Phillips 66 (PSX) 10-K 17 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Trading Symbol	PSX
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		517,816,429
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 41.5

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues and Other Income
Sales and other operating revenues	[1]	$ 84,279	$ 98,975	$ 161,212
Equity in earnings of affiliates		1,414	1,573	2,466
Net gain on dispositions		10	283	295
Other income		74	118	120
Total Revenues and Other Income		85,777	100,949	164,093
Costs and Expenses
Purchased crude oil and products		62,468	73,399	135,748
Operating expenses		4,275	4,294	4,435
Selling, general and administrative expenses		1,638	1,670	1,663
Depreciation and amortization		1,168	1,078	995
Impairments		5	7	150
Taxes other than income taxes	[1]	13,688	14,077	15,040
Accretion on discounted liabilities		21	21	24
Interest and debt expense		338	310	267
Foreign currency transaction (gains) losses		(15)	49	26
Total Costs and Expenses		83,586	94,905	158,348
Income from continuing operations before income taxes		2,191	6,044	5,745
Provision for income taxes		547	1,764	1,654
Income from Continuing Operations		1,644	4,280	4,091
Income from discontinued operations	[2]	0	0	706
Net income		1,644	4,280	4,797
Less: net income attributable to noncontrolling interests		89	53	35
Net Income Attributable to Phillips 66		1,555	4,227	4,762
Amounts Attributable to Phillips 66 Common Stockholders:
Income from continuing operations		1,555	4,227	4,056
Income from discontinued operations		$ 0	$ 0	$ 706
Basic
Continuing operations (in dollars per share)		$ 2.94	$ 7.78	$ 7.15
Discontinued operations (in dollars per share)		0	0	1.25
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)		2.94	7.78	8.40
Diluted
Continuing operations (in dollars per share)		2.92	7.73	7.10
Discontinued operations (in dollars per share)		0	0	1.23
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)		2.92	7.73	8.33
Dividends Paid Per Share of Common Stock (dollars)		$ 2.4500	$ 2.18	$ 1.8900
Average Common Shares Outstanding (in thousands)
Basic (in shares)		527,531	542,355	565,902
Diluted (in shares)		530,066	546,977	571,504
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million
[2]	Net of provision for income taxes on discontinued operations: $0 million, $0 million, $5 million

Consolidated Statement of Inco3

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Includes excise taxes on petroleum products sales	$ 13,381	$ 13,780	$ 14,698
Net of provision for income taxes on discontinued operations	$ 0	$ 0	$ 5

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,644	$ 4,280	$ 4,797
Actuarial gain/loss:
Actuarial loss arising during the period	(178)	(138)	(451)
Amortization to net income of net actuarial loss and settlements	94	174	56
Curtailment gain	31	0	0
Plans sponsored by equity affiliates	(11)	11	(66)
Income taxes on defined benefit plans	13	(13)	169
Defined benefit plans, net of tax	(51)	34	(292)
Foreign currency translation adjustments	(301)	(163)	(294)
Income taxes on foreign currency translation adjustments	5	7	18
Foreign currency translation adjustments, net of tax	(296)	(156)	(276)
Cash flow hedges	8	0	0
Income taxes on hedging activities	(3)	0	0
Hedging activities, net of tax	5	0	0
Other Comprehensive Loss, Net of Tax	(342)	(122)	(568)
Comprehensive Income	1,302	4,158	4,229
Less: comprehensive income attributable to noncontrolling interests	89	53	35
Comprehensive Income Attributable to Phillips 66	$ 1,213	$ 4,105	$ 4,194

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 2,711	$ 3,074
Accounts and notes receivable (net of allowances of $34 million in 2016 and $55 million in 2015)	5,485	4,411
Accounts and notes receivable—related parties	912	762
Inventories	3,150	3,477
Prepaid expenses and other current assets	422	532
Total Current Assets	12,680	12,256
Investments and long-term receivables	13,534	12,143
Net properties, plants and equipment	20,855	19,721
Goodwill	3,270	3,275
Intangibles	888	906
Other assets	426	279
Total Assets	51,653	48,580
Liabilities
Accounts payable	6,395	5,155
Accounts payable—related parties	666	500
Short-term debt	550	44
Accrued income and other taxes	805	878
Employee benefit obligations	527	576
Other accruals	520	378
Total Current Liabilities	9,463	7,531
Long-term debt	9,588	8,843
Asset retirement obligations and accrued environmental costs	655	665
Deferred income taxes	6,743	6,041
Employee benefit obligations	1,216	1,285
Other liabilities and deferred credits	263	277
Total Liabilities	27,928	24,642
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2016—641,593,854 shares; 2015—639,336,287 shares)	6	6
Capital in excess of par	19,559	19,145
Treasury stock (at cost: 2016—122,827,264 shares; 2015—109,925,907 shares)	(8,788)	(7,746)
Retained earnings	12,608	12,348
Accumulated other comprehensive loss	(995)	(653)
Total Stockholders’ Equity	22,390	23,100
Noncontrolling interests	1,335	838
Total Equity	23,725	23,938
Total Liabilities and Equity	$ 51,653	$ 48,580

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 34	$ 55
Common Stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common Stock, Par Value (in usd per share)	$ 0.01	$ 0.01
Common Stock, shares issued (in shares)	641,593,854	639,336,287
Treasury Stock, shares repurchased (in shares)	122,827,264	109,925,907

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities
Net income		$ 1,644	$ 4,280	$ 4,797
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		1,168	1,078	995
Impairments		5	7	150
Accretion on discounted liabilities		21	21	24
Deferred taxes		612	529	(488)
Undistributed equity earnings		(815)	185	197
Net gain on dispositions		(10)	(283)	(295)
Income from discontinued operations	[1]	0	0	(706)
Other		(163)	117	(127)
Working capital adjustments
Decrease (increase) in accounts and notes receivable		(1,258)	2,129	2,226
Decrease (increase) in inventories		216	(144)	(85)
Decrease (increase) in prepaid expenses and other current assets		(147)	324	(316)
Increase (decrease) in accounts payable		1,579	(2,300)	(3,323)
Increase (decrease) in taxes and other accruals		111	(230)	478
Net cash provided by continuing operating activities		2,963	5,713	3,527
Net cash provided by discontinued operations		0	0	2
Net Cash Provided by Operating Activities		2,963	5,713	3,529
Cash Flows From Investing Activities
Capital expenditures and investments		(2,844)	(5,764)	(3,773)
Proceeds from asset dispositions	[2]	156	70	1,244
Advances/loans—related parties		(432)	(50)	(3)
Collection of advances/loans—related parties		108	50	0
Other		(146)	(44)	238
Net cash used in continuing investing activities		(3,158)	(5,738)	(2,294)
Net cash used in discontinued operations		0	0	(2)
Net Cash Used in Investing Activities		(3,158)	(5,738)	(2,296)
Cash Flows From Financing Activities
Issuance of debt		2,090	1,169	2,487
Repayment of debt		(833)	(926)	(49)
Issuance of common stock		(12)	(19)	1
Repurchase of common stock		(1,042)	(1,512)	(2,282)
Share exchange—PSPI transaction		0	0	(450)
Dividends paid on common stock		(1,282)	(1,172)	(1,062)
Distributions to noncontrolling interests		(75)	(46)	(30)
Net proceeds from issuance of Phillips 66 Partners LP common units		972	384	0
Other		4	5	23
Net cash used in continuing financing activities		(178)	(2,117)	(1,362)
Net cash used in discontinued operations		0	0	0
Net Cash Used in Financing Activities		(178)	(2,117)	(1,362)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		10	9	(64)
Net Change in Cash and Cash Equivalents		(363)	(2,133)	(193)
Cash and cash equivalents at beginning of year		3,074	5,207	5,400
Cash and Cash Equivalents at End of Year		$ 2,711	$ 3,074	$ 5,207
[1]	Net of provision for income taxes on discontinued operations: $0 million, $0 million, $5 million
[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	Capital in Excess of Par	Treasury Stock	Share exchange—PSPI transaction	Treasury Stock Repurchase Plan	Retained Earnings	Accum. Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2013	$ 22,392	$ 6	$ 18,887	$ (2,602)			$ 5,622	$ 37	$ 442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	4,797						4,762		35
Other comprehensive income (loss)	(568)							(568)
Cash dividends paid on common stock	(1,062)						(1,062)
Repurchase of common stock	(2,282)			(2,282)	$ (1,350)
Benefit plan activity	140		153				(13)
Distributions to noncontrolling interests and other	(30)								(30)
Ending Balance at Dec. 31, 2014	$ 22,037	6	19,040	(6,234)			9,309	(531)	447
Beginning Balance, Common shares (in shares) at Dec. 31, 2013	634,286,000
Shares
Shares issued—share-based compensation (in shares)	2,746,000
Ending Balance, Common shares (in shares) at Dec. 31, 2014	637,032,000
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2013	44,106,000
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares (in shares)	17,422,615				17,423,000	29,121,000
Ending Balance, Treasury shares (in shares) at Dec. 31, 2014	90,650,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 4,280						4,227		53
Other comprehensive income (loss)	(122)							(122)
Cash dividends paid on common stock	(1,172)						(1,172)
Repurchase of common stock	(1,512)			(1,512)
Benefit plan activity	89		105				(16)
Issuance of Phillips 66 Partners LP common units	384								384
Distributions to noncontrolling interests and other	(46)								(46)
Ending Balance at Dec. 31, 2015	$ 23,938	6	19,145	(7,746)			12,348	(653)	838
Shares
Shares issued—share-based compensation (in shares)	2,304,000
Ending Balance, Common shares (in shares) at Dec. 31, 2015	639,336,287
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares (in shares)						19,276,000
Ending Balance, Treasury shares (in shares) at Dec. 31, 2015	109,925,907
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 1,644						1,555		89
Other comprehensive income (loss)	(342)							(342)
Cash dividends paid on common stock	(1,282)						(1,282)
Repurchase of common stock	(1,042)			(1,042)
Benefit plan activity	93		106				(13)
Issuance of Phillips 66 Partners LP common units	791		308						483
Distributions to noncontrolling interests and other	(75)								(75)
Ending Balance at Dec. 31, 2016	$ 23,725	$ 6	$ 19,559	$ (8,788)			$ 12,608	$ (995)	$ 1,335
Shares
Shares issued—share-based compensation (in shares)	2,258,000
Ending Balance, Common shares (in shares) at Dec. 31, 2016	641,593,854
Shares
Repurchase of common stock and share exchange-PSPI transaction, shares (in shares)						12,901,000
Ending Balance, Treasury shares (in shares) at Dec. 31, 2016	122,827,264

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies ▪ Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. ▪ Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income/loss in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency. ▪ Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. ▪ Revenue Recognition —Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the “Purchased crude oil and products” line of our consolidated statement of income. ▪ Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these at cost plus accrued interest, which approximates fair value. ▪ Shipping and Handling Costs —We record shipping and handling costs in the “Purchased crude oil and products” line of our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.” ▪ Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual or nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method. ▪ Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs which are observable, other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. ▪ Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the right of offset exists and certain other criteria are met. We also net collateral payables or receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not designated as cash-flow hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income/loss and appear on the balance sheet in accumulated other comprehensive income/loss until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses are recognized immediately in earnings. ▪ Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plants and equipment and is amortized over the useful life of the asset. ▪ Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. ▪ Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized, but is tested annually for impairment, and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, the implied fair value of goodwill is calculated. The excess, if any, of the book value over the implied fair value of the goodwill is charged to net income. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining and Marketing and Specialties (M&S). ▪ Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). ▪ Impairment of Properties, Plants and Equipment —Properties, plants and equipment (PP&E) used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value through additional amortization or depreciation provisions and reported in the “Impairments” line of our consolidated statement of income in the period in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets (for example, at a refinery complex level). Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. ▪ Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate. ▪ Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. ▪ Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. ▪ Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Our estimate of the liability may change after initial recognition, in which case we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable. ▪ Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability has essentially been relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. ▪ Stock-Based Compensation —We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award not to be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting. ▪ Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses. ▪ Taxes Collected from Customers and Remitted to Governmental Authorities —Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes. ▪ Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders’ equity in the consolidated balance sheet.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 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.” This ASU simplified the presentation of deferred income taxes and required deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. The classification is 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 this ASU prospectively to all deferred tax liabilities and assets. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.” This ASU removed the definition of a development stage entity from the Master Glossary of the Accounting Standard Codification (ASC) and the related financial reporting requirements specific to development stage entities. ASU 2014-10 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 variable interest entity (VIE) guidance in ASC Topic 810, ASU No. 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, ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. We adopted the provisions of this ASU related to the financial reporting requirements other than the VIE guidance effective January 1, 2015. We adopted the remaining provisions effective January 1, 2016, 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 (VIE

Variable Interest Entities (VIEs)	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities Consolidated VIEs In 2013, we formed Phillips 66 Partners LP, a master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other midstream assets. We consolidate Phillips 66 Partners as we determined that Phillips 66 Partners is a VIE and we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities of Phillips 66 Partners that most significantly impact its economic performance. See Note 27—Phillips 66 Partners LP , for additional information. The most significant assets of Phillips 66 Partners that are available to settle only its obligations at December 31 were: Millions of Dollars 2016 2015 Equity investments* $ 1,142 945 Net properties, plants and equipment 2,675 2,437 * Included in “Investments and long-term receivables” on the Phillips 66 consolidated balance sheet. The most significant liability of Phillips 66 Partners for which creditors do not have recourse to the general credit of its primary beneficiary was long-term debt, which was $2,396 million and $1,091 million at December 31, 2016 and 2015, respectively. Non-consolidated VIEs 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. Under the agreements that governed the relationships between the co-venturers in MSLP, certain defaults by Petróleos de Venezuela S.A. (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. The call right was exercised in August 2009. The exercise of the call right was challenged, and the dispute was arbitrated in our favor and subsequently litigated. Through December 31, 2016, we continued to use the equity method of accounting for MSLP because the call right exercise remained subject to legal challenge. MSLP was 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, resulted in MSLP not being exposed to all potential losses. We determined we were not the primary beneficiary while the call exercise was subject to legal challenge, because under the partnership agreement, the co-venturers jointly directed the activities of MSLP that most significantly impacted economic performance. At December 31, 2016 , our maximum exposure to loss was $326 million , which represented the outstanding principal balance of the MSLP Senior Notes of $123 million and our investment in MSLP of $203 million . As discussed more fully in Note 5—Business Combinations , the exercise of the call right ceased to be subject to legal challenge in February 2017. At that point, we began consolidating MSLP as a wholly owned subsidiary and MSLP was no longer considered a VIE. We have a 25 percent ownership interest in Dakota Access, LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOP), whose planned principal operations have not commenced. Until 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 December 31, 2016, our maximum exposure to loss was $1,057 million , which represents the aggregate book value of our equity investments of $532 million , our loans to DAPL and ETCOP for an aggregated balance of $250 million and our share of borrowings under the project financing facility of $275 million .

Inventories

Inventories	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2016 2015 Crude oil and petroleum products $ 2,883 3,214 Materials and supplies 267 263 $ 3,150 3,477 Inventories valued on the LIFO basis totaled $2,772 million and $3,085 million at December 31, 2016 and 2015 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $3.3 billion and $1.3 billion at December 31, 2016 and 2015 , respectively. Excluding the disposition of the Whitegate Refinery, which occurred in September 2016, certain planned reductions in inventory caused liquidations of LIFO inventory values during each of the three years ended December 31, 2016 . These liquidations decreased net income by approximately $68 million , $37 million and $8 million in 2016 , 2015 and 2014, respectively. In conjunction with the Whitegate Refinery disposition, the refinery’s LIFO inventory values were liquidated causing a decrease in net income of $62 million during the year ended December 31, 2016. This LIFO liquidation impact was included in the net gain recognized on the disposition.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations In November 2016, Phillips 66 Partners acquired NGL logistics assets located in southeast Louisiana, consisting of approximately 500 miles of pipelines and storage caverns connecting multiple fractionation facilities, refineries and a petrochemical facility. The acquisition provided an opportunity for fee-based growth in the Louisiana market within our Midstream segment. The acquisition was included in the “Capital expenditures and investments” line of our consolidated statement of cash flows. As of December 31, 2016, we provisionally recorded $183 million of PP&E in connection with the acquisition. While we had no acquisitions in 2015, we completed the following acquisitions in 2014: • In August 2014, we acquired a 7.1 million-barrel-storage-capacity crude oil and petroleum products terminal located near Beaumont, Texas, to promote growth plans in our Midstream segment. • In July 2014, we acquired Spectrum Corporation, a private label and specialty lubricants business headquartered in Memphis, Tennessee. The acquisition supported our plans to selectively grow stable-return businesses in our M&S segment. • In March 2014, we acquired our co-venturer’s interest in an entity that operates a power and steam generation plant located in Texas that is included in our M&S segment. This acquisition provided us with full operational control over a key facility supplying utilities and other services to one of our refineries. We funded each of these 2014 acquisitions with cash on hand. Total cash consideration paid in 2014 was $741 million , net of cash acquired. Cash consideration paid for acquisitions is included in the “Capital expenditures and investments” line of our consolidated statement of cash flows. Our acquisition accounting for these transactions was finalized in 2015. MSLP owns a delayed coker and related facilities at the Sweeny Refinery, and its results are included in our Refining segment. MSLP processes long residue, which is produced from heavy sour crude oil, for a 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 governed 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 in August 2009. The exercise was challenged, and the dispute was arbitrated in our favor and subsequently litigated. While the dispute was being arbitrated and litigated, we continued to use the equity method of accounting for our 50 percent interest in MSLP. When the exercise of the call right ceased to be subject to legal challenge on February 7, 2017, we deemed that we had acquired PDVSA’s 50 percent share of MSLP and began accounting for MSLP as a wholly owned consolidated subsidiary. Based on a preliminary third-party appraisal of the fair value of MSLP’s net assets, utilizing discounted cash flows and replacement costs, the acquisition of PDVSA’s 50 percent interest is expected to result in our recording a noncash, pre-tax gain of approximately $420 million in the first quarter of 2017. The preliminary fair value of our original equity interest in MSLP is approximately $190 million .

Assets Held for Sale or Sold

Assets Held for Sale or Sold	12 Months Ended
	Dec. 31, 2016
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In September 2016, we completed the sale of the Whitegate Refinery and related marketing assets, which were included primarily in our Refining segment. The net carrying value of the assets at the time of their disposition was $135 million , which consisted of $127 million of inventory, other working capital, and PP&E; and $8 million of allocated goodwill. An immaterial gain was recognized in 2016 on the disposition. In December 2014, we completed the sale of our ownership interests in the Malaysia Refining Company Sdn. Bdh. (MRC), which was included in our Refining segment. At the time of the disposition, the total carrying value of our investment in MRC was $334 million , including $76 million of allocated goodwill and currency translation adjustments. A before-tax gain of $145 million was recognized in 2014 from this disposition. In July 2014, we entered into an agreement to sell the Bantry Bay terminal in Ireland, which was included in our Refining segment. Accordingly, the net assets of the terminal were classified as held for sale at that time, which resulted in a before-tax impairment in 2014 of $12 million from the reduction of the carrying value of the long-lived assets to estimated fair value less costs to sell. In February 2015, we completed the sale of the terminal. At the time of the disposition, the terminal had a net carrying value of $68 million , which primarily related to net PP&E. An immaterial gain was recognized in 2015 on this disposition. In February 2014, we exchanged the stock of Phillips Specialty Products Inc. (PSPI), a flow improver business, which was included in our M&S segment, for shares of Phillips 66 common stock owned by another party. The PSPI share exchange resulted in the receipt of approximately 17.4 million shares of Phillips 66 common stock, which are held as treasury shares, and the recognition in 2014 of a before-tax gain of $696 million . At the time of the disposition, PSPI had a net carrying value of $685 million , which primarily included $481 million of cash and cash equivalents, $60 million of net PP&E and $117 million of allocated goodwill. Cash and cash equivalents of $450 million included in PSPI’s net carrying value is reflected as a financing cash outflow in the “Share exchange—PSPI transaction” line of our consolidated statement of cash flows. Revenues, income before tax and net income from discontinued operations, excluding the recognized before-tax gain of $696 million , were not material for the year ended December 31, 2014. In July 2013, we completed the sale of the Immingham Combined Heat and Power Plant (ICHP), which was included in our M&S segment. A gain on this disposal was deferred at the time of the sale due to an indemnity provided to the buyer. We recognized the deferred gain in earnings as our exposure under the indemnity declined, beginning in the third quarter of 2014 and ending in the second quarter of 2015 when the indemnity expired. We recognized $242 million and $126 million of the deferred gain during the years ended December 31, 2015 and 2014, respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2016 2015 Equity investments $ 13,102 11,977 Loans and long-term receivables 334 84 Other investments 98 82 $ 13,534 12,143 Equity Investments Affiliated companies in which we had a significant equity investment at December 31, 2016 , included: • WRB Refining LP (WRB)— 50 percent owned business venture with Cenovus Energy Inc. (Cenovus)—owns the Wood River and Borger refineries. • DCP Midstream, LLC (DCP Midstream)— 50 percent owned joint venture with Spectra Energy Corp—owns and operates gas plants, gathering systems, storage facilities and fractionation plants, including through its investment in DCP Midstream, LP (formerly named DCP Midstream Partners, LP). • Chevron Phillips Chemical Company LLC (CPChem)— 50 percent owned joint venture with Chevron U.S.A. Inc., an indirect wholly owned subsidiary of Chevron Corporation—manufactures and markets petrochemicals and plastics. • Rockies Express Pipeline LLC (REX)— 25 percent owned joint venture with Tallgrass Energy Partners L.P.—owns and operates a natural gas pipeline system from Meeker, Colorado to Clarington, Ohio. • DCP Sand Hills Pipeline, LLC (Sand Hills)—Phillips 66 Partners’ 33 percent owned joint venture with DCP Partners—owns and operates NGL pipeline systems from the Permian and Eagle Ford basins to Mont Belvieu, Texas. • DCP Southern Hills Pipeline, LLC (Southern Hills)—Phillips 66 Partners’ 33 percent owned joint venture with DCP Partners—owns and operates NGL pipeline systems from the Midcontinent region to Mont Belvieu, Texas. • DAPL/ETCOP— two 25 percent owned joint ventures with Energy Transfer Equity L.P. and Energy Transfer Partners L.P. (collectively “Energy Transfer”). DAPL is constructing a crude oil pipeline system from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCOP completed a connecting crude oil pipeline system from Patoka to Nederland, Texas. Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2016 2015 2014 Revenues $ 30,605 33,126 57,979 Income before income taxes 3,206 3,180 4,791 Net income 2,960 3,158 4,700 Current assets 7,097 6,024 7,402 Noncurrent assets 50,163 46,047 41,271 Current liabilities 5,173 4,130 6,854 Noncurrent liabilities 13,709 11,493 9,736 Noncontrolling interests 2,260 2,404 2,584 Our share of income taxes incurred directly by the equity companies is included in equity in earnings of affiliates, and as such is not included in the provision for income taxes in our consolidated financial statements. At December 31, 2016 , retained earnings included $1,945 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $616 million , $1,769 million , and $3,305 million in 2016 , 2015 and 2014 , respectively. WRB WRB’s operating assets consist of the Wood River and Borger refineries, located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. As a result of our contribution of these two assets to WRB, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded their historical book value. The difference is primarily amortized and recognized as a benefit evenly over a period of 26 years , which was the estimated remaining useful life of the refineries’ PP&E at the closing date. At December 31, 2016 , the book value of our investment in WRB was $2,088 million , and the basis difference was $2,970 million . Equity earnings in 2016 , 2015 and 2014 were increased by $185 million , $218 million and $184 million , respectively, due to amortization of the basis difference. Cenovus was obligated to contribute $7.5 billion , plus accrued interest, to WRB over a 10 -year period that began in 2007. In the first quarter of 2014, Cenovus prepaid its remaining balance under this obligation. As a result, WRB declared a special dividend, which was distributed to the co-venturers in March 2014. Of the $1,232 million that we received, $760 million was considered a return on our investment in WRB (an operating cash inflow), and $472 million was considered a return of our investment in WRB (an investing cash inflow). The return of investment portion of the dividend was included in the “Proceeds from asset dispositions” line in our consolidated statement of cash flows. DCP Midstream DCP Midstream owns and operates gas plants, gathering systems, storage facilities and fractionation plants, including through its investment in DCP Partners. DCP Midstream markets a portion of its NGL to us and CPChem under supply agreements, the primary production commitment of which began a ratable wind-down period in December 2014 and expires in January 2019. This purchase commitment is on an “if-produced, will-purchase” basis. NGL is purchased under this agreement at various published market index prices, less transportation and fractionation fees. In 2015, we contributed $1.5 billion in cash to DCP Midstream as a capital contribution. Our co-venturer contributed its interests in Sand Hills and Southern Hills as a capital contribution equal in value to ours. Our ownership percentage in DCP Midstream remained unchanged. At December 31, 2016 , the book value of our investment in DCP Midstream was $2,258 million , and the basis difference was $55 million . CPChem CPChem manufactures and markets petrochemicals and plastics. At December 31, 2016 , the book value of our equity method investment in CPChem was $5,773 million . We have multiple supply and purchase agreements in place with CPChem, ranging in initial terms from one to 99 years, with extension options. These agreements cover sales and purchases of refined products, solvents, and petrochemical and NGL feedstocks, as well as fuel oils and gases. All products are purchased and sold under specified pricing formulas based on various published pricing indices. REX REX owns a natural gas pipeline that runs from Meeker, Colorado to Clarington, Ohio. In 2015, REX repaid $450 million of its debt, reducing its long-term debt to approximately $2.6 billion . REX funded the repayment through member cash contributions. Our 25 percent share was approximately $112 million , which we contributed to REX in 2015. At December 31, 2016 , the book value of our equity method investment in REX was $455 million . Sand Hills The Sand Hills pipeline is a fee-based pipeline that transports NGL from the Permian Basin and Eagle Ford Shale to facilities along the Texas Gulf Coast and the Mont Belvieu market hub. This investment was contributed to Phillips 66 Partners LP in March 2015 as discussed further in Note 27—Phillips 66 Partners LP . At December 31, 2016 , the book value of our equity investment in Sand Hills was $445 million . Southern Hills The Southern Hills pipeline is a fee-based pipeline that transports NGL from the Midcontinent to facilities along the Texas Gulf Coast and the Mont Belvieu market hub. This investment was contributed to Phillips 66 Partners LP in March 2015 as discussed further in Note 27—Phillips 66 Partners LP . At December 31, 2016 , the book value of our investment in Southern Hills was $212 million , and the basis difference was $96 million . DAPL/ETCOP We own a 25 percent interest in the DAPL and ETCOP joint ventures, which were formed to construct pipelines to deliver crude oil produced in the Bakken/Three Forks production area of North Dakota to market centers in the Midwest and the Gulf Coast. In May 2016, we and our co-venturer executed agreements under which we and our co-venturer would loan DAPL and ETCOP up to a maximum of $2,256 million and $227 million , respectively, with the amounts loaned by us and our co-venturer being proportionate to our ownership interests (Sponsor Loans). In August 2016, DAPL and ETCOP secured a $2.5 billion facility (Facility) with a syndicate of financial institutions on a limited recourse basis with certain guarantees, and the outstanding Sponsor Loans were repaid. Allowable draws under the Facility were initially reduced and finally suspended in September 2016 pending resolution of permitting delays. As a result, DAPL and ETCOP resumed making draws under the Sponsor Loans. The maximum amounts that could be loaned under the Sponsor Loans were reduced in September 2016, to $1,411 million for DAPL and $76 million for ETCOP. At December 31, 2016 , DAPL and ETCOP had $976 million and $22 million , respectively, outstanding under the Sponsor Loans. Our 25 percent share of those loans was $244 million and $6 million , respectively. The Sponsor Loans were repaid in their entirety in February 2017 when draws resumed under the Facility. At December 31, 2016 , the book values of our investments in DAPL and ETCOP were $403 million and $129 million , respectively. Loans and Long-term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered.

