Phillips 66 (PSX) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Trading Symbol	PSX
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	511,510,782

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues and Other Income
Sales and other operating revenues	$ 24,087	$ 21,849	$ 46,981	$ 39,258
Equity in earnings of affiliates	462	435	827	768
Net gain on dispositions	14	6	15	6
Other income	18	17	470	35
Total Revenues and Other Income	24,581	22,307	48,293	40,067
Costs and Expenses
Purchased crude oil and products	18,353	16,198	36,032	28,128
Operating expenses	1,137	994	2,407	2,017
Selling, general and administrative expenses	439	421	823	807
Depreciation and amortization	320	290	635	570
Impairments	15	2	17	2
Taxes other than income taxes	3,356	3,594	6,512	7,055
Accretion on discounted liabilities	6	5	11	10
Interest and debt expense	107	83	212	169
Foreign currency transaction gains	0	0	(1)	(7)
Total Costs and Expenses	23,733	21,587	46,648	38,751
Income before income taxes	848	720	1,645	1,316
Provision for income taxes	267	204	501	402
Net Income	581	516	1,144	914
Less: net income attributable to noncontrolling interests	31	20	59	33
Net Income Attributable to Phillips 66	$ 550	$ 496	$ 1,085	$ 881
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Earnings Per Share, Basic (in usd per share)	$ 1.06	$ 0.94	$ 2.08	$ 1.66
Earnings Per Share, Diluted (in usd per share)	1.06	0.93	2.07	1.65
Dividends Paid Per Share of Common Stock (in usd per share)	$ 0.7	$ 0.63	$ 1.33	$ 1.19
Average Common Shares Outstanding (in thousands)
Basic (in shares)	517,785	528,247	519,706	529,993
Diluted (in shares)	520,160	531,060	522,329	532,815
Includes excise taxes on petroleum products sales	$ 3,252	$ 3,508	$ 6,288	$ 6,868

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 581	$ 516	$ 1,144	$ 914
Defined benefit plans
Amortization to net income of net actuarial loss and settlements	77	24	100	47
Plans sponsored by equity affiliates	3	3	6	9
Income taxes on defined benefit plans	(30)	(9)	(39)	(20)
Defined benefit plans, net of tax	50	18	67	36
Foreign currency translation adjustments	102	(107)	128	(122)
Income taxes on foreign currency translation adjustments	(7)	(1)	(9)	(3)
Foreign currency translation adjustments, net of tax	95	(108)	119	(125)
Cash flow hedges	(3)	(8)	0	(16)
Income taxes on hedging activities	1	3	0	6
Hedging activities, net of tax	(2)	(5)	0	(10)
Other Comprehensive Income (Loss), Net of Tax	143	(95)	186	(99)
Comprehensive Income	724	421	1,330	815
Less: comprehensive income attributable to noncontrolling interests	31	20	59	33
Comprehensive Income Attributable to Phillips 66	$ 693	$ 401	$ 1,271	$ 782

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 2,161	$ 2,711
Accounts and notes receivable (net of allowances of $31 million in 2017 and $34 million in 2016)	4,750	5,485
Accounts and notes receivable—related parties	844	912
Inventories	4,245	3,150
Prepaid expenses and other current assets	456	422
Total Current Assets	12,456	12,680
Investments and long-term receivables	13,507	13,534
Net properties, plants and equipment	21,293	20,855
Goodwill	3,270	3,270
Intangibles	889	888
Other assets	413	426
Total Assets	51,828	51,653
Liabilities
Accounts payable	5,891	6,395
Accounts payable—related parties	664	666
Short-term debt	493	550
Accrued income and other taxes	893	805
Employee benefit obligations	359	527
Other accruals	574	520
Total Current Liabilities	8,874	9,463
Long-term debt	9,472	9,588
Asset retirement obligations and accrued environmental costs	625	655
Deferred income taxes	7,565	6,743
Employee benefit obligations	1,250	1,216
Other liabilities and deferred credits	236	263
Total Liabilities	28,022	27,928
Equity
Par value	6	6
Capital in excess of par	19,624	19,559
Treasury stock (at cost: 2017—131,218,218 shares; 2016—122,827,264 shares)	(9,454)	(8,788)
Retained earnings	13,001	12,608
Accumulated other comprehensive loss	(809)	(995)
Total Stockholders’ Equity	22,368	22,390
Noncontrolling interests	1,438	1,335
Total Equity	23,806	23,725
Total Liabilities and Equity	$ 51,828	$ 51,653

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts and Notes Receivable - net of allowance	$ 31	$ 34
Common stock 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 issued (in shares)	642,729,000	641,593,854
Treasury stock (in shares)	131,218,218	122,827,264

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities
Net Income		$ 1,144	$ 914
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		635	570
Impairments		17	2
Accretion on discounted liabilities		11	10
Deferred taxes		757	191
Undistributed equity earnings		(252)	(515)
Net gain on dispositions		(15)	(6)
Gain on consolidation of business		(423)	0
Other		98	116
Working capital adjustments
Decrease (increase) in accounts and notes receivable		724	(386)
Decrease (increase) in inventories		(1,047)	(536)
Decrease (increase) in prepaid expenses and other current assets		17	(504)
Increase (decrease) in accounts payable		(308)	1,512
Increase (decrease) in taxes and other accruals		(42)	45
Net Cash Provided by Operating Activities		1,316	1,413
Cash Flows From Investing Activities
Capital expenditures and investments		(928)	(1,370)
Proceeds from asset dispositions	[1]	51	15
Advances/loans—related parties		0	(182)
Collection of advances/loans—related parties		325	0
Restricted cash received from consolidation of business		318	0
Other		(61)	(75)
Net Cash Used in Investing Activities		(295)	(1,612)
Cash Flows From Financing Activities
Issuance of debt		2,603	150
Repayment of debt		(2,910)	(166)
Issuance of common stock		6	9
Repurchase of common stock		(666)	(633)
Dividends paid on common stock		(686)	(625)
Distributions to noncontrolling interests		(54)	(28)
Net proceeds from issuance of Phillips 66 Partners LP common units		171	669
Other		(54)	(27)
Net Cash Used in Financing Activities		(1,590)	(651)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		19	8
Net Change in Cash, Cash Equivalents and Restricted Cash		(550)	(842)
Cash, cash equivalents and restricted cash at beginning of period		2,711	3,074
Cash, Cash Equivalents and Restricted Cash at End of Period		$ 2,161	$ 2,232
[1]	Includes return of investments in equity affiliates.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2015	$ 23,938	$ 6	$ 19,145	$ (7,746)	$ 12,348	$ (653)	$ 838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	914				881		33
Other comprehensive income (loss)	(99)					(99)
Cash dividends paid on common stock	(625)				(625)
Repurchase of common stock	(633)			(633)
Benefit plan activity	37		44		(7)
Issuance of Phillips 66 Partners LP common units	562		181				381
Distributions to noncontrolling interests and other	(28)						(28)
Ending Balance at Jun. 30, 2016	$ 24,066	6	19,370	(8,379)	12,597	(752)	1,224
Beginning balance, common stock issued (in shares) at Dec. 31, 2015	639,336,000
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,271,000
Ending balance, common stock issued (in shares) at Jun. 30, 2016	640,607,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2015	109,926,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	7,832,000
Ending balance, treasury stock (in shares) at Jun. 30, 2016	117,758,000
Beginning Balance at Dec. 31, 2016	$ 23,725	6	19,559	(8,788)	12,608	(995)	1,335
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,144				1,085		59
Other comprehensive income (loss)	186					186
Cash dividends paid on common stock	(686)				(686)
Repurchase of common stock	(666)			(666)
Benefit plan activity	14		20		(6)
Issuance of Phillips 66 Partners LP common units	143		45				98
Distributions to noncontrolling interests and other	(54)						(54)
Ending Balance at Jun. 30, 2017	$ 23,806	$ 6	$ 19,624	$ (9,454)	$ 13,001	$ (809)	$ 1,438
Beginning balance, common stock issued (in shares) at Dec. 31, 2016	641,593,854
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,135,000
Ending balance, common stock issued (in shares) at Jun. 30, 2017	642,729,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2016	122,827,264
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	8,391,000
Ending balance, treasury stock (in shares) at Jun. 30, 2017	131,218,218

Interim Financial Information

Interim Financial Information	6 Months Ended
	Jun. 30, 2017
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2016 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2017 , are not necessarily indicative of the results to be expected for the full year. Certain prior period financial information has been recast to reflect the current year’s presentation.

Changes in Accounting Principle

Changes in Accounting Principles	6 Months Ended
	Jun. 30, 2017
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2017, we early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the second step 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. This ASU is applied prospectively to goodwill impairment tests performed on or after January 1, 2017. Effective January 1, 2017, we early adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements. See Note 17—Restricted Cash for more information. Effective January 1, 2017, we early adopted ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements. Effective January 1, 2017, we adopted ASU 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. Adoption of this ASU on a prospective basis did not materially impact our financial position, results of operations, or cash flows. We account for forfeitures of awards when they occur and excess tax benefits, which were previously reported in cash flows from financing, are now reported in cash flows from operating activities on a prospective basis.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) 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 natural gas liquids (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 that most significantly impact its economic performance. See Note 21—Phillips 66 Partners LP , for additional information. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars June 30 December 31 Equity investments* $ 1,212 1,142 Net properties, plants and equipment 2,670 2,675 Long-term debt 2,227 2,396 * Included in “Investments and long-term receivables” on the Phillips 66 consolidated balance sheet. Non-consolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. 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 February 7, 2017, we determined MSLP was a VIE and used the equity method of accounting because the call right exercise remained subject to legal challenge. 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 no longer considered MSLP a VIE and began consolidating the entity as a wholly owned subsidiary. We have a 25 percent ownership interest in Dakota Access, LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOP), whose principal operations commenced on June 1, 2017. Until the principal operations commenced, these entities did not have sufficient equity at risk to fully fund the construction of all assets required for principal operations, and thus represented VIEs. As of June 1, 2017, these entities commenced planned operations and were no longer considered VIEs. We will continue to use the equity method of accounting for these investments.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 3,972 2,883 Materials and supplies 273 267 $ 4,245 3,150 Inventories valued on the last-in, first-out (LIFO) basis totaled $3,863 million and $2,772 million at June 30, 2017 , and December 31, 2016 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $2.6 billion and $3.3 billion at June 30, 2017 , and December 31, 2016 , respectively. Certain planned year-to-date reductions in inventory caused liquidations of LIFO inventory values that are not expected to be replaced by the end of the year. LIFO inventory liquidations during the three- and six-months periods ended June 30, 2017, were immaterial and decreased net income by approximately $15 million and $58 million , respectively, for the comparable periods in 2016.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2017
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. At the acquisition date, we recorded $183 million of properties, plants and equipment (PP&E) and $3 million of goodwill. Our acquisition accounting was finalized during the first quarter of 2017, with no change to the provisional amounts recorded in 2016. MSLP owns a delayed coker and related facilities at the Sweeny Refinery, and its results are included in our Refining segment. 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, exercised in August 2009, to acquire its 50 percent ownership interest in MSLP for a purchase price determined by a contractual formula. As the distributions PDVSA received from MSLP exceeded the amounts it contributed to MSLP, the contractual formula required no cash consideration for the acquisition. 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 the acquisition was complete and began accounting for MSLP as a wholly owned consolidated subsidiary. Based on a 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 resulted in our recording a pre-tax gain of $423 million in the first quarter of 2017. This gain was included in the “Other income” line of our consolidated statement of income. The fair value of our original equity interest in MSLP immediately prior to the deemed acquisition was $145 million . As a result of the transaction, we recorded $318 million of restricted cash, $250 million of PP&E and $238 million of debt, as well as a net $93 million for the elimination of our equity investment in MSLP and net intercompany payables. Our acquisition accounting was finalized during the first quarter of 2017.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	6 Months Ended
	Jun. 30, 2017
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In June 2017, we entered into an agreement to sell land located in Louisville, Colorado, to a land development company. In our segment disclosures, the property is included in Corporate and Other. We classified the property as held for sale and transferred $50 million of PP&E to the “Prepaid expenses and other current assets” line on our consolidated balance sheet. We expect to close the sale in the first quarter of 2018 following a contractual inspection period. The net sales proceeds are expected to approximate the carrying value of the land. 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.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Summarized 100 percent financial information for Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues $ 2,370 2,309 4,909 4,340 Income before income taxes 603 552 1,124 1,028 Net income 590 529 1,093 988 Related Party Loans and Advances In the first quarter of 2017, we received payment of the $250 million outstanding principal balance at December 31, 2016 , of our sponsor loans to the DAPL and ETCOP joint ventures. We also received payment of the $75 million outstanding principal balance of the partner loan to WRB Refining LP (WRB). These cash inflows totaling $325 million are included in the “Collections of advances/loans—related parties” line on our consolidated statement of cash flows.

