Phillips 66 (PSX) 10-K 22 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Trading Symbol	PSX
Entity Registrant Name	Phillips 66
Entity Central Index Key	1,534,701
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		454,913,087
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 52.1

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Revenues and Other Income
Sales and other operating revenues		$ 29,098	$ 29,788	$ 28,980	$ 23,595					$ 111,461	[1]
Sales and other operating revenues						$ 29,746	$ 25,627	$ 24,087	$ 22,894			$ 102,354	[1]	$ 84,279	[1]
Equity in earnings of affiliates										2,676		1,732		1,414
Net gain on dispositions										19		15		10
Other income										61		521		74
Total Revenues and Other Income										114,217		104,622		85,777
Costs and Expenses
Purchased crude oil and products										97,930		79,409		62,468
Operating expenses										4,880		4,699		4,275
Selling, general and administrative expenses										1,677		1,695		1,638
Depreciation and amortization										1,356		1,318		1,168
Impairments										8		24		5
Taxes other than income taxes	[1]									425		13,462		13,688
Accretion on discounted liabilities										23		22		21
Interest and debt expense										504		438		338
Foreign currency transaction gains										(31)		0		(15)
Total Costs and Expenses										106,772		101,067		83,586
Income before income taxes										7,445		3,555		2,191
Income tax expense (benefit)										1,572		(1,693)		547
Net Income		2,316	1,568	1,404	585	3,255	849	581	563	5,873		5,248		1,644
Less: net income attributable to noncontrolling interests										278		142		89
Net Income Attributable to Phillips 66		$ 2,240	$ 1,492	$ 1,339	$ 524	$ 3,198	$ 823	$ 550	$ 535	$ 5,595		$ 5,106		$ 1,555
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in dollars per share)		$ 4.85	$ 3.20	$ 2.86	$ 1.07	$ 6.29	$ 1.60	$ 1.06	$ 1.02	$ 11.87		$ 9.90		$ 2.94
Diluted (in dollars per share)		$ 4.82	$ 3.18	$ 2.84	$ 1.07	$ 6.25	$ 1.60	$ 1.06	$ 1.02	$ 11.80		$ 9.85		$ 2.92
Weighted-Average Common Shares Outstanding
Basic (in shares)										470,708		515,090		527,531
Diluted (in shares)										474,047		518,508		530,066
[1]	Includes excise taxes on petroleum products sales: $13,054 million

Consolidated Statement of Inc_2

Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Includes excise taxes on sales of petroleum products	$ 13,054	$ 13,381

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 5,873	$ 5,248	$ 1,644
Defined benefit plans
Net actuarial loss arising during the period	(16)	(1)	(178)
Amortization to income of net actuarial loss, net prior service cost (credit) and settlements	148	176	94
Curtailment gain	5	0	31
Plans sponsored by equity affiliates	22	10	(11)
Income taxes on defined benefit plans	(33)	(70)	13
Defined benefit plans, net of income taxes	126	115	(51)
Foreign currency translation adjustments	(205)	268	(301)
Income taxes on foreign currency translation adjustments	3	(9)	5
Foreign currency translation adjustments, net of income taxes	(202)	259	(296)
Cash flow hedges	1	6	8
Income taxes on hedging activities	0	(2)	(3)
Hedging activities, net of income taxes	1	4	5
Other Comprehensive Income (Loss), Net of Income Taxes	(75)	378	(342)
Comprehensive Income	5,798	5,626	1,302
Less: comprehensive income attributable to noncontrolling interests	278	142	89
Comprehensive Income Attributable to Phillips 66	$ 5,520	$ 5,484	$ 1,213

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 3,019	$ 3,119
Accounts and notes receivable (net of allowances of $22 million in 2018 and $29 million in 2017)	5,414	6,424
Accounts and notes receivable—related parties	759	1,082
Inventories	3,543	3,395
Prepaid expenses and other current assets	474	370
Total Current Assets	13,209	14,390
Investments and long-term receivables	14,421	13,941
Net properties, plants and equipment	22,018	21,460
Goodwill	3,270	3,270
Intangibles	869	876
Other assets	515	434
Total Assets	54,302	54,371
Liabilities
Accounts payable	6,113	7,242
Accounts payable—related parties	473	785
Short-term debt	67	41
Accrued income and other taxes	1,116	1,002
Employee benefit obligations	724	582
Other accruals	442	455
Total Current Liabilities	8,935	10,107
Long-term debt	11,093	10,069
Asset retirement obligations and accrued environmental costs	624	641
Deferred income taxes	5,275	5,008
Employee benefit obligations	867	884
Other liabilities and deferred credits	355	234
Total Liabilities	27,149	26,943
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2018—645,691,761 shares; 2017—643,835,464 shares)	6	6
Capital in excess of par	19,873	19,768
Treasury stock (at cost: 2018—189,526,331 shares; 2017—141,565,145 shares)	(15,023)	(10,378)
Retained earnings	20,489	16,306
Accumulated other comprehensive loss	(692)	(617)
Total Stockholders’ Equity	24,653	25,085
Noncontrolling interests	2,500	2,343
Total Equity	27,153	27,428
Total Liabilities and Equity	$ 54,302	$ 54,371

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Allowance for accounts and notes receivable	$ 22	$ 29
Common Stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common Stock, Par Value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares issued (in shares)	645,691,761	643,835,464
Treasury Stock, shares repurchased (in shares)	189,526,331	141,565,145

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows From Operating Activities
Net Income	$ 5,873	$ 5,248	$ 1,644
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,356	1,318	1,168
Impairments	8	24	5
Accretion on discounted liabilities	23	22	21
Deferred income taxes	252	(1,886)	612
Undistributed equity earnings	221	(516)	(815)
Net gain on dispositions	(19)	(15)	(10)
Gain on consolidation of business	0	(423)	0
Other	132	(186)	(163)
Working capital adjustments
Accounts and notes receivable	1,320	(1,182)	(1,258)
Inventories	(202)	(176)	216
Prepaid expenses and other current assets	(113)	104	(147)
Accounts payable	(1,546)	1,153	1,579
Taxes and other accruals	268	163	111
Net Cash Provided by Operating Activities	7,573	3,648	2,963
Cash Flows From Investing Activities
Capital expenditures and investments	(2,639)	(1,832)	(2,844)
Proceeds from asset dispositions	57	86	156
Advances/loans—related parties	(1)	(10)	(432)
Collection of advances/loans—related parties	0	326	108
Restricted cash received from consolidation of business	0	318	0
Other	112	(34)	(146)
Net Cash Used in Investing Activities	(2,471)	(1,146)	(3,158)
Cash Flows From Financing Activities
Issuance of debt	2,184	3,508	2,090
Repayment of debt	(1,144)	(3,678)	(833)
Issuance of common stock	39	35	34
Repurchase of common stock	(4,645)	(1,590)	(1,042)
Dividends paid on common stock	(1,436)	(1,395)	(1,282)
Distributions to noncontrolling interests	(207)	(120)	(75)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	128	1,205	972
Other	(86)	(76)	(42)
Net Cash Used in Financing Activities	(5,167)	(2,111)	(178)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(35)	17	10
Net Change in Cash, Cash Equivalents and Restricted Cash	(100)	408	(363)
Cash, cash equivalents and restricted cash at beginning of period	3,119	2,711	3,074
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 3,019	$ 3,119	$ 2,711

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests
Beginning Balance at Dec. 31, 2015	$ 23,938	$ 6	$ 19,145	$ (7,746)	$ 12,348	$ (653)	$ 838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	1,644				1,555		89
Other comprehensive income (loss)	(342)					(342)	0
Dividends paid on common stock	(1,282)				(1,282)
Repurchase of common stock	(1,042)			(1,042)
Benefit plan activity	93	0	106		(13)
Issuance of Phillips 66 Partners LP common and preferred units	791		308				483
Distributions to noncontrolling interests	(75)						(75)
Ending Balance at Dec. 31, 2016	$ 23,725	6	19,559	(8,788)	12,608	(995)	1,335
Beginning Balance, Common shares (in shares) at Dec. 31, 2015	639,336,000
Beginning Balance, Treasury stock (in shares) at Dec. 31, 2015	109,926,000
Shares
Shares issued—share-based compensation (in shares)	2,258,000
Repurchase of common stock (in shares)	12,901,000
Ending Balance, Common shares (in shares) at Dec. 31, 2016	641,594,000
Ending Balance, Treasury stock (in shares) at Dec. 31, 2016	122,827,000
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 2.45
Net Income (loss)	$ 5,248				5,106		142
Other comprehensive income (loss)	378					378	0
Dividends paid on common stock	(1,395)				(1,395)
Repurchase of common stock	(1,590)			(1,590)
Benefit plan activity	59	0	72		(13)
Issuance of Phillips 66 Partners LP common and preferred units	1,123		137				986
Distributions to noncontrolling interests	(120)						(120)
Ending Balance at Dec. 31, 2017	$ 27,428	6	19,768	(10,378)	16,306	(617)	2,343
Shares
Shares issued—share-based compensation (in shares)	2,241,000
Repurchase of common stock (in shares)	18,738,000
Ending Balance, Common shares (in shares) at Dec. 31, 2017	643,835,464
Ending Balance, Treasury stock (in shares) at Dec. 31, 2017	141,565,145
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 2.73
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 49				36		13
Net Income (loss)	5,873				5,595		278
Other comprehensive income (loss)	(75)					(75)	0
Dividends paid on common stock	(1,436)				(1,436)
Repurchase of common stock	(4,645)			(4,645)
Benefit plan activity	51	0	63		(12)
Issuance of Phillips 66 Partners LP common and preferred units	115		42				73
Distributions to noncontrolling interests	(207)						(207)
Ending Balance at Dec. 31, 2018	$ 27,153	$ 6	$ 19,873	$ (15,023)	$ 20,489	$ (692)	$ 2,500
Shares
Shares issued—share-based compensation (in shares)	1,857,000
Repurchase of common stock (in shares)	47,961,000
Ending Balance, Common shares (in shares) at Dec. 31, 2018	645,691,761
Ending Balance, Treasury stock (in shares) at Dec. 31, 2018	189,526,331
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.1

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies ▪ Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP , for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion on our significant nonconsolidated VIEs. ▪ Recasted Financial Information —Certain prior period financial information has been recasted to reflect the current year’s presentation. ▪ Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. ▪ Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency. ▪ Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest. ▪ Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method. ▪ Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. ▪ Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings. ▪ Loans and Long-Term Receivables —We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered. ▪ Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate. ▪ Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). ▪ Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset. ▪ Impairment of Properties, Plants and Equipment —PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future pre-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of assets (for example, at a refinery complex level). Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. ▪ Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. ▪ Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized, but is tested for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill loss cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining, and Marketing and Specialties. ▪ Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support the indefinite useful life classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. ▪ Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation arises. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable. ▪ Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability has essentially been relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability for the excess amount above the guarantee’s book value, if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. ▪ Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet. ▪ Revenue Recognition —Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a 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. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. 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. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line on our consolidated statement of income (i.e., these transactions are recorded net). ▪ Taxes Collected from Customers and Remitted to Governmental Authorities —Effective for reporting periods ending after our adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09 on January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined 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 refined 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 refined 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. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line on our consolidated statement of income. ▪ Shipping and Handling Costs —We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.” ▪ Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. ▪ Share-Based Compensation —We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. ▪ Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in interest expense, and penalties in operating expenses.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 2018
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2018, we adopted 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 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 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 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 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. In addition, prospectively from January 1, 2018, our presentation of excise taxes on sales of refined 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 year ended December 31, 2018 , are not presented on a comparable basis to the years ended December 31, 2017 and 2016. See Note 1—Summary of Significant Accounting Policies , for more information on our presentation of excise taxes on sales of refined petroleum products.