Properties, Plants and Equipmen

Properties, Plants and Equipment	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining manufacturing facilities are generally depreciated on a straight-line basis over a 25 -year life, pipeline assets over a 45 -year life and terminal assets over a 33 -year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2016 2015 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 8,179 1,579 6,600 6,978 1,293 5,685 Chemicals — — — — — — Refining 21,152 8,197 12,955 20,850 8,046 12,804 Marketing and Specialties 1,451 776 675 1,422 746 676 Corporate and Other 1,207 582 625 1,060 504 556 $ 31,989 11,134 20,855 30,310 10,589 19,721

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill The carrying amount of goodwill was as follows: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2015 $ 623 1,813 838 3,274 Goodwill assigned to acquisitions — — 1 1 Balance at December 31, 2015 623 1,813 839 3,275 Goodwill assigned to acquisitions 3 — — 3 Goodwill allocated to dispositions — (8 ) — (8 ) Balance at December 31, 2016 $ 626 1,805 839 3,270 Intangible Assets Information relating to the carrying value of intangible assets at December 31 follows: Millions of Dollars Gross Carrying Amount 2016 2015 Indefinite-Lived Intangible Assets Trade names and trademarks $ 503 503 Refinery air and operating permits 260 266 Other 1 1 $ 764 770 At year-end 2016 , the net book value of our amortized intangible assets was $124 million , which included accumulated amortization of $152 million . At year-end 2015 , the net book value of our amortized intangible assets was $136 million , which included accumulated amortization of $135 million . Amortization expense was not material for 2016 and 2015 , and is not expected to be material in future years.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2016
Impairment Of Long Lived Assets Abstract [Abstract]
Impairments	Impairments During 2016 , 2015 and 2014 , we recognized the following before-tax impairment charges: Millions of Dollars 2016 2015 2014 Midstream $ 3 1 — Refining 2 3 147 Marketing and Specialties — 3 3 $ 5 7 150 In 2014, we recorded a $131 million held-for-use impairment in our Refining segment related to the Whitegate Refinery in Ireland, due to the then current and forecasted negative market conditions in that region. In addition, we also recorded a $12 million held-for-sale impairment in our Refining segment related to the Bantry Bay terminal. See Note 6—Assets Held for Sale or Sold for additional information.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2016
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2016 2015 Asset retirement obligations $ 244 251 Accrued environmental costs 496 485 Total asset retirement obligations and accrued environmental costs 740 736 Asset retirement obligations and accrued environmental costs due within one year* (85 ) (71 ) Long-term asset retirement obligations and accrued environmental costs $ 655 665 *Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset retirement obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. Our largest individual obligations involve asbestos abatement at refineries. During 2016 and 2015 , our overall asset retirement obligation changed as follows: Millions of Dollars 2016 2015 Balance at January 1 $ 251 279 Accretion of discount 9 9 Changes in estimates of existing obligations 10 (7 ) Spending on existing obligations (15 ) (20 ) Property dispositions (5 ) (2 ) Foreign currency translation (6 ) (8 ) Balance at December 31 $ 244 251 Accrued Environmental Costs Total accrued environmental costs at December 31, 2016 and 2015 , were $496 million and $485 million , respectively. The 2016 increase in total accrued environmental costs is due to new accruals, accrual adjustments and accretion exceeding payments and settlements during the year. We had accrued environmental costs at December 31, 2016 and 2015 of $268 million and $270 million , respectively, primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $178 million and $168 million , respectively, associated with nonoperator sites; and $50 million and $47 million , respectively, where the company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities will be paid over periods extending up to 30 years . Because a large portion of the accrued environmental costs were acquired in various business combinations, the obligations are recorded at a discount. Expected expenditures for acquired environmental obligations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $248 million at December 31, 2016 . The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $25 million in 2017 , $26 million in 2018 , $22 million in 2019 , $16 million in 2020 , $15 million in 2021 , and $212 million for all future years after 2021 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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. 2016 2015 2014 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 1,555 1,555 4,227 4,227 4,056 4,056 Income allocated to participating securities (6 ) (5 ) (6 ) — (7 ) — Income from continuing operations available to common stockholders 1,549 1,550 4,221 4,227 4,049 4,056 Discontinued operations — — — — 706 706 Net income available to common stockholders $ 1,549 1,550 4,221 4,227 4,755 4,762 Weighted-average common shares outstanding (thousands) : 523,250 527,531 537,602 542,355 561,859 565,902 Effect of stock-based compensation 4,281 2,535 4,753 4,622 4,043 5,602 Weighted-average common shares outstanding—EPS 527,531 530,066 542,355 546,977 565,902 571,504 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 2.94 2.92 7.78 7.73 7.15 7.10 Discontinued operations — — — — 1.25 1.23 Earnings Per Share $ 2.94 2.92 7.78 7.73 8.40 8.33

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Long-term debt at December 31 was: Millions of Dollars 2016 2015 2.95% Senior Notes due 2017 $ 1,500 1,500 4.30% Senior Notes due 2022 2,000 2,000 4.65% Senior Notes due 2034 1,000 1,000 5.875% Senior Notes due 2042 1,500 1,500 4.875% Senior Notes due 2044 1,500 1,500 Phillips 66 Partners 2.646% Senior Notes due 2020 300 300 Phillips 66 Partners 3.605% Senior Notes due 2025 500 500 Phillips 66 Partners 3.55% Senior Notes due 2026 500 — Phillips 66 Partners 4.680% Senior Notes due 2045 300 300 Phillips 66 Partners 4.90% Senior Notes due 2046 625 — Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015 50 50 Sweeny Cogeneration, L.P. notes due 2020 at 7.54% — 41 Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) 68 83 Phillips 66 Partners revolving credit facility due 2021 at 1.98% at year-end 2016 210 — Other 1 1 Debt at face value 10,054 8,775 Capitalized leases 188 208 Net unamortized discounts and debt issuance costs (104 ) (96 ) Total debt 10,138 8,887 Short-term debt (550 ) (44 ) Long-term debt $ 9,588 8,843 Maturities of borrowings outstanding at December 31, 2016, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2017 through 2021 are $1,550 million , $43 million , $31 million , $335 million and $231 million , respectively. At December 31, 2016, we classified $1 billion of debt maturing in 2017 as long-term debt on our consolidated balance sheet, based on our ability and intent to refinance the obligation on a long-term basis, with such ability demonstrated by our revolving credit facility. Debt Issuances In October 2016, Phillips 66 Partners closed on a public offering of $1.125 billion aggregate principal amount of unsecured senior notes, consisting of: • $500 million of 3.55% Senior Notes due 2026. • $625 million of 4.90% Senior Notes due 2046. In February 2015, Phillips 66 Partners closed on a public offering of $1.1 billion aggregate principal amount of unsecured senior notes, consisting of: • $300 million of 2.646% Senior Notes due 2020. • $500 million of 3.605% Senior Notes due 2025. • $300 million of 4.680% Senior Notes due 2045. Credit Facilities and Commercial Paper In October 2016, Phillips 66 amended its $5 billion revolving credit facility, primarily to extend the term from December 2019 to October 2021. This facility may be used for direct bank borrowings, as support for issuances of letters of credit, or as support for our commercial paper program. The facility is with a broad syndicate of financial institutions and contains covenants that we consider usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 60 percent . The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. Borrowings under the facility will incur interest at the London Interbank Offered Rate (LIBOR) plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor’s Ratings Services and Moody’s Investors Service. The facility also provides for customary fees, including administrative agent fees and commitment fees. As of December 31, 2016, no amount had been directly drawn under this revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. We have a $5 billion commercial paper program for short-term working capital needs that is supported by our revolving credit facility. Commercial paper maturities are generally limited to 90 days. As of December 31, 2016, we had no borrowings under our commercial paper program. Phillips 66 Partners also amended its $500 million revolving credit facility in October 2016, primarily to increase borrowing capacity to $750 million and to extend the term from November 2019 to October 2021. The Phillips 66 Partners facility is with a broad syndicate of financial institutions. As of December 31, 2016, Phillips 66 Partners had $210 million outstanding under this facility.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2016
Guarantees [Abstract]
Guarantees	Guarantees At December 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 MSLP Senior Notes issued in July 1999. At December 31, 2016 , the maximum potential amount of future payments to third parties under the guarantee was estimated to be $123 million , which could become payable if MSLP fails to meet its obligations under the senior notes agreement. The MSLP Senior Notes mature in 2019. In December 2016, as part of the restructuring within DCP Midstream which occurred effective January 1, 2017, we issued a guarantee in support of DCP Midstream, LLC’s newly issued debt. At December 31, 2016, the maximum potential amount of future payments to third parties under the guarantee is estimated to be $212 million . Payment would be required if DCP Midstream, LLC defaults on this debt obligation. DCP Midstream, LLC’s debt matures in 2019. Other Guarantees In the second quarter of 2016, the operating lease commenced on our new headquarters facility in Houston, Texas, after construction was deemed substantially complete. Under this lease agreement, we have a residual value guarantee with a maximum future exposure of $554 million . The operating lease has a term of five years and provides us the option, at the end of the lease term, to request to renew the lease, purchase the facility, or assist the lessor in marketing it for resale. We have residual value guarantees associated with railcar and airplane leases with maximum future potential payments of $363 million . We estimated a $94 million residual value guarantee obligation for our railcars in the fourth quarter of 2016. This residual value guarantee reflects the negative impact of new safety regulations issued by the U.S. Department of Transportation on the fair value of crude-oil railcars. The amount was based on an outside appraisal of the estimated fair value of the railcars at their lease termination dates. Of the total $94 million residual value guarantee obligation, $28 million was recognized as expense in 2016, with $20 million of that amount related to railcars permanently taken out of service. The remaining $66 million estimated obligation at year-end 2016 will be recognized on a straight-line basis through the applicable lease termination dates in either late-2017 or 2019. For railcars taken out of service in 2016, we also recognized remaining executory lease costs of $12 million . Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses, and employee claims; and real estate indemnity against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues with generally indefinite terms, and the maximum amount of future payments is generally unlimited. The carrying amount recorded for indemnifications at December 31, 2016 , was $193 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 $102 million of environmental accruals for known contamination that were primarily included in “Asset retirement obligations and accrued environmental costs” at December 31, 2016 . For additional information about environmental liabilities, see Note 15—Contingencies and Commitments . Indemnification and Release Agreement In 2012, we entered into the Indemnification and Release Agreement with ConocoPhillips. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Dec. 31, 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. See Note 21—Income Taxes , for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using all information available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 11—Asset Retirement Obligations and Accrued Environmental Costs , for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2016 , we had performance obligations secured by letters of credit and bank guarantees of $541 million (of which $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit and bank guarantees) related to various purchase and other commitments incident to the ordinary conduct of business. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. The aggregate amounts of estimated payments under these various agreements are $ 319 million annually for each of the years from 2017 through 2021 and $2,902 million in the aggregate for years 2022 and thereafter . Total payments under the agreements were $325 million in 2016 , $328 million in 2015 and $331 million in 2014 .

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 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 interest rates, foreign currency exchange 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 commodity derivative contracts have been recognized in the consolidated statement of income. Gains and losses from derivative contracts held for trading not directly related to our physical business, whether realized or unrealized, have been reported net in “Other income” on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section of the consolidated statement of cash flows. Purchase and sales contracts with fixed minimum notional volumes for commodities that are readily convertible to cash (e.g., crude oil and gasoline) are recorded on the balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception (i.e., contracts to purchase or sell quantities we expect to use or sell over a reasonable period in the normal course of business). We generally apply this normal purchases and normal sales exception to eligible crude oil, refined product, NGL, natural gas and power commodity purchase and sales contracts; however, we may elect not to apply this exception (e.g., when another derivative instrument will be used to mitigate the risk of the purchase or sales contract but hedge accounting will not be applied, in which case both the purchase or sales contract and the derivative contract mitigating the resulting risk will be recorded on the balance sheet at fair value). Our derivative instruments are held at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 17—Fair Value Measurements . Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined products, natural gas, NGL, and electric power markets, exposing our revenues, purchases, cost of operating activities, and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited, immaterial amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on the balance sheet when the right of setoff exists. For information on the impact of counterparty netting and collateral netting, and reconciliation of the balances presented below to the balance sheet, see Note 17—Fair Value Measurements . Millions of Dollars 2016 2015 Assets Prepaid expenses and other current assets $ 741 2,607 Other assets 5 5 Liabilities Other accruals 766 2,425 Other liabilities and deferred credits 2 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 2016 2015 2014 Sales and other operating revenues $ (451 ) 162 658 Equity in earnings of affiliates — — 66 Other income 29 58 20 Purchased crude oil and products (62 ) 121 136 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 at least 98 percent at December 31, 2016 and 2015 . Open Position Long / (Short) 2016 2015 Commodity Crude oil, refined products and NGL (millions of barrels) (18 ) (17 ) Interest-Rate Derivative Contracts —During the first quarter of 2016, we entered into interest-rate swaps to hedge the variability of anticipated lease payments on our new headquarters. These monthly lease payments will vary based on monthly changes in the one-month LIBOR and changes, if any, in the Company’s credit rating over the five-year term of the lease. The pay-fixed, receive-floating interest rate swaps have an aggregate notional value of $ 650 million and end on April 25, 2021. They qualify for and are designated as cash-flow hedges. At December 31, 2016, the aggregate net fair value of these swaps, which is included in the “Other accruals” and “Other assets” lines of our consolidated balance sheet, amounted to $8 million . We report the effective portion of the mark-to-market gain or loss on our interest rate swaps designated and qualifying as a cash flow hedging instrument as a component of other comprehensive income/loss and reclassify such gains and losses into earnings in the same period during which the hedged forecasted transaction affects earnings. Gains and losses due to ineffectiveness are recognized in general and administrative expenses. During the year ended December 31, 2016, we did not recognize any material hedge ineffectiveness gain or loss in the consolidated income statement. Net realized loss from settlements of the swaps during the year ended December 31, 2016, was immaterial. We estimate that pre-tax losses of $3 million will be reclassified from accumulated other comprehensive income/loss into general and administrative expenses during the next twelve months as the hedged transaction settles; however, the actual amounts that will be reclassified will vary based on changes in interest rates throughout the year 2017. Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of over-the-counter (OTC) derivative contracts and trade receivables. The credit risk from our OTC derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less . We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on historical write-off experience or specific counterparty collectability. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments, and master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were not material at December 31, 2016 or 2015 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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: 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. • Interest-rate swaps: We determine fair value based upon observed market valuations for interest-rate swaps that have notionals, durations, and pay and reset frequencies similar to ours. • Futures: Fair values are based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange, or other traded exchanges. • Forward-exchange contracts: Fair value is estimated by comparing the contract rate to the forward rate in effect at the end of the reporting period, which approximates the exit price at that date. We carry certain assets and liabilities at fair value, which we measure at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: • Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. • Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. • Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the lowest level of input significant to its measurement; however, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. For the year ended December 31, 2016, derivative assets with an aggregate value of $201 million and derivative liabilities with an aggregate value of $156 million were transferred into Level 1, as measured from the beginning of the reporting period. The measurements were reclassified within the fair value hierarchy due to the availability of unadjusted quoted prices from an active market. Recurring Fair Value Measurements Financial assets and liabilities recorded at fair value on a recurring basis consist primarily of investments to support nonqualified deferred compensation plans and derivative instruments. The deferred compensation investments are measured at fair value using unadjusted prices available from national securities exchanges; therefore, these assets are categorized as Level 1 in the fair value hierarchy. We value our exchange-traded commodity derivatives using closing prices provided by the exchange as of the balance sheet date, and these are also classified as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity or are valued using either adjusted exchange-provided prices or non-exchange quotes, we classify those contracts as Level 2. OTC financial swaps and physical commodity forward purchase and sales contracts are generally valued using quotes provided by brokers and price index developers such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC swaps and physical commodity purchase and sales contracts are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Financial OTC and physical commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a mid-market pricing convention (the mid-point between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. The following tables display the fair value hierarchy for our material financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown gross (i.e., without the effect of netting where the legal right of setoff exists) in the hierarchy sections of these tables. These tables also show that our Level 3 activity was not material. We have master netting agreements for all of our exchange-cleared derivative instruments, the majority of our OTC derivative instruments, and certain physical commodity forward contracts (primarily pipeline crude oil deliveries). The following tables show the fair value of these contracts on a net basis in the column “Effect of Counterparty Netting,” which is how these also appear on the consolidated balance sheet. The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were: Millions of Dollars December 31, 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 Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 273 371 — 644 (628 ) — — 16 OTC instruments — 6 — 6 (1 ) — — 5 Physical forward contracts* — 94 2 96 — — — 96 Interest-rate derivatives — 8 — 8 — — — 8 Rabbi trust assets 97 — — 97 N/A N/A — 97 $ 370 479 2 851 (629 ) — — 222 Commodity Derivative Liabilities Exchange-cleared instruments $ 249 452 — 701 (628 ) (73 ) — — OTC instruments — 1 — 1 (1 ) — — — Physical forward contracts* — 61 5 66 — — — 66 Floating-rate debt 50 210 — 260 N/A N/A — 260 Fixed-rate debt, excluding capital leases** — 10,260 — 10,260 N/A N/A (570 ) 9,690 $ 299 10,984 5 11,288 (629 ) (73 ) (570 ) 10,016 *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 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 $ 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 Fixed-rate debt, excluding capital leases** — 8,434 — 8,434 N/A N/A 195 8,629 $ 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. At December 31, 2016 and 2015, there were no material cash collateral received or paid that were not offset on the balance sheet. The rabbi trust assets appear on our consolidated balance sheet in the “Investments and long-term receivables” line, while the floating-rate and fixed-rate debt appear in the “Short-term debt” and “Long-term debt” lines. For information regarding where our commodity derivative assets and liabilities appear on the balance sheet, see the first table in Note 16—Derivatives and Financial Instruments . Nonrecurring Fair Value Remeasurements During the years ended December 31, 2016 and 2015, there were no material nonrecurring fair value remeasurements of assets subsequent to their initial recognition.

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2016 or 2015 . Treasury Stock Since July 2012, our Board of Directors has, at various times, authorized repurchases of our outstanding common stock which aggregate to a total authorization of up to $9 billion . The share repurchases are expected to be funded primarily through available cash. The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since the inception of our share repurchases in 2012, through December 31, 2016 , we have repurchased a total of 105,404,649 shares at a cost of $7.4 billion . Shares of stock repurchased are held as treasury shares. In 2014 we completed the exchange of our flow improvers business for shares of Phillips 66 common stock owned by the other party to the transaction. We received 17,422,615 shares of our common stock with a fair value at the time of the exchange of $1.35 billion . Common Stock Dividends On February 8, 2017 , our Board of Directors declared a quarterly cash dividend of $0.63 per common share, payable March 1, 2017 , to holders of record at the close of business on February 21, 2017 . Noncontrolling Interests See Note 27—Phillips 66 Partners LP for information on Phillips 66 Partners issuances of common units to the public during 2016.

Leases

Leases	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Leases	Leases We lease ocean transport vessels, tugboats, barges, pipelines, railcars, service station sites, computers, office buildings, corporate aircraft, land and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. Our capital lease obligations relate primarily to the lease of an oil terminal in the United Kingdom. The lease obligation is subject to foreign currency translation adjustments each reporting period. The total net PP&E recorded for capital leases was $208 million and $231 million at December 31, 2016 and 2015 , respectively. Future minimum lease payments as of December 31, 2016 , for operating and capital lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2017 $ 26 404 2018 19 362 2019 18 276 2020 14 200 2021 14 85 Remaining years 150 229 Total 241 1,556 Less: income from subleases — 60 Net minimum lease payments $ 241 1,496 Less: amount representing interest 53 Capital lease obligations $ 188 Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2016 2015 2014 Minimum rentals $ 641 641 570 Contingent rentals 6 6 8 Less: sublease rental income 95 136 135 $ 552 511 443