Properties, Plants and Equipmen

Properties, Plants and Equipment	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars June 30, 2017 December 31, 2016 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 8,389 1,706 6,683 8,179 1,579 6,600 Chemicals — — — — — — Refining 21,926 8,583 13,343 21,152 8,197 12,955 Marketing and Specialties 1,547 847 700 1,451 776 675 Corporate and Other 1,132 565 567 1,207 582 625 $ 32,994 11,701 21,293 31,989 11,134 20,855

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 550 550 496 496 1,085 1,085 881 881 Income allocated to participating securities (2 ) (1 ) (2 ) (1 ) (3 ) (2 ) (3 ) (3 ) Net income available to common stockholders $ 548 549 494 495 1,082 1,083 878 878 Weighted-average common shares outstanding (thousands) : 514,092 517,785 524,080 528,247 515,838 519,706 525,654 529,993 Effect of stock-based compensation 3,693 2,375 4,167 2,813 3,868 2,623 4,339 2,822 Weighted-average common shares outstanding—EPS 517,785 520,160 528,247 531,060 519,706 522,329 529,993 532,815 Earnings Per Share of Common Stock (dollars) $ 1.06 1.06 0.94 0.93 2.08 2.07 1.66 1.65

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt At both June 30, 2017 , and December 31, 2016 , we had no direct outstanding borrowings under our $5 billion revolving credit agreement, while $51 million in letters of credit had been issued that were supported by it. At June 30, 2017 , there was $50 million outstanding under the $750 million revolving credit agreement of Phillips 66 Partners, compared with $210 million outstanding under the facility at December 31, 2016 . Accordingly, as of June 30, 2017 , an aggregate $5.6 billion of total capacity was available under these facilities. Debt Repayments In May 2017, we repaid $1,500 million of 2.95% Senior Notes upon maturity with the funding from the April 2017 debt issuances discussed below. Also in May 2017, we repaid $135 million of MSLP 8.85% Senior Notes due in 2019. This debt was assumed as a result of the MSLP acquisition. See Note 5—Business Combinations for additional information regarding MSLP. Debt Issuances On April 21, 2017, Phillips 66 completed a private offering of $600 million aggregate principal amount of unsecured notes consisting of: • $300 million of floating rate Notes due 2019. • $300 million of floating rate Notes due 2020. The notes are guaranteed by Phillips 66 Company, a wholly owned subsidiary. Phillips 66 used the net proceeds from the notes, together with a portion of the proceeds from $900 million of term loans received in late April 2017 and discussed below, to repay its outstanding 2.95% Senior Notes upon maturity in May 2017, for capital expenditures and for general corporate purposes. Interest on these notes is a floating rate equal to three-month LIBOR plus 0.65% per annum for the 2019 Notes and three-month LIBOR plus 0.75% per annum for the 2020 Notes. Interest on both series of notes is payable quarterly in arrears on January 15, April 15, July 15 and October 15, commencing in July 2017. The 2019 Notes mature on April 15, 2019, and the 2020 Notes mature on April 15, 2020. The term loans consist of a $450 million 364 -day facility and a $450 million three -year facility. Interest on the term loans is a floating rate based on either the Eurodollar rate or the reference rate, plus a margin determined by our long-term credit ratings.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2017
Guarantees [Abstract]
Guarantees	Guarantees At June 30, 2017 , 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 December 2016, as part of the restructuring within DCP Midstream, LLC (DCP Midstream) which occurred effective January 1, 2017, we issued a guarantee in support of DCP Midstream’s debt issued in the first quarter of 2017. At June 30, 2017 , the maximum potential amount of future payments to third parties under the guarantee was estimated to be $188 million . Payment would be required if DCP Midstream defaults on this debt obligation, which matures in 2019. Other Guarantees In 2016, the operating lease commenced on our headquarters facility in Houston, Texas. 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 exposures totaling $350 million . At year-end 2016, based on an outside appraisal of the railcars’ fair value at the end of their lease terms, we estimated a total residual value deficiency of $94 million and recognized $28 million as expense in 2016. During the first six months of 2017, we recognized an additional $24 million of the residual value deficiency. At June 30, 2017 , the remaining residual value deficiency was $42 million . This deficiency will be recognized on a straight-line basis with approximately 40 percent recognized through October 2017 and the remaining 60 percent recognized through May 2019. 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 June 30, 2017 , was $197 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 $106 million of environmental accruals for known contamination that were primarily included in the “Asset retirement obligations and accrued environmental costs” line of our consolidated balance sheet at June 30, 2017 . For additional information about environmental liabilities, see Note 12—Contingencies and Commitments . Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips (the Separation), we entered into the Indemnification and Release Agreement. 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	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using all information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit and some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At June 30, 2017 , our total environmental accrual was $476 million , compared with $496 million at December 31, 2016 . We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At June 30, 2017 , we had performance obligations secured by letters of credit and bank guarantees of $431 million (of which $51 million was issued under the provisions of our revolving credit facility, and the remainder was issued as direct bank letters of credit and bank guarantees) related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2017
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 commodity prices, interest rates and foreign currency exchange rates, or to capture market opportunities. Because we do not apply hedge accounting for commodity derivative contracts, all realized or unrealized gains and losses from commodity derivative contracts are recognized in our consolidated statement of income. Gains and losses from derivative contracts held for trading not directly related to our physical business are reported net in the “Other income” line on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section of our consolidated statement of cash flows. Purchase and sales contracts with fixed minimum notional volumes for commodities that are readily convertible to cash are recorded on the consolidated balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception, whereby the contracts are recorded on an accrual basis. We generally apply the normal purchases and normal sales exception to eligible crude oil, refined product, NGL, natural gas and power commodity contracts to purchase or sell quantities we expect to use or sell in the normal course of business. All other derivative instruments are recorded at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 14—Fair Value Measurements . Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined products, NGL, natural gas 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 consolidated 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 consolidated balance sheet when the right of setoff exists. Millions of Dollars June 30, 2017 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Prepaid expenses and other current assets $ 400 (318 ) (16 ) 66 Other assets 4 (2 ) — 2 Liabilities Other accruals 224 (257 ) 11 (22 ) Other liabilities and deferred credits — (1 ) — (1 ) Total $ 628 (578 ) (5 ) 45 Millions of Dollars December 31, 2016 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Prepaid expenses and other current assets $ 267 (154 ) — 113 Other assets 5 (1 ) — 4 Liabilities Other accruals 474 (612 ) 73 (65 ) Other liabilities and deferred credits — (1 ) — (1 ) Total $ 746 (768 ) 73 51 At June 30, 2017 , and December 31, 2016, there was no material cash collateral received or paid that was not offset on the consolidated balance sheet. The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales and other operating revenues $ 87 (182 ) 155 (268 ) Other income 4 7 13 16 Purchased crude oil and products 82 (89 ) 127 (125 ) Net gain (loss) from commodity derivative activity $ 173 (264 ) 295 (377 ) 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 97 percent at June 30, 2017 , and December 31, 2016 . Open Position Long/(Short) June 30 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (27 ) (18 ) Interest Rate Derivative Contracts —In 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. 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 at both June 30, 2017, and December 31, 2016. 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. We did not recognize any material hedge ineffectiveness gain or loss in the consolidated income statement for the three- and six-month periods ended June 30, 2017 and 2016. Net realized loss from settlements of the swaps was immaterial for the three- and six-month periods ended June 30, 2017 and 2016. We currently estimate that pre-tax losses of less than $1 million will be reclassified from accumulated other comprehensive income (loss) into general and administrative expenses during the next twelve months as the hedged transactions settle; however, the actual amounts that will be reclassified will vary based on changes in interest rates. 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 or 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 June 30, 2017 , or December 31, 2016 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Values Measurements 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 six-month period ended June 30, 2017 , derivative assets with an aggregate value of $55 million and derivative liabilities with an aggregate value of $56 million were transferred into Level 1 from Level 2, as measured from the beginning of the reporting period. The measurements were reclassified within the fair value hierarchy due to the availability of unadjusted quoted prices from an active market. 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. • Derivative instruments —We fair value our exchange-traded contracts based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and classify them 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 forward 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. 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. 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. We determine the fair value of our interest rate swaps based upon observed market valuations for interest rate swaps that have notionals, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —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. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable quotes. 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 on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. 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 impact of these contracts in the column “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 June 30, 2017 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 $ 327 275 — 602 (543 ) (16 ) — 43 OTC instruments — 2 — 2 (1 ) — — 1 Physical forward contracts — 23 1 24 — — — 24 Interest rate derivatives — 8 — 8 — — — 8 Rabbi trust assets 108 — — 108 N/A N/A — 108 $ 435 308 1 744 (544 ) (16 ) — 184 Commodity Derivative Liabilities Exchange-cleared instruments $ 275 280 — 555 (543 ) (11 ) — 1 OTC instruments — 2 — 2 (1 ) — — 1 Physical forward contracts — 17 4 21 — — — 21 Floating-rate debt 100 1,550 — 1,650 N/A N/A — 1,650 Fixed-rate debt, excluding capital leases — 8,760 — 8,760 N/A N/A (639 ) 8,121 $ 375 10,609 4 10,988 (544 ) (11 ) (639 ) 9,794 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 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 the location of our commodity derivative assets and liabilities on our consolidated balance sheet, see the first table in Note 13—Derivatives and Financial Instruments . Nonrecurring Fair Value Measurements See Note 5—Business Combinations for remeasurement of our investment in MSLP to fair value. During the six months ended June 30, 2017 and 2016, there were no other material nonrecurring fair value remeasurements of assets subsequent to their initial recognition.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans The components of net periodic benefit cost for the three- and six-month periods ended June 30, 2017 and 2016 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2017 2016 2017 2016 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 33 9 32 9 2 2 Interest cost 27 7 29 8 2 2 Expected return on plan assets (36 ) (9 ) (32 ) (10 ) — — Amortization of prior service credit — (1 ) — (1 ) (1 ) (1 ) Recognized net actuarial loss 18 6 18 3 — — Settlements 54 — — — — — Net periodic benefit cost $ 96 12 47 9 3 3 Six Months Ended June 30 Service cost $ 66 17 64 18 3 4 Interest cost 54 13 58 15 4 4 Expected return on plan assets (73 ) (19 ) (64 ) (20 ) — — Amortization of prior service cost (credit) 1 (1 ) 1 (1 ) (1 ) (1 ) Recognized net actuarial loss 35 12 36 7 — — Settlements 55 — 3 — — — Net periodic benefit cost $ 138 22 98 19 6 7 During the first half of 2017 , we contributed $15 million to our U.S. benefit plans and $17 million to our international benefit plans. We currently expect to make additional contributions of approximately $425 million to our U.S. benefit plans and $18 million to our international benefit plans during the remainder of 2017 . For our U.S. pension plans, lump-sum benefit payments will exceed the sum of service and interest costs for the year. As a result, we have recognized a proportionate share of prior actuarial losses, or pension settlement expense, totaling $55 million for the six months ended June 30, 2017.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications 6 (125 ) (10 ) (129 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 30 — — 30 Net current period other comprehensive income (loss) 36 (125 ) (10 ) (99 ) June 30, 2016 $ (626 ) (114 ) (12 ) (752 ) December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 119 — 122 Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 64 — — 64 Net current period other comprehensive income 67 119 — 186 June 30, 2017 $ (646 ) (166 ) 3 (809 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 15—Employee Benefit Plans , for additional information).

