without netting
Commodity derivative liabilities, fair value gross	[1]	$ 5	$ 5
[1]	Hedge accounting has not been used for any item in the table.

Derivatives and Financial Ins54

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Sales and Other Operating Revenues [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	$ (86)	$ (31)
Other Income [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	9	43
Purchased Crude Oil and Products [Member]
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	[1]	$ (36)	$ 20
[1]	Hedge accounting has not been used for any item in the table.

Derivatives and Financial Ins55

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Crude oil, refined products and NGL (millions of barrels)	(36)	(17)

Derivatives and Financial Ins56

Derivatives and Financial Instruments (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months	99.00%	99.00%

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, floating-rate debt		$ 50	$ 50
Difference In Carrying Value And Fair Value Liability		280	(195)
Net carrying value presented on balance sheet, fixed-rate debt, excluding capital leases	[1]	8,586	8,629
Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Difference In Carrying Value And Fair Value Liability	[1]	280	(195)
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		180	194
Net carrying value presented on balance sheet, commodity derivative liabilities and debt		8,657	8,708
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		92	83
Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Collateral Received of Paid Not Offset on Balance Sheet		0
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		51	65
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		2	1
Net carrying value presented on balance sheet, commodity derivative liabilities		1	5
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]	35	45
Net carrying value presented on balance sheet, commodity derivative liabilities	[2]	20	22
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of counterparty netting, commodity derivative assets		(1,021)	(2,401)
Effect of collateral netting, commodity derivative assets		(7)	(100)
Total assets, fair value disclosure gross		1,208	2,695
Effect of counterparty netting, commodity derivative liabilities		(1,021)	(2,401)
Effect of collateral netting, commodity derivative liabilities		(52)
Total liabilities, fair value disclosure gross		10,010	10,914
Fair Value, Measurements, Recurring [Member] | Floating Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross		50	50
Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	[1]	8,866	8,434
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		92	83
Fair Value, Measurements, Recurring [Member] | Exchange-cleared Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross		1,077	2,554
Effect of counterparty netting, commodity derivative assets		(1,019)	(2,389)
Effect of collateral netting, commodity derivative assets		(7)	(100)
Commodity derivative liabilities, fair value gross		1,071	2,391
Effect of counterparty netting, commodity derivative liabilities		(1,019)	(2,389)
Effect of collateral netting, commodity derivative liabilities		(52)
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		4	13
Effect of counterparty netting, commodity derivative assets		(2)	(12)
Commodity derivative liabilities, fair value gross		3	17
Effect of counterparty netting, commodity derivative liabilities		(2)	(12)
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]	35	45
Commodity derivative liabilities, fair value gross	[2]	20	22
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		760	1,937
Total liabilities, fair value disclosure gross		734	1,795
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Floating Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross		50	50
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		92	83
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		668	1,851
Commodity derivative liabilities, fair value gross		684	1,745
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		448	756
Total liabilities, fair value disclosure gross		9,276	9,119
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fixed Rate Debt Excluding Capital Leases [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	[1]	8,866	8,434
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		409	703
Commodity derivative liabilities, fair value gross		387	646
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		4	13
Commodity derivative liabilities, fair value gross		3	17
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]	35	40
Commodity derivative liabilities, fair value gross	[2]	$ 20	22
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
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
[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 (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Mar. 31, 2016USD ($)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Asset value transferred into Level 1, as measured from the beginning of the reporting period	$ 106
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 81

Employee Benefit Plans (Summary

Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
United States Pension Plans of U S Entity, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	$ 32	$ 31
Interest cost	29	27
Expected return on plan assets	(32)	(35)
Amortization of prior service cost	1	1
Recognized net actuarial loss	18	19
Settlements	3	1
Net periodic benefit cost	51	44
Foreign Pension Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	9	10
Interest cost	7	7
Expected return on plan assets	(10)	(10)
Recognized net actuarial loss	4	4
Net periodic benefit cost	10	11
Other Postretirement Benefit Plans, Defined Benefit [Member]
Components of Net Periodic Benefit Cost
Service cost	2	2
Interest cost	2	2
Net periodic benefit cost	$ 4	$ 4

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
United States Pension Plans of U S Entity, Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	$ 8
Additional contributions expected to be made during remainder of 2016	20
Foreign Pension Plans, Defined Benefit [Member]
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	12
Additional contributions expected to be made during remainder of 2016	$ 30