Sales and Other Operating Reven

Sales and Other Operating Revenues Sales and Other Operating Revenues	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars 2018 2017* 2016* Product Line and Services Refined petroleum products $ 87,967 85,405 73,385 Crude oil resales 16,419 11,808 7,594 NGL 6,161 4,670 3,107 Services and other 914 471 193 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 Geographic Location** United States $ 86,401 75,684 59,742 United Kingdom 11,054 10,626 9,895 Germany 4,352 6,692 6,128 Other foreign countries 9,654 9,352 8,514 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 * Sales and other operating revenues for the years ended December 31, 2017 and 2016, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 2—Changes in Accounting Principles , for further discussion regarding our adoption of ASU No. 2014-09. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At December 31, 2018 , and January 1, 2018, receivables from contracts with customers were $4,993 million and $6,186 million , 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 December 31, 2018 , and January 1, 2018, our asset balances related to such payments were $248 million and $208 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At December 31, 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, which mostly expire by 2021. At December 31, 2018 , the remaining performance obligations related to these minimum volume commitment contracts were not material.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2018 2017 Crude oil and petroleum products $ 3,238 3,106 Materials and supplies 305 289 $ 3,543 3,395 Inventories valued on the LIFO basis totaled $3,123 million and $2,980 million at December 31, 2018 and 2017 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $2.9 billion and $4.3 billion at December 31, 2018 and 2017 , respectively. LIFO inventory liquidations did not have a material impact on net income for the years ended December 31, 2018 and 2017 . For the year ended December 31, 2016 , LIFO inventory liquidations, excluding the disposition of the Whitegate Refinery, decreased net income by approximately $68 million . In conjunction with the Whitegate Refinery disposition, the refinery’s LIFO inventory values were liquidated causing a decrease in net income of $62 million during 2016. This LIFO liquidation impact was included in the net gain recognized on the disposition.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Merey Sweeny LLC, successor to Merey Sweeny, L.P. (both referred to herein as Merey Sweeny), owns a delayed coker and related facilities at the Sweeny Refinery. In February 2017, we began accounting for Merey Sweeny 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. As the distributions PDVSA received from Merey Sweeny exceeded the amounts it contributed to Merey Sweeny, the contractual formula required no cash consideration for the acquisition. Based on a third-party appraisal of the fair value of Merey Sweeny’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 in the first quarter of 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 Merey Sweeny immediately prior to the deemed acquisition was $145 million . As a result of the transaction, we recorded $318 million of restricted cash, $250 million of PP&E and $238 million of debt, as well as a net $93 million for the elimination of our equity investment in Merey Sweeny and net intercompany payables. Our acquisition accounting was finalized in the first quarter of 2017. The results of Merey Sweeny were included in our Refining segment until October 2017, when we contributed our 100 percent interest in Merey Sweeny to Phillips 66 Partners LP (Phillips 66 Partners), which is included in our Midstream segment. In November 2016, Phillips 66 Partners acquired NGL logistics assets located in southeast Louisiana, consisting of approximately 500 miles of pipelines and storage caverns connecting multiple fractionation facilities, refineries and a petrochemical facility. The acquisition provided an opportunity for fee-based growth in the Louisiana market within our Midstream segment. The acquisition was included in the “Capital expenditures and investments” line on our consolidated statement of cash flows. At the acquisition date, we recorded $183 million of PP&E and $3 million of goodwill. Our acquisition accounting was finalized during the first quarter of 2017, with no change to the provisional amounts recorded in 2016.

Assets Held for Sale or Sold

Assets Held for Sale or Sold	12 Months Ended
	Dec. 31, 2018
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Assets Held for Sale or Sold	Assets Held for Sale or Sold In September 2016, we completed the sale of the Whitegate Refinery and related marketing assets, which were included primarily in our Refining segment. The net carrying value of the assets at the time of their disposition was $135 million , which consisted of $127 million of inventory, other working capital, and PP&E; and $8 million of allocated goodwill. An immaterial gain was recognized in 2016 on the disposition.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments and long-term receivables at December 31 were: Millions of Dollars 2018 2017 Equity investments $ 14,218 13,733 Other investments 106 114 Loans and long-term receivables 97 94 $ 14,421 13,941 Equity Investments Significant affiliated companies accounted for under the equity method, including nonconsolidated VIEs, at December 31, 2018 and 2017, included: • Chevron Phillips Chemical Company LLC (CPChem) — 50 -percent-owned joint venture that manufactures and markets petrochemicals and plastics. We have multiple supply and purchase agreements in place with CPChem, ranging in initial terms from one to 99 years, with extension options. These agreements cover sales and purchases of refined petroleum products, solvents, and petrochemical and NGL feedstocks, as well as fuel oils and gases. All products are purchased and sold under specified pricing formulas based on various published pricing indices. At December 31, 2018 and 2017, the book value of our investment in CPChem was $6,233 million and $6,222 million , respectively. • DCP Midstream, LLC (DCP Midstream) — 50 -percent-owned joint venture that owns and operates gas plants, gathering systems, storage facilities and fractionation plants, through its subsidiary DCP Midstream, LP (DCP Partners). DCP Midstream markets a portion of its NGL to us and our equity affiliates under existing contracts. At December 31, 2018 and 2017, the book value of our investment in DCP Midstream was $2,240 million and $2,227 million , respectively. • WRB Refining LP (WRB) — 50 -percent-owned joint venture that owns the Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. At December 31, 2018 and 2017, the book value of our investment in WRB was $2,108 million and $2,269 million , respectively. We have a basis difference for our investment in WRB because the carrying value of our investment is lower than our share of WRB’s recorded net assets. This basis difference was primarily the result of our contribution of these refineries to WRB. On the contribution closing date, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded our historical book value. The contribution-related basis difference is primarily being amortized and recognized as a benefit to equity earnings evenly over a period of 26 years, which was the estimated remaining useful life of the refineries’ PP&E at the contribution closing date. At December 31, 2018, the aggregate remaining basis difference for this investment was $2,610 million . Equity earnings for the years ended December 31, 2018 , 2017 and 2016 , were increased by $177 million , $186 million and $185 million , respectively, due to the amortization of our aggregate basis difference. • Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) —Phillips 66 Partners’ two 25 -percent-owned joint ventures. Dakota Access owns a pipeline system that delivers crude oil from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCO owns a connecting crude oil pipeline system from Patoka, Illinois, to Nederland, Texas. These two pipeline systems collectively form the Bakken Pipeline system, which is operated by a co-venturer. The Bakken Pipeline system went into service in June 2017. At December 31, 2018 and 2017, the aggregate book value of Phillips 66 Partners’ investments in Dakota Access and ETCO was $608 million and $621 million , respectively. • DCP Sand Hills Pipeline, LLC (Sand Hills) —Phillips 66 Partners’ 33 -percent-owned joint venture that owns an NGL pipeline system that extends from the Permian Basin and Eagle Ford to facilities on the Texas Gulf Coast and to the Mont Belvieu, Texas market hub. The Sand Hills Pipeline system is operated by DCP Partners. At December 31, 2018 and 2017, the book value of Phillips 66 Partners’ investment in Sand Hills was $601 million and $515 million , respectively. • Rockies Express Pipeline LLC (REX) — 25 -percent-owned joint venture that owns a natural gas pipeline system that extends from Wyoming and Colorado to Ohio with a bi-directional section that extends from Ohio to Illinois. The REX Pipeline system is operated by our co-venturer. In July 2018, we contributed $138 million to REX to cover our 25 percent share of a $550 million debt repayment. Our capital contribution was included in the “Capital expenditures and investments” line on our consolidated statement of cash flows. At December 31, 2018 and 2017, the book value of our investment in REX was $600 million and $445 million , respectively. We have a basis difference for our investment in REX because the carrying value of our investment is lower than our share of REX’s recorded net assets. This basis difference was created by historical impairment charges we recorded for this investment. This basis difference is being amortized and recognized as a benefit to equity earnings evenly over a period of 25 years, which was the estimated remaining useful life of REX’s PP&E when the impairment charges were recorded. At December 31, 2018, the remaining basis difference for this investment was $357 million . Equity earnings for the years ended December 31, 2018, 2017 and 2016, were each increased by approximately $20 million due to the amortization of our basis difference. • Gray Oak Pipeline, LLC (Gray Oak) —Phillips 66 Partners’ consolidated subsidiary, Gray Oak Holdings LLC (Holdings LLC), owned a 75 percent interest in a joint venture formed in 2018 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 Freeport markets on the Texas Gulf Coast. The pipeline system is expected to be placed in service by the end of 2019. Phillips 66 Partners accounts for the investment in Gray Oak under the equity method because it does not have sufficient voting rights over key governance provisions to assert control over Gray Oak. Gray Oak is considered a 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 December 31, 2018 , Phillips 66 Partners’ maximum exposure to loss was $373 million , which represented the book value of the investment in Gray Oak of $288 million and guaranteed purchase obligations of $85 million . In February 2019, another party exercised its option to acquire a 10 percent interest in Gray Oak, which reduced Holdings LLC’s ownership interest to 65 percent . See Note 27—Phillips 66 Partners LP , for additional information regarding Phillips 66 Partners’ ownership in Holdings LLC and Gray Oak. • Bayou Bridge Pipeline, LLC (Bayou Bridge )—Phillips 66 Partners’ 40 -percent-owned joint venture that owns a pipeline that delivers crude oil from Nederland, Texas, to Lake Charles, Louisiana. The Bayou Bridge Pipeline is operated by our co-venturer. An extension of the pipeline from Lake Charles to St. James, Louisiana, is expected to be in service in March 2019. At December 31, 2018 and 2017, the book value of our investment in Bayou Bridge was $277 million and $173 million , respectively. • DCP Southern Hills Pipeline, LLC (Southern Hills) —Phillips 66 Partners’ 33 -percent-owned joint venture that owns an NGL pipeline system that extends from the Midcontinent region to the Mont Belvieu, Texas market hub. The Southern Hills Pipeline system is operated by DCP Partners. At December 31, 2018 and 2017, the book value of Phillips 66 Partners’ investment in Southern Hills was $206 million and $209 million , respectively. • OnCue Holdings, LLC (OnCue) — 50 -percent-owned joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue, and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At December 31, 2018 , our maximum exposure to loss was $122 million , which represented the book value of our investment in OnCue of $69 million and guaranteed debt obligations of $53 million . Total distributions received from affiliates were $2,942 million , $1,270 million , and $616 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. In addition, at December 31, 2018 , retained earnings included approximately $2,285 million related to the undistributed earnings of affiliated companies. Summarized 100 percent financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2018 2017 2016 Revenues $ 43,627 35,523 30,605 Income before income taxes 6,066 3,956 3,206 Net income 5,926 3,764 2,960 Current assets 6,791 7,325 7,097 Noncurrent assets 52,649 49,950 50,163 Current liabilities 8,047 5,248 5,173 Noncurrent liabilities 10,695 13,743 13,709 Noncontrolling interests 2,550 2,549 2,260 Related Party Loans and Advances In 2017, we received payment of the $250 million outstanding sponsor loans to the Dakota Access and ETCO joint ventures. We also received payment of the $75 million partner loan we made to 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	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining and processing facilities are generally depreciated on a straight-line basis over a 25 -year life, pipeline assets over a 45 -year life and terminal assets over a 33 -year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2018 2017 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,663 2,100 7,563 8,849 1,853 6,996 Chemicals — — — — — — Refining 22,640 9,531 13,109 22,144 8,987 13,157 Marketing and Specialties 1,671 926 745 1,658 909 749 Corporate and Other 1,223 622 601 1,091 533 558 $ 35,197 13,179 22,018 33,742 12,282 21,460