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2017
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted Cash As of June 30, 2017, and December 31, 2016, the company did not have any restricted cash. The restrictions on the cash acquired in early 2017, as a result of the consolidation of MSLP, were removed in the second quarter of 2017 when MSLP’s outstanding debt that contained lender restrictions on the use of cash was paid in full. See Note 10—Debt for additional information.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating revenues and other income (a) $ 569 549 1,140 956 Purchases (b) 2,231 2,148 4,375 3,651 Operating expenses and selling, general and administrative expenses (c) 13 28 39 61 As discussed more fully in Note 5— Business Combinations , in February 2017, we began accounting for MSLP as a wholly owned consolidated subsidiary. Accordingly, processing fees paid to MSLP are only included through the consolidation date 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	6 Months Ended
	Jun. 30, 2017
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 oil 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— Purchases for resale and markets refined 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 (such as base oils and lubricants), as well as power generation operations. Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents. We evaluate 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 Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales and Other Operating Revenues Midstream Total sales $ 1,375 919 3,034 1,850 Intersegment eliminations (389 ) (278 ) (827 ) (570 ) Total Midstream 986 641 2,207 1,280 Chemicals 1 1 2 2 Refining Total sales 15,223 13,539 29,515 23,777 Intersegment eliminations (9,510 ) (9,246 ) (18,180 ) (15,805 ) Total Refining 5,713 4,293 11,335 7,972 Marketing and Specialties Total sales 17,650 17,180 34,016 30,528 Intersegment eliminations (270 ) (274 ) (594 ) (540 ) Total Marketing and Specialties 17,380 16,906 33,422 29,988 Corporate and Other 7 8 15 16 Consolidated sales and other operating revenues $ 24,087 21,849 46,981 39,258 Net Income (Loss) Attributable to Phillips 66 Midstream $ 59 39 136 104 Chemicals 196 190 377 346 Refining 224 149 483 235 Marketing and Specialties 214 229 355 434 Corporate and Other (143 ) (111 ) (266 ) (238 ) Consolidated net income attributable to Phillips 66 $ 550 496 1,085 881 Millions of Dollars June 30 December 31 Total Assets Midstream $ 12,546 12,832 Chemicals 6,033 5,802 Refining 23,635 22,825 Marketing and Specialties 6,089 6,227 Corporate and Other 3,525 3,967 Consolidated total assets $ 51,828 51,653

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rates for the second quarter and the first six months of 2017 were 31 percent and 30 percent , respectively, compared with 28 percent and 31 percent for the corresponding periods of 2016 . The increase in the effective tax rate for the second quarter of 2017 was primarily attributable to a favorable U.K. audit settlement in the second quarter of 2016. The effective tax rate varies from the federal statutory tax rate of 35 percent primarily as a result of foreign operations, excess tax benefits associated with share-based compensation and the impact of income attributable to noncontrolling interests, partially offset by state tax expense.

Phillips 66 Partners LP

Phillips 66 Partners LP	6 Months Ended
	Jun. 30, 2017
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. 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 (such continuous offering program, or at-the-market program, referred to as the ATM program). For the three and six months ended June 30, 2017 , on a settlement-date basis, Phillips 66 Partners issued 2,578,608 and 3,323,576 common units, respectively, under the ATM program, which generated net proceeds of $131 million and $171 million , respectively. From inception through June 30, 2017 , Phillips 66 Partners has issued an aggregate of 3,669,728 common units under the ATM program, generating net proceeds of $190 million . At June 30, 2017 , we owned a 57 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 41 percent limited partner interest. We consolidate Phillips 66 Partners as a variable interest entity for financial reporting purposes. See Note 3—Variable Interest Entities (VIEs) , for additional information on why we consolidate the partnership. As a result of this consolidation, the public unitholders’ ownership interest in Phillips 66 Partners is reflected as a noncontrolling interest in our financial statements.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2017
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In February 2017, the FASB issued ASU No. 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets.” This ASU clarifies the scope and accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. This ASU will eliminate the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity method joint ventures. These amendments could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets. Public entities should apply the guidance in ASU No. 2017-05 to annual periods beginning after December 15, 2017, including interim periods within those periods. We are currently evaluating the provisions of ASU No. 2017-05. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): 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 is not considered an 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 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 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 or 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. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of ASU No. 2016-02 to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. 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).” This ASU and other related updates issued are 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. Early adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. 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. Based on our analysis to-date, we have not identified any other material impact on our financial statements other than disclosures.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Phillips 66 has issued $6 billion of senior notes, the payment obligations of which are fully and unconditionally guaranteed by Phillips 66 Company, a 100 -percent-owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended June 30, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 17,653 6,434 — 24,087 Equity in earnings of affiliates 608 585 121 (852 ) 462 Net gain (loss) on dispositions — (1 ) 15 — 14 Other income — 9 9 — 18 Intercompany revenues — 222 2,942 (3,164 ) — Total Revenues and Other Income 608 18,468 9,521 (4,016 ) 24,581 Costs and Expenses Purchased crude oil and products — 14,757 6,685 (3,089 ) 18,353 Operating expenses — 891 266 (20 ) 1,137 Selling, general and administrative expenses 1 335 106 (3 ) 439 Depreciation and amortization — 218 102 — 320 Impairments — 15 — — 15 Taxes other than income taxes — 1,451 1,905 — 3,356 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 87 14 58 (52 ) 107 Total Costs and Expenses 88 17,686 9,123 (3,164 ) 23,733 Income before income taxes 520 782 398 (852 ) 848 Provision (benefit) for income taxes (30 ) 174 123 — 267 Net Income 550 608 275 (852 ) 581 Less: net income attributable to noncontrolling interests — — 31 — 31 Net Income Attributable to Phillips 66 $ 550 608 244 (852 ) 550 Comprehensive Income $ 693 751 372 (1,092 ) 724 Millions of Dollars Three Months Ended June 30, 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 $ — 15,237 6,612 — 21,849 Equity in earnings of affiliates 556 487 74 (682 ) 435 Net gain on dispositions — — 6 — 6 Other income — 9 8 — 17 Intercompany revenues — 219 2,126 (2,345 ) — Total Revenues and Other Income 556 15,952 8,826 (3,027 ) 22,307 Costs and Expenses Purchased crude oil and products — 12,473 6,014 (2,289 ) 16,198 Operating expenses — 781 223 (10 ) 994 Selling, general and administrative expenses 1 313 109 (2 ) 421 Depreciation and amortization — 203 87 — 290 Impairments — — 2 — 2 Taxes other than income taxes — 1,397 2,197 — 3,594 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 91 9 27 (44 ) 83 Total Costs and Expenses 92 15,180 8,660 (2,345 ) 21,587 Income before income taxes 464 772 166 (682 ) 720 Provision (benefit) for income taxes (32 ) 216 20 — 204 Net Income 496 556 146 (682 ) 516 Less: net income attributable to noncontrolling interests — — 20 — 20 Net Income Attributable to Phillips 66 $ 496 556 126 (682 ) 496 Comprehensive Income $ 401 461 39 (480 ) 421 Millions of Dollars Six Months Ended June 30, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 33,903 13,078 — 46,981 Equity in earnings of affiliates 1,203 1,069 236 (1,681 ) 827 Net gain on dispositions — — 15 — 15 Other income — 435 35 — 470 Intercompany revenues — 650 5,849 (6,499 ) — Total Revenues and Other Income 1,203 36,057 19,213 (8,180 ) 48,293 Costs and Expenses Purchased crude oil and products — 28,641 13,745 (6,354 ) 36,032 Operating expenses — 1,922 521 (36 ) 2,407 Selling, general and administrative expenses 4 624 200 (5 ) 823 Depreciation and amortization — 432 203 — 635 Impairments — 17 — — 17 Taxes other than income taxes — 2,823 3,689 — 6,512 Accretion on discounted liabilities — 9 2 — 11 Interest and debt expense 177 26 113 (104 ) 212 Foreign currency transaction gains — — (1 ) — (1 ) Total Costs and Expenses 181 34,494 18,472 (6,499 ) 46,648 Income before income taxes 1,022 1,563 741 (1,681 ) 1,645 Provision (benefit) for income taxes (63 ) 360 204 — 501 Net Income 1,085 1,203 537 (1,681 ) 1,144 Less: net income attributable to noncontrolling interests — — 59 — 59 Net Income Attributable to Phillips 66 $ 1,085 1,203 478 (1,681 ) 1,085 Comprehensive Income $ 1,271 1,389 662 (1,992 ) 1,330 Millions of Dollars Six Months Ended June 30, 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 $ — 26,935 12,323 — 39,258 Equity in earnings of affiliates 1,003 885 160 (1,280 ) 768 Net gain on dispositions — — 6 — 6 Other income — 24 11 — 35 Intercompany revenues — 397 3,713 (4,110 ) — Total Revenues and Other Income 1,003 28,241 16,213 (5,390 ) 40,067 Costs and Expenses Purchased crude oil and products — 21,467 10,659 (3,998 ) 28,128 Operating expenses — 1,613 422 (18 ) 2,017 Selling, general and administrative expenses 4 600 208 (5 ) 807 Depreciation and amortization — 403 167 — 570 Impairments — — 2 — 2 Taxes other than income taxes — 2,741 4,314 — 7,055 Accretion on discounted liabilities — 8 2 — 10 Interest and debt expense 184 17 57 (89 ) 169 Foreign currency transaction gains — — (7 ) — (7 ) Total Costs and Expenses 188 26,849 15,824 (4,110 ) 38,751 Income before income taxes 815 1,392 389 (1,280 ) 1,316 Provision (benefit) for income taxes (66 ) 389 79 — 402 Net Income 881 1,003 310 (1,280 ) 914 Less: net income attributable to noncontrolling interests — — 33 — 33 Net Income Attributable to Phillips 66 $ 881 1,003 277 (1,280 ) 881 Comprehensive Income $ 782 904 191 (1,062 ) 815 Millions of Dollars June 30, 2017 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 541 1,620 — 2,161 Accounts and notes receivable 10 3,997 3,543 (1,956 ) 5,594 Inventories — 2,855 1,390 — 4,245 Prepaid expenses and other current assets 1 318 137 — 456 Total Current Assets 11 7,711 6,690 (1,956 ) 12,456 Investments and long-term receivables 30,151 22,151 8,991 (47,786 ) 13,507 Net properties, plants and equipment — 13,077 8,216 — 21,293 Goodwill — 2,853 417 — 3,270 Intangibles — 726 163 — 889 Other assets 14 241 161 (3 ) 413 Total Assets $ 30,176 46,759 24,638 (49,745 ) 51,828 Liabilities and Equity Accounts payable $ — 5,638 2,873 (1,956 ) 6,555 Short-term debt 449 13 31 — 493 Accrued income and other taxes — 397 496 — 893 Employee benefit obligations — 315 44 — 359 Other accruals 54 341 179 — 574 Total Current Liabilities 503 6,704 3,623 (1,956 ) 8,874 Long-term debt 6,969 52 2,451 — 9,472 Asset retirement obligations and accrued environmental costs — 461 164 — 625 Deferred income taxes — 4,958 2,610 (3 ) 7,565 Employee benefit obligations — 971 279 — 1,250 Other liabilities and deferred credits 307 3,854 3,989 (7,914 ) 236 Total Liabilities 7,779 17,000 13,116 (9,873 ) 28,022 Common stock 10,176 25,403 10,438 (35,841 ) 10,176 Retained earnings 13,030 5,165 (1 ) (5,193 ) 13,001 Accumulated other comprehensive loss (809 ) (809 ) (353 ) 1,162 (809 ) Noncontrolling interests — — 1,438 — 1,438 Total Liabilities and Equity $ 30,176 46,759 24,638 (49,745 ) 51,828 Millions of Dollars 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 Six Months Ended June 30, 2017 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 1,143 701 1,104 (1,632 ) 1,316 Cash Flows From Investing Activities Capital expenditures and investments* — (675 ) (393 ) 140 (928 ) Proceeds from asset dispositions** — 2 49 — 51 Intercompany lending activities 256 855 (1,111 ) — — Collection of advances/loans—related parties — 75 250 — 325 Restricted cash received from consolidation of business — — 318 — 318 Other — (59 ) (2 ) — (61 ) Net Cash Provided by (Used in) Investing Activities 256 198 (889 ) 140 (295 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 1,103 — 2,603 Repayment of debt (1,500 ) (10 ) (1,400 ) — (2,910 ) Issuance of common stock 6 — — — 6 Repurchase of common stock (666 ) — — — (666 ) Dividends paid on common stock (686 ) (1,202 ) (430 ) 1,632 (686 ) Distributions to noncontrolling interests — — (54 ) — (54 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 171 — 171 Other* (53 ) — 139 (140 ) (54 ) Net Cash Used in Financing Activities (1,399 ) (1,212 ) (471 ) 1,492 (1,590 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 19 — 19 Net Change in Cash, Cash Equivalents and Restricted Cash — (313 ) (237 ) — (550 ) Cash, cash equivalents and restricted cash at beginning of period — 854 1,857 — 2,711 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 541 1,620 — 2,161 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Six Months Ended June 30, 2016 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,486 1,259 876 (3,208 ) 1,413 Cash Flows From Investing Activities Capital expenditures and investments* — (685 ) (723 ) 38 (1,370 ) Proceeds from asset dispositions** — 3 12 — 15 Intercompany lending activities (1,190 ) 2,295 (1,105 ) — — Advances/loans—related parties — (75 ) (107 ) — (182 ) Other — 13 (88 ) — (75 ) Net Cash Provided by (Used in) Investing Activities (1,190 ) 1,551 (2,011 ) 38 (1,612 ) Cash Flows From Financing Activities Issuance of debt — — 150 — 150 Repayment of debt — (11 ) (155 ) — (166 ) Issuance of common stock 9 — — — 9 Repurchase of common stock (633 ) — — — (633 ) Dividends paid on common stock (625 ) (2,528 ) (680 ) 3,208 (625 ) Distributions to noncontrolling interests — — (28 ) — (28 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 669 — 669 Other* (47 ) 18 40 (38 ) (27 ) Net Cash Used in Financing Activities (1,296 ) (2,521 ) (4 ) 3,170 (651 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 8 — 8 Net Change in Cash, Cash Equivalents and Restricted Cash — 289 (1,131 ) — (842 ) Cash, cash equivalents and restricted cash at beginning of period — 575 2,499 — 3,074 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 864 1,368 — 2,232 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Changes in Accounting Princip31