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 2,791 912 2,895 941 219 203 Service cost 127 32 124 38 7 7 Interest cost 116 28 109 28 8 7 Plan participant contributions — 3 — 3 2 1 Actuarial loss (gain) 62 237 (25 ) (10 ) (6 ) 13 Benefits paid (215 ) (19 ) (312 ) (20 ) (13 ) (12 ) Curtailment gain — (31 ) — — — — Acquisition of a business — — — — 8 — Foreign currency exchange rate change — (107 ) — (68 ) — — Benefit obligation at December 31 $ 2,881 1,055 2,791 912 225 219 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,023 742 2,124 724 — — Actual return on plan assets 136 148 (10 ) 18 — — Company contributions 330 40 221 63 11 11 Plan participant contributions — 3 — 3 2 1 Benefits paid (215 ) (19 ) (312 ) (20 ) (13 ) (12 ) Foreign currency exchange rate change — (118 ) — (46 ) — — Fair value of plan assets at December 31 $ 2,274 796 2,023 742 — — Funded Status at December 31 $ (607 ) (259 ) (768 ) (170 ) (225 ) (219 ) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2016 and 2015 , include: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — — — 20 — — Current liabilities (10 ) — (10 ) — (10 ) (10 ) Noncurrent liabilities (597 ) (259 ) (758 ) (190 ) (215 ) (209 ) Total recognized $ (607 ) (259 ) (768 ) (170 ) (225 ) (219 ) Included in accumulated other comprehensive income/loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 684 227 710 143 (5 ) 2 Unrecognized prior service cost (credit) 3 (5 ) 6 (7 ) (9 ) (10 ) Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income/Loss Net gain (loss) arising during the period $ (54 ) (129 ) (124 ) 7 7 (14 ) Curtailment gain — 31 — — — — Amortization of (gain) loss and settlements included in income 80 14 155 15 — (1 ) Net change during the period $ 26 (84 ) 31 22 7 (15 ) Prior service cost arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income 3 (1 ) 3 (1 ) (1 ) (2 ) Net change during the period $ 3 (1 ) 3 (1 ) (1 ) (2 ) The accumulated benefit obligations for all U.S. and international pensions plans were $2,601 million and $880 million , respectively at December 31, 2016, and $2,485 million and $712 million , respectively, at December 31, 2015. Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2016 2015 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,881 1,055 2,791 351 Accumulated benefit obligations 2,601 880 2,485 303 Fair value of plan assets 2,274 796 2,023 160 Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2014 2016 2015 2014 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 127 32 124 38 121 38 7 7 7 Interest cost 116 28 109 28 108 35 8 7 8 Expected return on plan assets (128 ) (38 ) (138 ) (37 ) (142 ) (37 ) — — — Amortization of prior service cost (credit) 3 (1 ) 3 (1 ) 3 (2 ) (1 ) (2 ) (1 ) Recognized net actuarial loss (gain) 72 14 75 15 40 12 — (1 ) (2 ) Settlements 8 — 80 — — — — — — Total net periodic benefit cost $ 198 35 253 43 130 46 14 11 12 In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. Amounts included in accumulated other comprehensive income at December 31, 2016 , that are expected to be amortized into net periodic benefit cost during 2017 are provided below: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. Unrecognized net actuarial loss $ 70 23 — Unrecognized prior service cost (credit) 3 (1 ) (1 ) The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 3.95 % 2.42 4.35 3.35 3.65 4.00 Rate of compensation increase 4.00 3.78 4.00 3.65 — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 4.35 % 3.35 3.90 3.10 4.00 3.70 Expected return on plan assets 6.75 5.31 7.00 5.15 — — Rate of compensation increase 4.00 3.65 4.00 3.20 — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical plans. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance through the company. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 6.50 percent in 2017 that declines to 5.00 percent by 2023 . A one percentage-point change in the assumed health care cost trend rate would be immaterial to Phillips 66. Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 62 percent equity securities, 37 percent debt securities and 1 percent in all other types of investments. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities are based on quoted market prices. • Fair values of mutual funds are valued based on quoted market prices, which represent the net asset value of shares held. • Cash and cash equivalents are valued at cost, which approximates fair value. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. • Fair values of investments in common/collective trusts are valued at net asset value (NAV) as determined by the issuer of each fund. Certain investments that are measured at fair value using the NAV value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair values of our pension plan assets at December 31, by asset class, were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2016 Equity securities $ 533 — — 533 — — — — Mutual funds 47 — — 47 — — — — Cash and cash equivalents 21 — — 21 5 — — 5 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Total assets in the fair value hierarchy 601 — — 601 5 — 19 24 Common/collective trusts measured at NAV 1,673 772 Total $ 601 — — 2,274 5 — 19 796 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2015 Equity securities $ 447 — — 447 235 — — 235 Government debt securities — — — — 144 — — 144 Mutual funds 41 — — 41 — — — — Cash and cash equivalents 22 — — 22 3 — — 3 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Total assets in the fair value hierarchy 510 — — 510 382 — 19 401 Common/collective trusts measured at NAV 1,513 339 Other receivables — 2 Total $ 510 — — 2,023 382 — 19 742 As reflected in the table above, Level 3 activity was not material. Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2017 , we expect to contribute approximately $130 million to our U.S. pension plans and other postretirement benefit plans and $35 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2017 $ 301 18 25 2018 294 20 26 2019 278 20 26 2020 272 21 24 2021 279 23 23 2022-2025 1,278 140 98 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75 percent of their eligible pay, subject to certain statutory limits, in the thrift feature of the Savings Plan to a choice of investment funds. Phillips 66 provides a company match of participant thrift contributions up to 5 percent of eligible pay. In addition, participants who contribute at least 1 percent to the Savings Plan are eligible for “Success Share,” a semi-annual discretionary company contribution to the Savings Plan that can range from 0 to 6 percent of eligible pay, with a target of 2 percent . The total expense related to participants in the Savings Plan was $99 million , $134 million and $112 million in 2016 , 2015 and 2014 , respectively. Share-Based Compensation Plans In accordance with the Employee Matters Agreement related to the Separation, compensation awards based on ConocoPhillips stock and granted before April 30, 2012 (the Separation Date) were converted to compensation awards based on both ConocoPhillips and Phillips 66 stock if, on the Separation Date, the awards were: (1) options outstanding and exercisable; or (2) restricted stock or restricted stock units (RSUs) awarded for completed performance periods under the ConocoPhillips Performance Share Program. Phillips 66 restricted stock, RSUs and options issued in this conversion became subject to the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan) on the Separation Date, whether held by grantees working for the company or grantees that remained employees of ConocoPhillips. Some of these awards based on Phillips 66 stock and held by employees of ConocoPhillips are still outstanding and appear in the activity tables for the Stock Option and the Performance Share Programs presented later in this footnote. In May 2013, shareholders approved the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan). Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan, which authorizes the Human Resources and Compensation Committee of our Board of Directors (the Committee) to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, non-employee directors and other plan participants. The number of shares that may be issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million . Our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement. We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). The company made a policy election to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. Total share-based compensation expense recognized in income and the associated tax benefits for the years ended December 31 were as follows: Millions of Dollars 2016 2015 2014 Share-based compensation expense $ 156 144 134 Tax benefit (59 ) (54 ) (50 ) Stock Options Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchase of our common stock at exercise prices equivalent to the average market price of the stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date for the three years following the date of grant. Options awarded to employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. The following table summarizes our stock option activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2016 5,431,739 $ 41.27 Granted 818,100 78.86 $ 16.94 Forfeited (24,465 ) 77.85 Exercised (1,122,244 ) 30.53 $ 58 Expired or canceled — — Outstanding at December 31, 2016 5,103,130 $ 49.48 Vested at December 31, 2016 4,625,221 $ 46.60 $ 185 Exercisable at December 31, 2016 3,684,109 $ 39.06 $ 175 The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2016 , were 5.36 years and 4.56 years , respectively. During 2016 , we received $34 million in cash and realized a tax benefit of $16 million from the exercise of options. At December 31, 2016 , the remaining unrecognized compensation expense from unvested options was $5 million , which will be recognized over a weighted-average period of 21 months , the longest period being 27 months . The calculations of realized tax benefit and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2015 and 2014, we granted options with a weighted-average grant-date fair value of $18.84 and $18.95 , respectively. During 2015 and 2014, employees exercised options with an aggregate intrinsic value of $60 million and $89 million , respectively. The following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2016 2015 2014 Assumptions used Risk-free interest rate 1.71 % 1.60 1.96 Dividend yield 3.00 % 3.00 3.00 Volatility factor 28.68 % 34.17 34.97 Expected life (years) 7.08 6.66 6.23 After the Separation and through 2015, we calculated the volatility of options granted using a formula that adjusts the pre-Separation historical volatility of ConocoPhillips by the ratio of Phillips 66 implied market volatility on the grant date divided by the pre-Separation implied market volatility of ConocoPhillips. In 2016, we started calculating the volatility using historical Phillips 66 end-of-week closing stock prices from the Separation date. We calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Restricted Stock Unit Program Generally, RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years. Most RSU awards granted prior to the Separation vested ratably over five years, with one-third of the units vesting in 36 months , one-third vesting in 48 months , and the final third vesting 60 months from the date of grant. In addition to the regularly scheduled annual awards, RSUs are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these RSUs vest vary by award. Upon vesting, RSUs are settled by issuing one share of Phillips 66 common stock per RSU. RSUs awarded to employees already eligible for retirement vest within six months of the grant date, but those units are not issued as shares until the end of the normal vesting period. Until issued as stock, most recipients of RSUs receive a quarterly cash payment of a dividend equivalent, and for this reason the grant date fair value of these units is deemed equal to the average Phillips 66 stock price on the date of grant. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average Phillips 66 common stock price on the grant date, less the net present value of the dividend equivalents that will not be received. The following table summarizes our RSU activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2016 3,134,615 $ 60.19 Granted 955,923 78.56 Forfeited (48,877 ) 75.33 Issued (1,398,522 ) 51.27 $ 109 Outstanding at December 31, 2016 2,643,139 $ 71.28 Not Vested at December 31, 2016 1,656,407 $ 72.06 At December 31, 2016 , the remaining unrecognized compensation cost from the unvested RSU awards was $48 million , which will be recognized over a weighted-average period of 21 months , the longest period being 49 months . During 2015 and 2014 , we granted RSUs with a weighted-average grant-date fair value of $74.09 and $73.28 , respectively. During 2015 and 2014, we issued shares with an aggregate fair value of $107 million and $116 million , respectively, to settle RSUs. Performance Share Program Under the P66 Omnibus Plan, we also annually grant to senior management restricted performance share units (PSUs) that vest: (1) with respect to awards for performance periods beginning before 2009, when the employee becomes eligible for retirement by reaching age 55 with five years of service; or (2) with respect to awards for performance periods beginning in 2009, five years after the grant date of the award (although recipients can elect to defer the lapsing of restrictions until retirement after reaching age 55 with five years of service); or (3) with respect to awards for performance periods beginning in 2013 or later, on the grant date. For PSU awards with performance periods beginning before 2013, we recognize compensation expense beginning on the date authorized and ending on the date the PSUs are scheduled to vest; however, since these awards are authorized three years prior to the grant date, we recognize compensation expense for employees that will become eligible for retirement by or shortly after the grant date over the period beginning on the date of authorization and ending on the date of grant. Since PSU awards with performance periods beginning in 2013 or later vest on the grant date, we recognize compensation expense beginning on the date of authorization and ending on the grant date for all employees participating in the PSU grant. We settle PSUs with performance periods beginning before 2013 by issuing one share of Phillips 66 common stock for each PSU. Recipients of these PSUs receive a quarterly cash payment of a dividend equivalent beginning on the grant date and ending on the settlement date. We settle PSUs with performance periods beginning in 2013 or later by paying cash equal to the fair value of the PSU on the grant date, which is also the date the PSU vests. Since these PSUs vest and settle on the grant date, dividend equivalents are never paid on these awards. The following table summarizes our PSU activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2016 3,556,826 $ 50.11 Granted 767,561 78.62 Forfeited — — Issued (317,329 ) 50.03 $ 26 Cash settled (767,561 ) 78.62 60 Outstanding at December 31, 2016 3,239,497 $ 50.12 Not Vested at December 31, 2016 561,376 $ 52.45 At December 31, 2016 , the remaining unrecognized compensation cost from unvested PSU awards held by employees of Phillips 66 was $9 million , which will be recognized over a weighted-average period of 29 months , the longest period being 10 years . The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2015 and 2014, we granted PSUs with a weighted-average grant-date fair value of $74.14 and $72.26 , respectively. During 2015 and 2014, we issued shares with an aggregate fair value of $37 million and $13 million , respectively, to settle PSUs. No PSUs were cash settled in 2015 or 2014.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes charged to income were: Millions of Dollars 2016 2015 2014 Income Taxes Federal Current $ (105 ) 1,128 1,661 Deferred 645 444 (378 ) Foreign Current 66 (74 ) 22 Deferred (84 ) 42 80 State and local Current (24 ) 227 274 Deferred 49 (3 ) (5 ) $ 547 1,764 1,654 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2016 2015 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 4,525 4,361 Investment in joint ventures 2,442 2,292 Investment in subsidiaries 803 236 Inventory 154 176 Other 19 24 Total deferred tax liabilities 7,943 7,089 Deferred Tax Assets Benefit plan accruals 669 751 Asset retirement obligations and accrued environmental costs 211 215 Other financial accruals and deferrals 188 175 Loss and credit carryforwards 261 227 Other 1 1 Total deferred tax assets 1,330 1,369 Less: valuation allowance 38 160 Net deferred tax assets 1,292 1,209 Net deferred tax liabilities $ 6,651 5,880 The loss and credit carryforwards deferred tax assets are primarily related to a German interest deduction carryforward of $295 million , an alternative minimum tax credit of $59 million and a foreign tax credit of $89 million . The German interest deduction carryforward and the alternative minimum tax credit may be carried forward indefinitely. The foreign tax credit expires in 2026. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2016 , valuation allowances decreased by a total of $122 million . This decrease was primarily attributable to the reversal of valuation allowances related to interest deduction carryforwards in Germany and the sale of the Whitegate Refinery. During 2016, certain German intercompany loans were refinanced at lower interest rates. As a result of reduced interest rates, as well as increased earnings (current and forecasted), the likelihood of realizing approximately $68 million in tax benefits associated with interest deduction carryforwards is now considered more likely than not. The sale of the Whitegate Refinery resulted in the elimination of a net deferred tax asset and corresponding valuation allowance of approximately $45 million . Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. As of December 31, 2016 , we had undistributed earnings related to foreign subsidiaries and foreign corporate joint ventures of approximately $3 billion for which deferred income taxes have not been provided. We plan to reinvest these earnings for the foreseeable future. If these amounts were distributed to the United States, we would be subject to additional U.S. income taxes. Determination of the amount of unrecognized deferred income tax liability is not practicable due to the number of unknown variables inherent in the calculation. As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are included in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. Millions of Dollars 2016 2015 2014 Balance at January 1 $ 82 142 202 Additions based on tax positions related to the current year — — 13 Additions for tax positions of prior years 5 6 14 Reductions for tax positions of prior years (17 ) (17 ) (68 ) Settlements — (49 ) (19 ) Lapse of statute — — — Balance at December 31 $ 70 82 142 Included in the balance of unrecognized tax benefits for 2016 , 2015 and 2014 were $13 million , $34 million and $98 million , respectively, which, if recognized, would affect our effective tax rate. With respect to various unrecognized tax benefits and the related accrued liability, approximately $32 million may be recognized or paid within the next twelve months due to completion of audits. At December 31, 2016 , 2015 and 2014 , accrued liabilities for interest and penalties totaled $12 million , $19 million and $16 million , respectively, net of accrued income taxes. As a result of reversing certain of these accruals, earnings increased by $7 million and $3 million in 2016 and 2015, respectively. Neither interest nor penalties had an impact on earnings in 2014. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2011), Germany (2011) and United States (2008). Certain issues remain in dispute for audited years, and unrecognized tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-tax Income 2016 2015 2014 2016 2015 2014 Income from continuing operations before income taxes United States $ 1,713 4,983 5,121 78.2 % 82.4 89.1 Foreign 478 1,061 624 21.8 17.6 10.9 $ 2,191 6,044 5,745 100.0 % 100.0 100.0 Federal statutory income tax $ 767 2,115 2,011 35.0 % 35.0 35.0 Goodwill allocated to assets sold — 41 18 — 0.7 0.3 Sale of foreign subsidiaries — (125 ) (293 ) — (2.1 ) (5.1 ) Foreign rate differential (152 ) (239 ) (184 ) (6.9 ) (3.9 ) (3.2 ) German tax legislation — (103 ) — — (1.7 ) — Change in valuation allowance (81 ) (17 ) (14 ) (3.7 ) (0.2 ) (0.2 ) Federal manufacturing deduction — (77 ) (81 ) — (1.3 ) (1.4 ) State income tax, net of federal benefit 12 150 180 0.6 2.5 3.1 Other 1 19 17 — 0.2 0.3 $ 547 1,764 1,654 25.0 % 29.2 28.8 Included in the line item “Sale of foreign subsidiaries” is a $224 million tax benefit attributable to the realization of excess tax basis during the fourth quarter of 2014 resulting from the sale of MRC and a $72 million benefit realized in 2015 attributable to the nontaxable gain from the sale of ICHP. Income tax expenses of $150 million in 2016, and income tax benefits of $34 million and $37 million , for the years 2015 and 2014 , respectively, are reflected in the “Capital in Excess of Par” column of the consolidated statement of equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2013 $ (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassification (330 ) (276 ) — (606 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses 38 — — 38 Net current period other comprehensive loss (292 ) (276 ) — (568 ) December 31, 2014 (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications (78 ) (156 ) — (234 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses and settlements 112 — — 112 Net current period other comprehensive income (loss) 34 (156 ) — (122 ) December 31, 2015 (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications (112 ) (296 ) 5 (403 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses and settlements 61 — — 61 Net current period other comprehensive income (loss) (51 ) (296 ) 5 (342 ) December 31, 2016 $ (713 ) (285 ) 3 (995 ) *Included in the computation of net periodic benefit cost. See Note 20—Employee Benefit Plans , for additional information.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Millions of Dollars 2016 2015 2014 Cash Payments (Receipts) Interest $ 311 275 238 Income taxes* (375 ) 1,560 2,185 * 2016 reflects a net cash refund position; cash payments for income taxes were $385 million . PSPI Noncash Stock Exchange As discussed more fully in Note 6—Assets Held for Sale or Sold , in 2014, we completed the exchange of our flow improvers business for shares of Phillips 66 common stock owned by the other party to the transaction. The noncash portion of the net assets surrendered by us in the exchange was $204 million , and we received approximately 17.4 million shares of our common stock, with a fair value at the time of the exchange of $1.35 billion .

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2016 2015 2014 Interest and Debt Expense Incurred Debt $ 402 389 265 Other 17 27 22 419 416 287 Capitalized (81 ) (106 ) (20 ) Expensed $ 338 310 267 Other Income Interest income $ 18 27 21 Other, net* 56 91 99 $ 74 118 120 *Includes derivatives-related activities. Research and Development Expenditures— expensed $ 60 65 62 Advertising Expenses $ 80 73 70 Foreign Currency Transaction (Gains) Losses— after-tax Midstream $ — — — Chemicals — — — Refining (10 ) 34 6 Marketing and Specialties 1 4 8 Corporate and Other (2 ) — — $ (11 ) 38 14

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2016 2015 2014 Operating revenues and other income (a) $ 2,174 2,452 6,514 Purchases (b) 8,109 8,142 15,647 Operating expenses and selling, general and administrative expenses (c) 125 129 133 In December 2014, we completed the sale of our interest in MRC. Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 amounts in the table above. (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, and we sold gas oil and hydrogen feedstocks to Excel Paralubes (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. We also sold refined products to our OnCue Holdings, LLC joint venture. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. (b) We purchased crude oil and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents for a fee. We purchased natural gas and NGL from DCP Midstream and CPChem, 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 crude oil, finished refined products and NGL. 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.

Segment Disclosures and Related

Segment Disclosures and Related Information	12 Months Ended
	Dec. 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, stores, fractionates and markets NGL in the United States. In addition, this segment transports crude oil and other feedstocks to our refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude and petroleum products. The segment also stores, refrigerates and exports liquefied petroleum gas primarily to Asia and Europe. 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— Consists of our 50 percent equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3) Refining— Buys, sells and refines crude oil and other feedstocks at 13 refineries, mainly in the United States and Europe. 4) Marketing and Specialties (M&S)— Purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, as well as power generation operations. Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate items. Corporate assets include all cash and cash equivalents. We evaluate segment performance 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 2016 2015 2014 Sales and Other Operating Revenues Midstream Total sales $ 4,226 3,676 6,222 Intersegment eliminations (1,299 ) (1,034 ) (1,104 ) Total Midstream 2,927 2,642 5,118 Chemicals 5 5 7 Refining Total sales 52,068 63,470 115,326 Intersegment eliminations (34,120 ) (40,317 ) (68,263 ) Total Refining 17,948 23,153 47,063 Marketing and Specialties Total sales 64,476 74,591 110,540 Intersegment eliminations (1,109 ) (1,446 ) (1,548 ) Total Marketing and Specialties 63,367 73,145 108,992 Corporate and Other 32 30 32 Consolidated sales and other operating revenues $ 84,279 98,975 161,212 Depreciation, Amortization and Impairments Midstream $ 218 128 92 Chemicals — — — Refining 770 741 850 Marketing and Specialties 107 100 97 Corporate and Other 78 116 106 Consolidated depreciation, amortization and impairments $ 1,173 1,085 1,145 Millions of Dollars 2016 2015 2014 Equity in Earnings of Affiliates Midstream $ 184 (268 ) 360 Chemicals 834 1,316 1,634 Refining 164 325 311 Marketing and Specialties 232 207 162 Corporate and Other — (7 ) (1 ) Consolidated equity in earnings of affiliates $ 1,414 1,573 2,466 Income Taxes from Continuing Operations Midstream $ 123 73 310 Chemicals 256 353 495 Refining 61 1,104 696 Marketing and Specialties 370 466 440 Corporate and Other (263 ) (232 ) (287 ) Consolidated income taxes from continuing operations $ 547 1,764 1,654 Net Income Attributable to Phillips 66 Midstream $ 178 13 507 Chemicals 583 962 1,137 Refining 374 2,555 1,771 Marketing and Specialties 891 1,187 1,034 Corporate and Other (471 ) (490 ) (393 ) Discontinued Operations — — 706 Consolidated net income attributable to Phillips 66 $ 1,555 4,227 4,762 Millions of Dollars 2016 2015 2014 Investments In and Advances To Affiliates Midstream $ 4,769 4,198 2,461 Chemicals 5,773 5,177 5,183 Refining 2,420 2,262 2,103 Marketing and Specialties 391 342 290 Corporate and Other 1 1 1 Consolidated investments in and advances to affiliates $ 13,354 11,980 10,038 Total Assets Midstream $ 12,832 11,043 7,295 Chemicals 5,802 5,237 5,209 Refining 22,825 21,993 22,808 Marketing and Specialties 6,227 5,631 7,051 Corporate and Other 3,967 4,676 6,329 Consolidated total assets $ 51,653 48,580 48,692 Capital Expenditures and Investments Midstream $ 1,453 4,457 2,173 Chemicals — — — Refining 1,149 1,069 1,038 Marketing and Specialties 98 122 439 Corporate and Other 144 116 123 Consolidated capital expenditures and investments $ 2,844 5,764 3,773 Interest Income and Expense Interest income Midstream $ 2 — — Marketing and Specialties — 2 — Corporate and Other 16 25 21 Consolidated interest income $ 18 27 21 Interest and debt expense Corporate and Other $ 338 310 267 Sales and Other Operating Revenues by Product Line Refined products $ 73,385 86,249 133,625 Crude oil resales 7,594 8,993 19,832 NGL 3,107 2,998 6,447 Other 193 735 1,308 Consolidated sales and other operating revenues by product line $ 84,279 98,975 161,212 Geographic Information Millions of Dollars Sales and Other Operating Revenues* Long-Lived Assets** 2016 2015 2014 2016 2015 2014 United States $ 59,742 69,578 110,713 32,442 29,624 25,255 United Kingdom 9,895 12,120 20,131 1,177 1,459 1,469 Germany 6,128 6,584 9,424 503 502 534 Other foreign countries 8,514 10,693 20,944 87 116 126 Worldwide consolidated $ 84,279 98,975 161,212 34,209 31,701 27,384 *Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. **Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2016
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP Phillips 66 Partners is a publicly traded master limited partnership formed to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals, as well as other midstream assets. Headquartered in Houston, Texas, Phillips 66 Partners’ assets currently consist of crude oil, refined petroleum products and NGL transportation, terminaling and storage systems, as well as an NGL fractionator. Phillips 66 Partners conducts its operations through both wholly owned and joint-venture operations. The majority of Phillips 66 Partners’ wholly owned assets are associated with, and integral to the operation of, nine of Phillips 66’s owned or joint-venture refineries. 2016 Activities In March 2016, we contributed to Phillips 66 Partners a 25 percent interest in our then wholly owned subsidiary, Phillips 66 Sweeny Frac LLC, which owns the Sweeny Fractionator, 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 . In May 2016, we contributed to Phillips 66 Partners the remaining 75 percent interest in Phillips 66 Sweeny Frac LLC and a 100 percent interest in our wholly owned subsidiary, Phillips 66 Plymouth LLC, which owned the Standish Pipeline, a refined petroleum product pipeline system extending from Phillips 66’s Ponca City Refinery in Ponca City, Oklahoma, and terminating at Phillips 66 Partners’ North Wichita Terminal in Wichita, Kansas. Total consideration for the transaction was $775 million , consisting of Phillips 66 Partners’ assumption of $675 million of notes payable to us and the issuance of common units and general partner units to us with an aggregate fair value of $100 million . In May 2016, Phillips 66 Partners completed a public offering of 12,650,000 common units representing limited partner interests, at a price of $52.40 per unit. The net proceeds at closing were $656 million . Phillips 66 Partners used these net proceeds to repay a large portion of the notes assumed in the May 2016 transaction. In June 2016, Phillips 66 Partners began issuing common units under a continuous offering program, which allows for the issuance of up to an aggregate of $250 million of Phillips 66 Partners’ common units, in amounts, at prices and on terms to be determined by market conditions and other factors at the time of the offerings. We refer to this as an at-the-market, or ATM, program. Through December 31, 2016, on a settlement-date basis, Phillips 66 Partners issued an aggregate of 346,152 common units under the ATM program, generating net proceeds of approximately $19 million . In August 2016, Phillips 66 Partners completed a public offering of 6,000,000 common units representing limited partner interests, at a price of $50.22 per unit. The net proceeds at closing were $299 million . The net proceeds from the offering were used to repay the note assumed in the March 2016 transaction discussed above, as well as short-term borrowings incurred to fund Phillips 66 Partners’ acquisition of an additional interest in Explorer Pipeline Company and its contribution to a recently formed pipeline joint venture. In October 2016, we contributed to Phillips 66 Partners certain crude oil, refined product and NGL pipeline and terminal assets supporting four of our operated refineries. Total consideration for the transaction was $1.3 billion , consisting of $1,109 million in cash and the issuance of common and general partner units to us with a fair value of $196 million . Phillips 66 Partners funded the cash portion of the transaction with proceeds from a public debt offering of unsecured senior notes of $1,125 million in the aggregate. See Note 13— Debt for additional information on the notes offering. In November 2016, Phillips 66 Partners acquired a third-party NGL logistics system in southeast Louisiana. Consideration was financed with cash and borrowings under Phillips 66 Partners’ revolving credit facility. The system includes approximately 500 miles of pipeline and a storage cavern connecting multiple fractionation facilities, refineries and a petrochemical facility. Ownership At December 31, 2016, we owned a 59 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 39 percent limited partner interest. We consolidate Phillips 66 Partners as a variable interest entity for financial reporting purposes. See Note 3—Variable Interest Entities for additional information on why we consolidate the partnership. As a result of this consolidation, the public unitholders’ ownership interest in Phillips 66 Partners is reflected as a noncontrolling interest of $1,306 million and $809 million in our consolidated balance sheet as of December 31, 2016, and 2015, respectively. Generally, drop down transactions to Phillips 66 Partners will eliminate in consolidation, except for third-party debt or equity offerings made by Phillips 66 Partners to finance such transactions. For contributions in 2016 together with the public offerings of common units and senior notes discussed above, our consolidated cash increased by $2.1 billion , consolidated debt increased by $1.1 billion and consolidated equity increased by $791 million as a result of the transactions.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 2016
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other—Simplifying the Test for Goodwill Impairment,” which eliminates Step 2 from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Public business entities should apply the guidance in ASU No. 2017-04 for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2017-04. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations: Clarifying the Definition of a Business,” which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction does not involve the acquisition of a business. If the screen is not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We are currently evaluating the provisions of ASU No. 2017-01. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which clarifies the classification and presentation of changes in restricted cash. The amendment requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Public business entities should apply the guidance in ASU No. 2016-18 on a retrospective basis for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies the treatment of several cash flow categories. In addition, ASU No. 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. Public business entities should apply the guidance in ASU No. 2016-15 on a retrospective basis for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2016-15 and assessing the impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. Public business entities should apply the guidance in ASU No. 2016-13 for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption will be permitted for annual periods beginning after December 15, 2018. We are currently evaluating the provisions of ASU No. 2016-13 and assessing the impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment award transactions including accounting for income taxes and classification of excess tax benefits on the statement of cash flows, forfeitures and minimum statutory tax withholding requirements. Public business entities should apply the guidance in ASU No. 2016-09 for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU No. 2016-09 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 No. 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 No. 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 No. 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 No. 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 No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited 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 and expand disclosure requirements. In August 2015, the FASB issued ASU No. 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 No. 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU No. 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. ASU No. 2014-09 was further amended in March 2016 by the provisions of ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” in April 2016 by the provisions of ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” in May 2016 by the provisions of ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients,” and in December 2016 by the provisions of ASU No. 2016-20, “Technical Corrections to Topic 606, Revenue from Contracts with Customers.” As part of our assessment work-to-date, we have formed an implementation work team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. Our expectation is to adopt the standard on January 1, 2018, using the modified retrospective application. In addition, we expect to present revenue net of sales-based taxes collected from our customers resulting in no impact to earnings. Sales-based taxes include excise taxes on petroleum product sales as noted on our consolidated statement of income. Our evaluation of the new ASU is ongoing, which includes understanding the impact of adoption on earnings from equity method investments.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Our $7.5 billion of outstanding Senior Notes issued by Phillips 66 are guaranteed by Phillips 66 Company, a 100 -percent-owned subsidiary. Phillips 66 Company has fully and unconditionally guaranteed the payment obligations of Phillips 66 with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Year Ended December 31, 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 $ — 58,822 25,457 — 84,279 Equity in earnings of affiliates 1,797 1,839 296 (2,518 ) 1,414 Net gain (loss) on dispositions — (9 ) 19 — 10 Other income — 42 32 — 74 Intercompany revenues — 864 9,160 (10,024 ) — Total Revenues and Other Income 1,797 61,558 34,964 (12,542 ) 85,777 Costs and Expenses Purchased crude oil and products — 48,171 24,102 (9,805 ) 62,468 Operating expenses — 3,465 846 (36 ) 4,275 Selling, general and administrative expenses 6 1,236 406 (10 ) 1,638 Depreciation and amortization — 821 347 — 1,168 Impairments — 1 4 — 5 Taxes other than income taxes — 5,477 8,211 — 13,688 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 366 21 124 (173 ) 338 Foreign currency transaction gains — — (15 ) — (15 ) Total Costs and Expenses 372 59,208 34,030 (10,024 ) 83,586 Income from continuing operations before income taxes 1,425 2,350 934 (2,518 ) 2,191 Provision (benefit) for income taxes (130 ) 553 124 — 547 Income from Continuing Operations 1,555 1,797 810 (2,518 ) 1,644 Income from discontinued operations — — — — — Net income 1,555 1,797 810 (2,518 ) 1,644 Less: net income attributable to noncontrolling interests — — 89 — 89 Net Income Attributable to Phillips 66 $ 1,555 1,797 721 (2,518 ) 1,555 Comprehensive Income $ 1,213 1,455 451 (1,817 ) 1,302 Millions of Dollars Year Ended December 31, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 68,478 30,497 — 98,975 Equity in earnings (losses) of affiliates 4,470 2,812 (134 ) (5,575 ) 1,573 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 81 37 — 118 Intercompany revenues — 1,071 9,845 (10,916 ) — Total Revenues and Other Income 4,470 72,327 40,643 (16,491 ) 100,949 Costs and Expenses Purchased crude oil and products — 54,925 29,221 (10,747 ) 73,399 Operating expenses 4 3,412 917 (39 ) 4,294 Selling, general and administrative expenses 5 1,265 416 (16 ) 1,670 Depreciation and amortization — 818 260 — 1,078 Impairments — 4 3 — 7 Taxes other than income taxes — 5,505 8,572 — 14,077 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 365 25 34 (114 ) 310 Foreign currency transaction losses — 1 48 — 49 Total Costs and Expenses 374 65,971 39,476 (10,916 ) 94,905 Income from continuing operations before income taxes 4,096 6,356 1,167 (5,575 ) 6,044 Provision (benefit) for income taxes (131 ) 1,886 9 — 1,764 Income from Continuing Operations 4,227 4,470 1,158 (5,575 ) 4,280 Income from discontinued operations — — — — — Net income 4,227 4,470 1,158 (5,575 ) 4,280 Less: net income attributable to noncontrolling interests — — 53 — 53 Net Income Attributable to Phillips 66 $ 4,227 4,470 1,105 (5,575 ) 4,227 Comprehensive Income $ 4,105 4,348 1,032 (5,327 ) 4,158 Millions of Dollars Year Ended December 31, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 109,078 52,134 — 161,212 Equity in earnings of affiliates 4,257 3,021 444 (5,256 ) 2,466 Net gain (loss) on dispositions — (46 ) 341 — 295 Other income — 105 15 — 120 Intercompany revenues — 2,411 18,772 (21,183 ) — Total Revenues and Other Income 4,257 114,569 71,706 (26,439 ) 164,093 Costs and Expenses Purchased crude oil and products — 97,783 58,984 (21,019 ) 135,748 Operating expenses 2 3,600 870 (37 ) 4,435 Selling, general and administrative expenses 6 1,224 502 (69 ) 1,663 Depreciation and amortization — 761 234 — 995 Impairments — 3 147 — 150 Taxes other than income taxes — 5,478 9,563 (1 ) 15,040 Accretion on discounted liabilities — 18 6 — 24 Interest and debt expense 286 18 20 (57 ) 267 Foreign currency transaction losses — — 26 — 26 Total Costs and Expenses 294 108,885 70,352 (21,183 ) 158,348 Income from continuing operations before income taxes 3,963 5,684 1,354 (5,256 ) 5,745 Provision (benefit) for income taxes (103 ) 1,427 330 — 1,654 Income from Continuing Operations 4,066 4,257 1,024 (5,256 ) 4,091 Income from discontinued operations* 696 — 10 — 706 Net income 4,762 4,257 1,034 (5,256 ) 4,797 Less: net income attributable to noncontrolling interests — — 35 — 35 Net Income Attributable to Phillips 66 $ 4,762 4,257 999 (5,256 ) 4,762 Comprehensive Income $ 4,194 3,689 721 (4,375 ) 4,229 *Net of provision for income taxes on discontinued operations: $ — — 5 — 5 Millions of Dollars At December 31, 2016 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 854 1,857 — 2,711 Accounts and notes receivable 13 4,336 3,276 (1,228 ) 6,397 Inventories — 2,198 952 — 3,150 Prepaid expenses and other current assets 2 317 103 — 422 Total Current Assets 15 7,705 6,188 (1,228 ) 12,680 Investments and long-term receivables 31,165 22,733 8,588 (48,952 ) 13,534 Net properties, plants and equipment — 13,044 7,811 — 20,855 Goodwill — 2,853 417 — 3,270 Intangibles — 719 169 — 888 Other assets 15 245 168 (2 ) 426 Total Assets $ 31,195 47,299 23,341 (50,182 ) 51,653 Liabilities and Equity Accounts payable $ — 5,626 2,663 (1,228 ) 7,061 Short-term debt 500 30 20 — 550 Accrued income and other taxes — 348 457 — 805 Employee benefit obligations — 475 52 — 527 Other accruals 59 371 90 — 520 Total Current Liabilities 559 6,850 3,282 (1,228 ) 9,463 Long-term debt 6,920 150 2,518 — 9,588 Asset retirement obligations and accrued environmental costs — 501 154 — 655 Deferred income taxes — 4,391 2,354 (2 ) 6,743 Employee benefit obligations — 948 268 — 1,216 Other liabilities and deferred credits 1,297 3,337 4,060 (8,431 ) 263 Total Liabilities 8,776 16,177 12,636 (9,661 ) 27,928 Common stock 10,777 25,403 10,117 (35,520 ) 10,777 Retained earnings 12,637 6,714 (269 ) (6,474 ) 12,608 Accumulated other comprehensive loss (995 ) (995 ) (478 ) 1,473 (995 ) Noncontrolling interests — — 1,335 — 1,335 Total Liabilities and Equity $ 31,195 47,299 23,341 (50,182 ) 51,653 Millions of Dollars At December 31, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 575 2,499 — 3,074 Accounts and notes receivable 14 3,643 2,217 (701 ) 5,173 Inventories — 2,171 1,306 — 3,477 Prepaid expenses and other current assets 2 382 148 — 532 Total Current Assets 16 6,771 6,170 (701 ) 12,256 Investments and long-term receivables 33,315 24,068 7,395 (52,635 ) 12,143 Net properties, plants and equipment — 12,651 7,070 — 19,721 Goodwill — 3,040 235 — 3,275 Intangibles — 726 180 — 906 Other assets 16 154 113 (4 ) 279 Total Assets $ 33,347 47,410 21,163 (53,340 ) 48,580 Liabilities and Equity Accounts payable $ — 4,015 2,341 (701 ) 5,655 Short-term debt — 25 19 — 44 Accrued income and other taxes — 320 558 — 878 Employee benefit obligations — 528 48 — 576 Other accruals 59 240 79 — 378 Total Current Liabilities 59 5,128 3,045 (701 ) 7,531 Long-term debt 7,413 158 1,272 — 8,843 Asset retirement obligations and accrued environmental costs — 496 169 — 665 Deferred income taxes — 4,500 1,545 (4 ) 6,041 Employee benefit obligations — 1,094 191 — 1,285 Other liabilities and deferred credits 2,746 2,765 3,734 (8,968 ) 277 Total Liabilities 10,218 14,141 9,956 (9,673 ) 24,642 Common stock 11,405 25,404 10,688 (36,092 ) 11,405 Retained earnings 12,377 8,518 (200 ) (8,347 ) 12,348 Accumulated other comprehensive 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 Year Ended December 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 continuing operating activities $ 3,491 2,307 503 (3,338 ) 2,963 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 3,491 2,307 503 (3,338 ) 2,963 Cash Flows From Investing Activities Capital expenditures and investments* — (1,425 ) (1,457 ) 38 (2,844 ) Proceeds from asset dispositions** — 1,007 156 (1,007 ) 156 Intercompany lending activities (1,139 ) 2,046 (907 ) — — Advances/loans—related parties — (75 ) (357 ) — (432 ) Collection of advances/loans—related parties — — 108 — 108 Other — 18 (164 ) — (146 ) Net cash provided by (used in) continuing investing activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Cash Flows From Financing Activities Issuance of debt — — 2,090 — 2,090 Repayment of debt — (26 ) (807 ) — (833 ) Issuance of common stock (12 ) — — — (12 ) Repurchase of common stock (1,042 ) — — — (1,042 ) Dividends paid on common stock (1,282 ) (3,604 ) (783 ) 4,387 (1,282 ) Distributions to controlling interests — — 1,049 (1,049 ) — Distributions to noncontrolling interests — — (75 ) — (75 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 972 — 972 Other* (16 ) 31 (980 ) 969 4 Net cash provided by (used in) continuing financing activities (2,352 ) (3,599 ) 1,466 4,307 (178 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,352 ) (3,599 ) 1,466 4,307 (178 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 10 — 10 Net Change in Cash and Cash Equivalents — 279 (642 ) — (363 ) Cash and cash equivalents at beginning of period 575 2,499 — 3,074 Cash and Cash Equivalents at End of Period $ — 854 1,857 — 2,711 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 2015 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 1,060 4,879 2,564 (2,790 ) 5,713 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 1,060 4,879 2,564 (2,790 ) 5,713 Cash Flows From Investing Activities Capital expenditures and investments* — (2,815 ) (5,283 ) 2,334 (5,764 ) Proceeds from asset dispositions** — 774 178 (882 ) 70 Intercompany lending activities 2,461 (3,153 ) 692 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — 6 (50 ) — (44 ) Net cash provided by (used in) continuing investing activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (23 ) (103 ) — (926 ) Issuance of common stock (19 ) — — — (19 ) Repurchase of common stock (1,512 ) — — — (1,512 ) Dividends paid on common stock (1,172 ) (1,172 ) (1,576 ) 2,748 (1,172 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (46 ) — (46 ) Net proceeds from issuance of Phillips 66 Partners — — 384 — 384 Other* (18 ) 34 1,585 (1,596 ) 5 Net cash provided by (used in) continuing financing activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 9 — 9 Net Change in Cash and Cash Equivalents — (1,470 ) (663 ) — (2,133 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 575 2,499 — 3,074 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 2014 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by (used in) continuing operating activities $ (47 ) 2,551 1,527 (504 ) 3,527 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by (Used in) Operating Activities (47 ) 2,551 1,529 (504 ) 3,529 Cash Flows From Investing Activities Capital expenditures and investments* — (2,230 ) (2,532 ) 989 (3,773 ) Proceeds from asset dispositions — 960 687 (403 ) 1,244 Intercompany lending activities** 1,397 (1,402 ) 5 — — Advances/loans—related parties — — (3 ) — (3 ) Other — (13 ) 251 — 238 Net cash provided by (used in) continuing investing activities 1,397 (2,685 ) (1,592 ) 586 (2,294 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 1,397 (2,685 ) (1,594 ) 586 (2,296 ) Cash Flows From Financing Activities Issuance of debt 2,459 — 28 — 2,487 Repayment of debt — (20 ) (29 ) — (49 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (2,282 ) — — — (2,282 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (1,062 ) — (443 ) 443 (1,062 ) Distributions to controlling interests — — (323 ) 323 — Distributions to noncontrolling interests — — (30 ) — (30 ) Other* (16 ) 37 850 (848 ) 23 Net cash provided by (used in) continuing financing activities (1,350 ) 17 53 (82 ) (1,362 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (1,350 ) 17 53 (82 ) (1,362 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (64 ) — (64 ) Net Change in Cash and Cash Equivalents — (117 ) (76 ) — (193 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 2,045 3,162 — 5,207 * Includes intercompany capital contributions. ** Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues* Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2016 First $ 17,409 596 398 385 0.72 0.72 Second 21,849 720 516 496 0.94 0.93 Third 21,624 813 536 511 0.97 0.96 Fourth 23,397 62 194 163 0.31 0.31 2015 First $ 22,778 1,388 997 987 1.80 1.79 Second 28,512 1,465 1,025 1,012 1.85 1.84 Third 25,792 2,359 1,592 1,578 2.92 2.90 Fourth 21,893 832 666 650 1.21 1.20 *Includes excise taxes on petroleum products sales.