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance		$ (653)	$ (531)
Other comprehensive income (loss) before reclassifications		(18)	(185)
Actuarial losses and settlements	[1]	14	22
Other Comprehensive Loss, Net of Tax		(4)	(163)
Accumulated other comprehensive income (loss), ending balance		(657)	(694)
Defined Benefit Plans [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance		(662)	(696)
Other comprehensive income (loss) before reclassifications		4	3
Actuarial losses and settlements	[1]	14	22
Other Comprehensive Loss, Net of Tax		18	25
Accumulated other comprehensive income (loss), ending balance		(644)	(671)
Foreign Curency Translation [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance		11	167
Other comprehensive income (loss) before reclassifications		(17)	(188)
Other Comprehensive Loss, Net of Tax		(17)	(188)
Accumulated other comprehensive income (loss), ending balance		(6)	(21)
Hedging [Member]
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance		(2)	(2)
Other comprehensive income (loss) before reclassifications		(5)
Other Comprehensive Loss, Net of Tax		(5)
Accumulated other comprehensive income (loss), ending balance		$ (7)	$ (2)
[1]	These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 14—Employee Benefit Plans, for additional information).

Related Party Transactions (Sum

Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Significant transactions with related parties
Operating revenues and other income	[1]	$ 407	$ 617
Purchases	[2]	1,503	1,948
Operating expenses and selling, general and administrative expenses	[3]	33	31
Interest expense	[4]	$ 1	$ 2
[1]	We sold NGL and other petrochemical feedstocks, along with solvents to CPChem, and we sold gas oil and hydrogen feedstocks to Excel. We sold certain feedstocks and intermediate products to WRB and 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. We purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting finished refined products and NGL. In addition, we paid a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel for use in our refining and specialty businesses.
[3]	We paid utility and processing fees to various affiliates.
[4]	We incurred interest expense on a note payable to MSLP.

Segment Disclosures and Relat63

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Analysis of results by operating segment
Sales and other operating revenues	[1]	$ 17,409	$ 22,778
Net Income (Loss) Attributable to Phillips 66		385	987
Analysis of results of assets by operating segment
Total Assets		48,246		$ 48,580
Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		639	715
Net Income (Loss) Attributable to Phillips 66		65	67
Analysis of results of assets by operating segment
Total Assets		11,383		11,043
Chemicals [Member]
Analysis of results by operating segment
Sales and other operating revenues		1	2
Net Income (Loss) Attributable to Phillips 66		156	203
Analysis of results of assets by operating segment
Total Assets		5,410		5,237
Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		3,679	5,515
Net Income (Loss) Attributable to Phillips 66		86	538
Analysis of results of assets by operating segment
Total Assets		22,790		21,993
Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		13,082	16,537
Net Income (Loss) Attributable to Phillips 66		205	304
Analysis of results of assets by operating segment
Total Assets		6,031		5,631
Corporate and Other [Member]
Analysis of results by operating segment
Sales and other operating revenues		8	9
Net Income (Loss) Attributable to Phillips 66		(127)	(125)
Analysis of results of assets by operating segment
Total Assets		2,632		$ 4,676
Operating Segments [Member] | Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		931	969
Operating Segments [Member] | Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		10,238	14,271
Operating Segments [Member] | Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		13,348	16,748
Intersegment Eliminations [Member] | Midstream [Member]
Analysis of results by operating segment
Sales and other operating revenues		(292)	(254)
Intersegment Eliminations [Member] | Refining [Member]
Analysis of results by operating segment
Sales and other operating revenues		(6,559)	(8,756)
Intersegment Eliminations [Member] | Marketing and Specialties [Member]
Analysis of results by operating segment
Sales and other operating revenues		$ (266)	$ (211)
[1]	Includes excise taxes on petroleum products sales: $3,360, $3,362

Segment Disclosures and Relat64

Segment Disclosures and Related Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016
Midstream Segment [Member] | DCP Midstream [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Chemicals Segment [Member] | CP Chem [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Refining [Member] | Mainly United States And Europe [Member]
Segment Disclosures And Related Information (Textual) [Abstract]
Number of refineries	14

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes (Textual) [Abstract]
Effective tax rate, percent	33.00%	28.00%
Federal statutory tax rate, percent	35.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) $ in Millions	Mar. 01, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest		$ 855	$ 838
Net properties, plants and equipment		$ 20,075	$ 19,721
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%
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
Phillips 66 Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [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%
Equity investments		$ 967
Net properties, plants and equipment		$ 778
Phillips 66 Partners LP [Member] | Phillips 66 Sweeny Frac LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Interest in wholly owned subsidiary contributed, percentage	0.25
Total consideration for contributed assets	$ 236
Note payable to us	212
Phillips 66 Partners LP [Member] | Phillips 66 Sweeny Frac LLC [Member] | Common And General Partner Units [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate fair value of units received	$ 24