Changes in Accounting Principles Changes in Accounting Principles (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2017, we early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the second step 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. This ASU is applied prospectively to goodwill impairment tests performed on or after January 1, 2017. Effective January 1, 2017, we early adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements. See Note 17—Restricted Cash for more information. Effective January 1, 2017, we early adopted ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements. Effective January 1, 2017, we adopted ASU 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. Adoption of this ASU on a prospective basis did not materially impact our financial position, results of operations, or cash flows. We account for forfeitures of awards when they occur and excess tax benefits, which were previously reported in cash flows from financing, are now reported in cash flows from operating activities on a prospective basis. In February 2017, the FASB issued ASU No. 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets.” This ASU clarifies the scope and accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. This ASU will eliminate the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity method joint ventures. These amendments could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets. Public entities should apply the guidance in ASU No. 2017-05 to annual periods beginning after December 15, 2017, including interim periods within those periods. We are currently evaluating the provisions of ASU No. 2017-05. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): 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 is not considered an 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 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 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 or 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. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of ASU No. 2016-02 to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. 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).” This ASU and other related updates issued are 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. Early adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. 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. Based on our analysis to-date, we have not identified any other material impact on our financial statements other than disclosures.
Earnings Per Share	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Commitments and Contingencies	In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.
Fair Value of Financial Instruments	Recurring Fair Values Measurements 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 six-month period ended June 30, 2017 , derivative assets with an aggregate value of $55 million and derivative liabilities with an aggregate value of $56 million were transferred into Level 1 from Level 2, as measured from the beginning of the reporting period. The measurements were reclassified within the fair value hierarchy due to the availability of unadjusted quoted prices from an active market. 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. • Derivative instruments —We fair value our exchange-traded contracts based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and classify them 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 forward 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. 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. 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. We determine the fair value of our interest rate swaps based upon observed market valuations for interest rate swaps that have notionals, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —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. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable quotes.

Variable Interest Entities (V32

Variable Interest Entities (VIEs) (Tables)	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars June 30 December 31 Equity investments* $ 1,212 1,142 Net properties, plants and equipment 2,670 2,675 Long-term debt 2,227 2,396 * Included in “Investments and long-term receivables” on the Phillips 66 consolidated balance sheet.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 3,972 2,883 Materials and supplies 273 267 $ 4,245 3,150

Investments, Loans and Long-T34

Investments, Loans and Long-Term Receivables (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Summarized 100 percent financial information for Chevron Phillips Chemical Company LLC ( CPChem ) was as follows: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues $ 2,370 2,309 4,909 4,340 Income before income taxes 603 552 1,124 1,028 Net income 590 529 1,093 988

Properties, Plants and Equipm35

Properties, Plants and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), was: Millions of Dollars June 30, 2017 December 31, 2016 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 8,389 1,706 6,683 8,179 1,579 6,600 Chemicals — — — — — — Refining 21,926 8,583 13,343 21,152 8,197 12,955 Marketing and Specialties 1,547 847 700 1,451 776 675 Corporate and Other 1,132 565 567 1,207 582 625 $ 32,994 11,701 21,293 31,989 11,134 20,855

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 550 550 496 496 1,085 1,085 881 881 Income allocated to participating securities (2 ) (1 ) (2 ) (1 ) (3 ) (2 ) (3 ) (3 ) Net income available to common stockholders $ 548 549 494 495 1,082 1,083 878 878 Weighted-average common shares outstanding (thousands) : 514,092 517,785 524,080 528,247 515,838 519,706 525,654 529,993 Effect of stock-based compensation 3,693 2,375 4,167 2,813 3,868 2,623 4,339 2,822 Weighted-average common shares outstanding—EPS 517,785 520,160 528,247 531,060 519,706 522,329 529,993 532,815 Earnings Per Share of Common Stock (dollars) $ 1.06 1.06 0.94 0.93 2.08 2.07 1.66 1.65

Derivatives and Financial Ins37

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value, by Balance Sheet Grouping	The following table indicates the consolidated 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 consolidated balance sheet when the right of setoff exists. Millions of Dollars June 30, 2017 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Prepaid expenses and other current assets $ 400 (318 ) (16 ) 66 Other assets 4 (2 ) — 2 Liabilities Other accruals 224 (257 ) 11 (22 ) Other liabilities and deferred credits — (1 ) — (1 ) Total $ 628 (578 ) (5 ) 45 Millions of Dollars December 31, 2016 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Prepaid expenses and other current assets $ 267 (154 ) — 113 Other assets 5 (1 ) — 4 Liabilities Other accruals 474 (612 ) 73 (65 ) Other liabilities and deferred credits — (1 ) — (1 ) Total $ 746 (768 ) 73 51
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales and other operating revenues $ 87 (182 ) 155 (268 ) Other income 4 7 13 16 Purchased crude oil and products 82 (89 ) 127 (125 ) Net gain (loss) from commodity derivative activity $ 173 (264 ) 295 (377 )
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long/(Short) June 30 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (27 ) (18 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 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 $ 327 275 — 602 (543 ) (16 ) — 43 OTC instruments — 2 — 2 (1 ) — — 1 Physical forward contracts — 23 1 24 — — — 24 Interest rate derivatives — 8 — 8 — — — 8 Rabbi trust assets 108 — — 108 N/A N/A — 108 $ 435 308 1 744 (544 ) (16 ) — 184 Commodity Derivative Liabilities Exchange-cleared instruments $ 275 280 — 555 (543 ) (11 ) — 1 OTC instruments — 2 — 2 (1 ) — — 1 Physical forward contracts — 17 4 21 — — — 21 Floating-rate debt 100 1,550 — 1,650 N/A N/A — 1,650 Fixed-rate debt, excluding capital leases — 8,760 — 8,760 N/A N/A (639 ) 8,121 $ 375 10,609 4 10,988 (544 ) (11 ) (639 ) 9,794 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

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three- and six-month periods ended June 30, 2017 and 2016 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2017 2016 2017 2016 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 33 9 32 9 2 2 Interest cost 27 7 29 8 2 2 Expected return on plan assets (36 ) (9 ) (32 ) (10 ) — — Amortization of prior service credit — (1 ) — (1 ) (1 ) (1 ) Recognized net actuarial loss 18 6 18 3 — — Settlements 54 — — — — — Net periodic benefit cost $ 96 12 47 9 3 3 Six Months Ended June 30 Service cost $ 66 17 64 18 3 4 Interest cost 54 13 58 15 4 4 Expected return on plan assets (73 ) (19 ) (64 ) (20 ) — — Amortization of prior service cost (credit) 1 (1 ) 1 (1 ) (1 ) (1 ) Recognized net actuarial loss 35 12 36 7 — — Settlements 55 — 3 — — — Net periodic benefit cost $ 138 22 98 19 6 7

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	The following table depicts changes in accumulated other comprehensive income (loss) by component, as well as detail on reclassifications out of accumulated other comprehensive income (loss): Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Income (Loss) December 31, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications 6 (125 ) (10 ) (129 ) Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 30 — — 30 Net current period other comprehensive income (loss) 36 (125 ) (10 ) (99 ) June 30, 2016 $ (626 ) (114 ) (12 ) (752 ) December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 119 — 122 Amounts reclassified from accumulated other comprehensive income (loss)* Amortization of defined benefit plan items** Actuarial losses and settlements 64 — — 64 Net current period other comprehensive income 67 119 — 186 June 30, 2017 $ (646 ) (166 ) 3 (809 ) * There were no significant reclassifications related to foreign currency translation or hedging. ** These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost (see Note 15—Employee Benefit Plans , for additional information).

