Phillips 66 (PSX) 10-Q 27 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018shares
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	464,262,410

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues and Other Income
Sales and other operating revenues	[1]	$ 28,980	$ 24,087	$ 52,575	$ 46,981
Equity in earnings of affiliates		743	462	1,167	827
Net gain on dispositions		0	14	17	15
Other income		13	18	23	470
Total Revenues and Other Income		29,736	24,581	53,782	48,293
Costs and Expenses
Purchased crude oil and products		25,747	18,353	46,885	36,032
Operating expenses		1,143	1,137	2,389	2,407
Selling, general and administrative expenses		432	439	818	823
Depreciation and amortization		337	320	673	635
Impairments		6	15	6	17
Taxes other than income taxes	[1]	109	3,356	219	6,512
Accretion on discounted liabilities		6	6	12	11
Interest and debt expense		135	107	258	212
Foreign currency transaction gains		(14)	0	(30)	(1)
Total Costs and Expenses		27,901	23,733	51,230	46,648
Income before income taxes		1,835	848	2,552	1,645
Income tax expense		431	267	563	501
Net Income		1,404	581	1,989	1,144
Less: net income attributable to noncontrolling interests		65	31	126	59
Net Income Attributable to Phillips 66		$ 1,339	$ 550	$ 1,863	$ 1,085
Net Income Attributable to Phillips 66 Per Share of Common Stock
Net income per share, Basic (in usd per share)		$ 2.86	$ 1.06	$ 3.89	$ 2.08
Net income per share, Diluted (in usd per share)		2.84	1.06	3.87	2.07
Dividends Paid Per Share of Common Stock (in usd per share)		$ 0.8	$ 0.7	$ 1.5	$ 1.33
Weighted-Average Common Shares Outstanding
Basic (in shares)		468,331	517,785	477,647	519,706
Diluted (in shares)		471,638	520,160	480,995	522,329
[1]	* Includes excise taxes on sales of petroleum products for periods prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018: $3,252 6,288

Consolidated Statement of Inco3

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Income Statement [Abstract]
Includes excise taxes on sales of petroleum products for periods prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018:	$ 3,252	$ 6,288

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,404	$ 581	$ 1,989	$ 1,144
Defined benefit plans
Amortization to net income of net actuarial loss, prior service credit and settlements	21	77	43	100
Plans sponsored by equity affiliates	3	3	9	6
Income taxes on defined benefit plans	(5)	(30)	(12)	(39)
Defined benefit plans, net of tax	19	50	40	67
Foreign currency translation adjustments	(201)	102	(110)	128
Income taxes on foreign currency translation adjustments	4	(7)	1	(9)
Foreign currency translation adjustments, net of tax	(197)	95	(109)	119
Cash flow hedges	2	(3)	8	0
Income taxes on hedging activities	0	1	(2)	0
Hedging activities, net of tax	2	(2)	6	0
Other Comprehensive Income (Loss), Net of Tax	(176)	143	(63)	186
Comprehensive Income	1,228	724	1,926	1,330
Less: comprehensive income attributable to noncontrolling interests	65	31	126	59
Comprehensive Income Attributable to Phillips 66	$ 1,163	$ 693	$ 1,800	$ 1,271

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 1,884	$ 3,119
Accounts and notes receivable (net of allowances of $22 million in 2018 and $29 million in 2017)	6,006	6,424
Accounts and notes receivable—related parties	1,167	1,082
Inventories	4,901	3,395
Prepaid expenses and other current assets	621	370
Total Current Assets	14,579	14,390
Investments and long-term receivables	14,177	13,941
Net properties, plants and equipment	21,465	21,460
Goodwill	3,270	3,270
Intangibles	866	876
Other assets	469	434
Total Assets	54,826	54,371
Liabilities
Accounts payable	8,437	7,242
Accounts payable—related parties	899	785
Short-term debt	341	41
Accrued income and other taxes	1,133	1,002
Employee benefit obligations	461	582
Other accruals	461	455
Total Current Liabilities	11,732	10,107
Long-term debt	11,023	10,069
Asset retirement obligations and accrued environmental costs	646	641
Deferred income taxes	5,191	5,008
Employee benefit obligations	885	884
Other liabilities and deferred credits	389	234
Total Liabilities	29,866	26,943
Equity
Par value	6	6
Capital in excess of par	19,831	19,768
Treasury stock (at cost: 2018—180,952,400 shares; 2017—141,565,145 shares)	(14,121)	(10,378)
Retained earnings	17,500	16,306
Accumulated other comprehensive loss	(680)	(617)
Total Stockholders’ Equity	22,536	25,085
Noncontrolling interests	2,424	2,343
Total Equity	24,960	27,428
Total Liabilities and Equity	$ 54,826	$ 54,371

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 22	$ 29
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)	645,214,810	643,835,464
Treasury stock (in shares)	180,952,400	141,565,145

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net Income (Loss)		$ 1,989	$ 1,144
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		673	635
Impairments		6	17
Accretion on discounted liabilities		12	11
Deferred income taxes		129	757
Undistributed equity earnings		(14)	(252)
Net gain on dispositions		(17)	(15)
Gain on consolidation of business		0	(423)
Other		197	98
Working capital adjustments
Decrease (increase) in accounts and notes receivable		304	724
Decrease (increase) in inventories		(1,537)	(1,047)
Decrease (increase) in prepaid expenses and other current assets		(257)	17
Increase (decrease) in accounts payable		1,311	(308)
Increase (decrease) in taxes and other accruals		56	(42)
Net Cash Provided by Operating Activities		2,852	1,316
Cash Flows From Investing Activities
Capital expenditures and investments	[1]	(866)	(928)
Proceeds from asset dispositions	[2],[3]	29	51
Collection of advances/loans—related parties		0	325
Restricted cash received from consolidation of business		0	318
Other		16	(61)
Net Cash Used in Investing Activities		(821)	(295)
Cash Flows From Financing Activities
Issuance of debt		1,509	2,603
Repayment of debt		(260)	(2,910)
Issuance of common stock		30	6
Repurchase of common stock		(3,743)	(666)
Dividends paid on common stock		(699)	(686)
Distributions to noncontrolling interests		(96)	(54)
Net proceeds from issuance of Phillips 66 Partners LP common units		67	171
Other		(58)	(54)
Net Cash Used in Financing Activities		(3,250)	(1,590)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(16)	19
Net Change in Cash, Cash Equivalents and Restricted Cash		(1,235)	(550)
Cash, cash equivalents and restricted cash at beginning of period		3,119	2,711
Cash, Cash Equivalents and Restricted Cash at End of Period		$ 1,884	$ 2,161
[1]	Includes intercompany capital contributions.
[2]	Includes return of investments in equity affiliates.
[3]	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 Loss	Noncontrolling Interests
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
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	(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	641,594,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2016	122,827,000
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,135,000
Repurchase of common stock (in shares)	8,391,000
Ending balance, common stock issued (in shares) at Jun. 30, 2017	642,729,000
Ending balance, treasury stock (in shares) at Jun. 30, 2017	131,218,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting changes	$ 49				36		13
Beginning Balance at Dec. 31, 2017	27,428	6	19,768	(10,378)	16,306	(617)	2,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,989				1,863		126
Other comprehensive income (loss)	(63)					(63)	0
Dividends paid on common stock	(699)				(699)
Repurchase of common stock	(3,743)			(3,743)
Benefit plan activity	35		41		(6)
Issuance of Phillips 66 Partners LP common units	60		22				38
Distributions to noncontrolling interests	(96)						(96)
Ending Balance at Jun. 30, 2018	$ 24,960	$ 6	$ 19,831	$ (14,121)	$ 17,500	$ (680)	$ 2,424
Beginning balance, common stock issued (in shares) at Dec. 31, 2017	643,835,464
Beginning balance, treasury stock (in shares) at Dec. 31, 2017	141,565,145
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,380,000
Repurchase of common stock (in shares)	39,387,000
Ending balance, common stock issued (in shares) at Jun. 30, 2018	645,214,810
Ending balance, treasury stock (in shares) at Jun. 30, 2018	180,952,400

Interim Financial Information

Interim Financial Information	6 Months Ended
	Jun. 30, 2018
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 2017 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2018 , 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, 2018
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2018, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20),” which 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 eliminated the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity-method joint ventures, and could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets. At the time of adoption, there was no impact on our consolidated financial statements from adopting this ASU. Effective January 1, 2018, we adopted 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 screen is met and the transaction is not considered an acquisition of a business. If the screen is not met, 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 future transactions accounted for as business acquisitions. At the time of adoption, there was no impact on our consolidated financial statements from adopting this ASU. Effective January 1, 2018, we adopted ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Asset Transfers of Assets Other Than Inventory.” This ASU requires the income tax consequences of an intra-entity transfer of an asset, other than inventory, to be recognized when the transfer occurs. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, one provision could also affect net income. Equity investments carried under the cost method or the lower of cost or fair value method of accounting, in accordance with previous generally accepted accounting principles in the United States (GAAP), will have to be carried at fair value 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. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” using the modified retrospective transition method applied to all contracts. Under the new revenue recognition guidance, recognition of revenue involves a multiple step approach including (i) identifying the contract, (ii) identifying the separate performance obligations, (iii) determining the transaction price, (iv) allocating the price to the performance obligations and (v) recognizing the revenue as the obligations are satisfied. Additional disclosures are required to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We recorded noncash cumulative effect adjustments to our opening total equity balance as of January 1, 2018, to increase retained earnings by $35 million , net of $11 million of income taxes, and noncontrolling interests by $13 million . These adjustments primarily reflected amounts recorded by our equity-method investees related to contracts that contain tier-pricing and minimum volume commitments with recovery provisions. One of our Midstream segment equity-method investees will adopt this ASU in 2019, and we do not expect their adoption to have a material impact on our consolidated financial statements. In addition, prospectively from January 1, 2018, our presentation of excise taxes on sales of petroleum products changed to a net basis from a gross basis. As a result, the “Sales and other operating revenues” and “Taxes other than income taxes” lines on our consolidated statement of income for the three and six months ended June 30, 2018 , are not presented on a comparable basis to the three and six months ended June 30, 2017 . See Note 3—Sales and Other Operating Revenues , for more information on our presentation of excise taxes on sales of petroleum products.

Sales and Other Operating Reven

Sales and Other Operating Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Our revenues are primarily associated with sales of crude oil, natural gas liquids (NGL), refined petroleum and chemical products, and other items. Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Effective for reporting periods ending after our adoption of ASU No. 2014-09 on January 1, 2018, excise taxes on sales of petroleum products charged to our customers are presented net of excise taxes on sales of petroleum products owed to governmental authorities in the “Taxes other than income taxes” line on our consolidated statement of income. For reporting periods ending prior to January 1, 2018, excise taxes on sales of petroleum products charged to our customers are presented in the “Sales and other operating revenues” line on our consolidated statement of income, and excise taxes on sales of petroleum products owed to governmental authorities are presented in the “Taxes other than income taxes” line on our consolidated statement of income. See Note 2—Changes in Accounting Principles , for more information regarding our adoption of this ASU. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Our products and services are billed and payments are received typically on a monthly basis, which may vary based upon the product or service offered. Disaggregated Revenues The following tables present our sales and other operating revenues disaggregated by product line and services and geographic location: Millions of Dollars Three Months Ended Six Months Ended 2018 2018 Product Line and Services Refined products $ 23,011 41,791 Crude oil resales 4,381 7,569 NGL 1,548 2,969 Services and other 40 246 Consolidated sales and other operating revenues by product line and services $ 28,980 52,575 Geographic Location United States $ 22,902 41,413 United Kingdom 2,289 4,538 Germany 1,108 2,039 Other foreign countries 2,681 4,585 Consolidated sales and other operating revenues by geographic location $ 28,980 52,575 Contract-Related Assets and Liabilities At June 30, 2018 , and January 1, 2018, receivables from contracts with customers were $5.9 billion and $6.2 billion , respectively. Significant non-customer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At June 30, 2018 , and January 1, 2018, our asset balances related to such payments were $220 million and $208 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At June 30, 2018 , and January 1, 2018, contract liabilities were not material. Remaining Performance Obligations Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing, most of which expire by 2021. The remaining performance obligations related to these minimum volume commitment contracts were immaterial at June 30, 2018 .