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2017 $ 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2017 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2018 $ 626 1,805 839 3,270 Intangible Assets The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2018 2017 Trade names and trademarks $ 503 503 Refinery air and operating permits 250 252 Other — 1 $ 753 756 The net book value of our amortized intangible assets was $116 million and $120 million at December 31, 2018 and 2017, respectively. Acquisitions of amortized intangible assets were not material in 2018 and 2017. For the years ended December 31, 2018 , 2017 and 2016 , amortization expense was $14 million , $21 million and $18 million , respectively, and is expected to be less than $20 million per year in future years.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2018
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2018 2017 Asset retirement obligations $ 261 268 Accrued environmental costs 447 458 Total asset retirement obligations and accrued environmental costs 708 726 Asset retirement obligations and accrued environmental costs due within one year* (84 ) (85 ) Long-term asset retirement obligations and accrued environmental costs $ 624 641 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset retirement obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. Our largest individual obligations involve asbestos abatement at refineries. During the years ended December 31, 2018 and 2017 , our overall asset retirement obligation changed as follows: Millions of Dollars 2018 2017 Balance at January 1 $ 268 244 Accretion of discount 10 10 Changes in estimates of existing obligations 3 17 Spending on existing obligations (15 ) (14 ) Foreign currency translation (5 ) 11 Balance at December 31 $ 261 268 Accrued Environmental Costs For the year ended December 31, 2018, the $11 million decrease in total accrued environmental costs was due to payments and settlements during the year, which exceeded new accruals, accrual adjustments and accretion. Of our total accrued environmental costs at December 31, 2018 , $224 million was primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $167 million was associated with nonoperator sites; and $56 million was related to sites at which we have been named a potentially responsible party under federal or state laws. A large portion of our expected environmental expenditures have been discounted as these obligations were acquired in various business combinations. Expected expenditures for acquired environmental obligations were discounted using a weighted-average discount rate of approximately 5 percent . At December 31, 2018 , the accrued balance for acquired environmental liabilities was $261 million . The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $24 million in 2019 , $41 million in 2020 , $23 million in 2021 , $22 million in 2022 , $15 million in 2023 , and $206 million in the aggregate for all years after 2023 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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. 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 5,595 5,595 5,106 5,106 1,555 1,555 Income allocated to participating securities (6 ) — (6 ) — (6 ) (5 ) Net income available to common stockholders $ 5,589 5,595 5,100 5,106 1,549 1,550 Weighted-average common shares outstanding (thousands) : 467,483 470,708 511,268 515,090 523,250 527,531 Effect of share-based compensation 3,225 3,339 3,822 3,418 4,281 2,535 Weighted-average common shares outstanding—EPS 470,708 474,047 515,090 518,508 527,531 530,066 Earnings Per Share of Common Stock (dollars) $ 11.87 11.80 9.90 9.85 2.94 2.92

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Short-term and long-term debt at December 31 was: Millions of Dollars 2018 2017 Phillips 66 4.300% Senior Notes due April 2022 $ 2,000 2,000 3.900% Senior Notes due March 2028 800 — 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,500 Floating-rate notes due April 2019 at 2.009% at year-end 2017 — 300 Floating-rate notes due April 2020 at 3.186% and 2.109% at year-end 2018 and 2017, respectively 300 300 Term loan due April 2020 at 3.422% and 2.469% at year-end 2018 and 2017, respectively 200 450 Floating-rate Senior Notes due February 2021 at 3.289% at year-end 2018 500 — Other 1 1 Phillips 66 Partners 2.646% Senior Notes due February 2020 300 300 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Tax-exempt bonds due April 2020 and April 2021 at 1.885% and 1.935% at year-end 2018 and 2017, respectively 75 100 Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 125 — Debt at face value 11,076 10,026 Capitalized leases 184 192 Net unamortized discounts and debt issuance costs (100 ) (108 ) Total debt 11,160 10,110 Short-term debt (67 ) (41 ) Long-term debt $ 11,093 10,069 Maturities of borrowings outstanding at December 31, 2018 , inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2019 through 2023 are $67 million , $836 million , $636 million , $2,005 million and $11 million , respectively. Debt Issuances 2018 Issuances On March 1, 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 February 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 March 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 November 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 17—Equity , for additional information. 2017 Issuances In October 2017, Phillips 66 Partners closed on a public offering of $650 million aggregate principal amount of senior notes, consisting of $500 million of 3.750% Senior Notes due March 2028 and $150 million of 4.680% Senior Notes due February 2045. Interest on the 3.750% Senior Notes due March 2028 is payable semiannually in arrears on March 1 and September 1 of each year, commencing on March 1, 2018. Interest on the 4.680% Senior Notes due February 2045 is payable semiannually in arrears on February 15 and August 15 of each year. In April 2017, Phillips 66 completed a private offering of $600 million aggregate principal amount of unsecured notes, consisting of $300 million of floating-rate notes due April 2019 (2019 Notes) and $300 million of floating-rate notes due April 2020 (2020 Notes). Interest on these notes is a floating rate equal to three-month LIBOR plus 0.65% per annum for the 2019 Notes and three-month LIBOR plus 0.75% per annum for the 2020 Notes. Interest on both series of notes is payable quarterly in arrears on January 15, April 15, July 15 and October 15, commencing in July 2017. The 2019 Notes mature on April 15, 2019, and the 2020 Notes mature on April 15, 2020. The notes are guaranteed by Phillips 66 Company, a wholly owned subsidiary. Also in April 2017, Phillips 66 entered into term loan facilities with an aggregate borrowing amount of $900 million , consisting of a $450 million 364 -day facility due April 2018 and a $450 million three -year facility due April 2020. Interest on the term loans is a floating rate based on either the Eurodollar rate or the reference rate, plus a margin determined by our long-term credit ratings. In February 2017, as part of the consolidation of Merey Sweeny, Phillips 66 assumed $135 million of 8.850% Senior Notes due in 2019 and $100 million of tax-exempt bonds due between 2018 and 2021. See Note 5—Business Combinations , for additional information regarding the consolidation of Merey Sweeny. Debt Repayments 2018 Repayments In December 2018, Phillips 66 repaid the $300 million floating-rate notes due April 2019. In June 2018, Phillips 66 repaid $250 million of the $450 million outstanding under its three -year term loan facility due April 2020. 2017 Repayments In October 2017, as part of a contribution of assets to Phillips 66 Partners, Phillips 66 Partners assumed the $450 million term loan outstanding under the 364 -day facility originally issued in April 2017, and subsequently repaid the loan. See Note 27—Phillips 66 Partners LP , for additional information. In May 2017, Phillips 66 repaid $1,500 million of 2.950% Senior Notes upon maturity with the funding from the April 2017 debt issuances discussed above. In addition, Phillips 66 repaid $135 million of Merey Sweeny 8.850% Senior Notes due in 2019 originally recorded in February 2017 as part of the consolidation of Merey Sweeny. See Note 5—Business Combinations , for additional information regarding the consolidation of Merey Sweeny. In 2017, Phillips 66 Partners repaid the $210 million of borrowings outstanding under its $750 million revolving credit facility at December 31, 2016. Credit Facilities and Commercial Paper Phillips 66 has a $5 billion revolving credit facility that extends until October 2021. This facility may be used for direct bank borrowings, as support for issuances of letters of credit, or as support for our commercial paper program. The facility is with a broad syndicate of financial institutions and contains covenants that are usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 60 percent . The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. Borrowings under the facility will incur interest at the LIBOR plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc. The facility also provides for customary fees, including administrative agent fees and commitment fees. At December 31, 2018 and 2017 , no amount had been drawn under this revolving credit agreement. Phillips 66 has a $5 billion commercial paper program for short-term working capital needs that is supported by our revolving credit facility. Commercial paper maturities are generally limited to 90 days. At December 31, 2018 and 2017 , no borrowings were outstanding under the commercial paper program. Phillips 66 Partners has a $750 million revolving credit facility that extends until October 2021. The Phillips 66 Partners facility is with a broad syndicate of financial institutions and contains covenants that are usual and customary for an agreement of this type for comparable commercial borrowers. At Phillips 66 Partners’ option, outstanding borrowings under this facility bear interest at either i) the Eurodollar rate plus a margin based on its credit rating; or ii) the base rate (as described in the facility agreement) plus a margin based on its credit rating. Eurodollar rate borrowings are due on the facility’s termination date, while base rate borrowings are due the earlier of the facility’s termination date or the fourteenth business day after such borrowings were made. At December 31, 2018 , Phillips 66 Partners had borrowings of $125 million outstanding under this facility. There were no borrowings outstanding under this facility at December 31, 2017 .

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2018
Guarantees [Abstract]
Guarantees	Guarantees At December 31, 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 guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. Guarantees of Joint Venture Obligations At December 31, 2018 , we had guarantees outstanding for our portion of certain joint venture debt and purchase 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 $304 million . Payment would be required if a joint venture defaults on its obligations. Residual Value 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 $300 million , which have remaining terms of up to five years. For the years ended December 31, 2018 , 2017 and 2016 , we recognized incremental operating lease rental expense of $20 million , $45 million and $28 million , respectively, for residual value deficiencies for certain railcar leases based on third-party appraisals of the railcars’ expected fair value at the end of the lease terms. These railcar leases were amended in November 2018 and October 2017 resulting in residual value deficiency settlement payments of $40 million and $53 million , respectively. At December 31, 2018 , we do not have any liabilities recorded for residual value deficiencies under our railcar leases. 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 December 31, 2018 and 2017, the carrying amount of recorded indemnifications was $171 million and $193 million , respectively. 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 December 31, 2018 and 2017, environmental accruals for known contamination of $101 million and $104 million , respectively, were included in the carrying amount of recorded indemnifications. These environmental 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 14—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	12 Months Ended
	Dec. 31, 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. See Note 21—Income Taxes , for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using 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. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10— Asset Retirement Obligations and Accrued Environmental Costs , for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2018 , we had performance obligations secured by letters of credit and bank guarantees of $587 million related to various purchase and other commitments incident to the ordinary conduct of business. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. At December 31, 2018, the estimated aggregate future payments under these agreements were $318 million per year for each year from 2019 through 2023 and $2,280 million in the aggregate for all years after 2023. For the years ended December 31, 2018 , 2017 and 2016 , total payments under these agreements were $323 million , $323 million and $325 million , respectively.