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating revenues and other income (a) $ 569 549 1,140 956 Purchases (b) 2,231 2,148 4,375 3,651 Operating expenses and selling, general and administrative expenses (c) 13 28 39 61 As discussed more fully in Note 5— Business Combinations , in February 2017, we began accounting for MSLP as a wholly owned consolidated subsidiary. Accordingly, processing fees paid to MSLP are only included through the consolidation date 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 Relat42

Segment Disclosures and Related Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales and Other Operating Revenues Midstream Total sales $ 1,375 919 3,034 1,850 Intersegment eliminations (389 ) (278 ) (827 ) (570 ) Total Midstream 986 641 2,207 1,280 Chemicals 1 1 2 2 Refining Total sales 15,223 13,539 29,515 23,777 Intersegment eliminations (9,510 ) (9,246 ) (18,180 ) (15,805 ) Total Refining 5,713 4,293 11,335 7,972 Marketing and Specialties Total sales 17,650 17,180 34,016 30,528 Intersegment eliminations (270 ) (274 ) (594 ) (540 ) Total Marketing and Specialties 17,380 16,906 33,422 29,988 Corporate and Other 7 8 15 16 Consolidated sales and other operating revenues $ 24,087 21,849 46,981 39,258 Net Income (Loss) Attributable to Phillips 66 Midstream $ 59 39 136 104 Chemicals 196 190 377 346 Refining 224 149 483 235 Marketing and Specialties 214 229 355 434 Corporate and Other (143 ) (111 ) (266 ) (238 ) Consolidated net income attributable to Phillips 66 $ 550 496 1,085 881 Millions of Dollars June 30 December 31 Total Assets Midstream $ 12,546 12,832 Chemicals 6,033 5,802 Refining 23,635 22,825 Marketing and Specialties 6,089 6,227 Corporate and Other 3,525 3,967 Consolidated total assets $ 51,828 51,653

Condensed Consolidating Finan43

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended June 30, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 17,653 6,434 — 24,087 Equity in earnings of affiliates 608 585 121 (852 ) 462 Net gain (loss) on dispositions — (1 ) 15 — 14 Other income — 9 9 — 18 Intercompany revenues — 222 2,942 (3,164 ) — Total Revenues and Other Income 608 18,468 9,521 (4,016 ) 24,581 Costs and Expenses Purchased crude oil and products — 14,757 6,685 (3,089 ) 18,353 Operating expenses — 891 266 (20 ) 1,137 Selling, general and administrative expenses 1 335 106 (3 ) 439 Depreciation and amortization — 218 102 — 320 Impairments — 15 — — 15 Taxes other than income taxes — 1,451 1,905 — 3,356 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 87 14 58 (52 ) 107 Total Costs and Expenses 88 17,686 9,123 (3,164 ) 23,733 Income before income taxes 520 782 398 (852 ) 848 Provision (benefit) for income taxes (30 ) 174 123 — 267 Net Income 550 608 275 (852 ) 581 Less: net income attributable to noncontrolling interests — — 31 — 31 Net Income Attributable to Phillips 66 $ 550 608 244 (852 ) 550 Comprehensive Income $ 693 751 372 (1,092 ) 724 Millions of Dollars Three Months Ended June 30, 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 $ — 15,237 6,612 — 21,849 Equity in earnings of affiliates 556 487 74 (682 ) 435 Net gain on dispositions — — 6 — 6 Other income — 9 8 — 17 Intercompany revenues — 219 2,126 (2,345 ) — Total Revenues and Other Income 556 15,952 8,826 (3,027 ) 22,307 Costs and Expenses Purchased crude oil and products — 12,473 6,014 (2,289 ) 16,198 Operating expenses — 781 223 (10 ) 994 Selling, general and administrative expenses 1 313 109 (2 ) 421 Depreciation and amortization — 203 87 — 290 Impairments — — 2 — 2 Taxes other than income taxes — 1,397 2,197 — 3,594 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 91 9 27 (44 ) 83 Total Costs and Expenses 92 15,180 8,660 (2,345 ) 21,587 Income before income taxes 464 772 166 (682 ) 720 Provision (benefit) for income taxes (32 ) 216 20 — 204 Net Income 496 556 146 (682 ) 516 Less: net income attributable to noncontrolling interests — — 20 — 20 Net Income Attributable to Phillips 66 $ 496 556 126 (682 ) 496 Comprehensive Income $ 401 461 39 (480 ) 421 Millions of Dollars Six Months Ended June 30, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 33,903 13,078 — 46,981 Equity in earnings of affiliates 1,203 1,069 236 (1,681 ) 827 Net gain on dispositions — — 15 — 15 Other income — 435 35 — 470 Intercompany revenues — 650 5,849 (6,499 ) — Total Revenues and Other Income 1,203 36,057 19,213 (8,180 ) 48,293 Costs and Expenses Purchased crude oil and products — 28,641 13,745 (6,354 ) 36,032 Operating expenses — 1,922 521 (36 ) 2,407 Selling, general and administrative expenses 4 624 200 (5 ) 823 Depreciation and amortization — 432 203 — 635 Impairments — 17 — — 17 Taxes other than income taxes — 2,823 3,689 — 6,512 Accretion on discounted liabilities — 9 2 — 11 Interest and debt expense 177 26 113 (104 ) 212 Foreign currency transaction gains — — (1 ) — (1 ) Total Costs and Expenses 181 34,494 18,472 (6,499 ) 46,648 Income before income taxes 1,022 1,563 741 (1,681 ) 1,645 Provision (benefit) for income taxes (63 ) 360 204 — 501 Net Income 1,085 1,203 537 (1,681 ) 1,144 Less: net income attributable to noncontrolling interests — — 59 — 59 Net Income Attributable to Phillips 66 $ 1,085 1,203 478 (1,681 ) 1,085 Comprehensive Income $ 1,271 1,389 662 (1,992 ) 1,330 Millions of Dollars Six Months Ended June 30, 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 $ — 26,935 12,323 — 39,258 Equity in earnings of affiliates 1,003 885 160 (1,280 ) 768 Net gain on dispositions — — 6 — 6 Other income — 24 11 — 35 Intercompany revenues — 397 3,713 (4,110 ) — Total Revenues and Other Income 1,003 28,241 16,213 (5,390 ) 40,067 Costs and Expenses Purchased crude oil and products — 21,467 10,659 (3,998 ) 28,128 Operating expenses — 1,613 422 (18 ) 2,017 Selling, general and administrative expenses 4 600 208 (5 ) 807 Depreciation and amortization — 403 167 — 570 Impairments — — 2 — 2 Taxes other than income taxes — 2,741 4,314 — 7,055 Accretion on discounted liabilities — 8 2 — 10 Interest and debt expense 184 17 57 (89 ) 169 Foreign currency transaction gains — — (7 ) — (7 ) Total Costs and Expenses 188 26,849 15,824 (4,110 ) 38,751 Income before income taxes 815 1,392 389 (1,280 ) 1,316 Provision (benefit) for income taxes (66 ) 389 79 — 402 Net Income 881 1,003 310 (1,280 ) 914 Less: net income attributable to noncontrolling interests — — 33 — 33 Net Income Attributable to Phillips 66 $ 881 1,003 277 (1,280 ) 881 Comprehensive Income $ 782 904 191 (1,062 ) 815
Condensed Consolidating Balance Sheet	Millions of Dollars June 30, 2017 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 541 1,620 — 2,161 Accounts and notes receivable 10 3,997 3,543 (1,956 ) 5,594 Inventories — 2,855 1,390 — 4,245 Prepaid expenses and other current assets 1 318 137 — 456 Total Current Assets 11 7,711 6,690 (1,956 ) 12,456 Investments and long-term receivables 30,151 22,151 8,991 (47,786 ) 13,507 Net properties, plants and equipment — 13,077 8,216 — 21,293 Goodwill — 2,853 417 — 3,270 Intangibles — 726 163 — 889 Other assets 14 241 161 (3 ) 413 Total Assets $ 30,176 46,759 24,638 (49,745 ) 51,828 Liabilities and Equity Accounts payable $ — 5,638 2,873 (1,956 ) 6,555 Short-term debt 449 13 31 — 493 Accrued income and other taxes — 397 496 — 893 Employee benefit obligations — 315 44 — 359 Other accruals 54 341 179 — 574 Total Current Liabilities 503 6,704 3,623 (1,956 ) 8,874 Long-term debt 6,969 52 2,451 — 9,472 Asset retirement obligations and accrued environmental costs — 461 164 — 625 Deferred income taxes — 4,958 2,610 (3 ) 7,565 Employee benefit obligations — 971 279 — 1,250 Other liabilities and deferred credits 307 3,854 3,989 (7,914 ) 236 Total Liabilities 7,779 17,000 13,116 (9,873 ) 28,022 Common stock 10,176 25,403 10,438 (35,841 ) 10,176 Retained earnings 13,030 5,165 (1 ) (5,193 ) 13,001 Accumulated other comprehensive loss (809 ) (809 ) (353 ) 1,162 (809 ) Noncontrolling interests — — 1,438 — 1,438 Total Liabilities and Equity $ 30,176 46,759 24,638 (49,745 ) 51,828 Millions of Dollars 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
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Six Months Ended June 30, 2017 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 1,143 701 1,104 (1,632 ) 1,316 Cash Flows From Investing Activities Capital expenditures and investments* — (675 ) (393 ) 140 (928 ) Proceeds from asset dispositions** — 2 49 — 51 Intercompany lending activities 256 855 (1,111 ) — — Collection of advances/loans—related parties — 75 250 — 325 Restricted cash received from consolidation of business — — 318 — 318 Other — (59 ) (2 ) — (61 ) Net Cash Provided by (Used in) Investing Activities 256 198 (889 ) 140 (295 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 1,103 — 2,603 Repayment of debt (1,500 ) (10 ) (1,400 ) — (2,910 ) Issuance of common stock 6 — — — 6 Repurchase of common stock (666 ) — — — (666 ) Dividends paid on common stock (686 ) (1,202 ) (430 ) 1,632 (686 ) Distributions to noncontrolling interests — — (54 ) — (54 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 171 — 171 Other* (53 ) — 139 (140 ) (54 ) Net Cash Used in Financing Activities (1,399 ) (1,212 ) (471 ) 1,492 (1,590 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 19 — 19 Net Change in Cash, Cash Equivalents and Restricted Cash — (313 ) (237 ) — (550 ) Cash, cash equivalents and restricted cash at beginning of period — 854 1,857 — 2,711 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 541 1,620 — 2,161 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Six Months Ended June 30, 2016 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,486 1,259 876 (3,208 ) 1,413 Cash Flows From Investing Activities Capital expenditures and investments* — (685 ) (723 ) 38 (1,370 ) Proceeds from asset dispositions** — 3 12 — 15 Intercompany lending activities (1,190 ) 2,295 (1,105 ) — — Advances/loans—related parties — (75 ) (107 ) — (182 ) Other — 13 (88 ) — (75 ) Net Cash Provided by (Used in) Investing Activities (1,190 ) 1,551 (2,011 ) 38 (1,612 ) Cash Flows From Financing Activities Issuance of debt — — 150 — 150 Repayment of debt — (11 ) (155 ) — (166 ) Issuance of common stock 9 — — — 9 Repurchase of common stock (633 ) — — — (633 ) Dividends paid on common stock (625 ) (2,528 ) (680 ) 3,208 (625 ) Distributions to noncontrolling interests — — (28 ) — (28 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 669 — 669 Other* (47 ) 18 40 (38 ) (27 ) Net Cash Used in Financing Activities (1,296 ) (2,521 ) (4 ) 3,170 (651 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 8 — 8 Net Change in Cash, Cash Equivalents and Restricted Cash — 289 (1,131 ) — (842 ) Cash, cash equivalents and restricted cash at beginning of period — 575 2,499 — 3,074 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 864 1,368 — 2,232 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Variable Interest Entities (V44

Variable Interest Entities (VIEs) (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Equity investments
Variable Interest Entity [Line Items]
VIE Assets	$ 1,212	$ 1,142
Net properties, plants and equipment
Variable Interest Entity [Line Items]
VIE Assets	2,670	2,675
Long-term debt
Variable Interest Entity [Line Items]
VIE Liabilities	$ 2,227	$ 2,396