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is either classified as available-for-sale if fair value is readily determinable, or the cost method if fair value is not readily determinable. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost.
Foreign Currency Translation	Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income/loss in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition —Revenues associated with sales of crude oil, natural gas liquids (NGL), petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line) in the “Purchased crude oil and products” line of our consolidated statement of income.
Cash Equivalents	Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these at cost plus accrued interest, which approximates fair value.
Shipping and Handling Costs	Shipping and Handling Costs —We record shipping and handling costs in the “Purchased crude oil and products” line of our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.”
Inventories	Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual or nonrecurring costs or research and development costs. Materials and supplies inventories are valued using the weighted-average-cost method.
Fair Value Measurements	Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs which are observable, other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments: • Cash and cash equivalents: The carrying amount reported on the consolidated balance sheet approximates fair value. • Accounts and notes receivable: The carrying amount reported on the consolidated balance sheet approximates fair value. • Debt: The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on quoted market prices. • Commodity swaps: Fair value is estimated based on forward market prices and approximates the exit price at period end. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. • Interest-rate swaps: We determine fair value based upon observed market valuations for interest-rate swaps that have notionals, durations, and pay and reset frequencies similar to ours. • 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.
Derivative Instruments	Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the right of offset exists and certain other criteria are met. We also net collateral payables or receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not designated as cash-flow hedges are recognized immediately in earnings. For derivative instruments that are designated and qualify as a fair value hedge, the gains or losses from adjusting the derivative to its fair value will be immediately recognized in earnings and, to the extent the hedge is effective, offset the concurrent recognition of changes in the fair value of the hedged item. Gains or losses from derivative instruments that are designated and qualify as a cash flow hedge or hedge of a net investment in a foreign entity are recognized in other comprehensive income/loss and appear on the balance sheet in accumulated other comprehensive income/loss until the hedged transaction is recognized in earnings; however, to the extent the change in the value of the derivative exceeds the change in the anticipated cash flows of the hedged transaction, the excess gains or losses are recognized immediately in earnings.
Capitalized Interest	Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset’s properties, plants and equipment and is amortized over the useful life of the asset.
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized by the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support indefinite useful lives. These indefinite-lived intangibles are considered impaired if the fair value of the intangible asset is lower than net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized, but is tested annually for impairment, and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, the implied fair value of goodwill is calculated. The excess, if any, of the book value over the implied fair value of the goodwill is charged to net income. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining and Marketing and Specialties (M&S).
Depreciation and Amortization	Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment —Properties, plants and equipment (PP&E) used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value through additional amortization or depreciation provisions and reported in the “Impairments” line of our consolidated statement of income in the period in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets (for example, at a refinery complex level). Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate.
Maintenance and Repairs	Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Property Dispositions	Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line of our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. Our estimate of the liability may change after initial recognition, in which case we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.
Guarantees	Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability has essentially been relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Stock-Based Compensation	Stock-Based Compensation —We recognize stock-based compensation expense over the shorter of: (1) the service period (i.e., the time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months, which is the minimum time required for an award not to be subject to forfeiture. We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting.
Income Taxes	Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized tax benefits is reflected in interest expense, and penalties in operating expenses.
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities —Excise taxes are reported gross within sales and other operating revenues and taxes other than income taxes, while other sales and value-added taxes are recorded net in taxes other than income taxes.
Treasury Stock	Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions in stockholders’ equity in the consolidated balance sheet.
Loans and Long-term Receivables	Loans and Long-term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered.
Earnings Per Share	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Contingencies and Commitments	In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.
New Accounting Pronouncements	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.” This ASU simplified the presentation of deferred income taxes and required deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. The classification is 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 this ASU prospectively to all deferred tax liabilities and assets. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.” This ASU removed the definition of a development stage entity from the Master Glossary of the Accounting Standard Codification (ASC) and the related financial reporting requirements specific to development stage entities. ASU 2014-10 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 variable interest entity (VIE) guidance in ASC Topic 810, ASU No. 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, ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. We adopted the provisions of this ASU related to the financial reporting requirements other than the VIE guidance effective January 1, 2015. We adopted the remaining provisions effective January 1, 2016, and updated our disclosures about the risks and uncertainties related to our joint venture entities that have not commenced their principal operations. New Accounting Standards In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other—Simplifying the Test for Goodwill Impairment,” which eliminates Step 2 from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Public business entities should apply the guidance in ASU No. 2017-04 for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2017-04. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations: Clarifying the Definition of a Business,” which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction does not involve the acquisition of a business. If the screen is not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied prospectively, and no disclosures are required at the effective date. We are currently evaluating the provisions of ASU No. 2017-01. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which clarifies the classification and presentation of changes in restricted cash. The amendment requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Public business entities should apply the guidance in ASU No. 2016-18 on a retrospective basis for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies the treatment of several cash flow categories. In addition, ASU No. 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. Public business entities should apply the guidance in ASU No. 2016-15 on a retrospective basis for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2016-15 and assessing the impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. Public business entities should apply the guidance in ASU No. 2016-13 for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption will be permitted for annual periods beginning after December 15, 2018. We are currently evaluating the provisions of ASU No. 2016-13 and assessing the impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment award transactions including accounting for income taxes and classification of excess tax benefits on the statement of cash flows, forfeitures and minimum statutory tax withholding requirements. Public business entities should apply the guidance in ASU No. 2016-09 for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU No. 2016-09 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 No. 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 No. 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 No. 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 No. 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 No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited 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 and expand disclosure requirements. In August 2015, the FASB issued ASU No. 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 No. 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU No. 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. ASU No. 2014-09 was further amended in March 2016 by the provisions of ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” in April 2016 by the provisions of ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” in May 2016 by the provisions of ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients,” and in December 2016 by the provisions of ASU No. 2016-20, “Technical Corrections to Topic 606, Revenue from Contracts with Customers.” As part of our assessment work-to-date, we have formed an implementation work team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. Our expectation is to adopt the standard on January 1, 2018, using the modified retrospective application. In addition, we expect to present revenue net of sales-based taxes collected from our customers resulting in no impact to earnings. Sales-based taxes include excise taxes on petroleum product sales as noted on our consolidated statement of income. Our evaluation of the new ASU is ongoing, which includes understanding the impact of adoption on earnings from equity method investments.

Variable Interest Entities (V40

Variable Interest Entities (VIEs) (Tables)	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Assets	The most significant assets of Phillips 66 Partners that are available to settle only its obligations at December 31 were: Millions of Dollars 2016 2015 Equity investments* $ 1,142 945 Net properties, plants and equipment 2,675 2,437 * Included in “Investments and long-term receivables” on the Phillips 66 consolidated balance sheet.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Summary of inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2016 2015 Crude oil and petroleum products $ 2,883 3,214 Materials and supplies 267 263 $ 3,150 3,477

Investments, Loans and Long-T42

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments, loans and long-term receivables at December 31 were: Millions of Dollars 2016 2015 Equity investments $ 13,102 11,977 Loans and long-term receivables 334 84 Other investments 98 82 $ 13,534 12,143
Summarized Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100 percent financial information for all equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2016 2015 2014 Revenues $ 30,605 33,126 57,979 Income before income taxes 3,206 3,180 4,791 Net income 2,960 3,158 4,700 Current assets 7,097 6,024 7,402 Noncurrent assets 50,163 46,047 41,271 Current liabilities 5,173 4,130 6,854 Noncurrent liabilities 13,709 11,493 9,736 Noncontrolling interests 2,260 2,404 2,584

Properties, Plants and Equipm43

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Properties, plants and equipment with the associated accumulated depreciation and amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2016 2015 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 8,179 1,579 6,600 6,978 1,293 5,685 Chemicals — — — — — — Refining 21,152 8,197 12,955 20,850 8,046 12,804 Marketing and Specialties 1,451 776 675 1,422 746 676 Corporate and Other 1,207 582 625 1,060 504 556 $ 31,989 11,134 20,855 30,310 10,589 19,721

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill was as follows: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2015 $ 623 1,813 838 3,274 Goodwill assigned to acquisitions — — 1 1 Balance at December 31, 2015 623 1,813 839 3,275 Goodwill assigned to acquisitions 3 — — 3 Goodwill allocated to dispositions — (8 ) — (8 ) Balance at December 31, 2016 $ 626 1,805 839 3,270
Schedule of Changes in Carrying Value of Intangible Assets	Information relating to the carrying value of intangible assets at December 31 follows: Millions of Dollars Gross Carrying Amount 2016 2015 Indefinite-Lived Intangible Assets Trade names and trademarks $ 503 503 Refinery air and operating permits 260 266 Other 1 1 $ 764 770

Impairments (Tables)

Impairments (Tables)	12 Months Ended
	Dec. 31, 2016
Impairment Of Long Lived Assets Abstract [Abstract]
Impairment Charges	During 2016 , 2015 and 2014 , we recognized the following before-tax impairment charges: Millions of Dollars 2016 2015 2014 Midstream $ 3 1 — Refining 2 3 147 Marketing and Specialties — 3 3 $ 5 7 150

Asset Retirement Obligations 46

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2016
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2016 2015 Asset retirement obligations $ 244 251 Accrued environmental costs 496 485 Total asset retirement obligations and accrued environmental costs 740 736 Asset retirement obligations and accrued environmental costs due within one year* (85 ) (71 ) Long-term asset retirement obligations and accrued environmental costs $ 655 665 *Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	During 2016 and 2015 , our overall asset retirement obligation changed as follows: Millions of Dollars 2016 2015 Balance at January 1 $ 251 279 Accretion of discount 9 9 Changes in estimates of existing obligations 10 (7 ) Spending on existing obligations (15 ) (20 ) Property dispositions (5 ) (2 ) Foreign currency translation (6 ) (8 ) Balance at December 31 $ 244 251

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	2016 2015 2014 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Income from continuing operations attributable to Phillips 66 $ 1,555 1,555 4,227 4,227 4,056 4,056 Income allocated to participating securities (6 ) (5 ) (6 ) — (7 ) — Income from continuing operations available to common stockholders 1,549 1,550 4,221 4,227 4,049 4,056 Discontinued operations — — — — 706 706 Net income available to common stockholders $ 1,549 1,550 4,221 4,227 4,755 4,762 Weighted-average common shares outstanding (thousands) : 523,250 527,531 537,602 542,355 561,859 565,902 Effect of stock-based compensation 4,281 2,535 4,753 4,622 4,043 5,602 Weighted-average common shares outstanding—EPS 527,531 530,066 542,355 546,977 565,902 571,504 Earnings Per Share of Common Stock (dollars) : Income from continuing operations attributable to Phillips 66 $ 2.94 2.92 7.78 7.73 7.15 7.10 Discontinued operations — — — — 1.25 1.23 Earnings Per Share $ 2.94 2.92 7.78 7.73 8.40 8.33

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of long term debt	Long-term debt at December 31 was: Millions of Dollars 2016 2015 2.95% Senior Notes due 2017 $ 1,500 1,500 4.30% Senior Notes due 2022 2,000 2,000 4.65% Senior Notes due 2034 1,000 1,000 5.875% Senior Notes due 2042 1,500 1,500 4.875% Senior Notes due 2044 1,500 1,500 Phillips 66 Partners 2.646% Senior Notes due 2020 300 300 Phillips 66 Partners 3.605% Senior Notes due 2025 500 500 Phillips 66 Partners 3.55% Senior Notes due 2026 500 — Phillips 66 Partners 4.680% Senior Notes due 2045 300 300 Phillips 66 Partners 4.90% Senior Notes due 2046 625 — Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015 50 50 Sweeny Cogeneration, L.P. notes due 2020 at 7.54% — 41 Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) 68 83 Phillips 66 Partners revolving credit facility due 2021 at 1.98% at year-end 2016 210 — Other 1 1 Debt at face value 10,054 8,775 Capitalized leases 188 208 Net unamortized discounts and debt issuance costs (104 ) (96 ) Total debt 10,138 8,887 Short-term debt (550 ) (44 ) Long-term debt $ 9,588 8,843

Derivatives and Financial Ins49

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 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	For information on the impact of counterparty netting and collateral netting, and reconciliation of the balances presented below to the balance sheet, see Note 17—Fair Value Measurements . Millions of Dollars 2016 2015 Assets Prepaid expenses and other current assets $ 741 2,607 Other assets 5 5 Liabilities Other accruals 766 2,425 Other liabilities and deferred credits 2 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 2016 2015 2014 Sales and other operating revenues $ (451 ) 162 658 Equity in earnings of affiliates — — 66 Other income 29 58 20 Purchased crude oil and products (62 ) 121 136 Hedge accounting has not been used for any item in the table.
Summary of material net exposures from outstanding commodity derivative contracts	Open Position Long / (Short) 2016 2015 Commodity Crude oil, refined products and NGL (millions of barrels) (18 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 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 Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 273 371 — 644 (628 ) — — 16 OTC instruments — 6 — 6 (1 ) — — 5 Physical forward contracts* — 94 2 96 — — — 96 Interest-rate derivatives — 8 — 8 — — — 8 Rabbi trust assets 97 — — 97 N/A N/A — 97 $ 370 479 2 851 (629 ) — — 222 Commodity Derivative Liabilities Exchange-cleared instruments $ 249 452 — 701 (628 ) (73 ) — — OTC instruments — 1 — 1 (1 ) — — — Physical forward contracts* — 61 5 66 — — — 66 Floating-rate debt 50 210 — 260 N/A N/A — 260 Fixed-rate debt, excluding capital leases** — 10,260 — 10,260 N/A N/A (570 ) 9,690 $ 299 10,984 5 11,288 (629 ) (73 ) (570 ) 10,016 *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 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 $ 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 Fixed-rate debt, excluding capital leases** — 8,434 — 8,434 N/A N/A 195 8,629 $ 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.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments as of December 31, 2016 , for operating and capital lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2017 $ 26 404 2018 19 362 2019 18 276 2020 14 200 2021 14 85 Remaining years 150 229 Total 241 1,556 Less: income from subleases — 60 Net minimum lease payments $ 241 1,496 Less: amount representing interest 53 Capital lease obligations $ 188
Schedule of Operating Lease Rental Expense	Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2016 2015 2014 Minimum rentals $ 641 641 570 Contingent rentals 6 6 8 Less: sublease rental income 95 136 135 $ 552 511 443

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 2,791 912 2,895 941 219 203 Service cost 127 32 124 38 7 7 Interest cost 116 28 109 28 8 7 Plan participant contributions — 3 — 3 2 1 Actuarial loss (gain) 62 237 (25 ) (10 ) (6 ) 13 Benefits paid (215 ) (19 ) (312 ) (20 ) (13 ) (12 ) Curtailment gain — (31 ) — — — — Acquisition of a business — — — — 8 — Foreign currency exchange rate change — (107 ) — (68 ) — — Benefit obligation at December 31 $ 2,881 1,055 2,791 912 225 219 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,023 742 2,124 724 — — Actual return on plan assets 136 148 (10 ) 18 — — Company contributions 330 40 221 63 11 11 Plan participant contributions — 3 — 3 2 1 Benefits paid (215 ) (19 ) (312 ) (20 ) (13 ) (12 ) Foreign currency exchange rate change — (118 ) — (46 ) — — Fair value of plan assets at December 31 $ 2,274 796 2,023 742 — — Funded Status at December 31 $ (607 ) (259 ) (768 ) (170 ) (225 ) (219 )
Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31, 2016 and 2015 , include: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — — — 20 — — Current liabilities (10 ) — (10 ) — (10 ) (10 ) Noncurrent liabilities (597 ) (259 ) (758 ) (190 ) (215 ) (209 ) Total recognized $ (607 ) (259 ) (768 ) (170 ) (225 ) (219 )
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive income/loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 684 227 710 143 (5 ) 2 Unrecognized prior service cost (credit) 3 (5 ) 6 (7 ) (9 ) (10 )
Sources of Change in Other Comprehensive Income	Millions of Dollars Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income/Loss Net gain (loss) arising during the period $ (54 ) (129 ) (124 ) 7 7 (14 ) Curtailment gain — 31 — — — — Amortization of (gain) loss and settlements included in income 80 14 155 15 — (1 ) Net change during the period $ 26 (84 ) 31 22 7 (15 ) Prior service cost arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income 3 (1 ) 3 (1 ) (1 ) (2 ) Net change during the period $ 3 (1 ) 3 (1 ) (1 ) (2 )
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2016 2015 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,881 1,055 2,791 351 Accumulated benefit obligations 2,601 880 2,485 303 Fair value of plan assets 2,274 796 2,023 160
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2016 2015 2014 2016 2015 2014 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 127 32 124 38 121 38 7 7 7 Interest cost 116 28 109 28 108 35 8 7 8 Expected return on plan assets (128 ) (38 ) (138 ) (37 ) (142 ) (37 ) — — — Amortization of prior service cost (credit) 3 (1 ) 3 (1 ) 3 (2 ) (1 ) (2 ) (1 ) Recognized net actuarial loss (gain) 72 14 75 15 40 12 — (1 ) (2 ) Settlements 8 — 80 — — — — — — Total net periodic benefit cost $ 198 35 253 43 130 46 14 11 12
Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortized into Net Periodic Benefit Cost Over the Next Fiscal Year	Amounts included in accumulated other comprehensive income at December 31, 2016 , that are expected to be amortized into net periodic benefit cost during 2017 are provided below: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. Unrecognized net actuarial loss $ 70 23 — Unrecognized prior service cost (credit) 3 (1 ) (1 )
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 3.95 % 2.42 4.35 3.35 3.65 4.00 Rate of compensation increase 4.00 3.78 4.00 3.65 — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 4.35 % 3.35 3.90 3.10 4.00 3.70 Expected return on plan assets 6.75 5.31 7.00 5.15 — — Rate of compensation increase 4.00 3.65 4.00 3.20 — —
Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2016 Equity securities $ 533 — — 533 — — — — Mutual funds 47 — — 47 — — — — Cash and cash equivalents 21 — — 21 5 — — 5 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Total assets in the fair value hierarchy 601 — — 601 5 — 19 24 Common/collective trusts measured at NAV 1,673 772 Total $ 601 — — 2,274 5 — 19 796 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2015 Equity securities $ 447 — — 447 235 — — 235 Government debt securities — — — — 144 — — 144 Mutual funds 41 — — 41 — — — — Cash and cash equivalents 22 — — 22 3 — — 3 Insurance contracts — — — — — — 13 13 Real estate — — — — — — 6 6 Total assets in the fair value hierarchy 510 — — 510 382 — 19 401 Common/collective trusts measured at NAV 1,513 339 Other receivables — 2 Total $ 510 — — 2,023 382 — 19 742
Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by us in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2017 $ 301 18 25 2018 294 20 26 2019 278 20 26 2020 272 21 24 2021 279 23 23 2022-2025 1,278 140 98
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated tax benefits for the years ended December 31 were as follows: Millions of Dollars 2016 2015 2014 Share-based compensation expense $ 156 144 134 Tax benefit (59 ) (54 ) (50 )
Stock Option Activity	The following table summarizes our stock option activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2016 5,431,739 $ 41.27 Granted 818,100 78.86 $ 16.94 Forfeited (24,465 ) 77.85 Exercised (1,122,244 ) 30.53 $ 58 Expired or canceled — — Outstanding at December 31, 2016 5,103,130 $ 49.48 Vested at December 31, 2016 4,625,221 $ 46.60 $ 185 Exercisable at December 31, 2016 3,684,109 $ 39.06 $ 175
Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant date fair market values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2016 2015 2014 Assumptions used Risk-free interest rate 1.71 % 1.60 1.96 Dividend yield 3.00 % 3.00 3.00 Volatility factor 28.68 % 34.17 34.97 Expected life (years) 7.08 6.66 6.23
Summary of Stock Unit Activity	The following table summarizes our RSU activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2016 3,134,615 $ 60.19 Granted 955,923 78.56 Forfeited (48,877 ) 75.33 Issued (1,398,522 ) 51.27 $ 109 Outstanding at December 31, 2016 2,643,139 $ 71.28 Not Vested at December 31, 2016 1,656,407 $ 72.06
Summary of Performance Share Program Activity	The following table summarizes our PSU activity from January 1, 2016, to December 31, 2016 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2016 3,556,826 $ 50.11 Granted 767,561 78.62 Forfeited — — Issued (317,329 ) 50.03 $ 26 Cash settled (767,561 ) 78.62 60 Outstanding at December 31, 2016 3,239,497 $ 50.12 Not Vested at December 31, 2016 561,376 $ 52.45