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 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 petroleum product, NGL, natural gas and power commodity contracts to purchase or sell quantities we expect to use or sell in the normal course of business. All other derivative instruments are recorded at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 16—Fair Value Measurements . Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined petroleum product, 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 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 legal right of offset exists. Millions of Dollars December 31, 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 $ 1,257 (1,070 ) (89 ) 98 43 (19 ) — 24 Other assets 2 — — 2 7 (3 ) — 4 Liabilities Other accruals — (23 ) — (23 ) 699 (746 ) 21 (26 ) Other liabilities and deferred credits 5 (7 ) — (2 ) — (1 ) — (1 ) Total $ 1,264 (1,100 ) (89 ) 75 749 (769 ) 21 1 At December 31, 2018 and 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 2018 2017 2016 Sales and other operating revenues $ 192 (247 ) (451 ) Other income (15 ) 27 29 Purchased crude oil and products (64 ) (18 ) (62 ) Net gain (loss) from commodity derivative activity $ 113 (238 ) (484 ) 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 twelve months was at least 98 percent at December 31, 2018 and 2017 . Open Position Long / (Short) 2018 2017 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (17 ) (11 ) Interest Rate Derivative Contracts —In 2016, we entered into interest rate swaps to hedge the variability of lease payments on our headquarters facility. 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 $15 million and $14 million at December 31, 2018 and 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 years ended December 31, 2018 and 2017 . We currently estimate that pre-tax gains of $7 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 trade receivables and derivative contracts. 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. The credit risk from our 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, typically on a daily basis, until settled. 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 December 31, 2018 and 2017 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), 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 year ended December 31, 2018, derivative assets with an aggregate value of $246 million and derivative liabilities with an aggregate value of $246 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. Physical commodity forward purchase and sales contracts and over-the-counter (OTC) financial swaps 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, physical commodity purchase and sales contracts and OTC swaps 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. Physical and OTC 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 amounts, 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 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. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 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 $ 674 547 — 1,221 (1,075 ) (89 ) — 57 Physical forward contracts — 39 4 43 — — — 43 Interest rate derivatives — 15 — 15 — — — 15 Rabbi trust assets 104 — — 104 N/A N/A — 104 $ 778 601 4 1,383 (1,075 ) (89 ) — 219 Commodity Derivative Liabilities Exchange-cleared instruments $ 605 472 — 1,077 (1,075 ) — — 2 Physical forward contracts — 20 — 20 — — — 20 OTC instruments — 3 — 3 — — — 3 Floating-rate debt — 1,200 — 1,200 N/A N/A — 1,200 Fixed-rate debt, excluding capital leases — 9,727 — 9,727 N/A N/A 49 9,776 $ 605 11,422 — 12,027 (1,075 ) — 49 11,001 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 floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” lines on our consolidated balance sheet. See Note 15—Derivatives and Financial Instruments , for information regarding where the assets and liabilities related to our commodity and interest rate derivatives are recorded on our consolidated balance sheet. Nonrecurring Fair Value Measurements See Note 5—Business Combinations , for information on the remeasurement of our investment in Merey Sweeny to fair value in 2017 . For the years ended December 31, 2018 and 2017 , there were no other material nonrecurring fair value remeasurements of assets subsequent to their initial recognition.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued. Treasury Stock Since July 2012, our Board of Directors has, at various times, authorized repurchases of our outstanding common stock under our share repurchase program, which aggregate to a total authorization of up to $12 billion . The shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. Since the inception of our share repurchase program in 2012 through December 31, 2018 , we have repurchased a total of 137,103,716 shares at an aggregate cost of $10,393 million . 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 35,000,000 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. This specific share repurchase transaction was separately authorized by our Board of Directors and therefore did not impact previously announced authorizations under our share repurchase program, which are discussed above. In 2014, we completed the exchange of our flow improver business for shares of Phillips 66 common stock owned by the other party to the transaction. We received 17,422,615 shares of our common stock with a fair value at the time of the exchange of $1,350 million . This specific share repurchase transaction was also separately authorized by our Board of Directors and therefore did not impact previously announced authorizations under our share repurchase program, which are discussed above. Common Stock Dividends On February 6, 2019, our Board of Directors declared a quarterly cash dividend of $0.80 per common share, payable March 1, 2019, to holders of record at the close of business on February 19, 2019. Noncontrolling Interests Our noncontrolling interests primarily represent issuances of common and preferred units to the public by Phillips 66 Partners. See Note 27—Phillips 66 Partners LP , for information on Phillips 66 Partners.

Leases

Leases	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Leases	Leases We lease ocean transport vessels, tugboats, barges, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. There are no significant restrictions imposed on us by the leasing agreements with regard to dividends, asset dispositions or borrowing ability. Our capital lease obligations relate primarily to the lease of an oil terminal in the United Kingdom. The lease obligation is subject to foreign currency translation adjustments each reporting period. The total net PP&E recorded for capital leases was $196 million and $210 million at December 31, 2018 and 2017 , respectively. Future minimum lease payments at December 31, 2018 , for capital and operating lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2019 $ 23 509 2020 19 392 2021 18 181 2022 16 124 2023 16 83 Remaining years 138 292 Total 230 1,581 Less: income from subleases — 38 Net minimum lease payments $ 230 1,543 Less: amount representing interest 46 Capital lease obligations $ 184 Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2018 2017 2016 Minimum rentals $ 669 680 669 Contingent rentals 5 6 6 Less: sublease rental income 71 73 95 $ 603 613 580