Variable Interest Entities (V45

Variable Interest Entities (VIEs) (Narrative) (Details)	Jun. 30, 2017	Aug. 31, 2009	Aug. 28, 2009
Merey Sweeny
Variable interest entities VIEs (Textual) [Abstract]
Additional ownership interest acquired in MSLP that is in dispute		50.00%	50.00%
DAPL And ETCOP
Variable interest entities VIEs (Textual) [Abstract]
Percentage of ownership interest	25.00%

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Summary of inventories
Crude oil and petroleum products	$ 3,972	$ 2,883
Materials and supplies	273	267
Inventories	$ 4,245	$ 3,150

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Inventories valued on the last-in, first out (LIFO) basis			$ 3,863	$ 2,772
Estimated excess of current replacement cost over LIFO cost of inventories			$ 2,600	$ 3,300
Decreased net income due to LIFO inventory liquidations	$ 15	$ 58

Business Combinations (Details)

Business Combinations (Details) $ in Millions	Feb. 06, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Feb. 07, 2017	Dec. 31, 2016USD ($)	Nov. 30, 2016USD ($)mi	Aug. 31, 2009	Aug. 28, 2009
Business Acquisition [Line Items]
Goodwill			$ 3,270			$ 3,270
Gain on consolidation of business		$ 423	$ 423	$ 0
Merey Sweeny
Business Acquisition [Line Items]
Business combination, property, plant, and equipment		250
Additional ownership interest acquired								50.00%	50.00%
Step Acquisition, percentage					50.00%
Business combination, step acquisition, equity interest in acquiree, fair value	$ 145
Business combination, restricted cash		318
Business combination, debt assumed		238
Business combination, settlement adjustment		$ 93
NGL Logistics System
Business Acquisition [Line Items]
Business combination, length of pipelines acquired | mi							500
Business combination, property, plant, and equipment							$ 183
Goodwill							$ 3

Assets Held for Sale or Sold (N

Assets Held for Sale or Sold (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Long Lived Assets Held-for-sale [Line Items]
Prepaid expenses and other current assets	$ 456	$ 422
Whitegate Refinery | Refining
Long Lived Assets Held-for-sale [Line Items]
Net carrying value of assets			$ 135
Inventory, other working capital, and properties, plants and equipment			127
Goodwill			$ 8
Land
Long Lived Assets Held-for-sale [Line Items]
Prepaid expenses and other current assets	$ 50

Investments, Loans and Long-T50

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - Chevron Phillips Chemical Company LLC - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary of financial information
Revenues	$ 2,370	$ 2,309	$ 4,909	$ 4,340
Income before income taxes	603	552	1,124	1,028
Net income	$ 590	$ 529	$ 1,093	$ 988

Investments, Loans and Long-T51

Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties	$ 325	$ 325	$ 0
Dakota Access LLC and Energy Transfer Crude Oil Company, LLC
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties	250
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties	$ 75

Properties, Plants and Equipm52

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 32,994	$ 31,989
Accum. D&A	11,701	11,134
Net PP&E	21,293	20,855
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	8,389	8,179
Accum. D&A	1,706	1,579
Net PP&E	6,683	6,600
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	21,926	21,152
Accum. D&A	8,583	8,197
Net PP&E	13,343	12,955
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,547	1,451
Accum. D&A	847	776
Net PP&E	700	675
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,132	1,207
Accum. D&A	565	582
Net PP&E	$ 567	$ 625

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic EPS Calculation
Net income attributable to Phillips 66	$ 550	$ 496	$ 1,085	$ 881
Income allocated to participating securities	(2)	(2)	(3)	(3)
Net income available to common stockholders	$ 548	$ 494	$ 1,082	$ 878
Weighted-average common shares outstanding (in shares)	514,092	524,080	515,838	525,654
Effect of stock-based compensation (thousands) (in shares)	3,693	4,167	3,868	4,339
Weighted-average commons shares outstanding - EPS (thousands) (in shares)	517,785	528,247	519,706	529,993
Diluted EPS Calculation
Income allocated to participating securities	$ (1)	$ (1)	$ (2)	$ (3)
Net income available to common stockholders	$ 549	$ 495	$ 1,083	$ 878
Effect of stock-based compensation (thousands) (in shares)	2,375	2,813	2,623	2,822
Weighted-average commons shares outstanding - EPS (thousands) (in shares)	520,160	531,060	522,329	532,815
Earnings Per Share of Common Stock (dollars), Basic (in usd per share)	$ 1.06	$ 0.94	$ 2.08	$ 1.66
Earnings Per Share of Common Stock (dollars), Diluted (in usd per share)	$ 1.06	$ 0.93	$ 2.07	$ 1.65

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Apr. 21, 2017	May 31, 2017	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Repayments of debt				$ 2,910,000,000	$ 166,000,000
Issuance of debt				2,603,000,000	$ 150,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate total capacity available under credit facilities				5,600,000,000
5 Billion US Dollars Revolver | Revolving Credit Facility
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement				0		$ 0
Borrowing capacity under revolving credit agreement				5,000,000,000
Letters of credit issued				51,000,000
Phillips 66 Partners Revolving Credit Facility Due Two Thousand Nineteen At One Point Thirty Three Percent | Revolving Credit Facility
Debt Instrument [Line Items]
Amount of outstanding borrowings under revolving credit agreement				50,000,000		$ 210,000,000
Borrowing capacity under revolving credit agreement				$ 750,000,000
Term Loan Due, Three Hundred Sixty Four Facility | Loans Payable
Debt Instrument [Line Items]
Debt issued and guaranteed			$ 450,000,000
Senior Notes | Two Point Nine Five Zero Senior Notes Due Two Thousand Seventeen
Debt Instrument [Line Items]
Repayments of debt		$ 1,500,000,000
Stated interest rate of debt issued, percentage		2.95%
Senior Notes | Eight Point Eight Five Senior Notes Due Two Thousand Nineteen
Debt Instrument [Line Items]
Repayments of debt		$ 135,000,000
Stated interest rate of debt issued, percentage		8.85%
Unsecured Debt | Unsecured Notes
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 600,000,000
Unsecured Debt | Notes, Due Two Thousand Nineteen
Debt Instrument [Line Items]
Debt issued and guaranteed	300,000,000
Unsecured Debt | Notes, Due Two Thousand Twenty
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 300,000,000
Loans Payable | Term Loan Due, Three Hundred Sixty Four Facility
Debt Instrument [Line Items]
Issuance of debt			900,000,000
Debt instrument, term	364 days
Loans Payable | Term Loan Due, Three Year Facility, One
Debt Instrument [Line Items]
Debt issued and guaranteed			$ 450,000,000
Debt instrument, term	3 years
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Notes, Due Two Thousand Nineteen
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Notes, Due Two Thousand Twenty
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%

Guarantees (Narrative) (Details

Guarantees (Narrative) (Details) - USD ($) $ in Millions	4 Months Ended	6 Months Ended	12 Months Ended	19 Months Ended
	Oct. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	May 31, 2019
Guarantees (Textual) [Abstract]
Lessee leasing arrangements, operating leases, term of contract		5 years
Environmental accruals included in recorded carrying amount		$ 476	$ 496
Other Guarantees
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees		188
Indemnifications
Guarantees (Textual) [Abstract]
Carrying amount of indemnifications		197
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantees (Textual) [Abstract]
Environmental accruals included in recorded carrying amount		106
Facilities | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees			$ 554
Facilities | Maximum | Other Guarantees
Guarantees (Textual) [Abstract]
Lessee leasing arrangements, operating leases, term of contract			5 years
Railcar and Airplane | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Maximum potential amount of future payments under the guarantees		350
Railcars | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Residual value deficiency			$ 94
Railcars | Residual Value Guarantees
Guarantees (Textual) [Abstract]
Operating leases, expense		24	$ 28
Operating leases, future expense		$ 42
Scenario, Forecast
Guarantees (Textual) [Abstract]
Percentage recognized	40.00%			60.00%

Contingencies and Commitments (

Contingencies and Commitments (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Contingencies and Commitments (Textual) [Abstract]
Total environmental accrual	$ 476	$ 496
Expected years to incur a substantial amount of expenditures	30 years
Performance Guarantee
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 431
Performance Guarantee | Revolving Credit Facility
Contingencies and Commitments (Textual) [Abstract]
Letters of credit and bank guarantees	$ 51

Derivatives and Financial Ins57

Derivatives and Financial Instruments (Summary of Commodity Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Liabilities	$ 0	$ 0
Not Designated as Hedging Instrument | Commodity
Liabilities
Effect of Collateral Netting	(5)	73
Total
Assets	628	746
Liabilities	(578)	(768)
Net Carrying Value Presented on the Balance Sheet	45	51
Not Designated as Hedging Instrument | Prepaid expenses and other current assets | Commodity
Assets
Assets	400	267
Liabilities	(318)	(154)
Effect of Collateral Netting	(16)	0
Net Carrying Value Presented on the Balance Sheet	66	113
Not Designated as Hedging Instrument | Other assets | Commodity
Assets
Assets	4	5
Liabilities	(2)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	2	4
Not Designated as Hedging Instrument | Other accruals | Commodity
Liabilities
Assets	224	474
Liabilities	(257)	(612)
Effect of Collateral Netting	11	73
Net Carrying Value Presented on the Balance Sheet	(22)	(65)
Not Designated as Hedging Instrument | Other liabilities and deferred credits | Commodity
Liabilities
Assets	0	0
Liabilities	(1)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (1)	$ (1)

Derivatives and Financial Ins58

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 173	$ (264)	$ 295	$ (377)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	87	(182)	155	(268)
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	4	7	13	16
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 82	$ (89)	$ 127	$ (125)

Derivatives and Financial Ins59

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months (at least)	97.00%	97.00%
Lessee leasing arrangements, operating leases, term of contract	5 years
Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Derivative, notional amount	$ 650,000,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Derivative, fair value, net	8,000,000	$ 8,000,000
General and Administrative Expenses | Designated as Hedging Instrument | Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Derivative Instruments, Loss reclassified from accumulated OCI into income (less than)	$ 1,000,000

Derivatives and Financial Ins60

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Jun. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Crude oil, refined products and NGL (millions of barrels)	(27)	(18)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Jun. 30, 2017USD ($)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Asset value transferred into Level 1, as measured from the beginning of the reporting period	$ 55
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 56