New Accounting Standards (Narra

New Accounting Standards (Narrative) (Details)	1 Months Ended
	Aug. 31, 2015	Feb. 29, 2016classification	Jan. 31, 2016provision
New Accounting Standards [Abstract]
Number of classifications | classification		2
Number of provisions | provision			1
Period of deferral of effective date, in years	1 year

Condensed Consolidating Finan68

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues and Other Income
Sales and other operating revenues	[1]	$ 17,409	$ 22,778
Equity in earnings of affiliates		333	456
Net gain on dispositions			122
Other income		18	70
Total Revenues and Other Income		17,760	23,426
Cost And Expenses
Purchased crude oil and products		11,930	16,695
Operating expenses		1,023	1,094
Selling, general and administrative expenses		386	394
Depreciation and amortization		280	253
Taxes other than income taxes	[1]	3,461	3,462
Accretion on discounted liabilities		5	5
Interest and debt expense		86	86
Foreign currency transaction (gains) osses		(7)	49
Total Costs and Expenses		17,164	22,038
Income before income taxes		596	1,388
Provision (benefit) for income taxes		198	391
Net income		398	997
Less: net income attributable to noncontrolling interests		13	10
Net Income Attributable to Phillips 66		385	987
Comprehensive Income		394	834
Phillips 66 [Member]
Revenues and Other Income
Equity in earnings of affiliates		447	1,052
Total Revenues and Other Income		447	1,052
Cost And Expenses
Operating expenses			4
Selling, general and administrative expenses		3	2
Interest and debt expense		93	93
Total Costs and Expenses		96	99
Income before income taxes		351	953
Provision (benefit) for income taxes		(34)	(34)
Net income		385	987
Net Income Attributable to Phillips 66		385	987
Comprehensive Income		381	824
Phillips 66 Company [Member]
Revenues and Other Income
Equity in earnings of affiliates		398	722
Net gain on dispositions			(5)
Other income		15	59
Total Revenues and Other Income		12,289	16,503
Cost And Expenses
Purchased crude oil and products		8,994	12,277
Operating expenses		832	874
Selling, general and administrative expenses		287	292
Depreciation and amortization		200	194
Taxes other than income taxes		1,344	1,381
Accretion on discounted liabilities		4	4
Interest and debt expense		8	6
Total Costs and Expenses		11,669	15,028
Income before income taxes		620	1,475
Provision (benefit) for income taxes		173	423
Net income		447	1,052
Net Income Attributable to Phillips 66		447	1,052
Comprehensive Income		443	889
All Other Subsidiaries [Member]
Revenues and Other Income
Equity in earnings of affiliates		86	49
Net gain on dispositions			127
Other income		3	11
Total Revenues and Other Income		7,387	9,527
Cost And Expenses
Purchased crude oil and products		4,645	6,673
Operating expenses		199	230
Selling, general and administrative expenses		99	101
Depreciation and amortization		80	59
Taxes other than income taxes		2,117	2,081
Accretion on discounted liabilities		1	1
Interest and debt expense		30	6
Foreign currency transaction (gains) osses		(7)	49
Total Costs and Expenses		7,164	9,200
Income before income taxes		223	327
Provision (benefit) for income taxes		59	2
Net income		164	325
Less: net income attributable to noncontrolling interests		13	10
Net Income Attributable to Phillips 66		151	315
Comprehensive Income		152	149
Reportable Legal Entities [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		11,698	15,587
Reportable Legal Entities [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		5,711	7,191
Consolidating Adjustments [Member]
Revenues and Other Income
Sales and other operating revenues		(1,765)	(2,289)
Equity in earnings of affiliates		(598)	(1,367)
Total Revenues and Other Income		(2,363)	(3,656)
Cost And Expenses
Purchased crude oil and products		(1,709)	(2,255)
Operating expenses		(8)	(14)
Selling, general and administrative expenses		(3)	(1)
Interest and debt expense		(45)	(19)
Total Costs and Expenses		(1,765)	(2,289)
Income before income taxes		(598)	(1,367)
Net income		(598)	(1,367)
Net Income Attributable to Phillips 66		(598)	(1,367)
Comprehensive Income		(582)	(1,028)
Consolidating Adjustments [Member] | Phillips 66 Company [Member]
Revenues and Other Income
Sales and other operating revenues		(178)	(140)
Consolidating Adjustments [Member] | All Other Subsidiaries [Member]
Revenues and Other Income
Sales and other operating revenues		$ (1,587)	$ (2,149)
[1]	Includes excise taxes on petroleum products sales: $3,360, $3,362