Pension and Postretirement Plan

Pension and Postretirement Plans	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 3,043 1,209 2,881 1,055 232 225 Service cost 136 29 132 32 6 6 Interest cost 104 28 108 27 7 8 Plan participant contributions — 2 — 2 4 3 Net actuarial loss (gain) (167 ) (165 ) 267 (5 ) (9 ) 6 Benefits paid (386 ) (27 ) (345 ) (20 ) (20 ) (16 ) Curtailment gain — (5 ) — — — — Foreign currency exchange rate change — (64 ) — 118 — — Benefit obligations at December 31 $ 2,730 1,007 3,043 1,209 220 232 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,751 972 2,274 796 — — Actual return on plan assets (122 ) (29 ) 399 71 — — Company contributions 134 34 423 35 16 13 Plan participant contributions — 2 — 2 4 3 Benefits paid (386 ) (27 ) (345 ) (20 ) (20 ) (16 ) Foreign currency exchange rate change — (50 ) — 88 — — Fair value of plan assets at December 31 $ 2,377 902 2,751 972 — — Funded Status at December 31 $ (353 ) (105 ) (292 ) (237 ) (220 ) (232 ) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 78 — — — — Current liabilities (25 ) — (25 ) — (16 ) (16 ) Noncurrent liabilities (328 ) (183 ) (267 ) (237 ) (204 ) (216 ) Total recognized $ (353 ) (105 ) (292 ) (237 ) (220 ) (232 ) Included in accumulated other comprehensive loss at December 31 were the following pre-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 539 64 545 190 (8 ) 1 Unrecognized prior service credit — (3 ) — (4 ) (6 ) (7 ) Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Loss Net actuarial gain (loss) arising during the period $ (125 ) 102 (14 ) 14 9 (6 ) Curtailment gain — 5 — — — — Amortization of net actuarial loss and settlements included in income 131 19 153 23 — — Net change in unrecognized net actuarial loss (gain) during the period $ 6 126 139 37 9 (6 ) Prior service cost (credit) arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income — (1 ) 3 (1 ) (1 ) (2 ) Net change in unrecognized prior service cost (credit) during the period $ — (1 ) 3 (1 ) (1 ) (2 ) The accumulated benefit obligations for all U.S. and international pension plans were $2,466 million and $878 million , respectively, at December 31, 2018 , and $2,743 million and $1,006 million , respectively, at December 31, 2017 . Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2018 2017 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 123 345 143 368 Fair value of plan assets — 182 — 196 Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2018 2017 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,730 365 3,043 1,209 Fair value of plan assets 2,377 182 2,751 972 Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 136 29 132 32 127 32 6 6 7 Interest cost 104 28 108 27 116 28 7 8 8 Expected return on plan assets (169 ) (46 ) (146 ) (40 ) (128 ) (38 ) — — — Amortization of prior service cost (credit) — (1 ) 3 (1 ) 3 (1 ) (1 ) (2 ) (1 ) Amortization of net actuarial loss 59 19 70 23 72 14 — — — Settlements 72 — 83 — 8 — — — — Total net periodic benefit cost* $ 202 29 250 41 198 35 12 12 14 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income. In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 4.30 % 2.59 3.60 2.36 4.15 3.35 Rate of compensation increase 4.00 3.34 4.00 3.74 — — Interest crediting rate on cash balance plan 3.25 — 3.00 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 3.60 % 2.36 3.95 2.46 3.35 3.65 Expected return on plan assets 6.50 4.78 6.75 4.74 — — Rate of compensation increase 4.00 3.74 4.00 3.78 — — Interest crediting rate on cash balance plan 3.00 — 3.55 — — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. For the year ended December 31, 2018 , actuarial gains resulted in decreases in our U.S. and international pension benefit obligations of $167 million and $165 million , respectively. The primary drivers for the actuarial gains were increases in the discount rates and changes to the census data demographics. For the year ended December 31, 2017 , actuarial losses resulted in an increase in our U.S. pension benefit obligations of $267 million . The primary drivers for the actuarial losses were decreases in the discount rates and changes to the census data demographics. For the year ended December 31, 2018, the weighted-average actual return on plan assets for our U.S. pension plans was negative 4 percent , which resulted in a $122 million reduction in plan assets. For the year ended December 31, 2017, the weighted-average actual return on plan assets for our U.S. pension plans was positive 18 percent , which resulted in a $399 million increase in plan assets. The primary driver of the return on plan assets in 2018 and 2017 was fluctuations in the equity markets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical plans. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance through the company. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 7.00 percent in 2019 that declines to 5.00 percent by 2027 . Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 50 percent equity securities, 42 percent debt securities and 8 percent in all other types of investments. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities are based on quoted market prices. • Fair values of corporate debt securities are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. • Fair values of mutual funds are valued based on quoted market prices, which represent the net asset value (NAV) of shares held. • Cash and cash equivalents are valued at cost, which approximates fair value. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of investments in common/collective trusts and real estate funds are valued at NAV as a practical expedient. The NAV is based on the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. These investments valued at NAV are not classified within the fair value hierarchy, but are presented in the fair value table to permit reconciliation of total plan assets to the amounts presented in the notes to consolidated financial statements. The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities $ 421 — — 421 — — — — Government debt securities 610 — — 610 — — — — Corporate debt securities — 129 — 129 — — — — Cash and cash equivalents 50 — — 50 7 — — 7 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,081 129 — 1,210 7 — 14 21 Common/collective trusts measured at NAV 1,048 873 Real estate funds measured at NAV 119 8 Total $ 1,081 129 — 2,377 7 — 14 902 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2017 Equity securities $ 589 — — 589 — — — — Government debt securities 632 — — 632 — — — — Mutual funds 129 — — 129 — — — — Cash and cash equivalents 90 — — 90 6 — — 6 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,440 — — 1,440 6 — 14 20 Common/collective trusts measured at NAV 1,311 944 Real estate funds measured at NAV — 8 Total $ 1,440 — — 2,751 6 — 14 972 Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2019 , we expect to contribute approximately $60 million to our U.S. pension plans and other postretirement benefit plans and $30 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2019 $ 412 19 25 2020 292 20 27 2021 285 22 27 2022 299 23 26 2023 274 26 25 2024-2028 1,205 158 102 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75 percent of their eligible pay, subject to certain statutory limits, in the thrift feature of the Savings Plan to a choice of investment funds. For the years ended December 31, 2018, 2017 and 2016, Phillips 66 provided a company match of participant thrift contributions up to 5 percent of eligible pay. In addition, participants who contributed at least 1 percent to the Savings Plan were eligible for “Success Share,” a semi-annual discretionary company contribution to the Savings Plan that can range from 0 to 6 percent of eligible pay, with a target of 2 percent . For the years ended December 31, 2018 , 2017 and 2016 , we recorded expense of $178 million , $101 million and $99 million , respectively, related to our contributions to the Savings Plan.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans	Share-Based Compensation Plans In accordance with the Employee Matters Agreement related to the Separation, compensation awards based on ConocoPhillips stock and granted before April 30, 2012 (the Separation Date) were converted to compensation awards based on both ConocoPhillips and Phillips 66 stock if, on the Separation Date, the awards were: (1) options outstanding and exercisable; or (2) restricted stock or restricted stock units (RSUs) awarded for completed performance periods under the ConocoPhillips Performance Share Program. Phillips 66 restricted stock, RSUs and options issued in this conversion became subject to the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan) on the Separation Date, whether held by grantees working for Phillips 66 or grantees that remained employees of ConocoPhillips. Some of these awards based on Phillips 66 stock and held by employees of ConocoPhillips are outstanding and appear in the activity tables for the Stock Option and the Performance Share Programs presented later in this footnote. In May 2013, shareholders approved the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan). Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan, which authorizes the Human Resources and Compensation Committee (HRCC) of our Board of Directors to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, non-employee directors and other plan participants. The number of new shares that may be issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million . We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2018 2017 2016 Share-based compensation expense $ 100 142 156 Income tax benefit (45 ) (74 ) (59 ) Stock Options Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchases of our common stock at exercise prices equivalent to the average of the high and low market price of our stock on the date the options were granted. The options have terms of 10 years and vest ratably, with one-third of the options becoming exercisable on each anniversary date for the three years following the date of grant. Options awarded to employees eligible for retirement are not subject to forfeiture six months after the grant date. The following table summarizes our stock option activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2018 4,838,855 $ 58.34 Granted 650,000 94.85 $ 20.69 Forfeited (49,027 ) 89.93 Exercised (687,020 ) 57.61 $ 37 Outstanding at December 31, 2018 4,752,808 $ 63.11 Vested at December 31, 2018 3,941,271 $ 57.79 $ 109 Exercisable at December 31, 2018 3,331,259 $ 53.51 $ 106 The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2018 , were 4.87 years and 4.29 years, respectively. During 2018 , we received $39 million in cash and realized an income tax benefit of $7 million from the exercise of options. At December 31, 2018 , the remaining unrecognized compensation expense from unvested options was $6 million , which will be recognized over a weighted-average period of 21 months, the longest period being 25 months. The calculations of realized income tax benefits and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2017 and 2016 , we granted options with a weighted-average grant-date fair value of $16.95 and $16.94 , respectively. During 2017 and 2016 , employees exercised options with an aggregate intrinsic value of $62 million and $58 million , respectively. The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2018 2017 2016 Risk-free interest rate 2.81 % 2.28 1.71 Dividend yield 2.80 % 2.90 3.00 Volatility factor 25.41 % 26.91 28.68 Expected life (years) 7.18 7.22 7.08 We calculate the volatility factor using historical Phillips 66 end-of-week closing stock prices since the Separation Date. We periodically calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Restricted Stock Units Generally, RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years. The grant date fair value is equal to the average of the high and low market price of our stock on the grant date. The recipients receive a quarterly dividend equivalent cash payment until the RSU is settled by issuing one share of our common stock for each RSU at the end of the service period. RSUs granted to retirement-eligible employees are not subject to forfeiture six months after the grant date. Special RSUs are granted to attract or retain key personnel and the terms and conditions may vary by award. The following table summarizes our RSU activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2018 2,496,425 $ 77.20 Granted 822,457 96.16 Forfeited (63,977 ) 84.61 Issued (995,076 ) 75.77 $ 102 Outstanding at December 31, 2018 2,259,829 $ 84.52 Not Vested at December 31, 2018 1,565,641 $ 84.99 At December 31, 2018 , the remaining unrecognized compensation cost from unvested RSU awards was $53 million , which will be recognized over a weighted-average period of 22 months, the longest period being 36 months. During 2017 and 2016 , we granted RSUs with a weighted-average grant-date fair value of $78.49 and $78.56 , respectively. During 2017 and 2016 , we issued shares with an aggregate fair value of $85 million and $109 million , respectively, to settle RSUs. Performance Share Units Under the P66 Omnibus Plan, we annually grant to senior management restricted performance share units (PSUs) with three -year performance periods that vest when the HRCC approves the three-year performance results on the grant date. PSUs granted under the P66 Omnibus Plan are classified as liability awards and compensation expense is recognized beginning on the authorization date and ending on the vesting date. PSUs granted under the P66 Omnibus Plan are settled by cash payments equal to the fair value of the awards, which is based on the market prices of our stock near the end of the performance periods. The HRCC must approve the three -year performance results prior to payout. Dividend equivalents are not paid on these awards. PSUs granted under prior incentive compensation plans were classified as equity awards. These equity awards are settled upon an employee’s retirement by issuing one share of our common stock for each PSU held. Dividend equivalents are paid on these awards. The following table summarizes our PSU activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2018 2,558,278 $ 52.06 Granted 494,277 99.74 Forfeited (16,716 ) 69.90 Issued (639,060 ) 59.15 $ 70 Cash settled (494,277 ) 99.74 49 Outstanding at December 31, 2018 1,902,502 $ 49.52 Not Vested at December 31, 2018 153,236 $ 65.59 At December 31, 2018 , the remaining unrecognized compensation cost from unvested PSU awards was $1 million , which will be recognized over a weighted-average period of 14 months, with the longest period being 4 years. The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2017 and 2016 , we granted PSUs with a weighted-average grant-date fair value of $86.88 and $78.62 , respectively. During 2017 and 2016 , we issued shares with an aggregate fair value of $54 million and $26 million , respectively, to settle PSUs. During 2017 and 2016, we cash settled PSUs with an aggregate fair value of $56 million and $60 million , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In December 2017, the U.S. government enacted comprehensive income tax legislation, referred to as the Tax Cuts and Jobs Act (the Tax Act). The material provisions of the Tax Act i) reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent beginning January 1, 2018, ii) required companies to reflect on their 2017 corporate income tax return a liability for a one-time deemed repatriation tax on foreign-sourced earnings that were previously tax deferred, and iii) created a new tax regime for post-2017 foreign-sourced earnings. To account for the reduction in the U.S. federal corporate income tax rate, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, generally 21 percent , which resulted in the recognition of a provisional deferred tax benefit of $2,870 million in the year ended December 31, 2017. To account for the one-time deemed repatriation income tax, we calculated our provisional liability in accordance with the Tax Act and considered previously accrued current and deferred tax liabilities on undistributed earnings of our foreign subsidiaries and foreign joint ventures. The effects of the one-time deemed repatriation tax resulted in the recognition of a provisional income tax expense of $149 million in the year ended December 31, 2017. During the year ended December 31, 2018, we recorded adjustments to finalize our accounting for the income tax effects of the Tax Act, which increased our income tax expense by $36 million . The adjustments were primarily due to the revision of our estimated deferred income tax balances in conjunction with the filing of our 2017 income tax return and the issuance of additional guidance by the U.S. Internal Revenue Service related to the calculation of the one-time deemed repatriation tax. Components of income tax expense (benefit) were: Millions of Dollars 2018 2017 2016 Income Tax Expense (Benefit) Federal Current $ 739 9 (105 ) Deferred 257 (1,960 ) 645 Foreign Current 326 126 66 Deferred 53 3 (84 ) State and local Current 255 61 (24 ) Deferred (58 ) 68 49 $ 1,572 (1,693 ) 547 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2018 2017 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,074 2,942 Investment in joint ventures 2,041 1,923 Investment in subsidiaries 602 594 Inventory 66 — Other 14 18 Total deferred tax liabilities 5,797 5,477 Deferred Tax Assets Benefit plan accruals 395 314 Asset retirement obligations and accrued environmental costs 109 121 Loss and credit carryforwards 59 96 Other financial accruals and deferrals 16 44 Inventory — 10 Other — 3 Total deferred tax assets 579 588 Less: valuation allowance 8 28 Net deferred tax assets 571 560 Net deferred tax liabilities $ 5,226 4,917 At December 31, 2018, the loss and credit carryforward deferred tax assets were primarily related to a German interest deduction carryforward of $51 million , and capital loss and net operating loss carryforwards in the United Kingdom of $5 million . All losses may be carried forward indefinitely. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During the year ended December 31, 2018 , our total valuation allowance balance decreased by $20 million . Based on our historical taxable income, expectations for the future and available tax planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. At December 31, 2017 , all undistributed earnings of our foreign subsidiaries and foreign joint ventures were included in our computation of the one-time deemed repatriation tax associated with the enactment of the Tax Act. Earnings of our foreign subsidiaries and foreign joint ventures after December 31, 2017, are generally not subject to incremental income taxes in the United States or withholding taxes in foreign countries upon repatriation. As such, we only assert that the earnings of one of our foreign subsidiaries are permanently reinvested. At December 31, 2018 and 2017, the unrecorded deferred tax liability related to the undistributed earnings of this foreign subsidiary was not material. As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized income tax benefits related to our operations for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. Following is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2018 2017 2016 Balance at January 1 $ 34 70 82 Additions for tax positions of prior years 1 1 5 Reductions for tax positions of prior years (2 ) (5 ) (17 ) Settlements (10 ) (32 ) — Balance at December 31 $ 23 34 70 Included in the balance of unrecognized income tax benefits at December 31, 2018 , 2017 and 2016 were $1 million , $5 million and $13 million , respectively, which, if recognized, would affect our effective income tax rate. With respect to various unrecognized income tax benefits and the related accrued liabilities, we do not expect any to be recognized or paid within the next twelve months. At December 31, 2018 , 2017 and 2016 , accrued liabilities for interest and penalties, net of accrued income taxes, totaled $5 million , $8 million and $12 million , respectively. As a result of reversing certain of these accruals, net income increased by $1 million and $7 million for the years ended December 31, 2017 and 2016 , respectively. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2015), Germany (2014) and United States Phillips 66 audits (2013) and United States ConocoPhillips audits (2010). Certain issues remain in dispute for audited years, and unrecognized income tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized income tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized income tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of Income Before Income Taxes 2018 2017 2016 2018 2017 2016 Income before income taxes United States $ 5,716 2,799 1,713 76.8 % 78.7 78.2 Foreign 1,729 756 478 23.2 21.3 21.8 $ 7,445 3,555 2,191 100.0 % 100.0 100.0 Federal statutory income tax $ 1,563 1,244 767 21.0 % 35.0 35.0 State income tax, net of federal benefit 155 79 12 2.1 2.2 0.6 Tax Cuts and Jobs Act 36 (2,721 ) — 0.5 (76.5 ) — Foreign rate differential (91 ) (210 ) (152 ) (1.2 ) (5.9 ) (6.9 ) Noncontrolling interests (58 ) (46 ) (26 ) (0.8 ) (1.3 ) (1.2 ) Change in valuation allowance (20 ) (4 ) (81 ) (0.3 ) (0.1 ) (3.7 ) Federal manufacturing deduction — (18 ) — — (0.5 ) — Other (13 ) (17 ) 27 (0.2 ) (0.5 ) 1.2 $ 1,572 (1,693 ) 547 21.1 % (47.6 ) 25.0 Income tax expense of $13 million , $81 million and $150 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, is reflected in the “Capital in Excess of Par” column on our consolidated statement of changes in equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 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, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications (112 ) (296 ) 5 (403 ) Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 61 — — 61 Net current period other comprehensive income (loss) (51 ) (296 ) 5 (342 ) December 31, 2016 (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 259 4 266 Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Net current period other comprehensive income 115 259 4 378 December 31, 2017 (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 14 (192 ) 4 (174 ) Amounts reclassified from accumulated other comprehensive loss Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Foreign currency translation — (10 ) — (10 ) Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 126 (202 ) 1 (75 ) December 31, 2018 $ (472 ) (228 ) 8 (692 ) * There were no significant reclassifications related to foreign currency translation or hedging in the years ended December 31, 2017 and 2016 . ** Included in the computation of net periodic benefit cost. See Note 19—Pension and Postretirement Plans , for additional information.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Supplemental Cash Flow Information Millions of Dollars 2018 2017 2016 Cash Payments (Receipts) Interest $ 465 421 311 Income taxes* 984 (257 ) (375 ) * 2017 and 2016 reflected a net cash refund position; cash payments for income taxes were $102 million and $385 million in 2017 and 2016, respectively. Restricted Cash At December 31, 2018, 2017 and 2016, the company did not have any restricted cash. The restrictions on the cash acquired in February 2017, as a result of the consolidation of Merey Sweeny, were fully removed in May 2017 when Merey Sweeny’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 our consolidation of Merey Sweeny.