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	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0
Net carrying value presented on balance sheet, floating-rate debt	1,650	260
Difference in Carrying Value and Fair Value	(639)	(570)
Net carrying value presented on balance sheet, fixed-rate debt, excluding capital leases	8,121	9,690
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	(639)	(570)
Reported Value Measurement
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	184	222
Net carrying value presented on balance sheet, commodity derivative liabilities and debt	9,794	10,016
Reported Value Measurement | Rabbi trust assets | Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	108	97
Exchange-cleared instruments | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	43	16
Net carrying value presented on balance sheet, commodity derivative liabilities	1	0
OTC instruments | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	1	5
Net carrying value presented on balance sheet, commodity derivative liabilities	1	0
Physical forward contracts | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	24	96
Net carrying value presented on balance sheet, commodity derivative liabilities	21	66
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	(544)	(629)
Effect of collateral netting, commodity derivative assets	(16)
Total assets, fair value disclosure gross	744	851
Effect of counterparty netting, commodity derivative liabilities	(544)	(629)
Effect of collateral netting, commodity derivative liabilities	(11)	(73)
Total liabilities, fair value disclosure gross	10,988	11,288
Fair Value, Measurements, Recurring | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	1,650	260
Fair Value, Measurements, Recurring | Fixed-rate debt, excluding capital leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	8,760	10,260
Fair Value, Measurements, Recurring | Rabbi trust assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi trust assets	108	97
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	602	644
Liabilities	(543)	(628)
Effect of collateral netting, commodity derivative assets	(16)
Commodity derivative liabilities, fair value gross	555	701
Effect of counterparty netting, commodity derivative liabilities	(543)	(628)
Effect of collateral netting, commodity derivative liabilities	(11)	(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	2	6
Liabilities	(1)	(1)
Commodity derivative liabilities, fair value gross	2	1
Effect of counterparty netting, commodity derivative liabilities	(1)	(1)
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	24	96
Liabilities	0
Commodity derivative liabilities, fair value gross	21	66
Effect of counterparty netting, commodity derivative liabilities	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	435	370
Total liabilities, fair value disclosure gross	375	299
Fair Value, Measurements, Recurring | Level 1 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	100	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, 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	108	97
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	327	273
Commodity derivative liabilities, fair value gross	275	249
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	0
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	308	479
Total liabilities, fair value disclosure gross	10,609	10,984
Fair Value, Measurements, Recurring | Level 2 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value gross	1,550	210
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, fair value gross	8,760	10,260
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	275	371
Commodity derivative liabilities, fair value gross	280	452
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	2	6
Commodity derivative liabilities, fair value gross	2	1
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	23	94
Commodity derivative liabilities, fair value gross	17	61
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	1	2
Total liabilities, fair value disclosure gross	4	5
Fair Value, Measurements, Recurring | Level 3 | Floating-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, 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, 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	1	2
Commodity derivative liabilities, fair value gross	4	5
Interest-rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net carrying value presented on balance sheet, commodity derivative assets	8	8
Commodity Derivative Assets | Interest-rate derivatives | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	8	8
Commodity Derivative Assets | Interest-rate derivatives | 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	0
Commodity Derivative Assets | Interest-rate derivatives | 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	8
Commodity Derivative Assets | Interest-rate derivatives | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets, fair value gross	$ 0	$ 0

Employee Benefit Plans (Summary

Employee Benefit Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	$ 2	$ 2	$ 3	$ 4
Interest cost	2	2	4	4
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	(1)	(1)	(1)	(1)
Recognized net actuarial loss	0	0	0	0
Settlements	0	0	0	0
Net periodic benefit cost	3	3	6	7
U.S. | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	33	32	66	64
Interest cost	27	29	54	58
Expected return on plan assets	(36)	(32)	(73)	(64)
Amortization of prior service cost (credit)	0	0	1	1
Recognized net actuarial loss	18	18	35	36
Settlements	54	0	55	3
Net periodic benefit cost	96	47	138	98
Int’l. | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	9	9	17	18
Interest cost	7	8	13	15
Expected return on plan assets	(9)	(10)	(19)	(20)
Amortization of prior service cost (credit)	(1)	(1)	(1)	(1)
Recognized net actuarial loss	6	3	12	7
Settlements	0	0	0	0
Net periodic benefit cost	$ 12	$ 9	$ 22	$ 19

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
U.S.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans			$ 15
Additional contributions expected to be made during remainder of 2016	$ 425		425
Prior actuarial losses, or pension settlement expense	54	$ 0	55	$ 3
Int’l.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans			17
Additional contributions expected to be made during remainder of 2016	18		18
Prior actuarial losses, or pension settlement expense	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Income (Loss) (Summary of the Components of Accumulated Other Comprehensive Income (Loss) and Detail on Reclassifications) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance			$ (995)	$ (653)
Other comprehensive income (loss) before reclassifications			122	(129)
Actuarial losses and settlements			64	30
Other Comprehensive Income (Loss), Net of Tax	$ 143	$ (95)	186	(99)
Accumulated other comprehensive income (loss), ending balance	(809)	(752)	(809)	(752)
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance			(713)	(662)
Other comprehensive income (loss) before reclassifications			3	6
Actuarial losses and settlements			64	30
Other Comprehensive Income (Loss), Net of Tax			67	36
Accumulated other comprehensive income (loss), ending balance	(646)	(626)	(646)	(626)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance			(285)	11
Other comprehensive income (loss) before reclassifications			119	(125)
Other Comprehensive Income (Loss), Net of Tax			119	(125)
Accumulated other comprehensive income (loss), ending balance	(166)	(114)	(166)	(114)
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), beginning balance			3	(2)
Other comprehensive income (loss) before reclassifications			0	(10)
Other Comprehensive Income (Loss), Net of Tax			0	(10)
Accumulated other comprehensive income (loss), ending balance	$ 3	$ (12)	$ 3	$ (12)

Related Party Transactions (Sum

Related Party Transactions (Summary of Significant Related Party Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Significant transactions with related parties
Operating revenues and other income	$ 569	$ 549	$ 1,140	$ 956
Purchases	2,231	2,148	4,375	3,651
Operating expenses and selling, general and administrative expenses	$ 13	$ 28	$ 39	$ 61

Segment Disclosures and Relat67

Segment Disclosures and Related Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2017refinery
Midstream | DCP Midstream
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Chemicals | CP Chem
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Refining | Mainly United States And Europe
Segment Disclosures And Related Information (Textual) [Abstract]
Number of refineries	13

Segment Disclosures and Relat68

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Analysis of results by operating segment
Sales and other operating revenues	$ 24,087	$ 21,849	$ 46,981	$ 39,258
Net Income (Loss) Attributable to Phillips 66	550	496	1,085	881
Analysis of results of assets by operating segment
Total Assets	51,828		51,828		$ 51,653
Midstream
Analysis of results by operating segment
Sales and other operating revenues	986	641	2,207	1,280
Net Income (Loss) Attributable to Phillips 66	59	39	136	104
Analysis of results of assets by operating segment
Total Assets	12,546		12,546		12,832
Chemicals
Analysis of results by operating segment
Sales and other operating revenues	1	1	2	2
Net Income (Loss) Attributable to Phillips 66	196	190	377	346
Analysis of results of assets by operating segment
Total Assets	6,033		6,033		5,802
Refining
Analysis of results by operating segment
Sales and other operating revenues	5,713	4,293	11,335	7,972
Net Income (Loss) Attributable to Phillips 66	224	149	483	235
Analysis of results of assets by operating segment
Total Assets	23,635		23,635		22,825
Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	17,380	16,906	33,422	29,988
Net Income (Loss) Attributable to Phillips 66	214	229	355	434
Analysis of results of assets by operating segment
Total Assets	6,089		6,089		6,227
Corporate and Other
Analysis of results by operating segment
Sales and other operating revenues	7	8	15	16
Net Income (Loss) Attributable to Phillips 66	(143)	(111)	(266)	(238)
Analysis of results of assets by operating segment
Total Assets	3,525		3,525		$ 3,967
Operating Segments | Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,375	919	3,034	1,850
Operating Segments | Refining
Analysis of results by operating segment
Sales and other operating revenues	15,223	13,539	29,515	23,777
Operating Segments | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	17,650	17,180	34,016	30,528
Intersegment Eliminations | Midstream
Analysis of results by operating segment
Sales and other operating revenues	(389)	(278)	(827)	(570)
Intersegment Eliminations | Refining
Analysis of results by operating segment
Sales and other operating revenues	(9,510)	(9,246)	(18,180)	(15,805)
Intersegment Eliminations | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	$ (270)	$ (274)	$ (594)	$ (540)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Taxes (Textual) [Abstract]
Effective tax rate, percent	31.00%	28.00%	30.00%	31.00%
Federal statutory tax rate, percent			35.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) $ in Millions	Jun. 30, 2017refinery	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)refineryshares	Jun. 30, 2017USD ($)refineryshares	Jun. 30, 2017USD ($)refineryshares
Subsidiary or Equity Method Investee [Line Items]
Number of refineries | refinery	9		9	9	9
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage	41.00%
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage	57.00%
General partnership interest in Phillips 66 Partners, percentage	2.00%
Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, units, amount authorized		$ 250
At The Market Offering Program | Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, units, sold in public offering (in shares) | shares			2,578,608	3,323,576	3,669,728
Partners' capital account, public sale of units net of offering costs			$ 131	$ 171	$ 190

Condensed Consolidating Finan71

Condensed Consolidating Financial Information (Narrative) (Details)	Jun. 30, 2017USD ($)
Phillips 66 | Senior Notes
Condensed Financial Statements, Captions [Line Items]
Debt issued	$ 6,000,000,000
Phillips 66 Company
Condensed Financial Statements, Captions [Line Items]
Percentage of ownership in subsidiary guarantor	100.00%

Condensed Consolidating Finan72

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues and Other Income
Sales and other operating revenues	$ 24,087	$ 21,849	$ 46,981	$ 39,258
Equity in earnings of affiliates	462	435	827	768
Net gain (loss) on dispositions	14	6	15	6
Other income	18	17	470	35
Total Revenues and Other Income	24,581	22,307	48,293	40,067
Costs and Expenses
Purchased crude oil and products	18,353	16,198	36,032	28,128
Operating expenses	(1,137)	(994)	(2,407)	(2,017)
Selling, general and administrative expenses	439	421	823	807
Depreciation and amortization	320	290	635	570
Impairments	15	2	17	2
Taxes other than income taxes	3,356	3,594	6,512	7,055
Accretion on discounted liabilities	6	5	11	10
Interest and debt expense	107	83	212	169
Foreign currency transaction gains	0	0	(1)	(7)
Total Costs and Expenses	23,733	21,587	46,648	38,751
Income before income taxes	848	720	1,645	1,316
Provision (benefit) for income taxes	267	204	501	402
Net Income	581	516	1,144	914
Less: net income attributable to noncontrolling interests	31	20	59	33
Net Income Attributable to Phillips 66	550	496	1,085	881
Comprehensive Income	724	421	1,330	815
Phillips 66
Revenues and Other Income
Equity in earnings of affiliates	608	556	1,203	1,003
Net gain (loss) on dispositions	0	0	0	0
Other income	0	0	0	0
Total Revenues and Other Income	608	556	1,203	1,003
Costs and Expenses
Purchased crude oil and products	0	0	0	0
Operating expenses	0	0	0	0
Selling, general and administrative expenses	1	1	4	4
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	0	0	0	0
Interest and debt expense	87	91	177	184
Foreign currency transaction gains			0	0
Total Costs and Expenses	88	92	181	188
Income before income taxes	520	464	1,022	815
Provision (benefit) for income taxes	(30)	(32)	(63)	(66)
Net Income	550	496	1,085	881
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	550	496	1,085	881
Comprehensive Income	693	401	1,271	782
Phillips 66 Company
Revenues and Other Income
Equity in earnings of affiliates	585	487	1,069	885
Net gain (loss) on dispositions	(1)	0	0	0
Other income	9	9	435	24
Total Revenues and Other Income	18,468	15,952	36,057	28,241
Costs and Expenses
Purchased crude oil and products	14,757	12,473	28,641	21,467
Operating expenses	(891)	(781)	(1,922)	(1,613)
Selling, general and administrative expenses	335	313	624	600
Depreciation and amortization	218	203	432	403
Impairments	15	0	17	0
Taxes other than income taxes	1,451	1,397	2,823	2,741
Accretion on discounted liabilities	5	4	9	8
Interest and debt expense	14	9	26	17
Foreign currency transaction gains			0	0
Total Costs and Expenses	17,686	15,180	34,494	26,849
Income before income taxes	782	772	1,563	1,392
Provision (benefit) for income taxes	174	216	360	389
Net Income	608	556	1,203	1,003
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	608	556	1,203	1,003
Comprehensive Income	751	461	1,389	904
All Other Subsidiaries
Revenues and Other Income
Equity in earnings of affiliates	121	74	236	160
Net gain (loss) on dispositions	15	6	15	6
Other income	9	8	35	11
Total Revenues and Other Income	9,521	8,826	19,213	16,213
Costs and Expenses
Purchased crude oil and products	6,685	6,014	13,745	10,659
Operating expenses	(266)	(223)	(521)	(422)
Selling, general and administrative expenses	106	109	200	208
Depreciation and amortization	102	87	203	167
Impairments	0	2	0	2
Taxes other than income taxes	1,905	2,197	3,689	4,314
Accretion on discounted liabilities	1	1	2	2
Interest and debt expense	58	27	113	57
Foreign currency transaction gains			(1)	(7)
Total Costs and Expenses	9,123	8,660	18,472	15,824
Income before income taxes	398	166	741	389
Provision (benefit) for income taxes	123	20	204	79
Net Income	275	146	537	310
Less: net income attributable to noncontrolling interests	31	20	59	33
Net Income Attributable to Phillips 66	244	126	478	277
Comprehensive Income	372	39	662	191
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0	0	0
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	17,653	15,237	33,903	26,935
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	6,434	6,612	13,078	12,323
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues	(3,164)	(2,345)	(6,499)	(4,110)
Equity in earnings of affiliates	(852)	(682)	(1,681)	(1,280)
Net gain (loss) on dispositions	0	0	0	0
Other income	0	0	0	0
Total Revenues and Other Income	(4,016)	(3,027)	(8,180)	(5,390)
Costs and Expenses
Purchased crude oil and products	(3,089)	(2,289)	(6,354)	(3,998)
Operating expenses	20	10	36	18
Selling, general and administrative expenses	(3)	(2)	(5)	(5)
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	0	0	0	0
Interest and debt expense	(52)	(44)	(104)	(89)
Foreign currency transaction gains			0	0
Total Costs and Expenses	(3,164)	(2,345)	(6,499)	(4,110)
Income before income taxes	(852)	(682)	(1,681)	(1,280)
Provision (benefit) for income taxes	0	0		0
Net Income	(852)	(682)	(1,681)	(1,280)
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	(852)	(682)	(1,681)	(1,280)
Comprehensive Income	(1,092)	(480)	(1,992)	(1,062)
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0	0	0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	222	219	650	397
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	$ 2,942	$ 2,126	$ 5,849	$ 3,713