Condensed Consolidating Finan69

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets [Abstract]
Cash and cash equivalents	$ 1,723	$ 3,074	$ 5,390	$ 5,207
Accounts and notes receivable	4,737	5,173
Inventories	4,108	3,477
Prepaid expenses and other current assets	648	532
Total Current Assets	11,216	12,256
Investments and long-term receivables	12,449	12,143
Net properties, plants and equipment	20,075	19,721
Goodwill	3,275	3,275
Intangibles	901	906
Other assets	330	279
Total Assets	48,246	48,580
Liabilities and Equity [Abstract]
Accounts payable	5,767	5,655
Short-term debt	32	44
Accrued income and other taxes	820	878
Employee benefit obligations	306	576
Other accruals	494	378
Total Current Liabilities	7,419	7,531
Long-term debt	8,803	8,843
Asset retirement obligations and accrued environmental costs	673	665
Deferred income taxes	6,089	6,041
Employee benefit obligations	1,310	1,285
Other liabilities and deferred credits	309	277
Total Liabilities	24,603	24,642
Common stock	11,011	11,405
Retained earnings	12,434	12,348
Accumulated other comprehensive income (loss)	(657)	(653)	(694)	(531)
Noncontrolling interests	855	838
Total Liabilities and Equity	48,246	48,580
Phillips 66 [Member]
Assets [Abstract]
Accounts and notes receivable	22	14
Prepaid expenses and other current assets	1	2
Total Current Assets	23	16
Investments and long-term receivables	31,952	33,315
Other assets	13	16
Total Assets	31,988	33,347
Liabilities and Equity [Abstract]
Other accruals	143	59
Total Current Liabilities	143	59
Long-term debt	7,415	7,413
Other liabilities and deferred credits	1,613	2,746
Total Liabilities	9,171	10,218
Common stock	11,011	11,405
Retained earnings	12,463	12,377
Accumulated other comprehensive income (loss)	(657)	(653)
Total Liabilities and Equity	31,988	33,347
Phillips 66 Company [Member]
Assets [Abstract]
Cash and cash equivalents	310	575	1,686	2,045
Accounts and notes receivable	2,995	3,643
Inventories	2,561	2,171
Prepaid expenses and other current assets	360	382
Total Current Assets	6,226	6,771
Investments and long-term receivables	22,839	24,068
Net properties, plants and equipment	12,723	12,651
Goodwill	3,040	3,040
Intangibles	724	726
Other assets	166	154
Total Assets	45,718	47,410
Liabilities and Equity [Abstract]
Accounts payable	3,949	4,015
Short-term debt	26	25
Accrued income and other taxes	317	320
Employee benefit obligations	279	528
Other accruals	267	240
Total Current Liabilities	4,838	5,128
Long-term debt	151	158
Asset retirement obligations and accrued environmental costs	500	496
Deferred income taxes	4,416	4,500
Employee benefit obligations	1,109	1,094
Other liabilities and deferred credits	2,795	2,765
Total Liabilities	13,809	14,141
Common stock	25,404	25,404
Retained earnings	7,162	8,518
Accumulated other comprehensive income (loss)	(657)	(653)
Total Liabilities and Equity	45,718	47,410
All Other Subsidiaries [Member]
Assets [Abstract]
Cash and cash equivalents	1,413	2,499	$ 3,704	$ 3,162
Accounts and notes receivable	2,719	2,217
Inventories	1,547	1,306
Prepaid expenses and other current assets	287	148
Total Current Assets	5,966	6,170
Investments and long-term receivables	7,504	7,395
Net properties, plants and equipment	7,352	7,070
Goodwill	235	235
Intangibles	177	180
Other assets	153	113
Total Assets	21,387	21,163
Liabilities and Equity [Abstract]
Accounts payable	2,817	2,341
Short-term debt	6	19
Accrued income and other taxes	503	558
Employee benefit obligations	27	48
Other accruals	84	79
Total Current Liabilities	3,437	3,045
Long-term debt	1,237	1,272
Asset retirement obligations and accrued environmental costs	173	169
Deferred income taxes	1,675	1,545
Employee benefit obligations	201	191
Other liabilities and deferred credits	3,909	3,734
Total Liabilities	10,632	9,956
Common stock	10,764	10,688
Retained earnings	(733)	(200)
Accumulated other comprehensive income (loss)	(131)	(119)
Noncontrolling interests	855	838
Total Liabilities and Equity	21,387	21,163
Consolidating Adjustments [Member]
Assets [Abstract]
Accounts and notes receivable	(999)	(701)
Total Current Assets	(999)	(701)
Investments and long-term receivables	(49,846)	(52,635)
Other assets	(2)	(4)
Total Assets	(50,847)	(53,340)
Liabilities and Equity [Abstract]
Accounts payable	(999)	(701)
Total Current Liabilities	(999)	(701)
Deferred income taxes	(2)	(4)
Other liabilities and deferred credits	(8,008)	(8,968)
Total Liabilities	(9,009)	(9,673)
Common stock	(36,168)	(36,092)
Retained earnings	(6,458)	(8,347)
Accumulated other comprehensive income (loss)	788	772
Total Liabilities and Equity	$ (50,847)	$ (53,340)