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 4,608 3,106 Materials and supplies 293 289 $ 4,901 3,395 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,494 million and $2,980 million at June 30, 2018 , and December 31, 2017 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $6.0 billion and $4.3 billion at June 30, 2018 , and December 31, 2017 , respectively.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Merey Sweeny, L.P. (MSLP) is a limited partnership that owns a delayed coker and related facilities at the Sweeny Refinery. In February 2017, we began accounting for MSLP as a consolidated subsidiary because the exercise of a call right triggered by certain defaults by the co-venturer, Petróleos de Venezuela S.A. (PDVSA), with respect to supply of crude oil to the Sweeny Refinery ceased to be subject to legal challenge. The purchase price for PDVSA’s 50 percent ownership interest was determined by a contractual formula. Because the distributions PDVSA received from MSLP exceeded the amounts it contributed to MSLP, the contractual formula required no cash consideration for the acquisition. 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 the recognition of a pre-tax gain of $423 million during the three months ended March 31, 2017. This gain was included in the “Other income” line on 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 properties, plants and equipment (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 in the first quarter of 2017. The results of MSLP were included in our Refining segment until October 2017, when we contributed our 100 percent interest in MSLP to Phillips 66 Partners LP (Phillips 66 Partners), which is included in our Midstream segment.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	6 Months Ended
	Jun. 30, 2018
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 2018 2017 2018 2017 Revenues and other income $ 3,188 2,370 5,936 4,909 Income before income taxes 667 603 1,267 1,124 Net income 650 590 1,235 1,093 Gray Oak Pipeline, LLC Phillips 66 Partners has a 75 percent ownership interest in Gray Oak Pipeline, LLC (Gray Oak), an entity formed to develop and construct the Gray Oak Pipeline system which, upon completion, will provide crude oil transportation from the Permian Basin and Eagle Ford to destinations in the Corpus Christi and Sweeny/Freeport markets on the Texas Gulf Coast. The pipeline is expected to be placed in service by the end of 2019. Gray Oak is considered a variable interest entity (VIE) because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. Phillips 66 Partners has determined it is not the primary beneficiary because it and its co-venturer jointly direct the activities of Gray Oak that most significantly impact economic performance. At June 30, 2018 , Phillips 66 Partners’ maximum exposure to loss was $28 million , which represented the aggregate book value of its equity investment in Gray Oak. Rockies Express Pipeline LLC In July 2018, Rockies Express Pipeline LLC (REX) repaid $550 million of its debt, reducing its total debt to approximately $2.0 billion . REX funded the repayment through member cash contributions. Our 25 percent share was approximately $138 million , which we contributed to REX in July 2018. Related Party Loans and Advances During the three months ended March 31, 2017, we received payment of the $250 million outstanding sponsor loans to the Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC joint ventures. We also received payment of the $75 million outstanding principal balance of the partner loan we made to WRB Refining LP (WRB) in 2016. These cash inflows, totaling $325 million , are included in the “Collection 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, 2018
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars June 30, 2018 December 31, 2017 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,158 2,004 7,154 8,849 1,853 6,996 Chemicals — — — — — — Refining 22,406 9,356 13,050 22,144 8,987 13,157 Marketing and Specialties 1,639 920 719 1,658 909 749 Corporate and Other 1,125 583 542 1,091 533 558 $ 34,328 12,863 21,465 33,742 12,282 21,460

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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 2018 2017 2018 2017 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 1,339 1,339 550 550 1,863 1,863 1,085 1,085 Income allocated to participating securities (1 ) — (2 ) (1 ) (3 ) — (3 ) (2 ) Net income available to common stockholders $ 1,338 1,339 548 549 1,860 1,863 1,082 1,083 Weighted-average common shares outstanding (thousands) : 465,052 468,331 514,092 517,785 474,267 477,647 515,838 519,706 Effect of share-based compensation 3,279 3,307 3,693 2,375 3,380 3,348 3,868 2,623 Weighted-average common shares outstanding—EPS 468,331 471,638 517,785 520,160 477,647 480,995 519,706 522,329 Earnings Per Share of Common Stock (dollars) $ 2.86 2.84 1.06 1.06 3.89 3.87 2.08 2.07

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Debt Issuances In March 2018, Phillips 66 closed on a public offering of $1,500 million aggregate principal amount of unsecured notes consisting of: • $500 million of floating-rate Senior Notes due 2021. Interest on these notes is equal to the three-month London Interbank Offered Rate (LIBOR) plus 0.60% per annum and is payable quarterly in arrears on February 26, May 26, August 26 and November 26, beginning on May 29, 2018. • $800 million of 3.900% Senior Notes due 2028. Interest on these notes is payable semiannually on March 15 and September 15 of each year, beginning on September 15, 2018. • An additional $200 million of our 4.875% Senior Notes due 2044. Interest on these notes is payable semiannually on May 15 and November 15 of each year, beginning on May 15, 2018. These notes are guaranteed by Phillips 66 Company, a wholly owned subsidiary. Phillips 66 used the net proceeds from the issuance of these notes and cash on hand to repay commercial paper borrowings during the three months ended March 31, 2018, and for general corporate purposes. The commercial paper borrowings during the three months ended March 31, 2018, were primarily used to repurchase shares of our common stock; see Note 16—Treasury Stock for additional information. Debt Repayments In June 2018, Phillips 66 repaid $250 million of the $450 million outstanding under its three -year term loan facility due 2020. Debt Reclassifications During the three months ended June 30, 2018 , Phillips 66’s $300 million of floating-rate notes due 2019 were reclassified from long-term to short-term debt.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2018
Guarantees [Abstract]
Guarantees	Guarantees At June 30, 2018 , we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability 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), we issued a guarantee, effective January 1, 2017, to support the debt DCP Midstream issued during the three months ended March 31, 2017. At June 30, 2018 , the maximum potential amount of future payments to third parties under the guarantee is estimated to be $125 million . Payment would be required if DCP Midstream defaults on this debt obligation, which matures in December 2019. At June 30, 2018 , we had other guarantees outstanding for our portion of certain joint venture debt obligations, which have remaining terms of up to seven years. The maximum potential amount of future payments to third parties under these guarantees was approximately $131 million . Payment would be required if a joint venture defaults on its debt obligations. Other Guarantees Under the operating lease agreement on our headquarters facility in Houston, Texas, we have a residual value guarantee with a maximum future exposure of $554 million . The operating lease term ends in June 2021 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 also have residual value guarantees associated with railcar and airplane leases with maximum future exposures totaling $291 million , which have remaining terms of up to five years. For one of our railcar leases, we estimated a total residual value deficiency of $56 million based on a third-party appraisal of the railcars’ expected fair value at the end of their lease term in May 2019. The total residual value deficiency is our estimate of the amount we will owe to the lessor at the end of the lease term and is recognized as expense over the remaining lease term. During the six months ended June 30, 2018 , we recognized $12 million of expense related to the residual value deficiency. At June 30, 2018 , the remaining unrecognized residual value deficiency was $24 million . Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to indemnification. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses and employee claims, as well as real estate indemnity against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At June 30, 2018 , the carrying amount recorded for indemnifications was $187 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 to support that the liability was 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. At June 30, 2018 , environmental accruals for known contaminations of $111 million were included in the recorded carrying amount for indemnifications. These accruals were primarily included in the “Asset retirement obligations and accrued environmental costs” line on our consolidated balance sheet. For additional information about environmental liabilities, see Note 11—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, 2018
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 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, although 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 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, 2018 , our total environmental accrual was $465 million , compared with $458 million at December 31, 2017 . 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, 2018 , we had performance obligations secured by letters of credit and bank guarantees of $729 million 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, 2018
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 and 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 on our consolidated statement of cash flows. Purchase and sales contracts with firm minimum notional volumes for commodities that are readily convertible to cash are recorded on our 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 products, 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 13—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 our consolidated balance sheet when the right of setoff exists. Millions of Dollars June 30, 2018 December 31, 2017 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Liabilities Assets Prepaid expenses and other current assets $ 544 (485 ) (28 ) 31 43 (19 ) — 24 Other assets 4 (2 ) — 2 7 (3 ) — 4 Liabilities Other accruals 720 (870 ) 112 (38 ) 699 (746 ) 21 (26 ) Other liabilities and deferred credits 11 (12 ) — (1 ) — (1 ) — (1 ) Total $ 1,279 (1,369 ) 84 (6 ) 749 (769 ) 21 1 At June 30, 2018 , and December 31, 2017 , there was no material cash collateral received or paid that was not offset on our consolidated balance sheet. The realized and unrealized 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 2018 2017 2018 2017 Sales and other operating revenues $ (137 ) 87 (129 ) 155 Other income (15 ) 4 (20 ) 13 Purchased crude oil and products (141 ) 82 (173 ) 127 Net gain (loss) from commodity derivative activity $ (293 ) 173 (322 ) 295 The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from non-derivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98 percent at June 30, 2018 , and December 31, 2017 . Open Position Long / (Short) June 30 December 31 Commodity Crude oil, refined products and NGL (millions of barrels) (32 ) (11 ) Interest Rate Derivative Contracts —In 2016, we entered into interest rate swaps to hedge the variability of lease payments on our new headquarters. These monthly lease payments vary based on monthly changes in the one-month LIBOR and changes, if any, in our 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 in April 2021. We have designated these swaps as cash-flow hedges. The aggregate net fair value of these swaps, which is included in the “Prepaid expenses and other current assets” and “Other assets” lines on our consolidated balance sheet, totaled $22 million and $14 million at June 30, 2018 , and December 31, 2017 , respectively. We report the mark-to-market gains or losses on our interest rate swaps designated as highly effective cash-flow hedges as a component of other comprehensive income (loss), and reclassify such gains and losses into earnings in the same period during which the hedged transaction affects earnings. Net realized gains and losses from settlements of the swaps were immaterial for the three and six months ended June 30, 2018 and 2017 . We currently estimate that pre-tax gains of $6 million will be reclassified from accumulated other comprehensive 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 immaterial at June 30, 2018 , and December 31, 2017 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value 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 significance of its observable or unobservable inputs to the 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 months ended June 30, 2018 , derivative assets with an aggregate value of $81 million and derivative liabilities with an aggregate value of $83 million were transferred to 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 our consolidated balance sheet approximates fair value. • Accounts and notes receivable —The carrying amount reported on our 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 on observed market valuations for interest rate swaps that have notional values, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore 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 market prices. 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 immaterial. 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 agreements 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, 2018 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 $ 425 836 — 1,261 (1,218 ) (28 ) — 15 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 16 1 17 — — — 17 Interest rate derivatives — 22 — 22 — — — 22 Rabbi trust assets 118 — — 118 N/A N/A — 118 $ 543 875 1 1,419 (1,218 ) (28 ) — 173 Commodity Derivative Liabilities Exchange-cleared instruments $ 433 909 — 1,342 (1,218 ) (112 ) — 12 Physical forward contracts — 26 1 27 — — — 27 Floating-rate debt — 1,400 — 1,400 N/A N/A — 1,400 Fixed-rate debt, excluding capital leases — 10,046 — 10,046 N/A N/A (276 ) 9,770 $ 433 12,381 1 12,815 (1,218 ) (112 ) (276 ) 11,209 Millions of Dollars December 31, 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 $ 333 395 — 728 (721 ) — — 7 Physical forward contracts — 20 1 21 — — — 21 Interest rate derivatives — 14 — 14 — — — 14 Rabbi trust assets 112 — — 112 N/A N/A — 112 $ 445 429 1 875 (721 ) — — 154 Commodity Derivative Liabilities Exchange-cleared instruments $ 369 373 — 742 (721 ) (21 ) — — Physical forward contracts — 23 4 27 — — — 27 Floating-rate debt — 1,150 — 1,150 N/A N/A — 1,150 Fixed-rate debt, excluding capital leases — 9,746 — 9,746 N/A N/A (978 ) 8,768 $ 369 11,292 4 11,665 (721 ) (21 ) (978 ) 9,945 The rabbi trust assets are recorded in the “Investments and long-term receivables” line and the floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” lines on our consolidated balance sheet. For information regarding the location of our commodity derivative assets and liabilities on our consolidated balance sheet, see the first table in Note 12—Derivatives and Financial Instruments . Nonrecurring Fair Value Measurements See Note 5—Business Combinations for information on the remeasurement of our investment in MSLP to fair value. During the six months ended June 30, 2018 and 2017 , there were no other material nonrecurring fair value remeasurements of assets subsequent to their initial recognition.