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income taxes charged to income were: Millions of Dollars 2016 2015 2014 Income Taxes Federal Current $ (105 ) 1,128 1,661 Deferred 645 444 (378 ) Foreign Current 66 (74 ) 22 Deferred (84 ) 42 80 State and local Current (24 ) 227 274 Deferred 49 (3 ) (5 ) $ 547 1,764 1,654
Schedule of Deferred Tax Assets and Liabilities	Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2016 2015 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 4,525 4,361 Investment in joint ventures 2,442 2,292 Investment in subsidiaries 803 236 Inventory 154 176 Other 19 24 Total deferred tax liabilities 7,943 7,089 Deferred Tax Assets Benefit plan accruals 669 751 Asset retirement obligations and accrued environmental costs 211 215 Other financial accruals and deferrals 188 175 Loss and credit carryforwards 261 227 Other 1 1 Total deferred tax assets 1,330 1,369 Less: valuation allowance 38 160 Net deferred tax assets 1,292 1,209 Net deferred tax liabilities $ 6,651 5,880
Schedule of Unrecognized Tax Benefits Roll Forward	As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Those unrecognized tax benefits are included in the following table which shows a reconciliation of the beginning and ending unrecognized tax benefits. Millions of Dollars 2016 2015 2014 Balance at January 1 $ 82 142 202 Additions based on tax positions related to the current year — — 13 Additions for tax positions of prior years 5 6 14 Reductions for tax positions of prior years (17 ) (17 ) (68 ) Settlements — (49 ) (19 ) Lapse of statute — — — Balance at December 31 $ 70 82 142
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-tax Income 2016 2015 2014 2016 2015 2014 Income from continuing operations before income taxes United States $ 1,713 4,983 5,121 78.2 % 82.4 89.1 Foreign 478 1,061 624 21.8 17.6 10.9 $ 2,191 6,044 5,745 100.0 % 100.0 100.0 Federal statutory income tax $ 767 2,115 2,011 35.0 % 35.0 35.0 Goodwill allocated to assets sold — 41 18 — 0.7 0.3 Sale of foreign subsidiaries — (125 ) (293 ) — (2.1 ) (5.1 ) Foreign rate differential (152 ) (239 ) (184 ) (6.9 ) (3.9 ) (3.2 ) German tax legislation — (103 ) — — (1.7 ) — Change in valuation allowance (81 ) (17 ) (14 ) (3.7 ) (0.2 ) (0.2 ) Federal manufacturing deduction — (77 ) (81 ) — (1.3 ) (1.4 ) State income tax, net of federal benefit 12 150 180 0.6 2.5 3.1 Other 1 19 17 — 0.2 0.3 $ 547 1,764 1,654 25.0 % 29.2 28.8

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Accumulated other comprehensive income (loss)	Changes in the balances of each component of accumulated other comprehensive income (loss) were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2013 $ (404 ) 443 (2 ) 37 Other comprehensive income (loss) before reclassification (330 ) (276 ) — (606 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses 38 — — 38 Net current period other comprehensive loss (292 ) (276 ) — (568 ) December 31, 2014 (696 ) 167 (2 ) (531 ) Other comprehensive income (loss) before reclassifications (78 ) (156 ) — (234 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses and settlements 112 — — 112 Net current period other comprehensive income (loss) 34 (156 ) — (122 ) December 31, 2015 (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications (112 ) (296 ) 5 (403 ) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of defined benefit plan items* Actuarial losses and settlements 61 — — 61 Net current period other comprehensive income (loss) (51 ) (296 ) 5 (342 ) December 31, 2016 $ (713 ) (285 ) 3 (995 ) *Included in the computation of net periodic benefit cost. See Note 20—Employee Benefit Plans , for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Millions of Dollars 2016 2015 2014 Cash Payments (Receipts) Interest $ 311 275 238 Income taxes* (375 ) 1,560 2,185 * 2016 reflects a net cash refund position; cash payments for income taxes were $385 million .

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Other Financial Information	Millions of Dollars 2016 2015 2014 Interest and Debt Expense Incurred Debt $ 402 389 265 Other 17 27 22 419 416 287 Capitalized (81 ) (106 ) (20 ) Expensed $ 338 310 267 Other Income Interest income $ 18 27 21 Other, net* 56 91 99 $ 74 118 120 *Includes derivatives-related activities. Research and Development Expenditures— expensed $ 60 65 62 Advertising Expenses $ 80 73 70 Foreign Currency Transaction (Gains) Losses— after-tax Midstream $ — — — Chemicals — — — Refining (10 ) 34 6 Marketing and Specialties 1 4 8 Corporate and Other (2 ) — — $ (11 ) 38 14

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Significant transactions with related parties	Significant transactions with related parties were: Millions of Dollars 2016 2015 2014 Operating revenues and other income (a) $ 2,174 2,452 6,514 Purchases (b) 8,109 8,142 15,647 Operating expenses and selling, general and administrative expenses (c) 125 129 133 In December 2014, we completed the sale of our interest in MRC. Accordingly, sales of crude oil to MRC and purchases of refined products from MRC are only included in the 2014 amounts in the table above. (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, and we sold gas oil and hydrogen feedstocks to Excel Paralubes (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. We also sold refined products to our OnCue Holdings, LLC joint venture. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. (b) We purchased crude oil and refined products from WRB. We also acted as agent for WRB in distributing asphalt and solvents for a fee. We purchased natural gas and NGL from DCP Midstream and CPChem, 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 crude oil, finished refined products and NGL. 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.

Segment Disclosures and Relat58

Segment Disclosures and Related Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars 2016 2015 2014 Sales and Other Operating Revenues Midstream Total sales $ 4,226 3,676 6,222 Intersegment eliminations (1,299 ) (1,034 ) (1,104 ) Total Midstream 2,927 2,642 5,118 Chemicals 5 5 7 Refining Total sales 52,068 63,470 115,326 Intersegment eliminations (34,120 ) (40,317 ) (68,263 ) Total Refining 17,948 23,153 47,063 Marketing and Specialties Total sales 64,476 74,591 110,540 Intersegment eliminations (1,109 ) (1,446 ) (1,548 ) Total Marketing and Specialties 63,367 73,145 108,992 Corporate and Other 32 30 32 Consolidated sales and other operating revenues $ 84,279 98,975 161,212 Depreciation, Amortization and Impairments Midstream $ 218 128 92 Chemicals — — — Refining 770 741 850 Marketing and Specialties 107 100 97 Corporate and Other 78 116 106 Consolidated depreciation, amortization and impairments $ 1,173 1,085 1,145 Millions of Dollars 2016 2015 2014 Equity in Earnings of Affiliates Midstream $ 184 (268 ) 360 Chemicals 834 1,316 1,634 Refining 164 325 311 Marketing and Specialties 232 207 162 Corporate and Other — (7 ) (1 ) Consolidated equity in earnings of affiliates $ 1,414 1,573 2,466 Income Taxes from Continuing Operations Midstream $ 123 73 310 Chemicals 256 353 495 Refining 61 1,104 696 Marketing and Specialties 370 466 440 Corporate and Other (263 ) (232 ) (287 ) Consolidated income taxes from continuing operations $ 547 1,764 1,654 Net Income Attributable to Phillips 66 Midstream $ 178 13 507 Chemicals 583 962 1,137 Refining 374 2,555 1,771 Marketing and Specialties 891 1,187 1,034 Corporate and Other (471 ) (490 ) (393 ) Discontinued Operations — — 706 Consolidated net income attributable to Phillips 66 $ 1,555 4,227 4,762 Millions of Dollars 2016 2015 2014 Investments In and Advances To Affiliates Midstream $ 4,769 4,198 2,461 Chemicals 5,773 5,177 5,183 Refining 2,420 2,262 2,103 Marketing and Specialties 391 342 290 Corporate and Other 1 1 1 Consolidated investments in and advances to affiliates $ 13,354 11,980 10,038 Total Assets Midstream $ 12,832 11,043 7,295 Chemicals 5,802 5,237 5,209 Refining 22,825 21,993 22,808 Marketing and Specialties 6,227 5,631 7,051 Corporate and Other 3,967 4,676 6,329 Consolidated total assets $ 51,653 48,580 48,692 Capital Expenditures and Investments Midstream $ 1,453 4,457 2,173 Chemicals — — — Refining 1,149 1,069 1,038 Marketing and Specialties 98 122 439 Corporate and Other 144 116 123 Consolidated capital expenditures and investments $ 2,844 5,764 3,773 Interest Income and Expense Interest income Midstream $ 2 — — Marketing and Specialties — 2 — Corporate and Other 16 25 21 Consolidated interest income $ 18 27 21 Interest and debt expense Corporate and Other $ 338 310 267
Sales and Other Operating Revenues by Product Line	Sales and Other Operating Revenues by Product Line Refined products $ 73,385 86,249 133,625 Crude oil resales 7,594 8,993 19,832 NGL 3,107 2,998 6,447 Other 193 735 1,308 Consolidated sales and other operating revenues by product line $ 84,279 98,975 161,212
Geographic Information	Geographic Information Millions of Dollars Sales and Other Operating Revenues* Long-Lived Assets** 2016 2015 2014 2016 2015 2014 United States $ 59,742 69,578 110,713 32,442 29,624 25,255 United Kingdom 9,895 12,120 20,131 1,177 1,459 1,469 Germany 6,128 6,584 9,424 503 502 534 Other foreign countries 8,514 10,693 20,944 87 116 126 Worldwide consolidated $ 84,279 98,975 161,212 34,209 31,701 27,384 *Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. **Defined as net properties, plants and equipment plus investments in and advances to affiliated companies.

Condensed Consolidating Finan59

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Income Statement	Millions of Dollars Year Ended December 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 $ — 58,822 25,457 — 84,279 Equity in earnings of affiliates 1,797 1,839 296 (2,518 ) 1,414 Net gain (loss) on dispositions — (9 ) 19 — 10 Other income — 42 32 — 74 Intercompany revenues — 864 9,160 (10,024 ) — Total Revenues and Other Income 1,797 61,558 34,964 (12,542 ) 85,777 Costs and Expenses Purchased crude oil and products — 48,171 24,102 (9,805 ) 62,468 Operating expenses — 3,465 846 (36 ) 4,275 Selling, general and administrative expenses 6 1,236 406 (10 ) 1,638 Depreciation and amortization — 821 347 — 1,168 Impairments — 1 4 — 5 Taxes other than income taxes — 5,477 8,211 — 13,688 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 366 21 124 (173 ) 338 Foreign currency transaction gains — — (15 ) — (15 ) Total Costs and Expenses 372 59,208 34,030 (10,024 ) 83,586 Income from continuing operations before income taxes 1,425 2,350 934 (2,518 ) 2,191 Provision (benefit) for income taxes (130 ) 553 124 — 547 Income from Continuing Operations 1,555 1,797 810 (2,518 ) 1,644 Income from discontinued operations — — — — — Net income 1,555 1,797 810 (2,518 ) 1,644 Less: net income attributable to noncontrolling interests — — 89 — 89 Net Income Attributable to Phillips 66 $ 1,555 1,797 721 (2,518 ) 1,555 Comprehensive Income $ 1,213 1,455 451 (1,817 ) 1,302 Millions of Dollars Year Ended December 31, 2015 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 68,478 30,497 — 98,975 Equity in earnings (losses) of affiliates 4,470 2,812 (134 ) (5,575 ) 1,573 Net gain (loss) on dispositions — (115 ) 398 — 283 Other income — 81 37 — 118 Intercompany revenues — 1,071 9,845 (10,916 ) — Total Revenues and Other Income 4,470 72,327 40,643 (16,491 ) 100,949 Costs and Expenses Purchased crude oil and products — 54,925 29,221 (10,747 ) 73,399 Operating expenses 4 3,412 917 (39 ) 4,294 Selling, general and administrative expenses 5 1,265 416 (16 ) 1,670 Depreciation and amortization — 818 260 — 1,078 Impairments — 4 3 — 7 Taxes other than income taxes — 5,505 8,572 — 14,077 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 365 25 34 (114 ) 310 Foreign currency transaction losses — 1 48 — 49 Total Costs and Expenses 374 65,971 39,476 (10,916 ) 94,905 Income from continuing operations before income taxes 4,096 6,356 1,167 (5,575 ) 6,044 Provision (benefit) for income taxes (131 ) 1,886 9 — 1,764 Income from Continuing Operations 4,227 4,470 1,158 (5,575 ) 4,280 Income from discontinued operations — — — — — Net income 4,227 4,470 1,158 (5,575 ) 4,280 Less: net income attributable to noncontrolling interests — — 53 — 53 Net Income Attributable to Phillips 66 $ 4,227 4,470 1,105 (5,575 ) 4,227 Comprehensive Income $ 4,105 4,348 1,032 (5,327 ) 4,158 Millions of Dollars Year Ended December 31, 2014 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 109,078 52,134 — 161,212 Equity in earnings of affiliates 4,257 3,021 444 (5,256 ) 2,466 Net gain (loss) on dispositions — (46 ) 341 — 295 Other income — 105 15 — 120 Intercompany revenues — 2,411 18,772 (21,183 ) — Total Revenues and Other Income 4,257 114,569 71,706 (26,439 ) 164,093 Costs and Expenses Purchased crude oil and products — 97,783 58,984 (21,019 ) 135,748 Operating expenses 2 3,600 870 (37 ) 4,435 Selling, general and administrative expenses 6 1,224 502 (69 ) 1,663 Depreciation and amortization — 761 234 — 995 Impairments — 3 147 — 150 Taxes other than income taxes — 5,478 9,563 (1 ) 15,040 Accretion on discounted liabilities — 18 6 — 24 Interest and debt expense 286 18 20 (57 ) 267 Foreign currency transaction losses — — 26 — 26 Total Costs and Expenses 294 108,885 70,352 (21,183 ) 158,348 Income from continuing operations before income taxes 3,963 5,684 1,354 (5,256 ) 5,745 Provision (benefit) for income taxes (103 ) 1,427 330 — 1,654 Income from Continuing Operations 4,066 4,257 1,024 (5,256 ) 4,091 Income from discontinued operations* 696 — 10 — 706 Net income 4,762 4,257 1,034 (5,256 ) 4,797 Less: net income attributable to noncontrolling interests — — 35 — 35 Net Income Attributable to Phillips 66 $ 4,762 4,257 999 (5,256 ) 4,762 Comprehensive Income $ 4,194 3,689 721 (4,375 ) 4,229 *Net of provision for income taxes on discontinued operations: $ — — 5 — 5
Condensed Consolidated Balance Sheet	Millions of Dollars At December 31, 2016 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 854 1,857 — 2,711 Accounts and notes receivable 13 4,336 3,276 (1,228 ) 6,397 Inventories — 2,198 952 — 3,150 Prepaid expenses and other current assets 2 317 103 — 422 Total Current Assets 15 7,705 6,188 (1,228 ) 12,680 Investments and long-term receivables 31,165 22,733 8,588 (48,952 ) 13,534 Net properties, plants and equipment — 13,044 7,811 — 20,855 Goodwill — 2,853 417 — 3,270 Intangibles — 719 169 — 888 Other assets 15 245 168 (2 ) 426 Total Assets $ 31,195 47,299 23,341 (50,182 ) 51,653 Liabilities and Equity Accounts payable $ — 5,626 2,663 (1,228 ) 7,061 Short-term debt 500 30 20 — 550 Accrued income and other taxes — 348 457 — 805 Employee benefit obligations — 475 52 — 527 Other accruals 59 371 90 — 520 Total Current Liabilities 559 6,850 3,282 (1,228 ) 9,463 Long-term debt 6,920 150 2,518 — 9,588 Asset retirement obligations and accrued environmental costs — 501 154 — 655 Deferred income taxes — 4,391 2,354 (2 ) 6,743 Employee benefit obligations — 948 268 — 1,216 Other liabilities and deferred credits 1,297 3,337 4,060 (8,431 ) 263 Total Liabilities 8,776 16,177 12,636 (9,661 ) 27,928 Common stock 10,777 25,403 10,117 (35,520 ) 10,777 Retained earnings 12,637 6,714 (269 ) (6,474 ) 12,608 Accumulated other comprehensive loss (995 ) (995 ) (478 ) 1,473 (995 ) Noncontrolling interests — — 1,335 — 1,335 Total Liabilities and Equity $ 31,195 47,299 23,341 (50,182 ) 51,653 Millions of Dollars At December 31, 2015 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 575 2,499 — 3,074 Accounts and notes receivable 14 3,643 2,217 (701 ) 5,173 Inventories — 2,171 1,306 — 3,477 Prepaid expenses and other current assets 2 382 148 — 532 Total Current Assets 16 6,771 6,170 (701 ) 12,256 Investments and long-term receivables 33,315 24,068 7,395 (52,635 ) 12,143 Net properties, plants and equipment — 12,651 7,070 — 19,721 Goodwill — 3,040 235 — 3,275 Intangibles — 726 180 — 906 Other assets 16 154 113 (4 ) 279 Total Assets $ 33,347 47,410 21,163 (53,340 ) 48,580 Liabilities and Equity Accounts payable $ — 4,015 2,341 (701 ) 5,655 Short-term debt — 25 19 — 44 Accrued income and other taxes — 320 558 — 878 Employee benefit obligations — 528 48 — 576 Other accruals 59 240 79 — 378 Total Current Liabilities 59 5,128 3,045 (701 ) 7,531 Long-term debt 7,413 158 1,272 — 8,843 Asset retirement obligations and accrued environmental costs — 496 169 — 665 Deferred income taxes — 4,500 1,545 (4 ) 6,041 Employee benefit obligations — 1,094 191 — 1,285 Other liabilities and deferred credits 2,746 2,765 3,734 (8,968 ) 277 Total Liabilities 10,218 14,141 9,956 (9,673 ) 24,642 Common stock 11,405 25,404 10,688 (36,092 ) 11,405 Retained earnings 12,377 8,518 (200 ) (8,347 ) 12,348 Accumulated other comprehensive 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 Consolidated Cash Flow	Millions of Dollars Year Ended December 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 continuing operating activities $ 3,491 2,307 503 (3,338 ) 2,963 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 3,491 2,307 503 (3,338 ) 2,963 Cash Flows From Investing Activities Capital expenditures and investments* — (1,425 ) (1,457 ) 38 (2,844 ) Proceeds from asset dispositions** — 1,007 156 (1,007 ) 156 Intercompany lending activities (1,139 ) 2,046 (907 ) — — Advances/loans—related parties — (75 ) (357 ) — (432 ) Collection of advances/loans—related parties — — 108 — 108 Other — 18 (164 ) — (146 ) Net cash provided by (used in) continuing investing activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Cash Flows From Financing Activities Issuance of debt — — 2,090 — 2,090 Repayment of debt — (26 ) (807 ) — (833 ) Issuance of common stock (12 ) — — — (12 ) Repurchase of common stock (1,042 ) — — — (1,042 ) Dividends paid on common stock (1,282 ) (3,604 ) (783 ) 4,387 (1,282 ) Distributions to controlling interests — — 1,049 (1,049 ) — Distributions to noncontrolling interests — — (75 ) — (75 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 972 — 972 Other* (16 ) 31 (980 ) 969 4 Net cash provided by (used in) continuing financing activities (2,352 ) (3,599 ) 1,466 4,307 (178 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (2,352 ) (3,599 ) 1,466 4,307 (178 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 10 — 10 Net Change in Cash and Cash Equivalents — 279 (642 ) — (363 ) Cash and cash equivalents at beginning of period 575 2,499 — 3,074 Cash and Cash Equivalents at End of Period $ — 854 1,857 — 2,711 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 2015 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by continuing operating activities $ 1,060 4,879 2,564 (2,790 ) 5,713 Net cash provided by discontinued operations — — — — — Net Cash Provided by Operating Activities 1,060 4,879 2,564 (2,790 ) 5,713 Cash Flows From Investing Activities Capital expenditures and investments* — (2,815 ) (5,283 ) 2,334 (5,764 ) Proceeds from asset dispositions** — 774 178 (882 ) 70 Intercompany lending activities 2,461 (3,153 ) 692 — — Advances/loans—related parties — (50 ) — — (50 ) Collection of advances/loans—related parties — 50 — — 50 Other — 6 (50 ) — (44 ) Net cash provided by (used in) continuing investing activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Investing Activities 2,461 (5,188 ) (4,463 ) 1,452 (5,738 ) Cash Flows From Financing Activities Issuance of debt — — 1,169 — 1,169 Repayment of debt (800 ) (23 ) (103 ) — (926 ) Issuance of common stock (19 ) — — — (19 ) Repurchase of common stock (1,512 ) — — — (1,512 ) Dividends paid on common stock (1,172 ) (1,172 ) (1,576 ) 2,748 (1,172 ) Distributions to controlling interests — — (186 ) 186 — Distributions to noncontrolling interests — — (46 ) — (46 ) Net proceeds from issuance of Phillips 66 Partners — — 384 — 384 Other* (18 ) 34 1,585 (1,596 ) 5 Net cash provided by (used in) continuing financing activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (3,521 ) (1,161 ) 1,227 1,338 (2,117 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 9 — 9 Net Change in Cash and Cash Equivalents — (1,470 ) (663 ) — (2,133 ) Cash and cash equivalents at beginning of period — 2,045 3,162 — 5,207 Cash and Cash Equivalents at End of Period $ — 575 2,499 — 3,074 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates and working capital true-ups on dispositions. Millions of Dollars Year Ended December 31, 2014 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net cash provided by (used in) continuing operating activities $ (47 ) 2,551 1,527 (504 ) 3,527 Net cash provided by discontinued operations — — 2 — 2 Net Cash Provided by (Used in) Operating Activities (47 ) 2,551 1,529 (504 ) 3,529 Cash Flows From Investing Activities Capital expenditures and investments* — (2,230 ) (2,532 ) 989 (3,773 ) Proceeds from asset dispositions — 960 687 (403 ) 1,244 Intercompany lending activities** 1,397 (1,402 ) 5 — — Advances/loans—related parties — — (3 ) — (3 ) Other — (13 ) 251 — 238 Net cash provided by (used in) continuing investing activities 1,397 (2,685 ) (1,592 ) 586 (2,294 ) Net cash used in discontinued operations — — (2 ) — (2 ) Net Cash Provided by (Used in) Investing Activities 1,397 (2,685 ) (1,594 ) 586 (2,296 ) Cash Flows From Financing Activities Issuance of debt 2,459 — 28 — 2,487 Repayment of debt — (20 ) (29 ) — (49 ) Issuance of common stock 1 — — — 1 Repurchase of common stock (2,282 ) — — — (2,282 ) Share exchange—PSPI transaction (450 ) — — — (450 ) Dividends paid on common stock (1,062 ) — (443 ) 443 (1,062 ) Distributions to controlling interests — — (323 ) 323 — Distributions to noncontrolling interests — — (30 ) — (30 ) Other* (16 ) 37 850 (848 ) 23 Net cash provided by (used in) continuing financing activities (1,350 ) 17 53 (82 ) (1,362 ) Net cash provided by (used in) discontinued operations — — — — — Net Cash Provided by (Used in) Financing Activities (1,350 ) 17 53 (82 ) (1,362 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (64 ) — (64 ) Net Change in Cash and Cash Equivalents — (117 ) (76 ) — (193 ) Cash and cash equivalents at beginning of period — 2,162 3,238 — 5,400 Cash and Cash Equivalents at End of Period $ — 2,045 3,162 — 5,207 * Includes intercompany capital contributions. ** Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66.

Selected Quarterly Financial 60

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues* Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2016 First $ 17,409 596 398 385 0.72 0.72 Second 21,849 720 516 496 0.94 0.93 Third 21,624 813 536 511 0.97 0.96 Fourth 23,397 62 194 163 0.31 0.31 2015 First $ 22,778 1,388 997 987 1.80 1.79 Second 28,512 1,465 1,025 1,012 1.85 1.84 Third 25,792 2,359 1,592 1,578 2.92 2.90 Fourth 21,893 832 666 650 1.21 1.20 *Includes excise taxes on petroleum products sales.