Condensed Consolidating Finan73

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 2,161	$ 2,711
Accounts and notes receivable	5,594	6,397
Inventories	4,245	3,150
Prepaid expenses and other current assets	456	422
Total Current Assets	12,456	12,680
Investments and long-term receivables	13,507	13,534
Net properties, plants and equipment	21,293	20,855
Goodwill	3,270	3,270
Intangibles	889	888
Other assets	413	426
Total Assets	51,828	51,653
Liabilities and Equity
Accounts payable	6,555	7,061
Short-term debt	493	550
Accrued income and other taxes	893	805
Employee benefit obligations	359	527
Other accruals	574	520
Total Current Liabilities	8,874	9,463
Long-term debt	9,472	9,588
Asset retirement obligations and accrued environmental costs	625	655
Deferred income taxes	7,565	6,743
Employee benefit obligations	1,250	1,216
Other liabilities and deferred credits	236	263
Total Liabilities	28,022	27,928
Common stock	10,176	10,777
Retained earnings	13,001	12,608
Accumulated other comprehensive loss	(809)	(995)	$ (752)	$ (653)
Noncontrolling interests	1,438	1,335
Total Liabilities and Equity	51,828	51,653
Phillips 66
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	10	13
Inventories	0	0
Prepaid expenses and other current assets	1	2
Total Current Assets	11	15
Investments and long-term receivables	30,151	31,165
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	14	15
Total Assets	30,176	31,195
Liabilities and Equity
Accounts payable	0	0
Short-term debt	449	500
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	54	59
Total Current Liabilities	503	559
Long-term debt	6,969	6,920
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	0	0
Employee benefit obligations	0	0
Other liabilities and deferred credits	307	1,297
Total Liabilities	7,779	8,776
Common stock	10,176	10,777
Retained earnings	13,030	12,637
Accumulated other comprehensive loss	(809)	(995)
Noncontrolling interests	0	0
Total Liabilities and Equity	30,176	31,195
Phillips 66 Company
Assets
Cash and cash equivalents	541	854
Accounts and notes receivable	3,997	4,336
Inventories	2,855	2,198
Prepaid expenses and other current assets	318	317
Total Current Assets	7,711	7,705
Investments and long-term receivables	22,151	22,733
Net properties, plants and equipment	13,077	13,044
Goodwill	2,853	2,853
Intangibles	726	719
Other assets	241	245
Total Assets	46,759	47,299
Liabilities and Equity
Accounts payable	5,638	5,626
Short-term debt	13	30
Accrued income and other taxes	397	348
Employee benefit obligations	315	475
Other accruals	341	371
Total Current Liabilities	6,704	6,850
Long-term debt	52	150
Asset retirement obligations and accrued environmental costs	461	501
Deferred income taxes	4,958	4,391
Employee benefit obligations	971	948
Other liabilities and deferred credits	3,854	3,337
Total Liabilities	17,000	16,177
Common stock	25,403	25,403
Retained earnings	5,165	6,714
Accumulated other comprehensive loss	(809)	(995)
Noncontrolling interests	0	0
Total Liabilities and Equity	46,759	47,299
All Other Subsidiaries
Assets
Cash and cash equivalents	1,620	1,857
Accounts and notes receivable	3,543	3,276
Inventories	1,390	952
Prepaid expenses and other current assets	137	103
Total Current Assets	6,690	6,188
Investments and long-term receivables	8,991	8,588
Net properties, plants and equipment	8,216	7,811
Goodwill	417	417
Intangibles	163	169
Other assets	161	168
Total Assets	24,638	23,341
Liabilities and Equity
Accounts payable	2,873	2,663
Short-term debt	31	20
Accrued income and other taxes	496	457
Employee benefit obligations	44	52
Other accruals	179	90
Total Current Liabilities	3,623	3,282
Long-term debt	2,451	2,518
Asset retirement obligations and accrued environmental costs	164	154
Deferred income taxes	2,610	2,354
Employee benefit obligations	279	268
Other liabilities and deferred credits	3,989	4,060
Total Liabilities	13,116	12,636
Common stock	10,438	10,117
Retained earnings	(1)	(269)
Accumulated other comprehensive loss	(353)	(478)
Noncontrolling interests	1,438	1,335
Total Liabilities and Equity	24,638	23,341
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(1,956)	(1,228)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(1,956)	(1,228)
Investments and long-term receivables	(47,786)	(48,952)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(3)	(2)
Total Assets	(49,745)	(50,182)
Liabilities and Equity
Accounts payable	(1,956)	(1,228)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	0	0
Total Current Liabilities	(1,956)	(1,228)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(3)	(2)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(7,914)	(8,431)
Total Liabilities	(9,873)	(9,661)
Common stock	(35,841)	(35,520)
Retained earnings	(5,193)	(6,474)
Accumulated other comprehensive loss	1,162	1,473
Noncontrolling interests	0	0
Total Liabilities and Equity	$ (49,745)	$ (50,182)

Condensed Consolidating Finan74

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
		Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			$ 1,316	$ 1,413
Cash Flows From Investing Activities
Capital expenditures and investments			(928)	(1,370)
Proceeds from asset dispositions	[1]		51	15
Intercompany lending activities			0	0
Advances/loans—related parties			0	(182)
Collection of advances/loans—related parties		$ 325	325	0
Restricted cash received from consolidation of business			318	0
Other			(61)	(75)
Net Cash Used in Investing Activities			(295)	(1,612)
Cash Flows From Financing Activities
Issuance of debt			2,603	150
Repayment of debt			(2,910)	(166)
Issuance of common stock			6	9
Repurchase of common stock			(666)	(633)
Dividends paid on common stock			(686)	(625)
Distributions to noncontrolling interests			(54)	(28)
Net proceeds from issuance of Phillips 66 Partners LP common units			171	669
Other			(54)	(27)
Net Cash Used in Financing Activities			(1,590)	(651)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			19	8
Net Change in Cash, Cash Equivalents and Restricted Cash			(550)	(842)
Cash, cash equivalents and restricted cash at beginning of period		2,711	2,711	3,074
Cash, Cash Equivalents and Restricted Cash at End of Period			2,161	2,232
Phillips 66
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			1,143	2,486
Cash Flows From Investing Activities
Capital expenditures and investments			0	0
Proceeds from asset dispositions			0	0
Intercompany lending activities			256	(1,190)
Advances/loans—related parties				0
Collection of advances/loans—related parties			0
Restricted cash received from consolidation of business			0
Other			0	0
Net Cash Used in Investing Activities			256	(1,190)
Cash Flows From Financing Activities
Issuance of debt			1,500	0
Repayment of debt			(1,500)	0
Issuance of common stock			6	9
Repurchase of common stock			(666)	(633)
Dividends paid on common stock			(686)	(625)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(53)	(47)
Net Cash Used in Financing Activities			(1,399)	(1,296)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			0	0
Cash, cash equivalents and restricted cash at beginning of period		0	0	0
Cash, Cash Equivalents and Restricted Cash at End of Period			0	0
Phillips 66 Company
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			701	1,259
Cash Flows From Investing Activities
Capital expenditures and investments			(675)	(685)
Proceeds from asset dispositions			2	3
Intercompany lending activities			855	2,295
Advances/loans—related parties				(75)
Collection of advances/loans—related parties			75
Restricted cash received from consolidation of business			0
Other			(59)	13
Net Cash Used in Investing Activities			198	1,551
Cash Flows From Financing Activities
Issuance of debt			0	0
Repayment of debt			(10)	(11)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(1,202)	(2,528)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			0	18
Net Cash Used in Financing Activities			(1,212)	(2,521)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			(313)	289
Cash, cash equivalents and restricted cash at beginning of period		854	854	575
Cash, Cash Equivalents and Restricted Cash at End of Period			541	864
All Other Subsidiaries
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			1,104	876
Cash Flows From Investing Activities
Capital expenditures and investments			(393)	(723)
Proceeds from asset dispositions			49	12
Intercompany lending activities			(1,111)	(1,105)
Advances/loans—related parties				(107)
Collection of advances/loans—related parties			250
Restricted cash received from consolidation of business			318
Other			(2)	(88)
Net Cash Used in Investing Activities			(889)	(2,011)
Cash Flows From Financing Activities
Issuance of debt			1,103	150
Repayment of debt			(1,400)	(155)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(430)	(680)
Distributions to noncontrolling interests			(54)	(28)
Net proceeds from issuance of Phillips 66 Partners LP common units			171	669
Other			139	40
Net Cash Used in Financing Activities			(471)	(4)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			19	8
Net Change in Cash, Cash Equivalents and Restricted Cash			(237)	(1,131)
Cash, cash equivalents and restricted cash at beginning of period		1,857	1,857	2,499
Cash, Cash Equivalents and Restricted Cash at End of Period			1,620	1,368
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			(1,632)	(3,208)
Cash Flows From Investing Activities
Capital expenditures and investments			140	38
Proceeds from asset dispositions			0	0
Intercompany lending activities			0	0
Advances/loans—related parties				0
Collection of advances/loans—related parties			0
Restricted cash received from consolidation of business			0
Other			0	0
Net Cash Used in Investing Activities			140	38
Cash Flows From Financing Activities
Issuance of debt			0	0
Repayment of debt			0	0
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			1,632	3,208
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(140)	(38)
Net Cash Used in Financing Activities			1,492	3,170
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			0	0
Cash, cash equivalents and restricted cash at beginning of period		$ 0	0	0
Cash, Cash Equivalents and Restricted Cash at End of Period			$ 0	$ 0
[1]	Includes return of investments in equity affiliates.