Pension and Postretirement Plan

Pension and Postretirement Plans	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three and six months ended June 30, 2018 and 2017 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 34 10 33 9 2 2 Interest cost 26 8 27 7 2 2 Expected return on plan assets (43 ) (12 ) (36 ) (9 ) — — Amortization of prior service credit — (1 ) — (1 ) (1 ) (1 ) Recognized net actuarial loss 15 5 18 6 — — Settlements 3 — 54 — — — Net periodic benefit cost* $ 35 10 96 12 3 3 Six Months Ended June 30 Service cost $ 68 17 66 17 3 3 Interest cost 52 15 54 13 4 4 Expected return on plan assets (85 ) (24 ) (73 ) (19 ) — — Amortization of prior service cost (credit) — (1 ) 1 (1 ) (1 ) (1 ) Recognized net actuarial loss 30 10 35 12 — — Settlements 5 — 55 — — — Net periodic benefit cost* $ 70 17 138 22 6 6 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income. During the six months ended June 30, 2018 , we contributed $17 million to our U.S. employee benefit plans and $18 million to our international employee benefit plans. We currently expect to make additional contributions of approximately $140 million to our U.S. employee benefit plans and $20 million to our international employee benefit plans during the remainder of 2018 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 119 — 122 Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service credit and settlements 64 — — 64 Net current period other comprehensive income 67 119 — 186 June 30, 2017 $ (646 ) (166 ) 3 (809 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income before reclassifications 7 (99 ) 6 (86 ) Amounts reclassified from accumulated other comprehensive loss* Foreign currency translation — (10 ) — (10 ) Amortization of defined benefit plan items** Net actuarial loss, prior service credit and settlements 33 — — 33 Net current period other comprehensive income 40 (109 ) 6 (63 ) June 30, 2018 $ (558 ) (135 ) 13 (680 ) * There were no significant reclassifications related to hedging in either period presented or foreign currency translation in the prior year period. ** Included in the computation of net periodic benefit cost. See Note 14—Pension and Postretirement Plans , for additional information.

Treasury Stock

Treasury Stock	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Treasury Stock	Treasury Stock In February 2018, we entered into a Stock Purchase and Sale Agreement (Purchase Agreement) with Berkshire Hathaway Inc. and National Indemnity Company, a wholly owned subsidiary of Berkshire Hathaway, to repurchase 35 million shares of Phillips 66 common stock for an aggregate purchase price of $3,280 million . Pursuant to the Purchase Agreement, the purchase price per share of $93.725 was based on the volume-weighted-average price of our common stock on the New York Stock Exchange on February 13, 2018. The transaction closed in February 2018. We funded the repurchase with cash of $1,880 million and borrowings of $1,400 million under our commercial paper program. These borrowings were subsequently refinanced through a public offering of senior notes in March 2018. This specific share repurchase transaction was separately authorized by our Board of Directors and therefore does not impact previously announced authorizations to repurchase shares of Phillips 66 common stock under our share repurchase program, which total up to $12.0 billion . See Note 9—Debt , for additional information regarding our borrowing activity during the six months ended June 30, 2018 .

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2018
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted Cash At June 30, 2018 , and December 31, 2017 , the company did not have any restricted cash. The restrictions on the cash acquired in February 2017, as a result of the consolidation of MSLP, were fully removed in May 2017 when MSLP’s outstanding debt that contained lender restrictions on the use of cash was paid in full. See Note 5— Business Combinations , for additional information regarding MSLP.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
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 2018 2017 2018 2017 Operating revenues and other income (a) $ 944 569 1,762 1,140 Purchases (b) 3,313 2,231 5,867 4,375 Operating expenses and selling, general and administrative expenses (c) 16 13 32 39 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined products to OnCue Holdings, LLC. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our affiliates, including CPChem, 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 and also acted as agent for WRB in distributing solvents. We also 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. In addition, we purchased base oils and fuel products from Excel for use in our refining and specialty businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting crude oil, refined products and NGL. (c) We paid utility and processing fees to various affiliates.

Segment Disclosures and Related

Segment Disclosures and Related Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information Our operating segments are: 1) Midstream— Provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, NGL and liquefied petroleum gas (LPG) transportation, storage, processing and marketing services, mainly in the United States. The Midstream segment includes our master limited partnership, Phillips 66 Partners, 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— Refines crude oil and other feedstocks into petroleum products (such as gasoline, distillates and aviation fuels) at 13 refineries in the United States and Europe. 4) Marketing and Specialties— Purchases for resale and markets refined petroleum products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, as well as power generation operations. Corporate and Other includes general corporate overhead, interest expense, our investments in new technologies and various other corporate activities. Corporate assets include all cash and cash equivalents. During the fourth quarter of 2017, the segment performance measure used by our chief executive officer to assess performance and allocate resources was changed from “net income attributable to Phillips 66” to “net income.” This change reflects the recognition that management does not differentiate between those earnings attributable to Phillips 66 and those attributable to noncontrolling interests when making operating and resource allocation decisions impacting segment performance. Prior period segment information has been recast to conform to the current presentation. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Six Months Ended 2018 2017 2018 2017 Sales and Other Operating Revenues Midstream Total sales $ 1,996 1,375 3,947 3,034 Intersegment eliminations (498 ) (389 ) (1,031 ) (827 ) Total Midstream 1,498 986 2,916 2,207 Chemicals 2 1 3 2 Refining Total sales 22,126 15,223 39,758 29,515 Intersegment eliminations (13,605 ) (9,510 ) (24,220 ) (18,180 ) Total Refining 8,521 5,713 15,538 11,335 Marketing and Specialties Total sales 19,522 17,650 35,139 34,016 Intersegment eliminations (571 ) (270 ) (1,035 ) (594 ) Total Marketing and Specialties 18,951 17,380 34,104 33,422 Corporate and Other 8 7 14 15 Consolidated sales and other operating revenues $ 28,980 24,087 52,575 46,981 Net Income (Loss) Midstream $ 202 96 435 208 Chemicals 262 196 494 377 Refining 910 224 1,001 483 Marketing and Specialties 237 214 421 355 Corporate and Other (207 ) (149 ) (362 ) (279 ) Consolidated net income $ 1,404 581 1,989 1,144 Millions of Dollars June 30 December 31 Total Assets Midstream $ 13,624 13,231 Chemicals 6,440 6,226 Refining 24,862 23,820 Marketing and Specialties 7,136 7,103 Corporate and Other 2,764 3,991 Consolidated total assets $ 54,826 54,371

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rates for the three and six months ended June 30, 2018 , were 23 percent and 22 percent , respectively, compared with 31 percent and 30 percent for the corresponding periods of 2017 . The decrease was primarily attributable to the enactment of the U.S. Tax Cuts and Jobs Act (the Tax Act) in December 2017, which reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent beginning January 1, 2018. The effective income tax rate varies from the federal statutory income tax rate of 21 percent primarily due to state income tax expense and adjustments to the provisional income tax benefit related to the Tax Act, partially offset by the impact of our foreign operations and income attributable to noncontrolling interests. During the three and six months ended June 30, 2018 , adjustments to the provisional income tax benefit recorded in December 2017 from the enactment of the Tax Act totaled $19 million and $29 million , respectively. The adjustments to date were primarily due to the issuance of additional guidance related to the calculation of the one-time deemed repatriation tax on foreign-sourced earnings that were previously tax deferred. We have not yet completed our accounting for the income tax effects of the Tax Act, but have made reasonable estimates of those effects on our existing deferred income tax balances and the one-time deemed repatriation tax. The final financial statement impact of the Tax Act may differ from our previously recorded estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, and changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the provisional impacts. The Securities and Exchange Commission (SEC) has issued rules that allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related income tax impacts.

Phillips 66 Partners LP

Phillips 66 Partners LP	6 Months Ended
	Jun. 30, 2018
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP In 2013, we formed Phillips 66 Partners, a publicly traded master limited partnership, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and NGL pipelines, terminals and other midstream assets. Headquartered in Houston, Texas, Phillips 66 Partners’ operations currently consist of crude oil, refined petroleum products and NGL transportation, processing, terminaling and storage assets. We consolidate Phillips 66 Partners because we determined it is a VIE of which 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. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests in our financial statements. At June 30, 2018 , we owned a 55 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 43 percent limited partner interest and 13.8 million perpetual convertible preferred units. 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 Cash and cash equivalents $ 151 185 Equity investments* 2,104 1,932 Net properties, plants and equipment 2,948 2,918 Long-term debt 2,921 2,920 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet. 2018 Financing Activities Phillips 66 Partners’ initial $250 million continuous offering of common units, or at-the-market (ATM) program, was completed during the three months ended June 30, 2018 . At that time, Phillips 66 Partners commenced issuing common units under its second $250 million ATM program. For the three and six months ended June 30, 2018 , on a settlement-date basis, Phillips 66 Partners had issued an aggregate of 1,152,119 and 1,340,934 common units, respectively, under the ATM programs, which generated net proceeds of $58 million and $67 million , respectively. Since inception through June 30, 2018 , Phillips 66 Partners had issued an aggregate of 5,059,802 common units under the ATM programs, which generated net proceeds of $259 million .