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2018 2017 2016 Interest and Debt Expense Incurred Debt $ 493 432 402 Other 28 21 17 521 453 419 Capitalized (17 ) (15 ) (81 ) Expensed $ 504 438 338 Other Income Interest income $ 45 31 18 Gain on consolidation of business* — 423 — Other, net** 16 67 56 $ 61 521 74 * See Note 5—Business Combinations, for more information regarding the gain recognized in 2017. ** Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 55 60 60 Advertising Expenses $ 68 76 80 Foreign Currency Transaction (Gains) Losses Midstream $ — — — Chemicals — — — Refining (24 ) (2 ) (13 ) Marketing and Specialties 1 1 1 Corporate and Other (8 ) 1 (3 ) $ (31 ) — (15 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2018 2017 2016 Operating revenues and other income (a) $ 3,514 2,596 2,174 Purchases (b) 12,755 10,468 8,109 Operating expenses and selling, general and administrative expenses (c) 59 79 125 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to OnCue. 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, refined petroleum products and NGL 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 specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid utility and processing fees to various affiliates. As discussed more fully in Note 5— Business Combinations , in February 2017, we began accounting for Merey Sweeny as a consolidated subsidiary. Accordingly, the table above only includes processing fees paid to Merey Sweeny through the consolidation date.

Segment Disclosures and Related

Segment Disclosures and Related Information	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information During the fourth quarter of 2018, the segment performance measure used by our chief executive officer to assess performance and allocate resources was changed from “net income” to “income before income taxes.” Prior-period segment information has been recast to conform to the current presentation. Our operating segments are: 1) Midstream— Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, processing and marketing services, mainly in the United States. The Midstream segment includes our master limited partnership (MLP), 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 investment in new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars 2018 2017* 2016* Sales and Other Operating Revenues** Midstream Total sales $ 8,293 6,620 4,226 Intersegment eliminations (2,176 ) (1,842 ) (1,299 ) Total Midstream 6,117 4,778 2,927 Chemicals 5 5 5 Refining Total sales 83,140 65,494 52,068 Intersegment eliminations (49,343 ) (40,284 ) (34,120 ) Total Refining 33,797 25,210 17,948 Marketing and Specialties Total sales 73,414 73,565 64,476 Intersegment eliminations (1,899 ) (1,233 ) (1,109 ) Total Marketing and Specialties 71,515 72,332 63,367 Corporate and Other 27 29 32 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 * Sales and other operating revenues for the years ended December 31, 2017 and 2016, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 2—Changes in Accounting Principles, for further discussion regarding our adoption of ASU No. 2014-09. ** See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings of Affiliates Midstream $ 676 454 184 Chemicals 1,025 713 834 Refining 796 322 164 Marketing and Specialties 164 243 232 Corporate and Other 15 — — Consolidated equity in earnings of affiliates $ 2,676 1,732 1,414 Depreciation, Amortization and Impairments Midstream $ 326 299 218 Chemicals — — — Refining 841 838 770 Marketing and Specialties 114 116 107 Corporate and Other 83 89 78 Consolidated depreciation, amortization and impairments $ 1,364 1,342 1,173 Millions of Dollars 2018 2017 2016 Interest Income and Expense Interest income Midstream $ — 1 2 Chemicals — — — Refining — — — Marketing and Specialties — — — Corporate and Other 45 30 16 Consolidated interest income $ 45 31 18 Interest and debt expense Corporate and Other $ 504 438 338 Income (Loss) Before Income Taxes Midstream $ 1,181 638 403 Chemicals 1,025 716 839 Refining 4,535 2,076 435 Marketing and Specialties 1,557 1,020 1,261 Corporate and Other (853 ) (895 ) (747 ) Consolidated income before income taxes $ 7,445 3,555 2,191 Investments In and Advances To Affiliates Midstream $ 5,423 4,734 4,769 Chemicals 6,233 6,222 5,773 Refining 2,226 2,398 2,420 Marketing and Specialties 349 390 391 Corporate and Other — — 1 Consolidated investments in and advances to affiliates $ 14,231 13,744 13,354 Total Assets* Midstream $ 14,329 13,231 12,832 Chemicals 6,235 6,226 5,802 Refining 23,230 23,780 22,781 Marketing and Specialties 6,572 7,052 6,179 Corporate and Other 3,936 4,082 4,059 Consolidated total assets $ 54,302 54,371 51,653 * Prior-period segment information has been recast to include all income tax-related assets in Corporate and Other. Millions of Dollars 2018 2017 2016 Capital Expenditures and Investments Midstream $ 1,548 771 1,453 Chemicals — — — Refining 826 853 1,149 Marketing and Specialties 125 108 98 Corporate and Other 140 100 144 Consolidated capital expenditures and investments $ 2,639 1,832 2,844 Geographic Information Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2018 2017 2016 United States $ 34,587 33,457 32,619 United Kingdom 1,191 1,254 1,177 Germany 570 593 505 Other foreign countries 91 97 88 Worldwide consolidated $ 36,439 35,401 34,389