Summary of Significant Accoun61

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016reporting_unittechnique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of reporting units for purposes of testing goodwill for impairment | reporting_unit	3
Minimum time required for an award not to be subject to forfeiture, in months	6 months
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Length of construction period for interest capitalization, in years	1 year
Minimum | Net properties, plants and equipment
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of methods used to determine fair value | technique	1

Variable Interest Entities (V62

Variable Interest Entities (VIEs) (Details) - Phillips 66 Partners - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Equity investments
Variable Interest Entity [Line Items]
Variable interest entity consolidated, assets, noncurrent, pledged	$ 1,142	$ 945
Net properties, plants and equipment
Variable Interest Entity [Line Items]
Variable interest entity consolidated, assets, noncurrent, pledged	$ 2,675	$ 2,437

Variable Interest Entities (V63

Variable Interest Entities (VIEs) Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2009	Aug. 28, 2009
Merey Sweeny L.P.
Variable Interest Entities (VIEs) (Textual) [Abstract]
Additional equity method ownership interest acquired in Merey Sweeny Limited Partnership				50.00%	50.00%
Book value of VIE		$ 203,000,000
Merey Sweeny L.P. | Guarantees of Joint Venture Debt
Variable Interest Entities (VIEs) (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		326,000,000
Merey Sweeny L.P. | MSLP 8.85% Senior Notes | Guarantees of Joint Venture Debt
Variable Interest Entities (VIEs) (Textual) [Abstract]
Debt guarantee to lender, percentage	100.00%
Stated interest rate of debt, percent	8.85%
Maximum exposure of loss/potential amount of future payments		123,000,000
DAPL And ETCOP
Variable Interest Entities (VIEs) (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		1,057,000,000
Book value of VIE		$ 532,000,000
Percentage of ownership interest		25.00%
Loans and leases receivable, related parties		$ 250,000,000
Carrying amount of indemnifications		275,000,000
Phillips 66 Partners LP
Variable Interest Entities (VIEs) (Textual) [Abstract]
Long-term debt		$ 2,396,000,000	$ 1,091,000,000

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Summary of inventories
Crude oil and petroleum products	$ 2,883	$ 3,214
Materials and supplies	267	263
Inventories	$ 3,150	$ 3,477

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total inventories	$ 2,772	$ 3,085
Estimated excess of current replacement cost over LIFO cost of inventories	3,300	1,300
Effect on net income due to LIFO inventory liquidation	(68)	$ (37)	$ (8)
Whitegate Refinery | Refining
Segment Reporting Information [Line Items]
Effect on net income due to LIFO inventory liquidation	$ (62)

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) $ in Millions	Aug. 30, 2009USD ($)	Mar. 31, 2014refinery	Mar. 31, 2017USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Nov. 30, 2016mi	Aug. 31, 2014MBbls	Aug. 31, 2009	Aug. 28, 2009
Business Acquisition [Line Items]
Number of refineries to which facility provides utilities and other services | refinery		1
NGL Logistics System
Business Acquisition [Line Items]
Length of pipeline | mi						500
PP&E provisionally recorded					$ 183
Beaumont, Texas,Crude Oil And Petroleum Products Terminal, 7.1 Million-Barrel-Storage-Capacity | Midstream Segment
Business Acquisition [Line Items]
Storage capacity of terminal acquired, in barrels | MBbls							7.1
Series of Individually Immaterial Business Acquisitions | Capital Expenditures And Investments
Business Acquisition [Line Items]
Consideration paid, net of cash acquired				$ 741
Scenario, Forecast
Business Acquisition [Line Items]
Equity interest in acquiree, remeasurement gain			$ 420
Merey Sweeny
Business Acquisition [Line Items]
Additional equity method ownership interest acquired in MSLP								50.00%	50.00%
Step acquisition, equity interest in acquiree, fair value	$ 190

Assets Held for Sale or Sold (N

Assets Held for Sale or Sold (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended				12 Months Ended
	Sep. 30, 2016	Dec. 31, 2014	Jul. 31, 2014	Feb. 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2015
Assets Held For Sale Or Sold (Textual) [Abstract]
Repurchase of common stock, shares (in shares)							17,422,615
Cash included in carrying value reflected as financing cash outflow					$ 0	$ 0	$ 450
Refining | Bantry Bay Terminal
Assets Held For Sale Or Sold (Textual) [Abstract]
Before-tax loss on net PP&E held for sale							12
Refining | IRELAND | Bantry Bay Terminal
Assets Held For Sale Or Sold (Textual) [Abstract]
Before-tax loss on net PP&E held for sale			$ 12
Net carrying value at time of disposition								$ 68
Marketing and Specialties | Phillips Specialty Products Inc
Assets Held For Sale Or Sold (Textual) [Abstract]
Allocated goodwill included in carrying value of disposed asset				$ 117
Net carrying value at time of disposition				$ 685
Repurchase of common stock, shares (in shares)				17,400,000
Recognition of before-tax gain				$ 696
Cash and cash equivalents included in carrying value				481
Net PP&E included in carrying value				$ 60
Marketing and Specialties | Immingham Combined Heat and Power Plant
Assets Held For Sale Or Sold (Textual) [Abstract]
Gain on disposition						$ 242	126
Marketing and Specialties | Share Exchange Pspi Transaction | Phillips Specialty Products Inc
Assets Held For Sale Or Sold (Textual) [Abstract]
Cash included in carrying value reflected as financing cash outflow							450
Whitegate Refinery | Refining
Assets Held For Sale Or Sold (Textual) [Abstract]
Total carrying value of ownership interest sold	$ 135
Disposal group inventory, other working capital, and properties, plants and equipment	127
Allocated goodwill included in carrying value of disposed asset	$ 8
Malaysian Refining Company | Refining
Assets Held For Sale Or Sold (Textual) [Abstract]
Total carrying value of ownership interest sold		$ 334
Carrying amount at time of disposition including goodwill and currency translation adjustments		76					$ 76
Before-tax gain recognized on disposition		$ 145

Investments, Loans and Long-T68

Investments, Loans and Long-Term Receivables (Summary of Components of Investments, Loans, and Long-Term Receivables) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity investments	$ 13,102	$ 11,977
Loans and long-term receivables	334	84
Other investments	98	82
Total	$ 13,534	$ 12,143

Investments, Loans and Long-T69

Investments, Loans and Long-Term Receivables (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2014USD ($)	Dec. 31, 2016USD ($)assetjoint_venture	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2007USD ($)	Sep. 30, 2016USD ($)	Aug. 31, 2016USD ($)	May 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Retained earnings related to undistributed earnings of affilated companies		$ 1,945,000,000
Dividends received from affiliates		616,000,000	$ 1,769,000,000	$ 3,305,000,000
Equity investments		$ 13,102,000,000	11,977,000,000
Refining Facilities
Schedule of Equity Method Investments [Line Items]
Number of assets contributed | asset		2
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50.00%
Dividends received from affiliates	$ 760,000,000
Amortization period for basis difference of assets contributed to WRB, years		26 years
Equity investments		$ 2,088,000,000
Equity investments, basis difference		2,970,000,000
Equity investment, amortization of basis difference		$ 185,000,000	218,000,000	$ 184,000,000
Special dividend amount	1,232,000,000
WRB Refining LP | Proceeds From Asset Dispositions
Schedule of Equity Method Investments [Line Items]
Return of investment	$ 472,000,000
WRB Refining LP | Cenovus Energy Inc [Member]
Schedule of Equity Method Investments [Line Items]
Contribution obligation by co-venturer					$ 7,500,000,000
Contribution obligation by co-venturer, obligation period					10 years
DCP Midstream
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50.00%
Equity investments		$ 2,258,000,000
Equity investments, basis difference		$ 55,000,000
Cash contribution			$ 1,500,000,000
CP Chem
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50.00%
Equity investments		$ 5,773,000,000
CP Chem | Minimum
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term		1 year
CP Chem | Maximum
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term		99 years
Rockies Express Pipeline LLC (REX)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25.00%	25.00%
Equity investments		$ 455,000,000
Cash contribution			$ 112,000,000
Amount of debt repaid by REX			450,000,000
Approximate amount of remaining long-term debt of REX			$ 2,600,000,000
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		33.30%
Equity investments		$ 445,000,000
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		33.30%
Equity investments		$ 212,000,000
Equity investments, basis difference		$ 96,000,000
DAPL And ETCOP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25.00%
Number of joint ventures | joint_venture		2
Equity method investment, line of credit, maximum borrowing capacity							$ 2,500,000,000
Dakota Access LLC
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 403,000,000
Contribution obligation by co-venturer		976,000,000
Equity method investment, maximum borrowing capacity						$ 1,411,000,000		$ 2,256,000,000
Equity method investment, borrowing outstanding		$ 244,000,000
Energy Transfer Crude Oil Company LLC (ETCOP)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25.00%
Equity investments		$ 129,000,000
Contribution obligation by co-venturer		22,000,000
Equity method investment, maximum borrowing capacity						$ 76,000,000		$ 227,000,000
Equity method investment, borrowing outstanding		$ 6,000,000

Investments, Loans and Long-T70

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of financial information
Revenues	$ 30,605	$ 33,126	$ 57,979
Income before income taxes	3,206	3,180	4,791
Net income	2,960	3,158	4,700
Current assets	7,097	6,024	7,402
Noncurrent assets	50,163	46,047	41,271
Current liabilities	5,173	4,130	6,854
Noncurrent liabilities	13,709	11,493	9,736
Noncontrolling interests	$ 2,260	$ 2,404	$ 2,584

Properties, Plants and Equipm71

Properties, Plants and Equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Refining Facilities
Property, Plant and Equipment [Line Items]
Useful life	25 years
Pipeline Assets
Property, Plant and Equipment [Line Items]
Useful life	45 years
Terminal Assets
Property, Plant and Equipment [Line Items]
Useful life	33 years

Properties, Plants and Equipm72

Properties, Plants and Equipment (Summary of Investment in Property, Plant, and Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 31,989	$ 30,310
Accum. D&A	11,134	10,589
Net PP&E	20,855	19,721
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	8,179	6,978
Accum. D&A	1,579	1,293
Net PP&E	6,600	5,685
Chemicals
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	0	0
Accum. D&A	0	0
Net PP&E	0	0
Refining
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	21,152	20,850
Accum. D&A	8,197	8,046
Net PP&E	12,955	12,804
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,451	1,422
Accum. D&A	776	746
Net PP&E	675	676
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,207	1,060
Accum. D&A	582	504
Net PP&E	$ 625	$ 556

Goodwill and Intangibles (Goodw

Goodwill and Intangibles (Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Balance at January 1	$ 3,275	$ 3,274
Goodwill assigned to acquisitions	3	1
Goodwill allocated to dispositions	(8)
Balance at December 31	3,270	3,275
Midstream
Goodwill [Roll Forward]
Balance at January 1	623	623
Goodwill assigned to acquisitions	3	0
Goodwill allocated to dispositions	0
Balance at December 31	626	623
Refining
Goodwill [Roll Forward]
Balance at January 1	1,813	1,813
Goodwill assigned to acquisitions	0	0
Goodwill allocated to dispositions	(8)
Balance at December 31	1,805	1,813
Marketing and Specialties
Goodwill [Roll Forward]
Balance at January 1	839	838
Goodwill assigned to acquisitions	0	1
Goodwill allocated to dispositions	0
Balance at December 31	$ 839	$ 839

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 764	$ 770
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	503	503
Refinery air and operating permits
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	260	266
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 1	$ 1

Goodwill and Intangibles (Narra

Goodwill and Intangibles (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortized intangible asset balance	$ 124	$ 136
Accumulated amortization	$ 152	$ 135

Impairments (Summary of Before-

Impairments (Summary of Before-Tax Impairment Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impairment Charges
Before-tax impairment charges	$ 5	$ 7	$ 150
Midstream
Impairment Charges
Before-tax impairment charges	3	1	0
Refining
Impairment Charges
Before-tax impairment charges	2	3	147
Marketing and Specialties
Impairment Charges
Before-tax impairment charges	$ 0	$ 3	$ 3

Impairments (Narrative) (Detail

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

Asset Retirement Obligations 78

Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset retirement obligations	$ 244	$ 251	$ 279
Accrued environmental costs	496	485
Total asset retirement obligations and accrued environmental costs	740	736
Asset retirement obligations and accrued environmental costs due within one year	(85)	(71)
Long-term asset retirement obligations and accrued environmental costs	$ 655	$ 665

Asset Retirement Obligations 79

Asset Retirement Obligations and Accrued Environmental Costs (Schedule of Change in Overall Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1	$ 251	$ 279
Accretion of discount	9	9
Changes in estimates of existing obligations	10	(7)
Spending on existing obligations	(15)	(20)
Property dispositions	(5)	(2)
Foreign currency translation	(6)	(8)
Balance at December 31	$ 244	$ 251

Asset Retirement Obligations 80

Asset Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Site Contingency [Line Items]
Accrued environmental costs	$ 496	$ 485
Maximum period over which accrued environmental costs are expected to be paid, years	30 years
Domestic refineries and underground storage tanks
Site Contingency [Line Items]
Accrued environmental costs	$ 268	270
Nonoperator sites
Site Contingency [Line Items]
Accrued environmental costs	178	168
Other sites
Site Contingency [Line Items]
Accrued environmental costs	50	$ 47
Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs	248
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2017	25
Expected future undiscounted payments, due in 2018	26
Expected future undiscounted payments, due in 2019	22
Expected future undiscounted payments, due in 2020	16
Expected future undiscounted payments, due in 2021	15
Expected future undiscounted payments, due for all future years after 2021	$ 212
Weighted Average | Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs, discount rate	5.00%

Earnings per Share (Summary of

Earnings per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic
Income from continuing operations attributable to Phillips 66									$ 1,555	$ 4,227	$ 4,056
Income allocated to participating securities									(6)	(6)	(7)
Income from continuing operations available to common stockholders									1,549	4,221	4,049
Discontinued operations									0	0	706
Net income available to common stockholders									$ 1,549	$ 4,221	$ 4,755
Weighted-average common shares outstanding (thousands): (in shares)									523,250	537,602	561,859
Effect of stock-based compensation (in shares)									4,281	4,753	4,043
Weighted-average commons shares outstanding - basic (in shares)									527,531	542,355	565,902
Income from continuing operations attributable to Phillips 66 (in dollars per share)									$ 2.94	$ 7.78	$ 7.15
Discontinued operations (in dollars per share)									0	0	1.25
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)	$ 0.31	$ 0.97	$ 0.94	$ 0.72	$ 1.21	$ 2.92	$ 1.85	$ 1.80	$ 2.94	$ 7.78	$ 8.40
Diluted
Income allocated to participating securities									$ (5)	$ 0	$ 0
Income allocated to participating securities									1,550	4,227	4,056
Net income available to common stockholders									$ 1,550	$ 4,227	$ 4,762
Effect of stock-based compensation									2,535	4,622	5,602
Weighted-average common shares outstanding—EPS									530,066	546,977	571,504
Income from continuing operations attributable to Phillips 66 (in dollars per share)									$ 2.92	$ 7.73	$ 7.10
Discontinued operations (in dollars per share)									0	0	1.23
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars)	$ 0.31	$ 0.96	$ 0.93	$ 0.72	$ 1.20	$ 2.90	$ 1.84	$ 1.79	$ 2.92	$ 7.73	$ 8.33

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Oct. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Summary of long term debt
Debt at face value	$ 10,054		$ 8,775
Capitalized leases	188		208
Net unamortized discounts and debt issuance costs	(104)		(96)
Total debt	10,138		8,887
Short-term debt	(550)		(44)
Long-term debt	9,588		8,843
2.95% Senior Notes due 2017 | Senior Notes
Summary of long term debt
Debt	$ 1,500		1,500
Stated interest rate of debt, percent	2.95%
4.30% Senior Notes due 2022 | Senior Notes
Summary of long term debt
Debt	$ 2,000		2,000
Stated interest rate of debt, percent	4.30%
4.65% Senior Notes due 2034 | Senior Notes
Summary of long term debt
Debt	$ 1,000		1,000
Stated interest rate of debt, percent	4.65%
5.875% Senior Notes due 2042 | Senior Notes
Summary of long term debt
Debt	$ 1,500		1,500
Stated interest rate of debt, percent	5.875%
4.875% Senior Notes due 2044 | Senior Notes
Summary of long term debt
Debt	$ 1,500		1,500
Stated interest rate of debt, percent	4.875%
Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015
Summary of long term debt
Debt	$ 50		50
Sweeny Cogeneration, L.P. notes due 2020 at 7.54%
Summary of long term debt
Debt	0		$ 41
Stated interest rate of debt, percent			7.54%
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party)
Summary of long term debt
Notes Payable to Merey Sweeny, L.P. due 2020 at 7% (related party)	$ 68		$ 83
Stated interest rate of debt, percent	7.00%
Phillips 66 Partners revolving credit facility due 2021 at 1.98% at year-end 2016
Summary of long term debt
Phillips 66 Partners revolving credit facility due 2019 at 1.33% at year-end 2014	$ 210		$ 0
Stated interest rate of debt, percent			1.98%
Other
Summary of long term debt
Debt	$ 1		$ 1
Minimum | Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015
Summary of long term debt
Stated interest rate of debt, percent	0.057%		0.02%
Maximum | Industrial Development Bonds due 2018 through 2021 at 0.57%-0.81% at year-end 2016 and 0.02%-0.05% at year-end 2015
Summary of long term debt
Stated interest rate of debt, percent	0.81%		0.05%
Phillips 66 Partners LP | Phillips 66 Partners 2.646% Senior Notes due 2020 | Senior Notes
Summary of long term debt
Debt	$ 300		$ 300
Stated interest rate of debt, percent	2.646%			2.646%
Phillips 66 Partners LP | Phillips 66 Partners 3.605% Senior Notes due 2025 | Senior Notes
Summary of long term debt
Debt	$ 500		500
Stated interest rate of debt, percent	3.605%			3.605%
Phillips 66 Partners LP | Phillips 66 Partners 3.55% Senior Notes due 2026 | Senior Notes
Summary of long term debt
Debt	$ 500		0
Stated interest rate of debt, percent	3.55%	3.55%
Phillips 66 Partners LP | Phillips 66 Partners 4.680% Senior Notes due 2045 | Senior Notes
Summary of long term debt
Debt	$ 300		300
Stated interest rate of debt, percent	4.68%			4.68%
Phillips 66 Partners LP | Phillips 66 Partners 4.90% Senior Notes due 2046 | Senior Notes
Summary of long term debt
Debt	$ 625		$ 0
Stated interest rate of debt, percent	4.90%	4.90%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Oct. 31, 2016	Oct. 28, 2016	Feb. 28, 2015
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term borrowing maturities, 2017	$ 1,550,000,000
Long-term borrowing maturities, 2018	43,000,000
Long-term borrowing maturities, 2019	31,000,000
Long-term borrowing maturities, 2020	335,000,000
Long-term borrowing maturities, 2021	231,000,000
Long-term debt, current maturities	$ 1,000,000,000
Maximum consolidated net debt-to-capitalization ratio, percent	0.6
Borrowings under commercial paper program	$ 0
Revolving Credit Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity		$ 5,000,000,000
Amount outstanding under facility	0
Letters of credit issued	51,000,000
Phillips 66 Partners | Revolving Credit Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	500,000,000
Amount outstanding under facility	210,000,000
Phillips 66 Partners LP | Revolving Credit Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity			$ 750,000,000
Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes		1,125,000,000		$ 1,100,000,000
Commercial Paper
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	$ 5,000,000,000
Phillips 66 Partners 2.646% Senior Notes due 2020 | Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 300,000,000
Senior notes, interest percent	2.646%			2.646%
Phillips 66 Partners 3.55% Senior Notes due 2026 | Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes		$ 500,000,000
Senior notes, interest percent	3.55%	3.55%
Phillips 66 Partners 3.605% Senior Notes due 2025 | Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 500,000,000
Senior notes, interest percent	3.605%			3.605%
Phillips 66 Partners 4.90% Senior Notes due 2046 | Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes		$ 625,000,000
Senior notes, interest percent	4.90%	4.90%
Phillips 66 Partners 4.680% Senior Notes due 2045 | Phillips 66 Partners LP | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 300,000,000
Senior notes, interest percent	4.68%			4.68%
Maximum | Commercial Paper
Long-term Debt, Fiscal Year Maturity [Abstract]
Number of days maturities are generally limited to	90 days

Guarantees (Narrative) (Details

Guarantees (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Guarantees (Textual) [Abstract]
Operating lease, remaining obligation		$ 1,556,000,000
Environmental accruals for known contaminations		496,000,000	$ 485,000,000
Residual Value Guarantees
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		363,000,000
Other Guarantees
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		212,000,000
Indemnifications
Guarantees (Textual) [Abstract]
Carrying amount of indemnifications		193,000,000
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantees (Textual) [Abstract]
Environmental accruals for known contaminations		102,000,000
Merey Sweeny | Guarantees of Joint Venture Debt
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		326,000,000
Merey Sweeny | MSLP 8.85% Senior Notes | Guarantees of Joint Venture Debt
Guarantees (Textual) [Abstract]
Percentage of guarantee				100.00%
Maximum exposure of loss/potential amount of future payments		123,000,000
Facilities | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments	$ 554,000,000
Facilities | Maximum | Other Guarantees
Guarantees (Textual) [Abstract]
Lessee leasing arrangements, operating leases	5 years
Railcars | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Maximum exposure of loss/potential amount of future payments		94,000,000
Operating leases, expense		28,000,000
Operating lease, remaining obligation		66,000,000
Railcars | Permanently Taken Out Of Service | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Operating leases, expense		20,000,000
Operating leases executory costs		$ 12,000,000

Contingencies and Commitments (

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Contingencies and Commitments (Textual) [Abstract]
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2017	$ 319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2018	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2019	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2020	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2021	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2022 and after	2,902
Total payments under long-term throughput and take-or-pay agreements	325	$ 328	$ 331
Revolving Credit Facility
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	51
Performance Guarantee
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	541
Performance Guarantee | Revolving Credit Facility
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	$ 51

Derivatives and Financial Ins86

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - Commodity derivatives - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Prepaid expenses and other current assets
Fair value of commodity derivative assets and liabilities, without netting
Assets	$ 741	$ 2,607
Other assets
Fair value of commodity derivative assets and liabilities, without netting
Assets	5	5
Other accruals
Fair value of commodity derivative assets and liabilities, without netting
Liabilities	766	2,425
Other liabilities and deferred credits
Fair value of commodity derivative assets and liabilities, without netting
Liabilities	$ 2	$ 5

Derivatives and Financial Ins87

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	$ (451)	$ 162	$ 658
Equity in earnings of affiliates
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	0	0	66
Other income
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	29	58	20
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Gains (losses) from commodity derivatives	$ (62)	$ 121	$ 136

Derivatives and Financial Ins88

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Estimated percentage of derivative contract volume expiring within twelve months		98.00%	98.00%
Payment terms of receivables		30 days or less
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative, notional amount		$ 650,000,000
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | Other Accruals and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative fair value		$ 8,000,000
Cash Flow Hedging | Scenario, Forecast | Interest Rate Swap | Designated as Hedging Instrument | Other Accruals and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative instruments, loss reclassified from accumulated OCI into income	$ 3,000,000

Derivatives and Financial Ins89

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Dec. 31, 2016	Dec. 31, 2015
Commodity
Crude oil, refined products and NGL (millions of barrels)	(18)	(17)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2016USD ($)
Fair Value Disclosures [Abstract]
Aggregate value of assets transferred to Level 1	$ 201
Aggregate value of liabilities transferred to Level 1	$ 156

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Difference in Carrying Value and Fair Value	$ (570)	$ 195
Floating-rate debt	260	50
Fixed-rate debt, excluding capital leases	9,690	8,629
Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Difference in Carrying Value and Fair Value	(570)	195
Net Carrying Value Presented on the Balance Sheet
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	222	194
Net carrying value presented on balance sheet, commodity derivative liabilities and debt	10,016	8,708
Net Carrying Value Presented on the Balance Sheet | Rabbi trust assets | Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	97	83
Exchange-cleared instruments | Net Carrying Value Presented on the Balance Sheet
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	16	65
Net carrying value presented on balance sheet, commodity derivative liabilities	0	2
OTC instruments | Net Carrying Value Presented on the Balance Sheet
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	5	1
Net carrying value presented on balance sheet, commodity derivative liabilities	0	5
Physical forward contracts | Net Carrying Value Presented on the Balance Sheet
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	96	45
Net carrying value presented on balance sheet, commodity derivative liabilities	66	22
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of counterparty netting, commodity derivative assets	(629)	(2,401)
Effect of collateral netting, commodity derivative assets	0	(100)
Total assets, fair value disclosure gross	851	2,695
Effect of counterparty netting, commodity derivative liabilities	(629)	(2,401)
Effect of Collateral Netting	(73)
Total liabilities, fair value disclosure gross	11,288	10,914
Fair Value, Measurements, Recurring | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	260	50
Fair Value, Measurements, Recurring | Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	10,260	8,434
Fair Value, Measurements, Recurring | Rabbi trust assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	97	83
Fair Value, Measurements, Recurring | Exchange-cleared instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	644	2,554
Effect of counterparty netting, commodity derivative assets	(628)	(2,389)
Effect of collateral netting, commodity derivative assets	0	(100)
Commodity derivative liabilities, fair value gross	701	2,391
Effect of counterparty netting, commodity derivative liabilities	(628)	(2,389)
Effect of Collateral Netting	(73)
Fair Value, Measurements, Recurring | OTC instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	6	13
Effect of counterparty netting, commodity derivative assets	(1)	(12)
Commodity derivative liabilities, fair value gross	1	17
Effect of counterparty netting, commodity derivative liabilities	(1)	(12)
Fair Value, Measurements, Recurring | Physical forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	96	45
Effect of counterparty netting, commodity derivative assets	0	0
Commodity derivative liabilities, fair value gross	66	22
Effect of counterparty netting, commodity derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross	370	1,937
Total liabilities, fair value disclosure gross	299	1,795
Fair Value, Measurements, Recurring | Level 1 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	50	50
Fair Value, Measurements, Recurring | Level 1 | Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 1 | Rabbi trust assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	97	83
Fair Value, Measurements, Recurring | Level 1 | Exchange-cleared instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	273	1,851
Commodity derivative liabilities, fair value gross	249	1,745
Fair Value, Measurements, Recurring | Level 1 | OTC instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	0	0
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 1 | Physical forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	0	3
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross	479	756
Total liabilities, fair value disclosure gross	10,984	9,119
Fair Value, Measurements, Recurring | Level 2 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	210	0
Fair Value, Measurements, Recurring | Level 2 | Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	10,260	8,434
Fair Value, Measurements, Recurring | Level 2 | Rabbi trust assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	0	0
Fair Value, Measurements, Recurring | Level 2 | Exchange-cleared instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	371	703
Commodity derivative liabilities, fair value gross	452	646
Fair Value, Measurements, Recurring | Level 2 | OTC instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	6	13
Commodity derivative liabilities, fair value gross	1	17
Fair Value, Measurements, Recurring | Level 2 | Physical forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	94	40
Commodity derivative liabilities, fair value gross	61	22
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, fair value disclosure gross	2	2
Total liabilities, fair value disclosure gross	5	0
Fair Value, Measurements, Recurring | Level 3 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt excluding capital leases, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | Rabbi trust assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	0	0
Fair Value, Measurements, Recurring | Level 3 | Exchange-cleared instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	0	0
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | OTC instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	0	0
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | Physical forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	2	2
Commodity derivative liabilities, fair value gross	5	$ 0
Derivative Financial Instruments, Assets | Interest Rate Contract | Net Carrying Value Presented on the Balance Sheet
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	8
Derivative Financial Instruments, Assets | Interest Rate Contract | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	8
Effect of counterparty netting, commodity derivative assets	0
Derivative Financial Instruments, Assets | Interest Rate Contract | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	0
Derivative Financial Instruments, Assets | Interest Rate Contract | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	$ 8