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2018
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for the deferred income tax effects stranded in accumulated other comprehensive income (AOCI) resulting from the Tax Act enacted in December 2017 to be reclassed from AOCI to retained earnings. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier 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 consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Similarly, lessors will be required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards, as well as substantive control have been transferred through a lease contract. 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. As part of our assessment to-date, we have formed an implementation team, selected a software package, and completed software design and configuration within a test environment. Furthermore, we have loaded a majority of our lease population into the software and commenced both software and lease data testing. We expect the adoption of ASU 2016-02 will materially gross up our consolidated balance sheet with the recognition of the ROU assets and operating lease liabilities. The impact to our consolidated statements of income and cash flows is not expected to be material. The new standard will also require additional disclosures for financing and operating leases.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Phillips 66 has senior notes outstanding, 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, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 22,561 6,419 — 28,980 Equity in earnings of affiliates 1,427 864 185 (1,733 ) 743 Other income — 3 10 — 13 Intercompany revenues — 786 4,136 (4,922 ) — Total Revenues and Other Income 1,427 24,214 10,750 (6,655 ) 29,736 Costs and Expenses Purchased crude oil and products — 20,855 9,717 (4,825 ) 25,747 Operating expenses — 847 312 (16 ) 1,143 Selling, general and administrative expenses 1 339 94 (2 ) 432 Depreciation and amortization — 229 108 — 337 Impairments — 1 5 — 6 Taxes other than income taxes — 82 27 — 109 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 111 42 61 (79 ) 135 Foreign currency transaction gains — — (14 ) — (14 ) Total Costs and Expenses 112 22,399 10,312 (4,922 ) 27,901 Income before income taxes 1,315 1,815 438 (1,733 ) 1,835 Income tax expense (benefit) (24 ) 388 67 — 431 Net Income 1,339 1,427 371 (1,733 ) 1,404 Less: net income attributable to noncontrolling interests — — 65 — 65 Net Income Attributable to Phillips 66 $ 1,339 1,427 306 (1,733 ) 1,339 Comprehensive Income $ 1,163 1,251 188 (1,374 ) 1,228 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 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 Income tax expense (benefit) (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 Six Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 40,837 11,738 — 52,575 Equity in earnings of affiliates 2,027 1,478 380 (2,718 ) 1,167 Net gain on dispositions — 7 10 — 17 Other income — 2 21 — 23 Intercompany revenues — 1,365 7,015 (8,380 ) — Total Revenues and Other Income 2,027 43,689 19,164 (11,098 ) 53,782 Costs and Expenses Purchased crude oil and products — 38,068 17,018 (8,201 ) 46,885 Operating expenses — 1,825 595 (31 ) 2,389 Selling, general and administrative expenses 4 628 191 (5 ) 818 Depreciation and amortization — 459 214 — 673 Impairments — 1 5 — 6 Taxes other than income taxes — 164 55 — 219 Accretion on discounted liabilities — 9 3 — 12 Interest and debt expense 204 72 125 (143 ) 258 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 208 41,226 18,176 (8,380 ) 51,230 Income before income taxes 1,819 2,463 988 (2,718 ) 2,552 Income tax expense (benefit) (44 ) 436 171 — 563 Net Income 1,863 2,027 817 (2,718 ) 1,989 Less: net income attributable to noncontrolling interests — — 126 — 126 Net Income Attributable to Phillips 66 $ 1,863 2,027 691 (2,718 ) 1,863 Comprehensive Income $ 1,800 1,964 722 (2,560 ) 1,926 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 Income tax expense (benefit) (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 June 30, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 793 1,091 — 1,884 Accounts and notes receivable 11 5,260 4,452 (2,550 ) 7,173 Inventories — 3,150 1,751 — 4,901 Prepaid expenses and other current assets 1 435 185 — 621 Total Current Assets 12 9,638 7,479 (2,550 ) 14,579 Investments and long-term receivables 31,037 22,537 9,709 (49,106 ) 14,177 Net properties, plants and equipment — 13,050 8,415 — 21,465 Goodwill — 2,853 417 — 3,270 Intangibles — 718 148 — 866 Other assets 11 295 165 (2 ) 469 Total Assets $ 31,060 49,091 26,333 (51,658 ) 54,826 Liabilities and Equity Accounts payable $ — 7,865 4,021 (2,550 ) 9,336 Short-term debt 300 11 30 — 341 Accrued income and other taxes — 517 616 — 1,133 Employee benefit obligations — 417 44 — 461 Other accruals 69 264 128 — 461 Total Current Liabilities 369 9,074 4,839 (2,550 ) 11,732 Long-term debt 7,925 58 3,040 — 11,023 Asset retirement obligations and accrued environmental costs — 472 174 — 646 Deferred income taxes — 3,470 1,723 (2 ) 5,191 Employee benefit obligations — 658 227 — 885 Other liabilities and deferred credits 201 4,453 3,902 (8,167 ) 389 Total Liabilities 8,495 18,185 13,905 (10,719 ) 29,866 Common stock 5,716 24,952 9,374 (34,326 ) 5,716 Retained earnings 17,529 6,634 930 (7,593 ) 17,500 Accumulated other comprehensive loss (680 ) (680 ) (300 ) 980 (680 ) Noncontrolling interests — — 2,424 — 2,424 Total Liabilities and Equity $ 31,060 49,091 26,333 (51,658 ) 54,826 Millions of Dollars December 31, 2017 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,411 1,708 — 3,119 Accounts and notes receivable 10 5,317 4,476 (2,297 ) 7,506 Inventories — 2,386 1,009 — 3,395 Prepaid expenses and other current assets 2 276 92 — 370 Total Current Assets 12 9,390 7,285 (2,297 ) 14,390 Investments and long-term receivables 32,125 23,483 9,959 (51,626 ) 13,941 Net properties, plants and equipment — 13,117 8,343 — 21,460 Goodwill — 2,853 417 — 3,270 Intangibles — 722 154 — 876 Other assets 12 266 158 (2 ) 434 Total Assets $ 32,149 49,831 26,316 (53,925 ) 54,371 Liabilities and Equity Accounts payable $ — 7,272 3,052 (2,297 ) 8,027 Short-term debt — 9 32 — 41 Accrued income and other taxes — 451 551 — 1,002 Employee benefit obligations — 513 69 — 582 Other accruals 55 298 102 — 455 Total Current Liabilities 55 8,543 3,806 (2,297 ) 10,107 Long-term debt 6,972 50 3,047 — 10,069 Asset retirement obligations and accrued environmental costs — 467 174 — 641 Deferred income taxes — 3,349 1,661 (2 ) 5,008 Employee benefit obligations — 639 245 — 884 Other liabilities and deferred credits 8 4,700 3,814 (8,288 ) 234 Total Liabilities 7,035 17,748 12,747 (10,587 ) 26,943 Common stock 9,396 24,952 10,125 (35,077 ) 9,396 Retained earnings 16,335 7,748 1,306 (9,083 ) 16,306 Accumulated other comprehensive loss (617 ) (617 ) (205 ) 822 (617 ) Noncontrolling interests — — 2,343 — 2,343 Total Liabilities and Equity $ 32,149 49,831 26,316 (53,925 ) 54,371 Millions of Dollars Six Months Ended June 30, 2018 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 $ 3,080 2,523 1,203 (3,954 ) 2,852 Cash Flows From Investing Activities Capital expenditures and investments* — (374 ) (492 ) — (866 ) Proceeds from asset dispositions** — 326 28 (325 ) 29 Intercompany lending activities 131 121 (252 ) — — Other — (33 ) 49 — 16 Net Cash Provided by (Used in) Investing Activities 131 40 (667 ) (325 ) (821 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt (250 ) (7 ) (3 ) — (260 ) Issuance of common stock 30 — — — 30 Repurchase of common stock (3,743 ) — — — (3,743 ) Dividends paid on common stock (699 ) (3,174 ) (780 ) 3,954 (699 ) Distributions to noncontrolling interests — — (96 ) — (96 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 67 — 67 Other* (58 ) — (325 ) 325 (58 ) Net Cash Used in Financing Activities (3,211 ) (3,181 ) (1,137 ) 4,279 (3,250 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — (16 ) — (16 ) Net Change in Cash, Cash Equivalents and Restricted Cash — (618 ) (617 ) — (1,235 ) Cash, cash equivalents and restricted cash at beginning of period — 1,411 1,708 — 3,119 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 793 1,091 — 1,884 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. 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.

Changes in Accounting Princip32

Changes in Accounting Principles (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2018, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20),” which 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 eliminated the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity-method joint ventures, and could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets. At the time of adoption, there was no impact on our consolidated financial statements from adopting this ASU. Effective January 1, 2018, we adopted 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 screen is met and the transaction is not considered an acquisition of a business. If the screen is not met, 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 future transactions accounted for as business acquisitions. At the time of adoption, there was no impact on our consolidated financial statements from adopting this ASU. Effective January 1, 2018, we adopted ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Asset Transfers of Assets Other Than Inventory.” This ASU requires the income tax consequences of an intra-entity transfer of an asset, other than inventory, to be recognized when the transfer occurs. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, one provision could also affect net income. Equity investments carried under the cost method or the lower of cost or fair value method of accounting, in accordance with previous generally accepted accounting principles in the United States (GAAP), will have to be carried at fair value 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. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements. Effective January 1, 2018, we adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” using the modified retrospective transition method applied to all contracts. Under the new revenue recognition guidance, recognition of revenue involves a multiple step approach including (i) identifying the contract, (ii) identifying the separate performance obligations, (iii) determining the transaction price, (iv) allocating the price to the performance obligations and (v) recognizing the revenue as the obligations are satisfied. Additional disclosures are required to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We recorded noncash cumulative effect adjustments to our opening total equity balance as of January 1, 2018, to increase retained earnings by $35 million , net of $11 million of income taxes, and noncontrolling interests by $13 million . These adjustments primarily reflected amounts recorded by our equity-method investees related to contracts that contain tier-pricing and minimum volume commitments with recovery provisions. One of our Midstream segment equity-method investees will adopt this ASU in 2019, and we do not expect their adoption to have a material impact on our consolidated financial statements. In addition, prospectively from January 1, 2018, our presentation of excise taxes on sales of petroleum products changed to a net basis from a gross basis. As a result, the “Sales and other operating revenues” and “Taxes other than income taxes” lines on our consolidated statement of income for the three and six months ended June 30, 2018 , are not presented on a comparable basis to the three and six months ended June 30, 2017 . See Note 3—Sales and Other Operating Revenues , for more information on our presentation of excise taxes on sales of petroleum products. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU allows for the deferred income tax effects stranded in accumulated other comprehensive income (AOCI) resulting from the Tax Act enacted in December 2017 to be reclassed from AOCI to retained earnings. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier 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 consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Similarly, lessors will be required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards, as well as substantive control have been transferred through a lease contract. 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. As part of our assessment to-date, we have formed an implementation team, selected a software package, and completed software design and configuration within a test environment. Furthermore, we have loaded a majority of our lease population into the software and commenced both software and lease data testing. We expect the adoption of ASU 2016-02 will materially gross up our consolidated balance sheet with the recognition of the ROU assets and operating lease liabilities. The impact to our consolidated statements of income and cash flows is not expected to be material. The new standard will also require additional disclosures for financing and operating leases.
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 Value 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 significance of its observable or unobservable inputs to the 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 months ended June 30, 2018 , derivative assets with an aggregate value of $81 million and derivative liabilities with an aggregate value of $83 million were transferred to 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 our consolidated balance sheet approximates fair value. • Accounts and notes receivable —The carrying amount reported on our 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 on observed market valuations for interest rate swaps that have notional values, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore 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 market prices.

Sales and Other Operating Rev33

Sales and Other Operating Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our sales and other operating revenues disaggregated by product line and services and geographic location: Millions of Dollars Three Months Ended Six Months Ended 2018 2018 Product Line and Services Refined products $ 23,011 41,791 Crude oil resales 4,381 7,569 NGL 1,548 2,969 Services and other 40 246 Consolidated sales and other operating revenues by product line and services $ 28,980 52,575 Geographic Location United States $ 22,902 41,413 United Kingdom 2,289 4,538 Germany 1,108 2,039 Other foreign countries 2,681 4,585 Consolidated sales and other operating revenues by geographic location $ 28,980 52,575

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 4,608 3,106 Materials and supplies 293 289 $ 4,901 3,395

Investments, Loans and Long-T35

Investments, Loans and Long-Term Receivables (Tables)	6 Months Ended
	Jun. 30, 2018
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 2018 2017 2018 2017 Revenues and other income $ 3,188 2,370 5,936 4,909 Income before income taxes 667 603 1,267 1,124 Net income 650 590 1,235 1,093

Properties, Plants and Equipm36

Properties, Plants and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars June 30, 2018 December 31, 2017 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,158 2,004 7,154 8,849 1,853 6,996 Chemicals — — — — — — Refining 22,406 9,356 13,050 22,144 8,987 13,157 Marketing and Specialties 1,639 920 719 1,658 909 749 Corporate and Other 1,125 583 542 1,091 533 558 $ 34,328 12,863 21,465 33,742 12,282 21,460

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Six Months Ended 2018 2017 2018 2017 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 1,339 1,339 550 550 1,863 1,863 1,085 1,085 Income allocated to participating securities (1 ) — (2 ) (1 ) (3 ) — (3 ) (2 ) Net income available to common stockholders $ 1,338 1,339 548 549 1,860 1,863 1,082 1,083 Weighted-average common shares outstanding (thousands) : 465,052 468,331 514,092 517,785 474,267 477,647 515,838 519,706 Effect of share-based compensation 3,279 3,307 3,693 2,375 3,380 3,348 3,868 2,623 Weighted-average common shares outstanding—EPS 468,331 471,638 517,785 520,160 477,647 480,995 519,706 522,329 Earnings Per Share of Common Stock (dollars) $ 2.86 2.84 1.06 1.06 3.89 3.87 2.08 2.07