Condensed Consolidating Finan70

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net Cash Provided by Operating Activities		$ 258	$ 1,352
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	(750)	(1,081)
Proceeds from asset dispositions	[2]	5	(9)
Advances/loans—related parties		(75)	(50)
Other		(42)	102
Net Cash Used in Investing Activities		(862)	(1,038)
Cash Flows From Financing Activities
Issuance of debt		50	1,169
Repayment of debt		(100)	(895)
Issuance of common stock		(31)	(25)
Repurchase of common stock		(391)	(399)
Dividends paid on common stock		(296)	(272)
Distributions to noncontrolling interests		(11)	(6)
Net proceeds from issuance of Phillips 66 Partners LP common units			384
Other	[1]	(4)	(14)
Net Cash Used in Financing Activities		(783)	(58)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		36	(73)
Net Change in Cash and Cash Equivalents		(1,351)	183
Cash and cash equivalents at beginning of period		3,074	5,207
Cash and Cash Equivalents at End of Period		1,723	5,390
Phillips 66 [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net Cash Provided by Operating Activities		1,863	52
Cash Flows From Investing Activities
Intercompany lending activities		(1,141)	1,449
Net Cash Used in Investing Activities		(1,141)	1,449
Cash Flows From Financing Activities
Repayment of debt			(800)
Issuance of common stock		(31)	(25)
Repurchase of common stock		(391)	(399)
Dividends paid on common stock		(296)	(272)
Other	[1]	(4)	(5)
Net Cash Used in Financing Activities		(722)	(1,501)
Phillips 66 Company [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net Cash Provided by Operating Activities		561	60
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	(345)	(425)
Proceeds from asset dispositions		3	881	[2]
Intercompany lending activities		1,396	(833)
Advances/loans—related parties		(75)	(50)
Other		8	12
Net Cash Used in Investing Activities		987	(415)
Cash Flows From Financing Activities
Repayment of debt		(6)	(4)
Dividends paid on common stock		(1,807)
Net Cash Used in Financing Activities		(1,813)	(4)
Net Change in Cash and Cash Equivalents		(265)	(359)
Cash and cash equivalents at beginning of period		575	2,045
Cash and Cash Equivalents at End of Period		310	1,686
All Other Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net Cash Provided by Operating Activities		321	1,298
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	(443)	(1,490)
Proceeds from asset dispositions		2	(10)	[2]
Intercompany lending activities		(255)	(616)
Other		(50)	90
Net Cash Used in Investing Activities		(746)	(2,026)
Cash Flows From Financing Activities
Issuance of debt		50	1,169
Repayment of debt		(94)	(91)
Dividends paid on common stock		(680)	(39)
Distributions to controlling interests			(165)
Distributions to noncontrolling interests		(11)	(6)
Net proceeds from issuance of Phillips 66 Partners LP common units			384
Other	[1]	38	91
Net Cash Used in Financing Activities		(697)	1,343
Effect of Exchange Rate Changes on Cash and Cash Equivalents		36	(73)
Net Change in Cash and Cash Equivalents		(1,086)	542
Cash and cash equivalents at beginning of period		2,499	3,162
Cash and Cash Equivalents at End of Period		1,413	3,704
Consolidating Adjustments [Member]
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net Cash Provided by Operating Activities		(2,487)	(58)
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	38	834
Proceeds from asset dispositions	[2]		(880)
Net Cash Used in Investing Activities		38	(46)
Cash Flows From Financing Activities
Dividends paid on common stock		2,487	39
Distributions to controlling interests			165
Other	[1]	(38)	(100)
Net Cash Used in Financing Activities		$ 2,449	$ 104
[1]	Includes intercompany capital contributions.
[2]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.

Condensed Consolidating Finan71

Condensed Consolidating Financial Information (Narrative) (Details)	Mar. 31, 2016USD ($)
Phillips 66 [Member] | Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt issued and guaranteed	$ 7,500,000,000
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership in subsidiary guarantor	100.00%