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	Feb. 08, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock authorized, shares (in shares)		500,000,000			500,000,000
Par value of preferred stock, per share (in dollars per share)		$ 0.01			$ 0.01
Preferred stock outstanding, shares (in shares)		0	0		0
Repurchase of common stock, shares (in shares)				17,422,615
Cost of shares repurchased		$ 1,042,000,000	$ 1,512,000,000	$ 2,282,000,000
Share Repurchase Program And Additional Share Repurchases
Class of Stock [Line Items]
Amount authorized for stock repurchase		$ 9,000,000,000			$ 9,000,000,000
Repurchase of common stock, shares (in shares)					105,404,649
Cost of shares repurchased					$ 7,400,000,000
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (in dollars per share)	$ 0.63
Share exchange—PSPI transaction
Class of Stock [Line Items]
Repurchase of common stock, shares (in shares)				17,423,000
Cost of shares repurchased				$ 1,350,000,000

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Leases [Abstract]
Total net PP&E recorded for capital leases	$ 208	$ 231

Leases (Summary of Future Minim

Leases (Summary of Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 26
2,018	19
2,019	18
2,020	14
2,021	14
Remaining years	150
Total	241
Less: income from subleases	0
Net minimum lease payments	241
Less: amount representing interest	53
Capital lease obligations	188	$ 208
Operating Leases, Future Minimum Rental Payments Due, Fiscal Year Maturity [Abstract]
2,017	404
2,018	362
2,019	276
2,020	200
2,021	85
Remaining years	229
Total	1,556
Less: income from subleases	60
Net minimum lease payments	$ 1,496

Leases (Summary of Operating Le

Leases (Summary of Operating Lease Rental Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Rent Expense, Net [Abstract]
Minimum rentals	$ 641	$ 641	$ 570
Contingent rentals	6	6	8
Less: sublease rental income	95	136	135
Total	$ 552	$ 511	$ 443

Employee Benefit Plans (Reconci

Employee Benefit Plans (Reconciliation of Projected Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S.
Change in Benefit Obligation
Benefit obligation at January 1	$ 2,791	$ 2,895
Service cost	127	124	$ 121
Interest cost	116	109	108
Plan participant contributions	0	0
Actuarial loss (gain)	62	(25)
Benefits paid	(215)	(312)
Curtailment gain	0	0
Acquisition of a business	0	0
Foreign currency exchange rate change	0	0
Benefit obligation at December 31	2,881	2,791	2,895
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	2,023	2,124
Actual return on plan assets	136	(10)
Company contributions	330	221
Plan participant contributions	0	0
Benefits paid	(215)	(312)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	2,274	2,023	2,124
Funded Status at December 31	(607)	(768)
Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	912	941
Service cost	32	38	38
Interest cost	28	28	35
Plan participant contributions	3	3
Actuarial loss (gain)	237	(10)
Benefits paid	(19)	(20)
Curtailment gain	(31)	0
Acquisition of a business	0	0
Foreign currency exchange rate change	(107)	(68)
Benefit obligation at December 31	1,055	912	941
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	742	724
Actual return on plan assets	148	18
Company contributions	40	63
Plan participant contributions	3	3
Benefits paid	(19)	(20)
Foreign currency exchange rate change	(118)	(46)
Fair value of plan assets at December 31	796	742	724
Funded Status at December 31	(259)	(170)
Other Benefits
Change in Benefit Obligation
Benefit obligation at January 1	219	203
Service cost	7	7	7
Interest cost	8	7	8
Plan participant contributions	2	1
Actuarial loss (gain)	(6)	13
Benefits paid	(13)	(12)
Curtailment gain	0	0
Acquisition of a business	8	0
Foreign currency exchange rate change	0	0
Benefit obligation at December 31	225	219	203
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Company contributions	11	11
Plan participant contributions	2	1
Benefits paid	(13)	(12)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	0	0	$ 0
Funded Status at December 31	$ (225)	$ (219)

Employee Benefit Plans (Summary

Employee Benefit Plans (Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 0	$ 0
Noncurrent liabilities	(1,216)	(1,285)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(10)	(10)
Noncurrent liabilities	(597)	(758)
Total recognized	(607)	(768)
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	20
Current liabilities	0	0
Noncurrent liabilities	(259)	(190)
Total recognized	(259)	(170)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(10)	(10)
Noncurrent liabilities	(215)	(209)
Total recognized	$ (225)	$ (219)

Employee Benefit Plans (Summa98

Employee Benefit Plans (Summary of Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the period	$ (178)	$ (138)	$ (451)
Curtailment gain	31	0	$ 0
U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	684	710
Unrecognized prior service cost (credit)	3	6
Net gain (loss) arising during the period	(54)	(124)
Curtailment gain	0	0
Amortization of (gain) loss and settlements included in income	80	155
Net change during the period	26	31
Prior service credit arising during the period	0	0
Amortization of prior service cost (credit) included in income	3	3
Net change during the period	3	3
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	227	143
Unrecognized prior service cost (credit)	(5)	(7)
Net gain (loss) arising during the period	(129)	7
Curtailment gain	31	0
Amortization of (gain) loss and settlements included in income	14	15
Net change during the period	(84)	22
Prior service credit arising during the period	0	0
Amortization of prior service cost (credit) included in income	(1)	(1)
Net change during the period	(1)	(1)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(5)	2
Unrecognized prior service cost (credit)	(9)	(10)
Net gain (loss) arising during the period	7	(14)
Curtailment gain	0	0
Amortization of (gain) loss and settlements included in income	0	(1)
Net change during the period	7	(15)
Prior service credit arising during the period	0	0
Amortization of prior service cost (credit) included in income	(1)	(2)
Net change during the period	$ (1)	$ (2)

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013shares	Dec. 31, 2009	Dec. 31, 2008	May 31, 2013shares	Jan. 02, 2009
Employee Benefit Plans (Textual) [Abstract]
Net actuarial gains and losses, Percent amortized	10.00%
Health care cost trend rate, ultimate, percentage	5.00%
Percentage-point change in the assumed health care cost trend rate	1.00%
Maximum employee contribution of eligible pay, Percent	75.00%
Semi-annual discretionary company contribution target, Percent	2.00%
Total expense related to participants in the Savings Plan	$ 99	$ 134	$ 112
Minimum service period to avoid award forfeiture, in months	6 months
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares	$ 16.94	$ 18.84	$ 18.95
Intrinsic value of options exercised	$ 58	$ 60	$ 89
Date of performance awards authorization relative to grant date				3 years
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	2,601	2,485
Employee Benefit Plans (Textual) [Abstract]
Expected future employer contributions next fiscal year	130
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	880	303
Accumulated benefit obligations		$ 712
Employee Benefit Plans (Textual) [Abstract]
Expected future employer contributions next fiscal year	$ 35
Other Benefits
Employee Benefit Plans (Textual) [Abstract]
Health care cost trend rate, percentage	6.50%
Equity securities
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets	62.00%
Debt Securities
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets	37.00%
Other Types of Investments
Employee Benefit Plans (Textual) [Abstract]
Target allocations for plan assets	1.00%
Stock Options
Employee Benefit Plans (Textual) [Abstract]
Stock option terms in years	10 years
Weighted-average remaining contractual terms of vested options	5 years 4 months 10 days
Weighted-average remaining contractual terms of exercisable options	4 years 6 months 22 days
Cash received from the exercise of options	$ 34
Tax benefit from the exercise of options	16
Unrecognized compensation expense from unvested awards held by employees	$ 5
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	21 months
Longest period for recognition of unrecognized compensation expense from unvested awards	27 months
Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting rights	one-third
Number of shares of common stock to be issued per stock unit | shares	1
Unrecognized compensation expense from unvested awards held by employees	$ 48
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	21 months
Longest period for recognition of unrecognized compensation expense from unvested awards	49 months
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 78.56	$ 74.09	$ 73.28
Aggregate fair value	$ 109	$ 107	$ 116
Performance Shares
Employee Benefit Plans (Textual) [Abstract]
Number of shares of common stock to be issued per stock unit | shares				1
Unrecognized compensation expense from unvested awards held by employees	$ 9
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	29 months
Longest period for recognition of unrecognized compensation expense from unvested awards	10 years
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 78.62	$ 74.14	$ 72.26
Aggregate fair value	$ 26	$ 37	$ 13
Eligible retirement age						55		55
Years of service					5 years	5 years
Minimum
Employee Benefit Plans (Textual) [Abstract]
Minimum participant contribution to Savings Plan to be eligible for Success Share, Percent	1.00%
Semi-annual discretionary company contribution, Percent	0.00%
Maximum
Employee Benefit Plans (Textual) [Abstract]
Company match of participant's contributions of eligible pay, Percent	5.00%
Semi-annual discretionary company contribution, Percent	6.00%
Employees Eligible for Retirement | Stock Options
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	6 months
Employees Eligible for Retirement | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	6 months
Awards Vesting Ratably Over Three Years On Anniversary Of Grant Date | Stock Options
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	3 years
Before April 30, 2012 | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	5 years
Before April 30, 2012 | Awards Vesting Over Five Years, First Third Of Units | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	36 months
Before April 30, 2012 | Awards Vesting Over Five Years, Second Third Of Units | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	48 months
Before April 30, 2012 | Awards Vesting Over Five Years, Final Third Of Units | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	60 months
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Employee Benefit Plans (Textual) [Abstract]
Common stock issuable under P66 Omnibus Plan, maximum (in shares) | shares							45,000,000
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Cliff Vesting | Restricted Stock Units (RSUs)
Employee Benefit Plans (Textual) [Abstract]
Award vesting period	3 years

Employee Benefit Plans (Accumul

Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
U.S.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 2,881	$ 2,791
Accumulated benefit obligations	2,601	2,485
Fair value of plan assets	2,274	2,023
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	1,055	351
Accumulated benefit obligations	880	303
Fair value of plan assets	$ 796	$ 160

Employee Benefit Plans (Summ101

Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 127	$ 124	$ 121
Interest cost	116	109	108
Expected return on plan assets	(128)	(138)	(142)
Amortization of prior service cost (credit)	3	3	3
Recognized net actuarial loss (gain)	72	75	40
Settlements	8	80	0
Total net periodic benefit cost	198	253	130
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Service cost	32	38	38
Interest cost	28	28	35
Expected return on plan assets	(38)	(37)	(37)
Amortization of prior service cost (credit)	(1)	(1)	(2)
Recognized net actuarial loss (gain)	14	15	12
Settlements	0	0	0
Total net periodic benefit cost	35	43	46
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7	7
Interest cost	8	7	8
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(1)	(2)	(1)
Recognized net actuarial loss (gain)	0	(1)	(2)
Settlements	0	0	0
Total net periodic benefit cost	$ 14	$ 11	$ 12

Employee Benefit Plans (Summ102

Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	$ 70
Unrecognized prior service cost (credit)	3
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	23
Unrecognized prior service cost (credit)	(1)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	0
Unrecognized prior service cost (credit)	$ (1)

Employee Benefit Plans (Summ103

Employee Benefit Plans (Summary of Weighted-Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
U.S.
Assumptions Used to Determine Benefit Obligations
Discount rate	3.95%	4.35%
Rate of compensation increase	4.00%	4.00%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	4.35%	3.90%
Expected return on plan assets	6.75%	7.00%
Rate of compensation increase	4.00%	4.00%
Int’l.
Assumptions Used to Determine Benefit Obligations
Discount rate	2.42%	3.35%
Rate of compensation increase	3.78%	3.65%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.35%	3.10%
Expected return on plan assets	5.31%	5.15%
Rate of compensation increase	3.65%	3.20%
Other Benefits
Assumptions Used to Determine Benefit Obligations
Discount rate	3.65%	4.00%
Rate of compensation increase	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	4.00%	3.70%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%

Employee Benefit Plans (Summ104

Employee Benefit Plans (Summary of Pension Plan Asset Fair Values) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,274	$ 2,023	$ 2,124
Subtotal	601	510
U.S. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	601	510
Subtotal	601	510
U.S. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
U.S. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
U.S. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	533	447
U.S. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	533	447
U.S. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	47	41
U.S. | Mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	47	41
U.S. | Mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21	22
U.S. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21	22
U.S. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Real estate | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Real estate | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Real estate | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Common/collective trusts measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,673	1,513
U.S. | Other receivables
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	796	742	$ 724
Subtotal	24	401
Int’l. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	382
Subtotal	5	382
Int’l. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Subtotal	0	0
Int’l. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	19	19
Subtotal	19	19
Int’l. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	235
Int’l. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	235
Int’l. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		144
Int’l. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		144
Int’l. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	3
Int’l. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	3
Int’l. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	13
Int’l. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	13
Int’l. | Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	6
Int’l. | Real estate | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Real estate | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Real estate | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	6
Int’l. | Common/collective trusts measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 772	339
Int’l. | Other receivables
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 2

Employee Benefit Plans (Summ105

Employee Benefit Plans (Summary of Future Service Benefit Payments) (Details) $ in Millions	Dec. 31, 2016USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
2,017	$ 301
2,018	294
2,019	278
2,020	272
2,021	279
2022-2025	1,278
Int’l.
Defined Benefit Plan Disclosure [Line Items]
2,017	18
2,018	20
2,019	20
2,020	21
2,021	23
2022-2025	140
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2,017	25
2,018	26
2,019	26
2,020	24
2,021	23
2022-2025	$ 98

Employee Benefit Plans (Summ106

Employee Benefit Plans (Summary of Compensation Expense and Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Compensation cost	$ 156	$ 144	$ 134
Tax benefit	$ (59)	$ (54)	$ (50)

Employee Benefit Plans (Summ107

Employee Benefit Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Options, outstanding, Beginning of period (in shares)	5,431,739
Options, granted (in shares)	818,100
Options, forfeited (in shares)	(24,465)
Options, exercised (in shares)	(1,122,244)
Options, Expired or canceled (in shares)	0
Options, outstanding, end of period (in shares)	5,103,130	5,431,739
Options, vested, end of period (in shares)	4,625,221
Options, exercisable, end of period (in shares)	3,684,109
Weighted-Average exercise price, outstanding, beginning of period (in dollars per share)	$ 41.27
Weighted-Average exercise price, granted (in dollars per share)	78.86
Weighted-Average exercise price, forfeited (in dollars per share)	77.85
Weighted-Average exercise price, exercised (in dollars per share)	30.53
Weighted-Average exercise price, expired or canceled (in dollars per share)	0
Weighted-Average exercise price, outstanding, end of period (in dollars per share)	49.48	$ 41.27
Weighted-Average exercise price, vested, End of period (in dollars per share)	46.6
Weighted-Average exercise price, exercisable, End of period (in dollars per share)	39.06
Weighted average grant date fair value of options granted (in dollars per share)	$ 16.94	$ 18.84	$ 18.95
Intrinsic value of options exercised	$ 58	$ 60	$ 89
Aggregate intrinsic value, options, vested, end of period	185
Aggregate intrinsic value, options, exercisable, end of period	$ 175

Employee Benefit Plans (Fair Va

Employee Benefit Plans (Fair Value Assumptions) (Details) - Stock Options	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assumptions Used
Risk-free interest rate	1.71%	1.60%	1.96%
Dividend yield	3.00%	3.00%	3.00%
Volatility factor	28.68%	34.17%	34.97%
Expected life (years)	7 years 29 days	6 years 7 months 28 days	6 years 2 months 23 days

Employee Benefit Plans (Summ109

Employee Benefit Plans (Summary of Stock Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Units
Units, Issued (in shares)	(1,122,244)
Restricted Stock Units (RSUs)
Stock Units
Units, Outstanding, Beginning of period (in shares)	3,134,615
Units, Granted (in shares)	955,923
Units, Forfeited (in shares)	(48,877)
Units, Issued (in shares)	(1,398,522)
Units, Outstanding, End of period (in shares)	2,643,139	3,134,615
Units, Not Vested, End of period Units, Issued (in shares)	1,656,407
Weighted-Average Grant-Date Fair Value
Units, Outstanding, Beginning of period (in dollars per share)	$ 60.19
Units, Granted (in dollars per share)	78.56	$ 74.09	$ 73.28
Units, Forfeited (in dollars per share)	75.33
Units, Issued (in dollars per share)	51.27
Units, Outstanding, End of period (in dollars per share)	71.28	$ 60.19
Units, Not Vested, End of period (in dollars per share)	$ 72.06
Units, Issued	$ 109	$ 107	$ 116

Employee Benefit Plans (Summ110

Employee Benefit Plans (Summary of Performance Share Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Performance Share Units
Units, Outstanding, Beginning of period (in shares)	3,556,826
Units, Granted (in shares)	767,561
Units, Forfeited (in shares)	0
Units, Issued (in shares)	(317,329)
Units, Cash settled (in shares)	(767,561)
Units, Outstanding, End of period (in shares)	3,239,497	3,556,826
Units, Not Vested, End of period Units, Issued (in shares)	561,376
Weighted-Average Grant-Date Fair Value
Units, Outstanding, Beginning of period (in dollars per share)	$ 50.11
Units, Granted (in dollars per share)	78.62	$ 74.14	$ 72.26
Units, Forfeited (in dollars per share)	0
Units, Issued (in dollars per share)	50.03
Units, Cash settled (in dollars per share)	78.62
Units, Outstanding, End of period (in dollars per share)	50.12	$ 50.11
Units, Not Vested, End of period (in dollars per share)	$ 52.45
Units, Issued	$ 26	$ 37	$ 13
Units, cash settled	$ 60

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal
Current	$ (105)	$ 1,128	$ 1,661
Deferred	645	444	(378)
Foreign
Current	66	(74)	22
Deferred	(84)	42	80
State and local
Current	(24)	227	274
Deferred	49	(3)	(5)
Income tax expense	$ 547	$ 1,764	$ 1,654

Income Taxes (Deferred Tax Liab

Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 4,525	$ 4,361
Investment in joint ventures	2,442	2,292
Investment in subsidiaries	803	236
Inventory	154	176
Other	19	24
Total deferred tax liabilities	7,943	7,089
Deferred Tax Assets
Benefit plan accruals	669	751
Asset retirement obligations and accrued environmental costs	211	215
Other financial accruals and deferrals	188	175
Loss and credit carryforwards	261	227
Other	1	1
Total deferred tax assets	1,330	1,369
Less: valuation allowance	38	160
Net deferred tax assets	1,292	1,209
Net deferred tax liabilities	$ 6,651	$ 5,880

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets, operating loss carryforwards, foreign		$ 295
Deferred tax assets, tax credit carryforwards, AMT		59
Deferred tax assets, tax credit carryforwards, foreign		89
Increase (decrease) in valuation allowance		(122)
Tax credit carryforward, valuation allowance		68
Undistributed earnings related to foreign subsidiaries and foreign corporate joint ventures		3,000
Unrecognized tax benefits that if recognized would affect our effective tax rate	$ 98	13	$ 34	$ 98
Amount of unrecognized tax benefits and related liability which may be recognized or paid		32
Accrued liabilities for interest and penalties	16	12	19	16
Interest and penalties (increased) decreased earnings		7	3
Income tax expense (benefits) reflected in the Capital in Excess of Par column of the consolidated statement of equity		150	(34)	$ (37)
Whitegate Refinery
Increase (decrease) in valuation allowance		$ (45)
Malaysian Refining Company
Tax benefit attributable to excess tax basis included in Sale of foreign subsidiaries	$ 224
Immingham Combined Heat and Power Plant
Tax benefit related to nontaxable gain included in Sale of foreign subsidiaries			$ 72

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 82	$ 142	$ 202
Additions based on tax positions related to the current year	0	0	13
Additions for tax positions of prior years	5	6	14
Reductions for tax positions of prior years	(17)	(17)	(68)
Settlements		(49)	(19)
Lapse of statute	0	0	0
Balance at December 31	$ 70	$ 82	$ 142

Income Taxes (Income Tax Reconc

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income (loss) before income taxes [Abstract]
United States									$ 1,713	$ 4,983	$ 5,121
Foreign									478	1,061	624
Income from continuing operations before income taxes	$ 62	$ 813	$ 720	$ 596	$ 832	$ 2,359	$ 1,465	$ 1,388	$ 2,191	$ 6,044	$ 5,745
United States, percent of pre-tax income									78.20%	82.40%	89.10%
Foreign, percent of pre-tax income									21.80%	17.60%	10.90%
Total, percent of pre-tax income									100.00%	100.00%	100.00%
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax									$ 767	$ 2,115	$ 2,011
Goodwill allocated to assets sold									0	41	18
Sale of foreign subsidiaries									0	(125)	(293)
Foreign rate differential									(152)	(239)	(184)
German tax legislation									0	(103)	0
Change in valuation allowance									(81)	(17)	(14)
Federal manufacturing deduction									0	(77)	(81)
State income tax, net of federal benefit									12	150	180
Other									1	19	17
Income tax expense									$ 547	$ 1,764	$ 1,654
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax, percent									35.00%	35.00%	35.00%
Goodwill allocated to assets sold, percent									0.00%	0.70%	0.30%
Sale of foreign subsidiaries, percent									0.00%	(2.10%)	(5.10%)
Foreign rate differential, percent									(6.90%)	(3.90%)	(3.20%)
German tax legislation, percent									0.00%	(1.70%)	0.00%
Change in valuation allowance, percent									(3.70%)	(0.20%)	(0.20%)
Federal manufacturing deduction, percent									(0.00%)	(1.30%)	(1.40%)
State income tax, net of federal benefit, percent									0.60%	2.50%	3.10%
Other, percent									0.00%	0.20%	0.30%
Effective income tax rate									25.00%	29.20%	28.80%

Accumulated Other Comprehens116

Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	$ (653)	$ (531)	$ 37
Other comprehensive income (loss) before reclassification	(403)	(234)	(606)
Actuarial losses and settlements	61	112	38
Net current period other comprehensive loss	(342)	(122)	(568)
Accumulated other comprehensive income (loss), Ending Balance	(995)	(653)	(531)
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(662)	(696)	(404)
Other comprehensive income (loss) before reclassification	(112)	(78)	(330)
Actuarial losses and settlements	61	112	38
Net current period other comprehensive loss	(51)	34	(292)
Accumulated other comprehensive income (loss), Ending Balance	(713)	(662)	(696)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	11	167	443
Other comprehensive income (loss) before reclassification	(296)	(156)	(276)
Actuarial losses and settlements	0	0	0
Net current period other comprehensive loss	(296)	(156)	(276)
Accumulated other comprehensive income (loss), Ending Balance	(285)	11	167
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(2)	(2)	(2)
Other comprehensive income (loss) before reclassification	5	0	0
Actuarial losses and settlements	0	0	0
Net current period other comprehensive loss	5	0	0
Accumulated other comprehensive income (loss), Ending Balance	$ 3	$ (2)	$ (2)

Cash Flow Information (Summary

Cash Flow Information (Summary of Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Payments (Receipts)
Interest	$ 311	$ 275	$ 238
Income taxes	(375)	$ 1,560	$ 2,185
Income taxes paid	$ 385

Cash Flow Information (Narrativ

Cash Flow Information (Narrative) (Details) - Phillips Specialty Products Inc shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)shares
Noncash or Part Noncash Divestitures [Line Items]
Noncash portion of net assets surrendered in exchange	$ 204
Number of shares of our common stock received in exchange | shares	17.4
Fair value of shares at time of the exchange	$ 1,350

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest and Debt Expense [Abstract]
Incurred, debt	$ 402	$ 389	$ 265
Incurred, other	17	27	22
Total incurred	419	416	287
Capitalized	(81)	(106)	(20)
Expensed	338	310	267
Other Income [Abstract]
Interest income	18	27	21
Other, net	56	91	99
Other Income	74	118	120
Research and Development Expenditures—expensed	60	65	62
Advertising Expenses	80	73	70
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	(11)	38	14
Midstream
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Chemicals
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Refining
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	(10)	34	6
Marketing and Specialties
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	1	4	8
Corporate and Other
Interest and Debt Expense [Abstract]
Expensed	338	310	267
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses—after-tax	$ (2)	$ 0	$ 0

Related Party Transactions (Sum

Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant transactions with related parties
Operating revenues and other income	$ 2,174	$ 2,452	$ 6,514
Purchases	8,109	8,142	15,647
Operating expenses and selling, general and administrative expenses	$ 125	$ 129	$ 133

Segment Disclosures and Rela121

Segment Disclosures and Related Information (Narrative) (Details) - refinery	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2016
Segment Disclosures and Related Information (Textual) [Abstract]
Number of refineries	1
Refining | Mainly United States And Europe
Segment Disclosures and Related Information (Textual) [Abstract]
Number of refineries		13
DCP Midstream
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
DCP Midstream | Midstream
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
CP Chem
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%
CP Chem | Chemicals
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment		50.00%

Segment Disclosures and Rela122

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues and Depreciation, Amortization, and Impairments) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues	$ 23,397	$ 21,624	$ 21,849	$ 17,409	$ 21,893	$ 25,792	$ 28,512	$ 22,778	$ 84,279	[1]	$ 98,975	[1]	$ 161,212	[1]
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									1,173		1,085		1,145
Midstream
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									2,927		2,642		5,118
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									218		128		92
Chemicals
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									5		5		7
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									0		0		0
Refining
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									17,948		23,153		47,063
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									770		741		850
Marketing and Specialties
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									63,367		73,145		108,992
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									107		100		97
Corporate and Other
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									32		30		32
Analysis of results of depreciation, amortization and impairments by operating segment
Depreciation, Amortization and Impairments									78		116		106
Operating Segments | Midstream
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									4,226		3,676		6,222
Operating Segments | Refining
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									52,068		63,470		115,326
Operating Segments | Marketing and Specialties
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									64,476		74,591		110,540
Intersegment Eliminations | Midstream
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									(1,299)		(1,034)		(1,104)
Intersegment Eliminations | Refining
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									(34,120)		(40,317)		(68,263)
Intersegment Eliminations | Marketing and Specialties
Analysis of results of sales and other operating revenues by operating segment
Sales and other operating revenues									$ (1,109)		$ (1,446)		$ (1,548)
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million

Segment Disclosures and Rela123

Segment Disclosures and Related Information (Summary of Equity in Earnings of Affiliates, Income Taxes, and Net Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									$ 1,414	$ 1,573	$ 2,466
Provision for income taxes									547	1,764	1,654
Net Income Attributable to Phillips 66	$ 163	$ 511	$ 496	$ 385	$ 650	$ 1,578	$ 1,012	$ 987	1,555	4,227	4,762
Midstream
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									184	(268)	360
Provision for income taxes									123	73	310
Net Income Attributable to Phillips 66									178	13	507
Chemicals
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									834	1,316	1,634
Provision for income taxes									256	353	495
Net Income Attributable to Phillips 66									583	962	1,137
Refining
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									164	325	311
Provision for income taxes									61	1,104	696
Net Income Attributable to Phillips 66									374	2,555	1,771
Marketing and Specialties
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									232	207	162
Provision for income taxes									370	466	440
Net Income Attributable to Phillips 66									891	1,187	1,034
Corporate and Other
Analysis of results of equity in earnings of affiliates by operating segment
Equity in earnings of affiliates									0	(7)	(1)
Provision for income taxes									(263)	(232)	(287)
Net Income Attributable to Phillips 66									$ (471)	(490)	(393)
Discontinued Operations
Analysis of results of equity in earnings of affiliates by operating segment
Net Income Attributable to Phillips 66										$ 0	$ 706