Derivatives and Financial Ins38

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
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 our consolidated balance sheet when the right of setoff exists. Millions of Dollars June 30, 2018 December 31, 2017 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Liabilities Assets Prepaid expenses and other current assets $ 544 (485 ) (28 ) 31 43 (19 ) — 24 Other assets 4 (2 ) — 2 7 (3 ) — 4 Liabilities Other accruals 720 (870 ) 112 (38 ) 699 (746 ) 21 (26 ) Other liabilities and deferred credits 11 (12 ) — (1 ) — (1 ) — (1 ) Total $ 1,279 (1,369 ) 84 (6 ) 749 (769 ) 21 1
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The realized and unrealized 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 2018 2017 2018 2017 Sales and other operating revenues $ (137 ) 87 (129 ) 155 Other income (15 ) 4 (20 ) 13 Purchased crude oil and products (141 ) 82 (173 ) 127 Net gain (loss) from commodity derivative activity $ (293 ) 173 (322 ) 295
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) (32 ) (11 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 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 $ 425 836 — 1,261 (1,218 ) (28 ) — 15 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 16 1 17 — — — 17 Interest rate derivatives — 22 — 22 — — — 22 Rabbi trust assets 118 — — 118 N/A N/A — 118 $ 543 875 1 1,419 (1,218 ) (28 ) — 173 Commodity Derivative Liabilities Exchange-cleared instruments $ 433 909 — 1,342 (1,218 ) (112 ) — 12 Physical forward contracts — 26 1 27 — — — 27 Floating-rate debt — 1,400 — 1,400 N/A N/A — 1,400 Fixed-rate debt, excluding capital leases — 10,046 — 10,046 N/A N/A (276 ) 9,770 $ 433 12,381 1 12,815 (1,218 ) (112 ) (276 ) 11,209 Millions of Dollars December 31, 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 $ 333 395 — 728 (721 ) — — 7 Physical forward contracts — 20 1 21 — — — 21 Interest rate derivatives — 14 — 14 — — — 14 Rabbi trust assets 112 — — 112 N/A N/A — 112 $ 445 429 1 875 (721 ) — — 154 Commodity Derivative Liabilities Exchange-cleared instruments $ 369 373 — 742 (721 ) (21 ) — — Physical forward contracts — 23 4 27 — — — 27 Floating-rate debt — 1,150 — 1,150 N/A N/A — 1,150 Fixed-rate debt, excluding capital leases — 9,746 — 9,746 N/A N/A (978 ) 8,768 $ 369 11,292 4 11,665 (721 ) (21 ) (978 ) 9,945

Pension and Postretirement Pl40

Pension and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three and six months ended June 30, 2018 and 2017 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended June 30 Service cost $ 34 10 33 9 2 2 Interest cost 26 8 27 7 2 2 Expected return on plan assets (43 ) (12 ) (36 ) (9 ) — — Amortization of prior service credit — (1 ) — (1 ) (1 ) (1 ) Recognized net actuarial loss 15 5 18 6 — — Settlements 3 — 54 — — — Net periodic benefit cost* $ 35 10 96 12 3 3 Six Months Ended June 30 Service cost $ 68 17 66 17 3 3 Interest cost 52 15 54 13 4 4 Expected return on plan assets (85 ) (24 ) (73 ) (19 ) — — Amortization of prior service cost (credit) — (1 ) 1 (1 ) (1 ) (1 ) Recognized net actuarial loss 30 10 35 12 — — Settlements 5 — 55 — — — Net periodic benefit cost* $ 70 17 138 22 6 6 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income.

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 119 — 122 Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service credit and settlements 64 — — 64 Net current period other comprehensive income 67 119 — 186 June 30, 2017 $ (646 ) (166 ) 3 (809 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income before reclassifications 7 (99 ) 6 (86 ) Amounts reclassified from accumulated other comprehensive loss* Foreign currency translation — (10 ) — (10 ) Amortization of defined benefit plan items** Net actuarial loss, prior service credit and settlements 33 — — 33 Net current period other comprehensive income 40 (109 ) 6 (63 ) June 30, 2018 $ (558 ) (135 ) 13 (680 ) * There were no significant reclassifications related to hedging in either period presented or foreign currency translation in the prior year period. ** Included in the computation of net periodic benefit cost. See Note 14—Pension and Postretirement Plans , for additional information.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended 2018 2017 2018 2017 Operating revenues and other income (a) $ 944 569 1,762 1,140 Purchases (b) 3,313 2,231 5,867 4,375 Operating expenses and selling, general and administrative expenses (c) 16 13 32 39 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined products to OnCue Holdings, LLC. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our affiliates, including CPChem, 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 and also acted as agent for WRB in distributing solvents. We also 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. In addition, we purchased base oils and fuel products from Excel for use in our refining and specialty businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting crude oil, refined products and NGL. (c) We paid utility and processing fees to various affiliates.

Segment Disclosures and Relat43

Segment Disclosures and Related Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended Six Months Ended 2018 2017 2018 2017 Sales and Other Operating Revenues Midstream Total sales $ 1,996 1,375 3,947 3,034 Intersegment eliminations (498 ) (389 ) (1,031 ) (827 ) Total Midstream 1,498 986 2,916 2,207 Chemicals 2 1 3 2 Refining Total sales 22,126 15,223 39,758 29,515 Intersegment eliminations (13,605 ) (9,510 ) (24,220 ) (18,180 ) Total Refining 8,521 5,713 15,538 11,335 Marketing and Specialties Total sales 19,522 17,650 35,139 34,016 Intersegment eliminations (571 ) (270 ) (1,035 ) (594 ) Total Marketing and Specialties 18,951 17,380 34,104 33,422 Corporate and Other 8 7 14 15 Consolidated sales and other operating revenues $ 28,980 24,087 52,575 46,981 Net Income (Loss) Midstream $ 202 96 435 208 Chemicals 262 196 494 377 Refining 910 224 1,001 483 Marketing and Specialties 237 214 421 355 Corporate and Other (207 ) (149 ) (362 ) (279 ) Consolidated net income $ 1,404 581 1,989 1,144
Reconciliation of Assets from Segment to Consolidated	Millions of Dollars June 30 December 31 Total Assets Midstream $ 13,624 13,231 Chemicals 6,440 6,226 Refining 24,862 23,820 Marketing and Specialties 7,136 7,103 Corporate and Other 2,764 3,991 Consolidated total assets $ 54,826 54,371

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	6 Months Ended
	Jun. 30, 2018
Limited Liability Company or Limited Partnership, Business Organization and Operations [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 Cash and cash equivalents $ 151 185 Equity investments* 2,104 1,932 Net properties, plants and equipment 2,948 2,918 Long-term debt 2,921 2,920 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan45

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 22,561 6,419 — 28,980 Equity in earnings of affiliates 1,427 864 185 (1,733 ) 743 Other income — 3 10 — 13 Intercompany revenues — 786 4,136 (4,922 ) — Total Revenues and Other Income 1,427 24,214 10,750 (6,655 ) 29,736 Costs and Expenses Purchased crude oil and products — 20,855 9,717 (4,825 ) 25,747 Operating expenses — 847 312 (16 ) 1,143 Selling, general and administrative expenses 1 339 94 (2 ) 432 Depreciation and amortization — 229 108 — 337 Impairments — 1 5 — 6 Taxes other than income taxes — 82 27 — 109 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 111 42 61 (79 ) 135 Foreign currency transaction gains — — (14 ) — (14 ) Total Costs and Expenses 112 22,399 10,312 (4,922 ) 27,901 Income before income taxes 1,315 1,815 438 (1,733 ) 1,835 Income tax expense (benefit) (24 ) 388 67 — 431 Net Income 1,339 1,427 371 (1,733 ) 1,404 Less: net income attributable to noncontrolling interests — — 65 — 65 Net Income Attributable to Phillips 66 $ 1,339 1,427 306 (1,733 ) 1,339 Comprehensive Income $ 1,163 1,251 188 (1,374 ) 1,228 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 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 Income tax expense (benefit) (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 Six Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 40,837 11,738 — 52,575 Equity in earnings of affiliates 2,027 1,478 380 (2,718 ) 1,167 Net gain on dispositions — 7 10 — 17 Other income — 2 21 — 23 Intercompany revenues — 1,365 7,015 (8,380 ) — Total Revenues and Other Income 2,027 43,689 19,164 (11,098 ) 53,782 Costs and Expenses Purchased crude oil and products — 38,068 17,018 (8,201 ) 46,885 Operating expenses — 1,825 595 (31 ) 2,389 Selling, general and administrative expenses 4 628 191 (5 ) 818 Depreciation and amortization — 459 214 — 673 Impairments — 1 5 — 6 Taxes other than income taxes — 164 55 — 219 Accretion on discounted liabilities — 9 3 — 12 Interest and debt expense 204 72 125 (143 ) 258 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 208 41,226 18,176 (8,380 ) 51,230 Income before income taxes 1,819 2,463 988 (2,718 ) 2,552 Income tax expense (benefit) (44 ) 436 171 — 563 Net Income 1,863 2,027 817 (2,718 ) 1,989 Less: net income attributable to noncontrolling interests — — 126 — 126 Net Income Attributable to Phillips 66 $ 1,863 2,027 691 (2,718 ) 1,863 Comprehensive Income $ 1,800 1,964 722 (2,560 ) 1,926 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 Income tax expense (benefit) (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
Condensed Consolidating Balance Sheet	Millions of Dollars June 30, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 793 1,091 — 1,884 Accounts and notes receivable 11 5,260 4,452 (2,550 ) 7,173 Inventories — 3,150 1,751 — 4,901 Prepaid expenses and other current assets 1 435 185 — 621 Total Current Assets 12 9,638 7,479 (2,550 ) 14,579 Investments and long-term receivables 31,037 22,537 9,709 (49,106 ) 14,177 Net properties, plants and equipment — 13,050 8,415 — 21,465 Goodwill — 2,853 417 — 3,270 Intangibles — 718 148 — 866 Other assets 11 295 165 (2 ) 469 Total Assets $ 31,060 49,091 26,333 (51,658 ) 54,826 Liabilities and Equity Accounts payable $ — 7,865 4,021 (2,550 ) 9,336 Short-term debt 300 11 30 — 341 Accrued income and other taxes — 517 616 — 1,133 Employee benefit obligations — 417 44 — 461 Other accruals 69 264 128 — 461 Total Current Liabilities 369 9,074 4,839 (2,550 ) 11,732 Long-term debt 7,925 58 3,040 — 11,023 Asset retirement obligations and accrued environmental costs — 472 174 — 646 Deferred income taxes — 3,470 1,723 (2 ) 5,191 Employee benefit obligations — 658 227 — 885 Other liabilities and deferred credits 201 4,453 3,902 (8,167 ) 389 Total Liabilities 8,495 18,185 13,905 (10,719 ) 29,866 Common stock 5,716 24,952 9,374 (34,326 ) 5,716 Retained earnings 17,529 6,634 930 (7,593 ) 17,500 Accumulated other comprehensive loss (680 ) (680 ) (300 ) 980 (680 ) Noncontrolling interests — — 2,424 — 2,424 Total Liabilities and Equity $ 31,060 49,091 26,333 (51,658 ) 54,826 Millions of Dollars December 31, 2017 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,411 1,708 — 3,119 Accounts and notes receivable 10 5,317 4,476 (2,297 ) 7,506 Inventories — 2,386 1,009 — 3,395 Prepaid expenses and other current assets 2 276 92 — 370 Total Current Assets 12 9,390 7,285 (2,297 ) 14,390 Investments and long-term receivables 32,125 23,483 9,959 (51,626 ) 13,941 Net properties, plants and equipment — 13,117 8,343 — 21,460 Goodwill — 2,853 417 — 3,270 Intangibles — 722 154 — 876 Other assets 12 266 158 (2 ) 434 Total Assets $ 32,149 49,831 26,316 (53,925 ) 54,371 Liabilities and Equity Accounts payable $ — 7,272 3,052 (2,297 ) 8,027 Short-term debt — 9 32 — 41 Accrued income and other taxes — 451 551 — 1,002 Employee benefit obligations — 513 69 — 582 Other accruals 55 298 102 — 455 Total Current Liabilities 55 8,543 3,806 (2,297 ) 10,107 Long-term debt 6,972 50 3,047 — 10,069 Asset retirement obligations and accrued environmental costs — 467 174 — 641 Deferred income taxes — 3,349 1,661 (2 ) 5,008 Employee benefit obligations — 639 245 — 884 Other liabilities and deferred credits 8 4,700 3,814 (8,288 ) 234 Total Liabilities 7,035 17,748 12,747 (10,587 ) 26,943 Common stock 9,396 24,952 10,125 (35,077 ) 9,396 Retained earnings 16,335 7,748 1,306 (9,083 ) 16,306 Accumulated other comprehensive loss (617 ) (617 ) (205 ) 822 (617 ) Noncontrolling interests — — 2,343 — 2,343 Total Liabilities and Equity $ 32,149 49,831 26,316 (53,925 ) 54,371
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Six Months Ended June 30, 2018 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 $ 3,080 2,523 1,203 (3,954 ) 2,852 Cash Flows From Investing Activities Capital expenditures and investments* — (374 ) (492 ) — (866 ) Proceeds from asset dispositions** — 326 28 (325 ) 29 Intercompany lending activities 131 121 (252 ) — — Other — (33 ) 49 — 16 Net Cash Provided by (Used in) Investing Activities 131 40 (667 ) (325 ) (821 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt (250 ) (7 ) (3 ) — (260 ) Issuance of common stock 30 — — — 30 Repurchase of common stock (3,743 ) — — — (3,743 ) Dividends paid on common stock (699 ) (3,174 ) (780 ) 3,954 (699 ) Distributions to noncontrolling interests — — (96 ) — (96 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 67 — 67 Other* (58 ) — (325 ) 325 (58 ) Net Cash Used in Financing Activities (3,211 ) (3,181 ) (1,137 ) 4,279 (3,250 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — (16 ) — (16 ) Net Change in Cash, Cash Equivalents and Restricted Cash — (618 ) (617 ) — (1,235 ) Cash, cash equivalents and restricted cash at beginning of period — 1,411 1,708 — 3,119 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 793 1,091 — 1,884 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. 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.