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2018
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP Phillips 66 Partners, headquartered in Houston, Texas, is a publicly traded MLP formed in 2013 to own, operate, develop and acquire primarily fee-based midstream assets. Phillips 66 Partners’ operations currently consist of crude oil, refined petroleum product 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 of $2,469 million and $2,314 million on our consolidated balance sheet at December 31, 2018 and 2017 , respectively. Generally, drop down transactions to Phillips 66 Partners will eliminate in consolidation, except for third-party debt and third-party equity offerings made by Phillips 66 Partners to finance such transactions. At December 31, 2018 , we owned a 54 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 44 percent limited partner interest and 13.8 million perpetual convertible preferred units. Holders of the preferred units are entitled to receive cumulative quarterly distributions equal to $0.678375 per unit. Beginning in October 2020, holders are entitled to receive quarterly distributions equal to the greater of $0.678375 per unit or the per-unit distribution paid to common unitholders. 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 December 31 December 31 Cash and cash equivalents $ 1 185 Equity investments* 2,448 1,932 Net properties, plants and equipment 3,052 2,918 Long-term debt 2,998 2,920 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet. 2018 Activities Phillips 66 Partners’ initial $250 million continuous offering of common units, or at-the-market (ATM) program, was completed in June 2018. At that time, Phillips 66 Partners commenced issuing common units under its second $250 million ATM program. For the years ended December 31, 2018 and 2017 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $128 million and $173 million , respectively, from common units issued under the ATM programs. Since inception in June 2016 through December 31, 2018 , the ATM programs have generated net proceeds of $320 million . Phillips 66 Partners’ investment in the Gray Oak Pipeline development is held through Holdings LLC. In December 2018, a third party exercised its option to acquire a 35 percent interest in Holdings LLC. Because Holdings LLC’s sole asset was its 75 percent ownership interest in Gray Oak, which is considered a financial asset, and because certain restrictions were placed on the third party’s ability to transfer or sell its interest in Holdings LLC during the construction of the Gray Oak Pipeline, the legal sale of the 35 percent interest did not qualify as a sale under GAAP. As such, the contributions the third party will make to Holdings LLC in 2019 to cover its share of previously incurred and future construction costs plus a premium to Phillips 66 Partners will be reflected as a long-term obligation on our consolidated balance sheet and financing cash inflows on our consolidated statement of cash flows. After construction of the Gray Oak Pipeline is completed, these restrictions expire, and the sale will be recognized under GAAP. Phillips 66 Partners will continue to control and consolidate Holdings LLC after sale recognition, and therefore the third party’s 35 percent interest will be recharacterized from a long-term obligation to a noncontrolling interest in our financial statements at that time. Also at that time, the premium paid will be recharacterized from a long-term obligation to a gain in our consolidated statement of income. During January and February of 2019, the third party contributed an aggregate of $294 million into Holdings LLC, which Holdings LLC used to fund its portion of Gray Oak’s cash calls. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion regarding Phillip 66 Partners’ investment in Gray Oak. 2017 Activities In October 2017, we contributed to Phillips 66 Partners our 25 percent ownership interests in both Dakota Access and ETCO and our 100 percent ownership interest in Merey Sweeny. Total consideration for the transaction was $1.65 billion , which consisted of $372 million in cash at closing, the assumption of $588 million of promissory notes payable to us, the assumption of a $450 million term loan payable to a third party, and the issuance to us of common and general partner units with a fair value of $240 million . Shortly after closing, Phillips 66 Partners repaid the $588 million of promissory notes payable to us, resulting in total cash received by us for the transaction of $960 million . Phillips 66 Partners financed the consideration paid with the proceeds from the following third-party equity and debt offerings: • Net proceeds of $737 million from a private placement of 13,819,791 perpetual convertible preferred units, at a price of $54.27 per unit. • Net proceeds of $295 million from a private placement of 6,304,204 common units, at a price of $47.59 per unit. • A portion of the $643 million of net proceeds from a public offering of $650 million of Senior Notes. See Note 12—Debt , for additional information on the Senior Notes.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 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. Upon adoption on January 1, 2019, we increased retained earnings by approximately $90 million with the offset to accumulated other comprehensive loss on our consolidated balance sheet. 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 evaluating the provisions of ASU No. 2016-13, and currently do not expect our adoption to have a material 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. The ASU also requires additional disclosures. Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. We will adopt ASU No. 2016-02 by recognizing a cumulative-effect adjustment to our opening consolidated balance sheet as of our January 1, 2019, adoption date. As of the adoption date, we expect to recognize ROU assets and operating lease liabilities on our consolidated balance sheet of approximately $1.4 billion . The adoption of this ASU is not expected to have a material impact on our consolidated statements of income and cash flows.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 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 $ — 85,486 25,975 — 111,461 Equity in earnings of affiliates 5,918 4,030 747 (8,019 ) 2,676 Net gain on dispositions — 8 11 — 19 Other income — 33 28 — 61 Intercompany revenues — 3,493 14,085 (17,578 ) — Total Revenues and Other Income 5,918 93,050 40,846 (25,597 ) 114,217 Costs and Expenses Purchased crude oil and products — 79,559 35,563 (17,192 ) 97,930 Operating expenses — 3,769 1,193 (82 ) 4,880 Selling, general and administrative expenses 7 1,297 383 (10 ) 1,677 Depreciation and amortization — 926 430 — 1,356 Impairments — 3 5 — 8 Taxes other than income taxes — 321 104 — 425 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 402 146 250 (294 ) 504 Foreign currency transaction gains — — (31 ) — (31 ) Total Costs and Expenses 409 86,039 37,902 (17,578 ) 106,772 Income before income taxes 5,509 7,011 2,944 (8,019 ) 7,445 Income tax expense (benefit) (86 ) 1,093 565 — 1,572 Net Income 5,595 5,918 2,379 (8,019 ) 5,873 Less: net income attributable to noncontrolling interests — — 278 — 278 Net Income Attributable to Phillips 66 $ 5,595 5,918 2,101 (8,019 ) 5,595 Comprehensive Income $ 5,520 5,843 2,291 (7,856 ) 5,798 Millions of Dollars Year Ended December 31, 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 $ — 74,640 27,714 — 102,354 Equity in earnings of affiliates 5,336 3,256 559 (7,419 ) 1,732 Net gain on dispositions — 1 14 — 15 Other income 3 471 47 — 521 Intercompany revenues — 1,610 13,457 (15,067 ) — Total Revenues and Other Income 5,339 79,978 41,791 (22,486 ) 104,622 Costs and Expenses Purchased crude oil and products — 63,812 30,379 (14,782 ) 79,409 Operating expenses — 3,672 1,085 (58 ) 4,699 Selling, general and administrative expenses 7 1,300 399 (11 ) 1,695 Depreciation and amortization — 892 426 — 1,318 Impairments — 20 4 — 24 Taxes other than income taxes — 5,784 7,678 — 13,462 Accretion on discounted liabilities — 17 5 — 22 Interest and debt expense 348 70 236 (216 ) 438 Total Costs and Expenses 355 75,567 40,212 (15,067 ) 101,067 Income before income taxes 4,984 4,411 1,579 (7,419 ) 3,555 Income tax benefit (122 ) (925 ) (646 ) — (1,693 ) Net Income 5,106 5,336 2,225 (7,419 ) 5,248 Less: net income attributable to noncontrolling interests — — 142 — 142 Net Income Attributable to Phillips 66 $ 5,106 5,336 2,083 (7,419 ) 5,106 Comprehensive Income $ 5,484 5,714 2,498 (8,070 ) 5,626 Millions of Dollars Year Ended December 31, 2016 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 58,822 25,457 — 84,279 Equity in earnings of affiliates 1,797 1,839 296 (2,518 ) 1,414 Net gain (loss) on dispositions — (9 ) 19 — 10 Other income — 42 32 — 74 Intercompany revenues — 864 9,160 (10,024 ) — Total Revenues and Other Income 1,797 61,558 34,964 (12,542 ) 85,777 Costs and Expenses Purchased crude oil and products — 48,171 24,102 (9,805 ) 62,468 Operating expenses — 3,465 846 (36 ) 4,275 Selling, general and administrative expenses 6 1,236 406 (10 ) 1,638 Depreciation and amortization — 821 347 — 1,168 Impairments — 1 4 — 5 Taxes other than income taxes — 5,477 8,211 — 13,688 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 366 21 124 (173 ) 338 Foreign currency transaction gains — — (15 ) — (15 ) Total Costs and Expenses 372 59,208 34,030 (10,024 ) 83,586 Income before income taxes 1,425 2,350 934 (2,518 ) 2,191 Income tax expense (benefit) (130 ) 553 124 — 547 Net Income 1,555 1,797 810 (2,518 ) 1,644 Less: net income attributable to noncontrolling interests — — 89 — 89 Net Income Attributable to Phillips 66 $ 1,555 1,797 721 (2,518 ) 1,555 Comprehensive Income $ 1,213 1,455 451 (1,817 ) 1,302 Millions of Dollars Year Ended December 31, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,648 1,371 — 3,019 Accounts and notes receivable 9 4,255 3,202 (1,293 ) 6,173 Inventories — 2,489 1,054 — 3,543 Prepaid expenses and other current assets 2 373 99 — 474 Total Current Assets 11 8,765 5,726 (1,293 ) 13,209 Investments and long-term receivables 32,712 22,799 9,829 (50,919 ) 14,421 Net properties, plants and equipment — 13,218 8,800 — 22,018 Goodwill — 2,853 417 — 3,270 Intangibles — 726 143 — 869 Other assets 9 335 173 (2 ) 515 Total Assets $ 32,732 48,696 25,088 (52,214 ) 54,302 Liabilities and Equity Accounts payable $ — 5,415 2,464 (1,293 ) 6,586 Short-term debt — 11 56 — 67 Accrued income and other taxes — 458 658 — 1,116 Employee benefit obligations — 663 61 — 724 Other accruals 66 227 149 — 442 Total Current Liabilities 66 6,774 3,388 (1,293 ) 8,935 Long-term debt 7,928 54 3,111 — 11,093 Assets retirement obligations and accrued environmental costs — 458 166 — 624 Deferred income taxes 1 3,541 1,735 (2 ) 5,275 Employee benefit obligations — 676 191 — 867 Other liabilities and deferred credits 55 4,611 4,287 (8,598 ) 355 Total Liabilities 8,050 16,114 12,878 (9,893 ) 27,149 Common stock 4,856 24,960 8,754 (33,714 ) 4,856 Retained earnings 20,518 8,314 1,249 (9,592 ) 20,489 Accumulated other comprehensive loss (692 ) (692 ) (293 ) 985 (692 ) Noncontrolling interests — — 2,500 — 2,500 Total Liabilities and Equity $ 32,732 48,696 25,088 (52,214 ) 54,302 Millions of Dollars Year Ended 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 Assets 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 Year Ended December 31, 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 $ 2,955 6,962 2,642 (4,986 ) 7,573 Cash Flows From Investing Activities Capital expenditures and investments — (998 ) (1,641 ) — (2,639 ) Proceeds from asset dispositions* — 462 50 (455 ) 57 Intercompany lending activities 2,214 (3,031 ) 817 — — Advances/loans—related parties — — (1 ) — (1 ) Other — 27 85 — 112 Net Cash Provided by (Used in) Investing Activities 2,214 (3,540 ) (690 ) (455 ) (2,471 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 675 — 2,184 Repayment of debt (550 ) (11 ) (583 ) — (1,144 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,645 ) — — — (4,645 ) Dividends paid on common stock (1,436 ) (3,174 ) (1,812 ) 4,986 (1,436 ) Distributions to noncontrolling interests — — (207 ) — (207 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 128 — 128 Other (86 ) — (455 ) 455 (86 ) Net Cash Used in Financing Activities (5,169 ) (3,185 ) (2,254 ) 5,441 (5,167 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — (35 ) — (35 ) Net Change in Cash, Cash Equivalents and Restricted Cash — 237 (337 ) — (100 ) 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 $ — 1,648 1,371 — 3,019 * Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 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 $ 2,619 2,702 1,747 (3,420 ) 3,648 Cash Flows From Investing Activities Capital expenditures and investments* — (1,133 ) (839 ) 140 (1,832 ) Proceeds from asset dispositions** — 265 84 (263 ) 86 Intercompany lending activities 401 1,453 (1,854 ) — — Advances/loans—related parties — (10 ) — — (10 ) Collection of advances/loans—related parties — 75 251 — 326 Restricted cash received from consolidation of business — — 318 — 318 Other — (26 ) (8 ) — (34 ) Net Cash Provided by (Used in) Investing Activities 401 624 (2,048 ) (123 ) (1,146 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 2,008 — 3,508 Repayment of debt (1,500 ) (17 ) (2,161 ) — (3,678 ) Issuance of common stock 35 — — — 35 Repurchase of common stock (1,590 ) — — — (1,590 ) Dividends paid on common stock (1,395 ) (2,752 ) (668 ) 3,420 (1,395 ) Distributions to noncontrolling interests — — (120 ) — (120 ) Net proceeds from issuance of Phillips 66 Partners LP common and preferred units — — 1,205 — 1,205 Other* (70 ) — (129 ) 123 (76 ) Net Cash Provided by (Used in) Financing Activities (3,020 ) (2,769 ) 135 3,543 (2,111 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 17 — 17 Net Change in Cash, Cash Equivalents and Restricted Cash — 557 (149 ) — 408 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 $ — 1,411 1,708 — 3,119 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2016 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,491 2,307 1,552 (4,387 ) 2,963 Cash Flows From Investing Activities Capital expenditures and investments* — (1,425 ) (1,457 ) 38 (2,844 ) Proceeds from asset dispositions** — 1,007 156 (1,007 ) 156 Intercompany lending activities (1,139 ) 2,046 (907 ) — — Advances/loans—related parties — (75 ) (357 ) — (432 ) Collection of advances/loans—related parties — — 108 — 108 Other — 18 (164 ) — (146 ) Net Cash Provided by (Used in) Investing Activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Cash Flows From Financing Activities Issuance of debt — — 2,090 — 2,090 Repayment of debt — (26 ) (807 ) — (833 ) Issuance of common stock 34 — — — 34 Repurchase of common stock (1,042 ) — — — (1,042 ) Dividends paid on common stock (1,282 ) (3,604 ) (783 ) 4,387 (1,282 ) Distributions to noncontrolling interests — — (75 ) — (75 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 972 — 972 Other* (62 ) 31 (980 ) 969 (42 ) Net Cash Provided by (Used in) Financing Activities (2,352 ) (3,599 ) 417 5,356 (178 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 10 — 10 Net Change in Cash, Cash Equivalents and Restricted Cash — 279 (642 ) — (363 ) Cash, cash equivalents and restricted cash at beginning of period — 575 2,499 — 3,074 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 854 1,857 — 2,711 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues* Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2018 First $ 23,595 717 585 524 1.07 1.07 Second 28,980 1,835 1,404 1,339 2.86 2.84 Third 29,788 1,975 1,568 1,492 3.20 3.18 Fourth 29,098 2,918 2,316 2,240 4.85 4.82 2017 First $ 22,894 797 563 535 1.02 1.02 Second 24,087 848 581 550 1.06 1.06 Third 25,627 1,256 849 823 1.60 1.60 Fourth** 29,746 654 3,255 3,198 6.29 6.25 * 2017 amounts include excise taxes on sales of refined petroleum products. ** Includes a $2,721 million provisional income tax benefit from the enactment of the U.S. Tax Cuts and Jobs Act in December 2017.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP , for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion on our significant nonconsolidated VIEs.
Recasted Financial Information	Recasted Financial Information —Certain prior period financial information has been recasted to reflect the current year’s presentation.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Foreign Currency Translation	Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency.
Cash Equivalents	Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest.
Inventories	Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method.
Fair Value Measurements	Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), 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.
Derivative Instruments	Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings.
Loans and Long-term Receivables	Loans and Long-Term Receivables —We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and non-affiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or non-affiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are assessed for impairment when events indicate the loan balance may not be fully recovered.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and a market analysis of comparable assets, if appropriate.
Depreciation and Amortization	Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Capitalized Interest	Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset.
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment —PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future pre-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of assets (for example, at a refinery complex level). Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Property Dispositions	Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. It is not amortized, but is tested for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill loss cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining, and Marketing and Specialties.
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate the remaining useful lives of intangible assets not being amortized to determine whether events and circumstances continue to support the indefinite useful life classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation arises. When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related PP&E. Over time, the liability is increased for the change in its present value, and the capitalized cost in PP&E is depreciated over the useful life of the related asset. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.
Guarantees	Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability has essentially been relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable we will have to perform on a guarantee, we accrue a separate liability for the excess amount above the guarantee’s book value, if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Treasury Stock	Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet.
Revenue Recognition	Revenue Recognition —Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a 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. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. 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. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line on our consolidated statement of income (i.e., these transactions are recorded net).
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities —Effective for reporting periods ending after our adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09 on January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined 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 refined 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 refined 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. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line on our consolidated statement of income.
Shipping and Handling Costs	Shipping and Handling Costs —We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.”
Maintenance and Repairs	Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Stock-Based Compensation	Share-Based Compensation —We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur.
Income Taxes	Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in interest expense, and penalties in operating expenses.
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	A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 21—Income Taxes , for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.
New Accounting Pronouncements	Effective January 1, 2018, we adopted 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 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 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 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 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. In addition, prospectively from January 1, 2018, our presentation of excise taxes on sales of refined 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 year ended December 31, 2018 , are not presented on a comparable basis to the years ended December 31, 2017 and 2016. See Note 1—Summary of Significant Accounting Policies , for more information on our presentation of excise taxes on sales of refined petroleum products. 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. Upon adoption on January 1, 2019, we increased retained earnings by approximately $90 million with the offset to accumulated other comprehensive loss on our consolidated balance sheet. 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 evaluating the provisions of ASU No. 2016-13, and currently do not expect our adoption to have a material 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. The ASU also requires additional disclosures. Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. We will adopt ASU No. 2016-02 by recognizing a cumulative-effect adjustment to our opening consolidated balance sheet as of our January 1, 2019, adoption date. As of the adoption date, we expect to recognize ROU assets and operating lease liabilities on our consolidated balance sheet of approximately $1.4 billion . The adoption of this ASU is not expected to have a material impact on our consolidated statements of income and cash flows.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues Sales and Other Operating Revenues (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars 2018 2017* 2016* Product Line and Services Refined petroleum products $ 87,967 85,405 73,385 Crude oil resales 16,419 11,808 7,594 NGL 6,161 4,670 3,107 Services and other 914 471 193 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 Geographic Location** United States $ 86,401 75,684 59,742 United Kingdom 11,054 10,626 9,895 Germany 4,352 6,692 6,128 Other foreign countries 9,654 9,352 8,514 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 * Sales and other operating revenues for the years ended December 31, 2017 and 2016, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 2—Changes in Accounting Principles , for further discussion regarding our adoption of ASU No. 2014-09. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2018 2017 Crude oil and petroleum products $ 3,238 3,106 Materials and supplies 305 289 $ 3,543 3,395