Segment Disclosures and Rela124

Segment Disclosures and Related Information (Summary of Investments In and Advances to Affiliates, Total Assets, Capital Expenditures and Investments, Interest Income and Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	$ 13,354	$ 11,980	$ 10,038
Analysis of results of total assets by operating segment
Total Assets	51,653	48,580	48,692
Capital Expenditures and Investments
Capital Expenditures and Investments	2,844	5,764	3,773
Interest Income and Expense
Interest income	18	27	21
Interest and debt expense	338	310	267
Midstream
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	4,769	4,198	2,461
Analysis of results of total assets by operating segment
Total Assets	12,832	11,043	7,295
Capital Expenditures and Investments
Capital Expenditures and Investments	1,453	4,457	2,173
Interest Income and Expense
Interest income	2
Chemicals
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	5,773	5,177	5,183
Analysis of results of total assets by operating segment
Total Assets	5,802	5,237	5,209
Capital Expenditures and Investments
Capital Expenditures and Investments	0	0	0
Refining
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	2,420	2,262	2,103
Analysis of results of total assets by operating segment
Total Assets	22,825	21,993	22,808
Capital Expenditures and Investments
Capital Expenditures and Investments	1,149	1,069	1,038
Marketing and Specialties
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	391	342	290
Analysis of results of total assets by operating segment
Total Assets	6,227	5,631	7,051
Capital Expenditures and Investments
Capital Expenditures and Investments	98	122	439
Interest Income and Expense
Interest income	0	2	0
Corporate and Other
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	1	1	1
Analysis of results of total assets by operating segment
Total Assets	3,967	4,676	6,329
Capital Expenditures and Investments
Capital Expenditures and Investments	144	116	123
Interest Income and Expense
Interest income	16	25	21
Interest and debt expense	$ 338	$ 310	$ 267

Segment Disclosures and Rela125

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and other operating revenues	$ 23,397	$ 21,624	$ 21,849	$ 17,409	$ 21,893	$ 25,792	$ 28,512	$ 22,778	$ 84,279	[1]	$ 98,975	[1]	$ 161,212	[1]
Refined products
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and other operating revenues									73,385		86,249		133,625
Crude oil resales
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and other operating revenues									7,594		8,993		19,832
NGL
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and other operating revenues									3,107		2,998		6,447
Other
Analysis of results of sales and other operating revenues by product line by operating segment [Abstract]
Sales and other operating revenues									$ 193		$ 735		$ 1,308
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million

Segment Disclosures and Rela126

Segment Disclosures and Related Information (Summary of Geographic Information) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues	$ 23,397	$ 21,624	$ 21,849	$ 17,409	$ 21,893	$ 25,792	$ 28,512	$ 22,778	$ 84,279	[1]	$ 98,975	[1]	$ 161,212	[1]
Long-Lived Assets	34,209				31,701				34,209		31,701		27,384
United States
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues									59,742		69,578		110,713
Long-Lived Assets	32,442				29,624				32,442		29,624		25,255
United Kingdom
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues									9,895		12,120		20,131
Long-Lived Assets	1,177				1,459				1,177		1,459		1,469
Germany
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues									6,128		6,584		9,424
Long-Lived Assets	503				502				503		502		534
Other foreign countries
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Sales and other operating revenues									8,514		10,693		20,944
Long-Lived Assets	$ 87				$ 116				$ 87		$ 116		$ 126
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative)(Details)	Dec. 31, 2016USD ($)refinery	Oct. 31, 2016USD ($)refinery	Aug. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	May 31, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Sep. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)refinery	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2016mi	Feb. 28, 2015USD ($)	Dec. 31, 2013USD ($)
Subsidiary or Equity Method Investee [Line Items]
Number of refineries | refinery	9	4						9
Issuance of Phillips 66 Partners LP common units								$ 791,000,000	$ 384,000,000
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest	$ 1,335,000,000							1,335,000,000	838,000,000
Increase in consolidated cash								(363,000,000)	(2,133,000,000)	$ (193,000,000)
Increase in consolidated equity	23,725,000,000							23,725,000,000	23,938,000,000	22,037,000,000			$ 22,392,000,000
Noncontrolling Interest [Member]
Subsidiary or Equity Method Investee [Line Items]
Issuance of Phillips 66 Partners LP common units								483,000,000	384,000,000
Increase in consolidated equity	$ 1,335,000,000							1,335,000,000	838,000,000	$ 447,000,000			$ 442,000,000
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, ownership percentage transferred						25.00%
Entities under common control, fair value of consideration received on transfer of interest in subsidiary		$ 1,300,000,000				$ 236,000,000
Entities under common control, note receivable received on transfer of interest in subsidiary						212,000,000
Entities under common control, ownership percentage transferred, wholly owned					100.00%
Cash consideration		1,109,000,000
Common And General Partner Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, fair value units received on transfer of interest in subsidiary		196,000,000				$ 24,000,000
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage	39.00%
Phillips 66 Partners LP | Senior Notes
Subsidiary or Equity Method Investee [Line Items]
Senior notes		$ 1,125,000,000										$ 1,100,000,000
Energy Equipment | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, ownership percentage transferred					75.00%
Sweeny Frac LLC And Phillips 66 Plymouth LLC | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, note receivable received on transfer of interest in subsidiary					$ 675,000,000
Sweeny Frac LLC And Phillips 66 Plymouth LLC | Common And General Partner Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, fair value units received on transfer of interest in subsidiary					$ 100,000,000
Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Phillips 66 Partners IPO, common units issued (in shares) | shares			6,000,000		12,650,000
Phillips 66 Partners offering price, per unit (in dollars per share) | $ / shares			$ 50.22		$ 52.40
Net proceeds			$ 299,000,000		$ 656,000,000
Partners' capital account, units, amount authorized				$ 250,000,000
Phillips 66 Partners common units issued (in shares) | shares							346,152
Issuance of Phillips 66 Partners LP common units							$ 19,000,000
Phillips 66 Partners
Subsidiary or Equity Method Investee [Line Items]
Increase in consolidated cash								2,100,000,000
Increase in consolidated debt	$ 1,100,000,000							1,100,000,000
Increase in consolidated equity	$ 791,000,000							791,000,000
Phillips 66 Partners | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage	59.00%
General partnership interest in Phillips 66 Partners, percentage	2.00%
Phillips 66 Partners | Phillips 66 Partners LP | Noncontrolling Interest [Member]
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest	$ 1,306,000,000							$ 1,306,000,000	$ 809,000,000
Majority Shareholder
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, fair value of consideration received on transfer of interest in subsidiary					$ 775,000,000
NGL Logistics System
Subsidiary or Equity Method Investee [Line Items]
Length of pipeline | mi											500

Condensed Consolidating Fina128

Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Revenues and Other Income
Sales and other operating revenues		$ 23,397	$ 21,624	$ 21,849	$ 17,409	$ 21,893	$ 25,792	$ 28,512	$ 22,778	$ 84,279	[1]	$ 98,975	[1]	$ 161,212	[1]
Equity in earnings of affiliates										1,414		1,573		2,466
Net gain (loss) on dispositions										10		283		295
Other income (loss)										74		118		120
Total Revenues and Other Income										85,777		100,949		164,093
Costs and Expenses
Purchased crude oil and products										62,468		73,399		135,748
Operating expenses										4,275		4,294		4,435
Selling, general and administrative expenses										1,638		1,670		1,663
Depreciation and amortization										1,168		1,078		995
Impairments										5		7		150
Taxes other than income taxes	[1]									13,688		14,077		15,040
Accretion on discounted liabilities										21		21		24
Interest and debt expense										338		310		267
Foreign currency transaction (gains) losses										(15)		49		26
Total Costs and Expenses										83,586		94,905		158,348
Income from continuing operations before income taxes		62	813	720	596	832	2,359	1,465	1,388	2,191		6,044		5,745
Provision (benefit) for income taxes										547		1,764		1,654
Income from Continuing Operations										1,644		4,280		4,091
Income from discontinued operations	[2]									0		0		706
Net income		194	536	516	398	666	1,592	1,025	997	1,644		4,280		4,797
Less: net income attributable to noncontrolling interests										89		53		35
Net Income Attributable to Phillips 66		$ 163	$ 511	$ 496	$ 385	$ 650	$ 1,578	$ 1,012	$ 987	1,555		4,227		4,762
Comprehensive Income										1,302		4,158		4,229
Net of provision for income taxes on discontinued operations:														5
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues										0		0		0
Equity in earnings of affiliates										1,797		4,470		4,257
Net gain (loss) on dispositions										0		0		0
Other income (loss)										0		0		0
Total Revenues and Other Income										1,797		4,470		4,257
Costs and Expenses
Purchased crude oil and products										0		0
Operating expenses										0		4		2
Selling, general and administrative expenses										6		5		6
Depreciation and amortization										0		0		0
Impairments										0		0		0
Taxes other than income taxes										0		0		0
Accretion on discounted liabilities										0		0		0
Interest and debt expense										366		365		286
Foreign currency transaction (gains) losses										0		0		0
Total Costs and Expenses										372		374		294
Income from continuing operations before income taxes										1,425		4,096		3,963
Provision (benefit) for income taxes										(130)		(131)		(103)
Income from Continuing Operations										1,555		4,227		4,066
Income from discontinued operations										0		0		696
Net income										1,555		4,227		4,762
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										1,555		4,227		4,762
Comprehensive Income										1,213		4,105		4,194
Net of provision for income taxes on discontinued operations:														0
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues										58,822		68,478		109,078
Equity in earnings of affiliates										1,839		2,812		3,021
Net gain (loss) on dispositions										(9)		(115)		(46)
Other income (loss)										42		81		105
Total Revenues and Other Income										61,558		72,327		114,569
Costs and Expenses
Purchased crude oil and products										48,171		54,925		97,783
Operating expenses										3,465		3,412		3,600
Selling, general and administrative expenses										1,236		1,265		1,224
Depreciation and amortization										821		818		761
Impairments										1		4		3
Taxes other than income taxes										5,477		5,505		5,478
Accretion on discounted liabilities										16		16		18
Interest and debt expense										21		25		18
Foreign currency transaction (gains) losses										0		1		0
Total Costs and Expenses										59,208		65,971		108,885
Income from continuing operations before income taxes										2,350		6,356		5,684
Provision (benefit) for income taxes										553		1,886		1,427
Income from Continuing Operations										1,797		4,470		4,257
Income from discontinued operations										0		0		0
Net income										1,797		4,470		4,257
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										1,797		4,470		4,257
Comprehensive Income										1,455		4,348		3,689
Net of provision for income taxes on discontinued operations:														0
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues										25,457		30,497		52,134
Equity in earnings of affiliates										296		(134)		444
Net gain (loss) on dispositions										19		398		341
Other income (loss)										32		37		15
Total Revenues and Other Income										34,964		40,643		71,706
Costs and Expenses
Purchased crude oil and products										24,102		29,221		58,984
Operating expenses										846		917		870
Selling, general and administrative expenses										406		416		502
Depreciation and amortization										347		260		234
Impairments										4		3		147
Taxes other than income taxes										8,211		8,572		9,563
Accretion on discounted liabilities										5		5		6
Interest and debt expense										124		34		20
Foreign currency transaction (gains) losses										(15)		48		26
Total Costs and Expenses										34,030		39,476		70,352
Income from continuing operations before income taxes										934		1,167		1,354
Provision (benefit) for income taxes										124		9		330
Income from Continuing Operations										810		1,158		1,024
Income from discontinued operations										0		0		10
Net income										810		1,158		1,034
Less: net income attributable to noncontrolling interests										89		53		35
Net Income Attributable to Phillips 66										721		1,105		999
Comprehensive Income										451		1,032		721
Net of provision for income taxes on discontinued operations:														5
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues										(10,024)		(10,916)		(21,183)
Equity in earnings of affiliates										(2,518)		(5,575)		(5,256)
Net gain (loss) on dispositions										0		0		0
Other income (loss)										0		0		0
Total Revenues and Other Income										(12,542)		(16,491)		(26,439)
Costs and Expenses
Purchased crude oil and products										(9,805)		(10,747)		(21,019)
Operating expenses										(36)		(39)		(37)
Selling, general and administrative expenses										(10)		(16)		(69)
Depreciation and amortization										0		0		0
Impairments										0		0		0
Taxes other than income taxes										0		0		(1)
Accretion on discounted liabilities										0		0		0
Interest and debt expense										(173)		(114)		(57)
Foreign currency transaction (gains) losses										0		0		0
Total Costs and Expenses										(10,024)		(10,916)		(21,183)
Income from continuing operations before income taxes										(2,518)		(5,575)		(5,256)
Provision (benefit) for income taxes										0		0		0
Income from Continuing Operations										(2,518)		(5,575)		(5,256)
Income from discontinued operations										0		0		0
Net income										(2,518)		(5,575)		(5,256)
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										(2,518)		(5,575)		(5,256)
Comprehensive Income										(1,817)		(5,327)		(4,375)
Net of provision for income taxes on discontinued operations:														0
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and other operating revenues										0		0		0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues										864		1,071		2,411
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues										$ 9,160		$ 9,845		$ 18,772
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million
[2]	Net of provision for income taxes on discontinued operations: $0 million, $0 million, $5 million

Condensed Consolidating Fina129

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 2,711	$ 3,074	$ 5,207	$ 5,400
Accounts and notes receivable	6,397	5,173
Inventories	3,150	3,477
Prepaid expenses and other current assets	422	532
Total Current Assets	12,680	12,256
Investments and long-term receivables	13,534	12,143
Net properties, plants and equipment	20,855	19,721
Goodwill	3,270	3,275	3,274
Intangibles	888	906
Other assets	426	279
Total Assets	51,653	48,580	48,692
Liabilities and Equity
Accounts payable	7,061	5,655
Short-term debt	550	44
Accrued income and other taxes	805	878
Employee benefit obligations	527	576
Other accruals	520	378
Total Current Liabilities	9,463	7,531
Long-term debt	9,588	8,843
Asset retirement obligations and accrued environmental costs	655	665
Deferred income taxes	6,743	6,041
Employee benefit obligations	1,216	1,285
Other liabilities and deferred credits	263	277
Total Liabilities	27,928	24,642
Common stock	10,777	11,405
Retained earnings	12,608	12,348
Accumulated other comprehensive income (loss)	(995)	(653)	(531)	37
Noncontrolling interests	1,335	838
Total Liabilities and Equity	51,653	48,580
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0	0	0
Accounts and notes receivable	(1,228)	(701)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(1,228)	(701)
Investments and long-term receivables	(48,952)	(52,635)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(2)	(4)
Total Assets	(50,182)	(53,340)
Liabilities and Equity
Accounts payable	(1,228)	(701)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	0	0
Total Current Liabilities	(1,228)	(701)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(2)	(4)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(8,431)	(8,968)
Total Liabilities	(9,661)	(9,673)
Common stock	(35,520)	(36,092)
Retained earnings	(6,474)	(8,347)
Accumulated other comprehensive income (loss)	1,473	772
Noncontrolling interests	0	0
Total Liabilities and Equity	(50,182)	(53,340)
Phillips 66 | Reportable Legal Entities
Assets
Cash and cash equivalents	0	0	0	0
Accounts and notes receivable	13	14
Inventories	0	0
Prepaid expenses and other current assets	2	2
Total Current Assets	15	16
Investments and long-term receivables	31,165	33,315
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	15	16
Total Assets	31,195	33,347
Liabilities and Equity
Accounts payable	0	0
Short-term debt	500	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	59	59
Total Current Liabilities	559	59
Long-term debt	6,920	7,413
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	0	0
Employee benefit obligations	0	0
Other liabilities and deferred credits	1,297	2,746
Total Liabilities	8,776	10,218
Common stock	10,777	11,405
Retained earnings	12,637	12,377
Accumulated other comprehensive income (loss)	(995)	(653)
Noncontrolling interests	0	0
Total Liabilities and Equity	31,195	33,347
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	854	575	2,045	2,162
Accounts and notes receivable	4,336	3,643
Inventories	2,198	2,171
Prepaid expenses and other current assets	317	382
Total Current Assets	7,705	6,771
Investments and long-term receivables	22,733	24,068
Net properties, plants and equipment	13,044	12,651
Goodwill	2,853	3,040
Intangibles	719	726
Other assets	245	154
Total Assets	47,299	47,410
Liabilities and Equity
Accounts payable	5,626	4,015
Short-term debt	30	25
Accrued income and other taxes	348	320
Employee benefit obligations	475	528
Other accruals	371	240
Total Current Liabilities	6,850	5,128
Long-term debt	150	158
Asset retirement obligations and accrued environmental costs	501	496
Deferred income taxes	4,391	4,500
Employee benefit obligations	948	1,094
Other liabilities and deferred credits	3,337	2,765
Total Liabilities	16,177	14,141
Common stock	25,403	25,404
Retained earnings	6,714	8,518
Accumulated other comprehensive income (loss)	(995)	(653)
Noncontrolling interests	0	0
Total Liabilities and Equity	47,299	47,410
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,857	2,499	$ 3,162	$ 3,238
Accounts and notes receivable	3,276	2,217
Inventories	952	1,306
Prepaid expenses and other current assets	103	148
Total Current Assets	6,188	6,170
Investments and long-term receivables	8,588	7,395
Net properties, plants and equipment	7,811	7,070
Goodwill	417	235
Intangibles	169	180
Other assets	168	113
Total Assets	23,341	21,163
Liabilities and Equity
Accounts payable	2,663	2,341
Short-term debt	20	19
Accrued income and other taxes	457	558
Employee benefit obligations	52	48
Other accruals	90	79
Total Current Liabilities	3,282	3,045
Long-term debt	2,518	1,272
Asset retirement obligations and accrued environmental costs	154	169
Deferred income taxes	2,354	1,545
Employee benefit obligations	268	191
Other liabilities and deferred credits	4,060	3,734
Total Liabilities	12,636	9,956
Common stock	10,117	10,688
Retained earnings	(269)	(200)
Accumulated other comprehensive income (loss)	(478)	(119)
Noncontrolling interests	1,335	838
Total Liabilities and Equity	$ 23,341	$ 21,163

Condensed Consolidating Fina130

Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities			$ 2,963	$ 5,713	$ 3,527
Net cash provided by discontinued operations			0	0	2
Net Cash Provided by Operating Activities			2,963	5,713	3,529
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments			(2,844)	(5,764)	(3,773)
Proceeds from asset dispositions	[1]		156	70	1,244
Intercompany lending activities			0	0	0
Advances/loans—related parties			(432)	(50)	(3)
Collection of advances/loans—related parties			108	50	0
Other			(146)	(44)	238
Net cash used in continuing investing activities			(3,158)	(5,738)	(2,294)
Net cash used in discontinued operations			0	0	(2)
Net Cash Used in Investing Activities			(3,158)	(5,738)	(2,296)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Issuance of debt			2,090	1,169	2,487
Repayment of debt			(833)	(926)	(49)
Issuance of common stock			(12)	(19)	1
Repurchase of common stock			(1,042)	(1,512)	(2,282)
Share exchange—PSPI transaction			0	0	(450)
Dividends paid on common stock			(1,282)	(1,172)	(1,062)
Distributions to controlling interests			0	0	0
Distributions to noncontrolling interests			(75)	(46)	(30)
Net proceeds from issuance of Phillips 66 Partners LP common units			972	384	0
Other			4	5	23
Net cash used in continuing financing activities			(178)	(2,117)	(1,362)
Net cash provided by (used in) discontinued operations			0	0	0
Net Cash Used in Financing Activities			(178)	(2,117)	(1,362)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			10	9	(64)
Net Change in Cash and Cash Equivalents			(363)	(2,133)	(193)
Cash and cash equivalents at beginning of year			3,074	5,207	5,400
Cash and Cash Equivalents at End of Year		$ 3,074	2,711	3,074	5,207
Consolidating Adjustments
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities			(3,338)	(2,790)	(504)
Net cash provided by discontinued operations				0	0
Net Cash Provided by Operating Activities			(3,338)	(2,790)	(504)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments			38	2,334	989
Proceeds from asset dispositions			(1,007)	(882)	(403)
Intercompany lending activities			0	0	0
Advances/loans—related parties			0	0	0
Collection of advances/loans—related parties			0	0
Other			0	0	0
Net cash used in continuing investing activities			(969)	1,452	586
Net cash used in discontinued operations			0	0	0
Net Cash Used in Investing Activities			(969)	1,452	586
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Issuance of debt			0	0	0
Repayment of debt			0	0	0
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Share exchange—PSPI transaction					0
Dividends paid on common stock			4,387	2,748	443
Distributions to controlling interests			(1,049)	186	323
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			969	(1,596)	(848)
Net cash used in continuing financing activities			4,307	1,338	(82)
Net cash provided by (used in) discontinued operations			0	0	0
Net Cash Used in Financing Activities			4,307	1,338	(82)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash and Cash Equivalents			0	0	0
Cash and cash equivalents at beginning of year			0	0	0
Cash and Cash Equivalents at End of Year		0	0	0	0
Phillips 66
Noncash Investing and Financing Items [Abstract]
Intercompany receivables declared and distributed in non-cash investing activity, receipt		6,100
Phillips 66 | Reportable Legal Entities
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities			3,491	1,060	(47)
Net cash provided by discontinued operations				0	0
Net Cash Provided by Operating Activities			3,491	1,060	(47)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments			0	0	0
Proceeds from asset dispositions			0	0	0
Intercompany lending activities			(1,139)	2,461	1,397
Advances/loans—related parties			0	0	0
Collection of advances/loans—related parties			0	0
Other			0	0	0
Net cash used in continuing investing activities			(1,139)	2,461	1,397
Net cash used in discontinued operations			0	0	0
Net Cash Used in Investing Activities			(1,139)	2,461	1,397
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Issuance of debt			0	0	2,459
Repayment of debt			0	(800)	0
Issuance of common stock			(12)	(19)	1
Repurchase of common stock			(1,042)	(1,512)	(2,282)
Share exchange—PSPI transaction					(450)
Dividends paid on common stock			(1,282)	(1,172)	(1,062)
Distributions to controlling interests			0	0	0
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(16)	(18)	(16)
Net cash used in continuing financing activities			(2,352)	(3,521)	(1,350)
Net cash provided by (used in) discontinued operations			0	0	0
Net Cash Used in Financing Activities			(2,352)	(3,521)	(1,350)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash and Cash Equivalents			0	0	0
Cash and cash equivalents at beginning of year			0	0	0
Cash and Cash Equivalents at End of Year		0	0	0	0
Phillips 66 Company
Noncash Investing and Financing Items [Abstract]
Intercompany receivables declared and distributed in non-cash investing activity	[2]	6,100
Phillips 66 Company | Reportable Legal Entities
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities			2,307	4,879	2,551
Net cash provided by discontinued operations				0	0
Net Cash Provided by Operating Activities			2,307	4,879	2,551
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments			(1,425)	(2,815)	(2,230)
Proceeds from asset dispositions			1,007	774	960
Intercompany lending activities			2,046	(3,153)	(1,402)
Advances/loans—related parties			(75)	(50)	0
Collection of advances/loans—related parties			0	50
Other			18	6	(13)
Net cash used in continuing investing activities			1,571	(5,188)	(2,685)
Net cash used in discontinued operations			0	0	0
Net Cash Used in Investing Activities			1,571	(5,188)	(2,685)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Issuance of debt			0	0	0
Repayment of debt			(26)	(23)	(20)
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Share exchange—PSPI transaction					0
Dividends paid on common stock			(3,604)	(1,172)	0
Distributions to controlling interests			0	0	0
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			31	34	37
Net cash used in continuing financing activities			(3,599)	(1,161)	17
Net cash provided by (used in) discontinued operations			0	0	0
Net Cash Used in Financing Activities			(3,599)	(1,161)	17
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash and Cash Equivalents			279	(1,470)	(117)
Cash and cash equivalents at beginning of year			575	2,045	2,162
Cash and Cash Equivalents at End of Year		575	854	575	2,045
All Other Subsidiaries | Reportable Legal Entities
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net cash provided by (used in) continuing operating activities			503	2,564	1,527
Net cash provided by discontinued operations				0	2
Net Cash Provided by Operating Activities			503	2,564	1,529
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital expenditures and investments			(1,457)	(5,283)	(2,532)
Proceeds from asset dispositions			156	178	687
Intercompany lending activities			(907)	692	5
Advances/loans—related parties			(357)	0	(3)
Collection of advances/loans—related parties			108	0
Other			(164)	(50)	251
Net cash used in continuing investing activities			(2,621)	(4,463)	(1,592)
Net cash used in discontinued operations			0	0	(2)
Net Cash Used in Investing Activities			(2,621)	(4,463)	(1,594)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Issuance of debt			2,090	1,169	28
Repayment of debt			(807)	(103)	(29)
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Share exchange—PSPI transaction					0
Dividends paid on common stock			(783)	(1,576)	(443)
Distributions to controlling interests			1,049	(186)	(323)
Distributions to noncontrolling interests			(75)	(46)	(30)
Net proceeds from issuance of Phillips 66 Partners LP common units			972	384
Other			(980)	1,585	850
Net cash used in continuing financing activities			1,466	1,227	53
Net cash provided by (used in) discontinued operations			0	0	0
Net Cash Used in Financing Activities			1,466	1,227	53
Effect of Exchange Rate Changes on Cash and Cash Equivalents			10	9	(64)
Net Change in Cash and Cash Equivalents			(642)	(663)	(76)
Cash and cash equivalents at beginning of year			2,499	3,162	3,238
Cash and Cash Equivalents at End of Year		$ 2,499	$ 1,857	$ 2,499	$ 3,162
[1]	Includes return of investments in equity affiliates and working capital true-ups on dispositions.
[2]	Non-cash investing activity: In the fourth quarter of 2014, Phillips 66 Company declared $6.1 billion and distributed $6.1 billion of its Phillips 66 intercompany receivables to Phillips 66.

Condensed Consolidating Fina131

Condensed Consolidating Financial Information (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net of provision for income taxes on discontinued operations	$ 0	$ 0	$ 5,000,000
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership In subsidiary	100.00%
Senior Notes | Phillips 66
Condensed Financial Statements, Captions [Line Items]
Senior notes	$ 7,500,000,000

Selected Quarterly Financial132

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Sales and other operating revenues	$ 23,397	$ 21,624	$ 21,849	$ 17,409	$ 21,893	$ 25,792	$ 28,512	$ 22,778	$ 84,279	[1]	$ 98,975	[1]	$ 161,212	[1]
Income from continuing operations before income taxes	62	813	720	596	832	2,359	1,465	1,388	2,191		6,044		5,745
Net income	194	536	516	398	666	1,592	1,025	997	1,644		4,280		4,797
Net Income Attributable to Phillips 66	$ 163	$ 511	$ 496	$ 385	$ 650	$ 1,578	$ 1,012	$ 987	$ 1,555		$ 4,227		$ 4,762
Net Income Attributable to Phillips 66 Per Share of Common Stock Basic (in dollars)	$ 0.31	$ 0.97	$ 0.94	$ 0.72	$ 1.21	$ 2.92	$ 1.85	$ 1.80	$ 2.94		$ 7.78		$ 8.40
Net Income Attributable to Phillips 66 Per Share of Common Stock Diluted (in dollars)	$ 0.31	$ 0.96	$ 0.93	$ 0.72	$ 1.20	$ 2.90	$ 1.84	$ 1.79	$ 2.92		$ 7.73		$ 8.33
[1]	Includes excise taxes on petroleum products sales: $13,381 million, $13,780 million, $14,698 million