Changes in Accounting Princip46

Changes in Accounting Principles (Details) $ in Millions	Dec. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	$ 49
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	36
Noncontrolling Interests
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	13
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense	11
Accounting Standards Update 2014-09 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	35
Accounting Standards Update 2014-09 | Noncontrolling Interests
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	$ 13

Sales and Other Operating Rev47

Sales and Other Operating Revenues (Disaggregated) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	[1]	$ 28,980	$ 24,087	$ 52,575	$ 46,981
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		22,902		41,413
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		2,289		4,538
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		1,108		2,039
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		2,681		4,585
Refined products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		23,011		41,791
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		4,381		7,569
NGL
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		1,548		2,969
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues		$ 40		$ 246
[1]	* Includes excise taxes on sales of petroleum products for periods prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018: $3,252 6,288

Sales and Other Operating Rev48

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 5,900	$ 6,200
Receivables from contracts with customers	$ 220	$ 208
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	15 years

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Summary of inventories
Crude oil and petroleum products	$ 4,608	$ 3,106
Materials and supplies	293	289
Inventories	4,901	3,395
LIFO inventory amount	4,494	2,980
Excess over stated LIFO value	$ 6,000	$ 4,300

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Oct. 31, 2017	Feb. 28, 2017
Business Acquisition [Line Items]
Gain on consolidation of business	$ 423
Merey Sweeny
Business Acquisition [Line Items]
Additional ownership interest acquired			50.00%
Business combination, step acquisition, equity interest in acquiree, fair value	145
Business combination, restricted cash	318
Business combination, property, plant, and equipment	250
Business combination, debt assumed	238
Business combination, settlement adjustment	$ 93
Percentage of ownership In subsidiary		100.00%

Investments, Loans and Long-T51

Investments, Loans and Long-Term Receivables (Summary of Equity Method Investments) (Details) - Chevron Phillips Chemical Company LLC - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of financial information
Revenues and other income	$ 3,188	$ 2,370	$ 5,936	$ 4,909
Income before income taxes	667	603	1,267	1,124
Net income	$ 650	$ 590	$ 1,235	$ 1,093

Investments, Loans and Long-T52

Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
		Jul. 27, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Capital expenditures and investments, debt payment	[1]			$ 866,000,000	$ 928,000,000
Collection of advances/loans—related parties			$ 325,000,000	$ 0	$ 325,000,000
Dakota Access LLC and Energy Transfer Crude Oil Company, LLC
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties			250,000,000
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties			$ 75,000,000
Phillips 66 Partners LP | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership In subsidiary				75.00%
Equity investments				$ 28,000,000
Subsequent Event | Rockies Express Pipeline LLC Rex
Schedule of Equity Method Investments [Line Items]
Percentage of ownership In subsidiary		25.00%
Capital expenditures and investments, debt payment		$ 138,000,000
Subsequent Event | Rockies Express Pipeline LLC Rex
Schedule of Equity Method Investments [Line Items]
Repayments of debt		550,000,000
Long-term debt		$ 2,000,000,000
[1]	Includes intercompany capital contributions.

Properties, Plants and Equipm53

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 34,328	$ 33,742
Accum. D&A	12,863	12,282
Net PP&E	21,465	21,460
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	9,158	8,849
Accum. D&A	2,004	1,853
Net PP&E	7,154	6,996
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	22,406	22,144
Accum. D&A	9,356	8,987
Net PP&E	13,050	13,157
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,639	1,658
Accum. D&A	920	909
Net PP&E	719	749
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,125	1,091
Accum. D&A	583	533
Net PP&E	$ 542	$ 558

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basic
Net income attributable to Phillips 66	$ 1,339	$ 550	$ 1,863	$ 1,085
Income allocated to participating securities	(1)	(2)	(3)	(3)
Net income available to common stockholders	$ 1,338	$ 548	$ 1,860	$ 1,082
Weighted-average common shares outstanding (in shares)	465,052	514,092	474,267	515,838
Effect of share-based compensation (in shares)	3,279	3,693	3,380	3,868
Weighted-average commons shares outstanding - EPS (in shares)	468,331	517,785	477,647	519,706
Earnings Per Share of Common Stock, Basic (in usd per share)	$ 2.86	$ 1.06	$ 3.89	$ 2.08
Diluted
Net income attributable to Phillips 66	$ 1,339	$ 550	$ 1,863	$ 1,085
Income allocated to participating securities	0	(1)	0	(2)
Net income available to common stockholders	$ 1,339	$ 549	$ 1,863	$ 1,083
Weighted-average common shares outstanding (in shares)	468,331	517,785	477,647	519,706
Effect of share-based compensation (in shares)	3,307	2,375	3,348	2,623
Weighted-average commons shares outstanding - EPS (in shares)	471,638	520,160	480,995	522,329
Earnings Per Share of Common Stock, Diluted (in usd per share)	$ 2.84	$ 1.06	$ 3.87	$ 2.07

Debt (Details)

Debt (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Short-term debt		$ 341,000,000	$ 341,000,000	$ 41,000,000
Term Loan Due 2020
Debt Instrument [Line Items]
Debt issued and guaranteed		$ 450,000,000	450,000,000
Repayments of debt			250,000,000
Debt instrument, term		3 years
Senior Notes
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 1,500,000,000
Senior Notes | Senior Notes Due 2021
Debt Instrument [Line Items]
Debt issued and guaranteed	500,000,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 800,000,000
Stated interest rate of debt issued, percentage	3.90%
Senior Notes | Senior Notes Due 2044
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 200,000,000
Stated interest rate of debt issued, percentage	4.875%
Senior Notes | Floating-rate notes due 2019
Debt Instrument [Line Items]
Short-term debt		$ 300,000,000	$ 300,000,000
London Interbank Offered Rate (LIBOR) | Senior Notes | Senior Notes Due 2021
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	$ 465	$ 458
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	187
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	111
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	554
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 291
Lessee leasing arrangements, operating leases, term of contract	5 years
Railcars | Residual Value Guarantees
Guarantor Obligations [Line Items]
Residual value deficiency	$ 56
Operating leases, expense	12
Operating leases, future expense	24
DCP Midstream | Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	125
Other Joint Ventures | Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 131
Maximum | Facilities
Guarantor Obligations [Line Items]
Lessee leasing arrangements, operating leases, term of contract	5 years
Maximum | Other Joint Ventures
Guarantor Obligations [Line Items]
Joint venture debt obligations, period	7 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total environmental accrual	$ 465	$ 458
Performance Guarantee
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 729
Reserve for Environmental Costs
Debt Instrument [Line Items]
Expected years to incur a substantial amount of expenditures	30 years

Derivatives and Financial Ins58

Derivatives and Financial Instruments (Summary of Commodity Balance Sheet) (Details) - Not Designated as Hedging Instrument - Commodity - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Liabilities
Effect of Collateral Netting	$ 84	$ 21
Total
Assets	1,279	749
Liabilities	(1,369)	(769)
Effect of Collateral Netting	84	21
Net Carrying Value Presented on the Balance Sheet	(6)	1
Prepaid expenses and other current assets
Assets
Assets	544	43
Liabilities	(485)	(19)
Effect of Collateral Netting	(28)	0
Net Carrying Value Presented on the Balance Sheet	31	24
Other assets
Assets
Assets	4	7
Liabilities	(2)	(3)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	2	4
Other accruals
Liabilities
Assets	720	699
Liabilities	(870)	(746)
Effect of Collateral Netting	112	21
Net Carrying Value Presented on the Balance Sheet	(38)	(26)
Total
Effect of Collateral Netting	112	21
Other liabilities and deferred credits
Liabilities
Assets	11	0
Liabilities	(12)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	(1)	(1)
Total
Effect of Collateral Netting	$ 0	$ 0

Derivatives and Financial Ins59

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ (293)	$ 173	$ (322)	$ 295
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	(137)	87	(129)	155
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	(15)	4	(20)	13
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ (141)	$ 82	$ (173)	$ 127

Derivatives and Financial Ins60

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months (at least)	98.00%	98.00%
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	22,000,000	$ 14,000,000
General and Administrative Expenses | Designated as Hedging Instrument | Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Gain reclassified from AOCI into income	$ 6,000,000
Maximum | Facilities
Financial instruments and derivative contracts (Textual) [Abstract]
Lessee leasing arrangements, operating leases, term of contract	5 years

Derivatives and Financial Ins61

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Jun. 30, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Crude oil, refined products and NGL (millions of barrels)	(32)	(11)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Jun. 30, 2018USD ($)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] (Deprecated 2018-01-31)
Asset value transferred into Level 1, as measured from the beginning of the reporting period	$ 81
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 83

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, 2018	Dec. 31, 2017
Liabilities
Difference in Carrying Value and Fair Value	$ (276)	$ (978)
Fixed-rate debt, excluding capital leases
Liabilities
Difference in Carrying Value and Fair Value	(276)	(978)
Reported Value Measurement
Assets
Net carrying value presented on balance sheet, commodity derivative assets	22	14
Net carrying value presented on balance sheet, commodity derivative assets and investments	173	154
Liabilities
Net carrying value presented on balance sheet, commodity derivative liabilities and debt	11,209	9,945
Reported Value Measurement | Floating-rate debt
Liabilities
Net carrying value presented on balance sheet, floating-rate debt	1,400	1,150
Reported Value Measurement | Fixed-rate debt, excluding capital leases
Liabilities
Net carrying value presented on balance sheet, fixed-rate debt, excluding capital leases	9,770	8,768
Reported Value Measurement | Rabbi trust assets
Assets
Rabbi trust assets	118	112
Exchange-cleared instruments | Reported Value Measurement
Assets
Net carrying value presented on balance sheet, commodity derivative assets	15	7
Liabilities
Net carrying value presented on balance sheet, commodity derivative liabilities	12	0
OTC instruments | Reported Value Measurement
Assets
Net carrying value presented on balance sheet, commodity derivative assets	1
Physical forward contracts | Reported Value Measurement
Assets
Net carrying value presented on balance sheet, commodity derivative assets	17	21
Liabilities
Net carrying value presented on balance sheet, commodity derivative liabilities	27	27
Fair Value, Measurements, Recurring
Assets
Effect of Counterparty Netting	(1,218)	(721)
Effect of Collateral Netting	(28)	0
Assets, fair value disclosure	1,419	875
Liabilities
Effect of counterparty netting, commodity derivative liabilities	(1,218)	(721)
Effect of collateral netting, commodity derivative liabilities	(112)	(21)
Total liabilities, fair value disclosure gross	12,815	11,665
Fair Value, Measurements, Recurring | Floating-rate debt
Liabilities
Debt, fair value gross	1,400	1,150
Fair Value, Measurements, Recurring | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,046	9,746
Fair Value, Measurements, Recurring | Rabbi trust assets
Assets
Rabbi trust assets	118	112
Fair Value, Measurements, Recurring | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	1,261	728
Effect of Counterparty Netting	(1,218)	(721)
Effect of Collateral Netting	(28)	0
Liabilities
Commodity derivative liabilities, fair value gross	1,342	742
Effect of counterparty netting, commodity derivative liabilities	(1,218)	(721)
Effect of collateral netting, commodity derivative liabilities	(112)	(21)
Fair Value, Measurements, Recurring | OTC instruments
Assets
Commodity derivative assets, fair value gross	1
Effect of Counterparty Netting	0
Fair Value, Measurements, Recurring | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	17	21
Effect of Counterparty Netting	0	0
Liabilities
Commodity derivative liabilities, fair value gross	27	27
Effect of counterparty netting, commodity derivative liabilities	0	0
Fair Value, Measurements, Recurring | Level 1
Assets
Assets, fair value disclosure	543	445
Liabilities
Total liabilities, fair value disclosure gross	433	369
Fair Value, Measurements, Recurring | Level 1 | Floating-rate debt
Liabilities
Debt, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 1 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 1 | Rabbi trust assets
Assets
Rabbi trust assets	118	112
Fair Value, Measurements, Recurring | Level 1 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	425	333
Liabilities
Commodity derivative liabilities, fair value gross	433	369
Fair Value, Measurements, Recurring | Level 1 | OTC instruments
Assets
Commodity derivative assets, fair value gross	0
Fair Value, Measurements, Recurring | Level 1 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	0	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 2
Assets
Assets, fair value disclosure	875	429
Liabilities
Total liabilities, fair value disclosure gross	12,381	11,292
Fair Value, Measurements, Recurring | Level 2 | Floating-rate debt
Liabilities
Debt, fair value gross	1,400	1,150
Fair Value, Measurements, Recurring | Level 2 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,046	9,746
Fair Value, Measurements, Recurring | Level 2 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Fair Value, Measurements, Recurring | Level 2 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	836	395
Liabilities
Commodity derivative liabilities, fair value gross	909	373
Fair Value, Measurements, Recurring | Level 2 | OTC instruments
Assets
Commodity derivative assets, fair value gross	1
Fair Value, Measurements, Recurring | Level 2 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	16	20
Liabilities
Commodity derivative liabilities, fair value gross	26	23
Fair Value, Measurements, Recurring | Level 3
Assets
Assets, fair value disclosure	1	1
Liabilities
Total liabilities, fair value disclosure gross	1	4
Fair Value, Measurements, Recurring | Level 3 | Floating-rate debt
Liabilities
Debt, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Fair Value, Measurements, Recurring | Level 3 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	0	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Fair Value, Measurements, Recurring | Level 3 | OTC instruments
Assets
Commodity derivative assets, fair value gross	0
Fair Value, Measurements, Recurring | Level 3 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	1	1
Liabilities
Commodity derivative liabilities, fair value gross	1	4
Interest-rate derivatives | Fair Value, Measurements, Recurring
Assets
Effect of Counterparty Netting	0	0
Interest rate derivatives	22	14
Interest-rate derivatives | Fair Value, Measurements, Recurring | Level 1
Assets
Interest rate derivatives	0	0
Interest-rate derivatives | Fair Value, Measurements, Recurring | Level 2
Assets
Interest rate derivatives	22	14
Interest-rate derivatives | Fair Value, Measurements, Recurring | Level 3
Assets
Interest rate derivatives	$ 0	$ 0

Pension and Postretirement Pl64

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Benefits
Components of Net Periodic Benefit Cost
Service cost		$ 2	$ 2	$ 3	$ 3
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	[1]	3	3	6	6
U.S. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost		34	33	68	66
Interest cost		26	27	52	54
Expected return on plan assets		(43)	(36)	(85)	(73)
Amortization of prior service cost (credit)		0	0	0	1
Recognized net actuarial loss		15	18	30	35
Settlements		3	54	5	55
Net periodic benefit cost	[1]	35	96	70	138
Int’l. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost		10	9	17	17
Interest cost		8	7	15	13
Expected return on plan assets		(12)	(9)	(24)	(19)
Amortization of prior service cost (credit)		(1)	(1)	(1)	(1)
Recognized net actuarial loss		5	6	10	12
Settlements		0	0	0	0
Net periodic benefit cost	[1]	$ 10	$ 12	$ 17	$ 22
[1]	Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income.

Pension and Postretirement Pl65

Pension and Postretirement Plans (Narrative) (Details) - Pension Benefits $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
U.S.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	$ 17
Additional contributions expected to be made during remainder of fiscal year	140
Int’l.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	18
Additional contributions expected to be made during remainder of fiscal year	$ 20

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance				$ 27,428	$ 23,725
Other comprehensive income before reclassifications				(86)	122
Other Comprehensive Income (Loss), Net of Tax		$ (176)	$ 143	(63)	186
Ending Balance		24,960	23,806	24,960	23,806
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance				(598)	(713)
Other comprehensive income before reclassifications				7	3
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			33	64
Other Comprehensive Income (Loss), Net of Tax				40	67
Ending Balance		(558)	(646)	(558)	(646)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance				(26)	(285)
Other comprehensive income before reclassifications				(99)	119
Amounts reclassified from accumulated other comprehensive loss	[2]			(10)
Other Comprehensive Income (Loss), Net of Tax				(109)	119
Ending Balance		(135)	(166)	(135)	(166)
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance				7	3
Other comprehensive income before reclassifications				6	0
Other Comprehensive Income (Loss), Net of Tax				6	0
Ending Balance		13	3	13	3
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance				(617)	(995)
Other Comprehensive Income (Loss), Net of Tax				(63)	186
Ending Balance		$ (680)	$ (809)	$ (680)	$ (809)
[1]	Included in the computation of net periodic benefit cost. See Note 14—Pension and Postretirement Plans, for additional information.
[2]	There were no significant reclassifications related to hedging in either period presented or foreign currency translation in the prior year period.

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	Feb. 28, 2018	Feb. 13, 2018	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Repurchase of common stock			$ 3,743,000,000	$ 666,000,000
Purchase Agreement
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)	35,000,000
Repurchase of common stock	$ 3,280,000,000
Accelerated share repurchases, initial price paid per share (in dollars per share)		$ 93.725
Share Repurchase Program And Additional Share Repurchases
Class of Stock [Line Items]
Authorized amount			$ 12,000,000,000
Cash and cash equivalents | Purchase Agreement
Class of Stock [Line Items]
Accelerated share repurchases, payment	1,880,000,000
Cash and cash equivalents | Commercial Paper | Purchase Agreement
Class of Stock [Line Items]
Accelerated share repurchases, payment	$ 1,400,000,000

Restricted Cash (Details)

Restricted Cash (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Investments [Abstract]
Restricted Cash	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Significant transactions with related parties
Operating revenues and other income	[1]	$ 944	$ 569	$ 1,762	$ 1,140
Purchases	[2]	3,313	2,231	5,867	4,375
Operating expenses and selling, general and administrative expenses	[3]	$ 16	$ 13	$ 32	$ 39
[1]	We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined products to OnCue Holdings, LLC. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities.
[2]	ts from WRB and also acted as agent for WRB in distributing solvents. We also 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. In addition, we purchased base oils and fuel products from Excel for use in our refining and specialty businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity companies for transporting crude oil, refined products and NGL.
[3]	We paid utility and processing fees to various affiliates.

Segment Disclosures and Relat70

Segment Disclosures and Related Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018refinery
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 Relat71

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Analysis of results by operating segment
Sales and other operating revenues	[1]	$ 28,980	$ 24,087	$ 52,575	$ 46,981
Net Income (Loss)		1,404	581	1,989	1,144
Analysis of results of assets by operating segment
Total Assets		54,826		54,826		$ 54,371
Midstream
Analysis of results by operating segment
Sales and other operating revenues		1,498	986	2,916	2,207
Net Income (Loss)		202	96	435	208
Analysis of results of assets by operating segment
Total Assets		13,624		13,624		13,231
Chemicals
Analysis of results by operating segment
Sales and other operating revenues		2	1	3	2
Net Income (Loss)		262	196	494	377
Analysis of results of assets by operating segment
Total Assets		6,440		6,440		6,226
Refining
Analysis of results by operating segment
Sales and other operating revenues		8,521	5,713	15,538	11,335
Net Income (Loss)		910	224	1,001	483
Analysis of results of assets by operating segment
Total Assets		24,862		24,862		23,820
Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues		18,951	17,380	34,104	33,422
Net Income (Loss)		237	214	421	355
Analysis of results of assets by operating segment
Total Assets		7,136		7,136		7,103
Operating Segments | Midstream
Analysis of results by operating segment
Sales and other operating revenues		1,996	1,375	3,947	3,034
Operating Segments | Refining
Analysis of results by operating segment
Sales and other operating revenues		22,126	15,223	39,758	29,515
Operating Segments | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues		19,522	17,650	35,139	34,016
Intersegment Eliminations | Midstream
Analysis of results by operating segment
Sales and other operating revenues		(498)	(389)	(1,031)	(827)
Intersegment Eliminations | Refining
Analysis of results by operating segment
Sales and other operating revenues		(13,605)	(9,510)	(24,220)	(18,180)
Intersegment Eliminations | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues		(571)	(270)	(1,035)	(594)
Corporate and Other
Analysis of results by operating segment
Sales and other operating revenues		8	7	14	15
Net Income (Loss)		(207)	$ (149)	(362)	$ (279)
Analysis of results of assets by operating segment
Total Assets		$ 2,764		$ 2,764		$ 3,991
[1]	* Includes excise taxes on sales of petroleum products for periods prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018: $3,252 6,288

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Effective tax rate, percent	23.00%	31.00%	22.00%	30.00%
Income tax benefit, adjustments	$ 19		$ 29

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) - Phillips 66 Partners LP $ in Millions	Jun. 30, 2018shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2018USD ($)shares
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage	43.00%
Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage	55.00%
General partnership interest in Phillips 66 Partners, percentage	2.00%
Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Ownership interest (in shares) | shares	13,800,000	13,800,000	13,800,000	13,800,000
Common Units
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, units, amount authorized | $		$ 250
At The Market Offering Program | Common Units
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, units, sold in public offering (in shares) | shares		1,152,119	1,340,934	5,059,802
Partners' capital account, public sale of units net of offering costs | $		$ 58	$ 67	$ 259

Phillips 66 Partners LP (Schedu

Phillips 66 Partners LP (Schedule of assets and liabilities) (Details) - USD ($) $ in Millions		Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 1,884	$ 3,119
Net properties, plants and equipment		21,465	21,460
Long-term debt		11,023	10,069
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		151	185
Equity investments	[1]	2,104	1,932
Net properties, plants and equipment		2,948	2,918
Long-term debt		$ 2,921	$ 2,920
[1]	Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan75

Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues and Other Income
Sales and other operating revenues	[1]	$ 28,980	$ 24,087	$ 52,575	$ 46,981
Equity in earnings of affiliates		743	462	1,167	827
Net gain on dispositions		0	14	17	15
Other income		13	18	23	470
Total Revenues and Other Income		29,736	24,581	53,782	48,293
Costs and Expenses
Purchased crude oil and products		25,747	18,353	46,885	36,032
Operating expenses		1,143	1,137	2,389	2,407
Selling, general and administrative expenses		432	439	818	823
Depreciation and amortization		337	320	673	635
Impairments		6	15	6	17
Taxes other than income taxes	[1]	109	3,356	219	6,512
Accretion on discounted liabilities		6	6	12	11
Interest and debt expense		135	107	258	212
Foreign currency transaction gains		(14)	0	(30)	(1)
Total Costs and Expenses		27,901	23,733	51,230	46,648
Income before income taxes		1,835	848	2,552	1,645
Income tax expense (benefit)		431	267	563	501
Net Income		1,404	581	1,989	1,144
Less: net income attributable to noncontrolling interests		65	31	126	59
Net Income Attributable to Phillips 66		1,339	550	1,863	1,085
Comprehensive Income		1,228	724	1,926	1,330
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues		0	0	0	0
Equity in earnings of affiliates		1,427	608	2,027	1,203
Net gain on dispositions			0	0	0
Other income		0	0	0	0
Total Revenues and Other Income		1,427	608	2,027	1,203
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		111	87	204	177
Foreign currency transaction gains		0		0	0
Total Costs and Expenses		112	88	208	181
Income before income taxes		1,315	520	1,819	1,022
Income tax expense (benefit)		(24)	(30)	(44)	(63)
Net Income		1,339	550	1,863	1,085
Less: net income attributable to noncontrolling interests		0	0	0	0
Net Income Attributable to Phillips 66		1,339	550	1,863	1,085
Comprehensive Income		1,163	693	1,800	1,271
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues		22,561	17,653	40,837	33,903
Equity in earnings of affiliates		864	585	1,478	1,069
Net gain on dispositions			(1)	7	0
Other income		3	9	2	435
Total Revenues and Other Income		24,214	18,468	43,689	36,057
Costs and Expenses
Purchased crude oil and products		20,855	14,757	38,068	28,641
Operating expenses		847	891	1,825	1,922
Selling, general and administrative expenses		339	335	628	624
Depreciation and amortization		229	218	459	432
Impairments		1	15	1	17
Taxes other than income taxes		82	1,451	164	2,823
Accretion on discounted liabilities		4	5	9	9
Interest and debt expense		42	14	72	26
Foreign currency transaction gains		0		0	0
Total Costs and Expenses		22,399	17,686	41,226	34,494
Income before income taxes		1,815	782	2,463	1,563
Income tax expense (benefit)		388	174	436	360
Net Income		1,427	608	2,027	1,203
Less: net income attributable to noncontrolling interests		0	0	0	0
Net Income Attributable to Phillips 66		1,427	608	2,027	1,203
Comprehensive Income		1,251	751	1,964	1,389
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues		6,419	6,434	11,738	13,078
Equity in earnings of affiliates		185	121	380	236
Net gain on dispositions			15	10	15
Other income		10	9	21	35
Total Revenues and Other Income		10,750	9,521	19,164	19,213
Costs and Expenses
Purchased crude oil and products		9,717	6,685	17,018	13,745
Operating expenses		312	266	595	521
Selling, general and administrative expenses		94	106	191	200
Depreciation and amortization		108	102	214	203
Impairments		5	0	5	0
Taxes other than income taxes		27	1,905	55	3,689
Accretion on discounted liabilities		2	1	3	2
Interest and debt expense		61	58	125	113
Foreign currency transaction gains		(14)		(30)	(1)
Total Costs and Expenses		10,312	9,123	18,176	18,472
Income before income taxes		438	398	988	741
Income tax expense (benefit)		67	123	171	204
Net Income		371	275	817	537
Less: net income attributable to noncontrolling interests		65	31	126	59
Net Income Attributable to Phillips 66		306	244	691	478
Comprehensive Income		188	372	722	662
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues		(4,922)	(3,164)	(8,380)	(6,499)
Equity in earnings of affiliates		(1,733)	(852)	(2,718)	(1,681)
Net gain on dispositions			0	0	0
Other income		0	0	0	0
Total Revenues and Other Income		(6,655)	(4,016)	(11,098)	(8,180)
Costs and Expenses
Purchased crude oil and products		(4,825)	(3,089)	(8,201)	(6,354)
Operating expenses		(16)	(20)	(31)	(36)
Selling, general and administrative expenses		(2)	(3)	(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		(79)	(52)	(143)	(104)
Foreign currency transaction gains		0		0	0
Total Costs and Expenses		(4,922)	(3,164)	(8,380)	(6,499)
Income before income taxes		(1,733)	(852)	(2,718)	(1,681)
Income tax expense (benefit)		0	0	0	0
Net Income		(1,733)	(852)	(2,718)	(1,681)
Less: net income attributable to noncontrolling interests		0	0	0	0
Net Income Attributable to Phillips 66		(1,733)	(852)	(2,718)	(1,681)
Comprehensive Income		(1,374)	(1,092)	(2,560)	(1,992)
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		786	222	1,365	650
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues		$ 4,136	$ 2,942	$ 7,015	$ 5,849
[1]	* Includes excise taxes on sales of petroleum products for periods prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018: $3,252 6,288

Condensed Consolidating Finan76

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 1,884	$ 3,119
Accounts and notes receivable	7,173	7,506
Inventories	4,901	3,395
Prepaid expenses and other current assets	621	370
Total Current Assets	14,579	14,390
Investments and long-term receivables	14,177	13,941
Net properties, plants and equipment	21,465	21,460
Goodwill	3,270	3,270
Intangibles	866	876
Other assets	469	434
Total Assets	54,826	54,371
Liabilities and Equity
Accounts payable	9,336	8,027
Short-term debt	341	41
Accrued income and other taxes	1,133	1,002
Employee benefit obligations	461	582
Other accruals	461	455
Total Current Liabilities	11,732	10,107
Long-term debt	11,023	10,069
Asset retirement obligations and accrued environmental costs	646	641
Deferred income taxes	5,191	5,008
Employee benefit obligations	885	884
Other liabilities and deferred credits	389	234
Total Liabilities	29,866	26,943
Common stock	5,716	9,396
Retained earnings	17,500	16,306
Accumulated other comprehensive loss	(680)	(617)
Noncontrolling interests	2,424	2,343
Total Liabilities and Equity	54,826	54,371
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(2,550)	(2,297)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(2,550)	(2,297)
Investments and long-term receivables	(49,106)	(51,626)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(2)	(2)
Total Assets	(51,658)	(53,925)
Liabilities and Equity
Accounts payable	(2,550)	(2,297)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	0	0
Total Current Liabilities	(2,550)	(2,297)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(2)	(2)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(8,167)	(8,288)
Total Liabilities	(10,719)	(10,587)
Common stock	(34,326)	(35,077)
Retained earnings	(7,593)	(9,083)
Accumulated other comprehensive loss	980	822
Noncontrolling interests	0	0
Total Liabilities and Equity	(51,658)	(53,925)
Phillips 66 | Reportable Legal Entities
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	11	10
Inventories	0	0
Prepaid expenses and other current assets	1	2
Total Current Assets	12	12
Investments and long-term receivables	31,037	32,125
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	11	12
Total Assets	31,060	32,149
Liabilities and Equity
Accounts payable	0	0
Short-term debt	300	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	69	55
Total Current Liabilities	369	55
Long-term debt	7,925	6,972
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	0	0
Employee benefit obligations	0	0
Other liabilities and deferred credits	201	8
Total Liabilities	8,495	7,035
Common stock	5,716	9,396
Retained earnings	17,529	16,335
Accumulated other comprehensive loss	(680)	(617)
Noncontrolling interests	0	0
Total Liabilities and Equity	31,060	32,149
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	793	1,411
Accounts and notes receivable	5,260	5,317
Inventories	3,150	2,386
Prepaid expenses and other current assets	435	276
Total Current Assets	9,638	9,390
Investments and long-term receivables	22,537	23,483
Net properties, plants and equipment	13,050	13,117
Goodwill	2,853	2,853
Intangibles	718	722
Other assets	295	266
Total Assets	49,091	49,831
Liabilities and Equity
Accounts payable	7,865	7,272
Short-term debt	11	9
Accrued income and other taxes	517	451
Employee benefit obligations	417	513
Other accruals	264	298
Total Current Liabilities	9,074	8,543
Long-term debt	58	50
Asset retirement obligations and accrued environmental costs	472	467
Deferred income taxes	3,470	3,349
Employee benefit obligations	658	639
Other liabilities and deferred credits	4,453	4,700
Total Liabilities	18,185	17,748
Common stock	24,952	24,952
Retained earnings	6,634	7,748
Accumulated other comprehensive loss	(680)	(617)
Noncontrolling interests	0	0
Total Liabilities and Equity	49,091	49,831
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,091	1,708
Accounts and notes receivable	4,452	4,476
Inventories	1,751	1,009
Prepaid expenses and other current assets	185	92
Total Current Assets	7,479	7,285
Investments and long-term receivables	9,709	9,959
Net properties, plants and equipment	8,415	8,343
Goodwill	417	417
Intangibles	148	154
Other assets	165	158
Total Assets	26,333	26,316
Liabilities and Equity
Accounts payable	4,021	3,052
Short-term debt	30	32
Accrued income and other taxes	616	551
Employee benefit obligations	44	69
Other accruals	128	102
Total Current Liabilities	4,839	3,806
Long-term debt	3,040	3,047
Asset retirement obligations and accrued environmental costs	174	174
Deferred income taxes	1,723	1,661
Employee benefit obligations	227	245
Other liabilities and deferred credits	3,902	3,814
Total Liabilities	13,905	12,747
Common stock	9,374	10,125
Retained earnings	930	1,306
Accumulated other comprehensive loss	(300)	(205)
Noncontrolling interests	2,424	2,343
Total Liabilities and Equity	$ 26,333	$ 26,316

Condensed Consolidating Finan77

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
		Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			$ 2,852	$ 1,316
Cash Flows From Investing Activities
Capital expenditures and investments	[1]		(866)	(928)
Proceeds from asset dispositions	[2],[3]		29	51
Intercompany lending activities			0	0
Collection of advances/loans—related parties		$ 325	0	325
Restricted cash received from consolidation of business			0	318
Other			16	(61)
Net Cash Used in Investing Activities			(821)	(295)
Cash Flows From Financing Activities
Issuance of debt			1,509	2,603
Repayment of debt			(260)	(2,910)
Issuance of common stock			30	6
Repurchase of common stock			(3,743)	(666)
Dividends paid on common stock			(699)	(686)
Distributions to noncontrolling interests			(96)	(54)
Net proceeds from issuance of Phillips 66 Partners LP common units			67	171
Other			(58)	(54)
Net Cash Used in Financing Activities			(3,250)	(1,590)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			(16)	19
Net Change in Cash, Cash Equivalents and Restricted Cash			(1,235)	(550)
Cash, cash equivalents and restricted cash at beginning of period		2,711	3,119	2,711
Cash, Cash Equivalents and Restricted Cash at End of Period			1,884	2,161
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			(3,954)	(1,632)
Cash Flows From Investing Activities
Capital expenditures and investments	[1]		0	140
Proceeds from asset dispositions	[3]		(325)	0
Intercompany lending activities			0	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			(325)	140
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			3,954	1,632
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			325	(140)
Net Cash Used in Financing Activities			4,279	1,492
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 | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			3,080	1,143
Cash Flows From Investing Activities
Capital expenditures and investments	[1]		0	0
Proceeds from asset dispositions	[3]		0	0
Intercompany lending activities			131	256
Restricted cash received from consolidation of business				0
Other			0	0
Net Cash Used in Investing Activities			131	256
Cash Flows From Financing Activities
Issuance of debt			1,509	1,500
Repayment of debt			(250)	(1,500)
Issuance of common stock			30	6
Repurchase of common stock			(3,743)	(666)
Dividends paid on common stock			(699)	(686)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(58)	(53)
Net Cash Used in Financing Activities			(3,211)	(1,399)
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 | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			2,523	701
Cash Flows From Investing Activities
Capital expenditures and investments	[1]		(374)	(675)
Proceeds from asset dispositions	[3]		326	2
Intercompany lending activities			121	855
Collection of advances/loans—related parties				75
Restricted cash received from consolidation of business				0
Other			(33)	(59)
Net Cash Used in Investing Activities			40	198
Cash Flows From Financing Activities
Issuance of debt			0	0
Repayment of debt			(7)	(10)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(3,174)	(1,202)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			0	0
Net Cash Used in Financing Activities			(3,181)	(1,212)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			(618)	(313)
Cash, cash equivalents and restricted cash at beginning of period		854	1,411	854
Cash, Cash Equivalents and Restricted Cash at End of Period			793	541
All Other Subsidiaries | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			1,203	1,104
Cash Flows From Investing Activities
Capital expenditures and investments	[1]		(492)	(393)
Proceeds from asset dispositions	[3]		28	49
Intercompany lending activities			(252)	(1,111)
Collection of advances/loans—related parties				250
Restricted cash received from consolidation of business				318
Other			49	(2)
Net Cash Used in Investing Activities			(667)	(889)
Cash Flows From Financing Activities
Issuance of debt			0	1,103
Repayment of debt			(3)	(1,400)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(780)	(430)
Distributions to noncontrolling interests			(96)	(54)
Net proceeds from issuance of Phillips 66 Partners LP common units			67	171
Other			(325)	139
Net Cash Used in Financing Activities			(1,137)	(471)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			(16)	19
Net Change in Cash, Cash Equivalents and Restricted Cash			(617)	(237)
Cash, cash equivalents and restricted cash at beginning of period		$ 1,857	1,708	1,857
Cash, Cash Equivalents and Restricted Cash at End of Period			$ 1,091	$ 1,620
[1]	Includes intercompany capital contributions.
[2]	Includes return of investments in equity affiliates.
[3]	Includes return of investments in equity affiliates.