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments and long-term receivables at December 31 were: Millions of Dollars 2018 2017 Equity investments $ 14,218 13,733 Other investments 106 114 Loans and long-term receivables 97 94 $ 14,421 13,941
Summarized Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100 percent financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2018 2017 2016 Revenues $ 43,627 35,523 30,605 Income before income taxes 6,066 3,956 3,206 Net income 5,926 3,764 2,960 Current assets 6,791 7,325 7,097 Noncurrent assets 52,649 49,950 50,163 Current liabilities 8,047 5,248 5,173 Noncurrent liabilities 10,695 13,743 13,709 Noncontrolling interests 2,550 2,549 2,260

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with the Associated Accumulated Depreciation and Amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2018 2017 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,663 2,100 7,563 8,849 1,853 6,996 Chemicals — — — — — — Refining 22,640 9,531 13,109 22,144 8,987 13,157 Marketing and Specialties 1,671 926 745 1,658 909 749 Corporate and Other 1,223 622 601 1,091 533 558 $ 35,197 13,179 22,018 33,742 12,282 21,460

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2017 $ 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2017 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2018 $ 626 1,805 839 3,270
Schedule of Changes in Carrying Value of Intangible Assets	The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2018 2017 Trade names and trademarks $ 503 503 Refinery air and operating permits 250 252 Other — 1 $ 753 756

Asset Retirement Obligations _2

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2018
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2018 2017 Asset retirement obligations $ 261 268 Accrued environmental costs 447 458 Total asset retirement obligations and accrued environmental costs 708 726 Asset retirement obligations and accrued environmental costs due within one year* (84 ) (85 ) Long-term asset retirement obligations and accrued environmental costs $ 624 641 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	2018 and 2017 , our overall asset retirement obligation changed as follows: Millions of Dollars 2018 2017 Balance at January 1 $ 268 244 Accretion of discount 10 10 Changes in estimates of existing obligations 3 17 Spending on existing obligations (15 ) (14 ) Foreign currency translation (5 ) 11 Balance at December 31 $ 261 268

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 5,595 5,595 5,106 5,106 1,555 1,555 Income allocated to participating securities (6 ) — (6 ) — (6 ) (5 ) Net income available to common stockholders $ 5,589 5,595 5,100 5,106 1,549 1,550 Weighted-average common shares outstanding (thousands) : 467,483 470,708 511,268 515,090 523,250 527,531 Effect of share-based compensation 3,225 3,339 3,822 3,418 4,281 2,535 Weighted-average common shares outstanding—EPS 470,708 474,047 515,090 518,508 527,531 530,066 Earnings Per Share of Common Stock (dollars) $ 11.87 11.80 9.90 9.85 2.94 2.92

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of Long Term Debt	Short-term and long-term debt at December 31 was: Millions of Dollars 2018 2017 Phillips 66 4.300% Senior Notes due April 2022 $ 2,000 2,000 3.900% Senior Notes due March 2028 800 — 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,500 Floating-rate notes due April 2019 at 2.009% at year-end 2017 — 300 Floating-rate notes due April 2020 at 3.186% and 2.109% at year-end 2018 and 2017, respectively 300 300 Term loan due April 2020 at 3.422% and 2.469% at year-end 2018 and 2017, respectively 200 450 Floating-rate Senior Notes due February 2021 at 3.289% at year-end 2018 500 — Other 1 1 Phillips 66 Partners 2.646% Senior Notes due February 2020 300 300 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Tax-exempt bonds due April 2020 and April 2021 at 1.885% and 1.935% at year-end 2018 and 2017, respectively 75 100 Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 125 — Debt at face value 11,076 10,026 Capitalized leases 184 192 Net unamortized discounts and debt issuance costs (100 ) (108 ) Total debt 11,160 10,110 Short-term debt (67 ) (41 ) Long-term debt $ 11,093 10,069

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 legal right of offset exists. Millions of Dollars December 31, 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 $ 1,257 (1,070 ) (89 ) 98 43 (19 ) — 24 Other assets 2 — — 2 7 (3 ) — 4 Liabilities Other accruals — (23 ) — (23 ) 699 (746 ) 21 (26 ) Other liabilities and deferred credits 5 (7 ) — (2 ) — (1 ) — (1 ) Total $ 1,264 (1,100 ) (89 ) 75 749 (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 2018 2017 2016 Sales and other operating revenues $ 192 (247 ) (451 ) Other income (15 ) 27 29 Purchased crude oil and products (64 ) (18 ) (62 ) Net gain (loss) from commodity derivative activity $ 113 (238 ) (484 )
Summary of Material Net Exposures from Outstanding Commodity Derivative Contracts	Open Position Long / (Short) 2018 2017 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (17 ) (11 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 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 $ 674 547 — 1,221 (1,075 ) (89 ) — 57 Physical forward contracts — 39 4 43 — — — 43 Interest rate derivatives — 15 — 15 — — — 15 Rabbi trust assets 104 — — 104 N/A N/A — 104 $ 778 601 4 1,383 (1,075 ) (89 ) — 219 Commodity Derivative Liabilities Exchange-cleared instruments $ 605 472 — 1,077 (1,075 ) — — 2 Physical forward contracts — 20 — 20 — — — 20 OTC instruments — 3 — 3 — — — 3 Floating-rate debt — 1,200 — 1,200 N/A N/A — 1,200 Fixed-rate debt, excluding capital leases — 9,727 — 9,727 N/A N/A 49 9,776 $ 605 11,422 — 12,027 (1,075 ) — 49 11,001 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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments at December 31, 2018 , for capital and operating lease obligations were: Millions of Dollars Capital Lease Obligations Operating Lease Obligations 2019 $ 23 509 2020 19 392 2021 18 181 2022 16 124 2023 16 83 Remaining years 138 292 Total 230 1,581 Less: income from subleases — 38 Net minimum lease payments $ 230 1,543 Less: amount representing interest 46 Capital lease obligations $ 184
Schedule of Operating Lease Rental Expense	Operating lease rental expense for the years ended December 31 was: Millions of Dollars 2018 2017 2016 Minimum rentals $ 669 680 669 Contingent rentals 5 6 6 Less: sublease rental income 71 73 95 $ 603 613 580

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 3,043 1,209 2,881 1,055 232 225 Service cost 136 29 132 32 6 6 Interest cost 104 28 108 27 7 8 Plan participant contributions — 2 — 2 4 3 Net actuarial loss (gain) (167 ) (165 ) 267 (5 ) (9 ) 6 Benefits paid (386 ) (27 ) (345 ) (20 ) (20 ) (16 ) Curtailment gain — (5 ) — — — — Foreign currency exchange rate change — (64 ) — 118 — — Benefit obligations at December 31 $ 2,730 1,007 3,043 1,209 220 232 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,751 972 2,274 796 — — Actual return on plan assets (122 ) (29 ) 399 71 — — Company contributions 134 34 423 35 16 13 Plan participant contributions — 2 — 2 4 3 Benefits paid (386 ) (27 ) (345 ) (20 ) (20 ) (16 ) Foreign currency exchange rate change — (50 ) — 88 — — Fair value of plan assets at December 31 $ 2,377 902 2,751 972 — — Funded Status at December 31 $ (353 ) (105 ) (292 ) (237 ) (220 ) (232 )
Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 78 — — — — Current liabilities (25 ) — (25 ) — (16 ) (16 ) Noncurrent liabilities (328 ) (183 ) (267 ) (237 ) (204 ) (216 ) Total recognized $ (353 ) (105 ) (292 ) (237 ) (220 ) (232 )
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive loss at December 31 were the following pre-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 539 64 545 190 (8 ) 1 Unrecognized prior service credit — (3 ) — (4 ) (6 ) (7 )
Sources of Change in Other Comprehensive Income	Millions of Dollars Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Loss Net actuarial gain (loss) arising during the period $ (125 ) 102 (14 ) 14 9 (6 ) Curtailment gain — 5 — — — — Amortization of net actuarial loss and settlements included in income 131 19 153 23 — — Net change in unrecognized net actuarial loss (gain) during the period $ 6 126 139 37 9 (6 ) Prior service cost (credit) arising during the period $ — — — — — — Amortization of prior service cost (credit) included in income — (1 ) 3 (1 ) (1 ) (2 ) Net change in unrecognized prior service cost (credit) during the period $ — (1 ) 3 (1 ) (1 ) (2 )
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2018 2017 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 123 345 143 368 Fair value of plan assets — 182 — 196
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2018 2017 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,730 365 3,043 1,209 Fair value of plan assets 2,377 182 2,751 972
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 136 29 132 32 127 32 6 6 7 Interest cost 104 28 108 27 116 28 7 8 8 Expected return on plan assets (169 ) (46 ) (146 ) (40 ) (128 ) (38 ) — — — Amortization of prior service cost (credit) — (1 ) 3 (1 ) 3 (1 ) (1 ) (2 ) (1 ) Amortization of net actuarial loss 59 19 70 23 72 14 — — — Settlements 72 — 83 — 8 — — — — Total net periodic benefit cost* $ 202 29 250 41 198 35 12 12 14 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income.
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2018 2017 2018 2017 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 4.30 % 2.59 3.60 2.36 4.15 3.35 Rate of compensation increase 4.00 3.34 4.00 3.74 — — Interest crediting rate on cash balance plan 3.25 — 3.00 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 3.60 % 2.36 3.95 2.46 3.35 3.65 Expected return on plan assets 6.50 4.78 6.75 4.74 — — Rate of compensation increase 4.00 3.74 4.00 3.78 — — Interest crediting rate on cash balance plan 3.00 — 3.55 — — —
Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities $ 421 — — 421 — — — — Government debt securities 610 — — 610 — — — — Corporate debt securities — 129 — 129 — — — — Cash and cash equivalents 50 — — 50 7 — — 7 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,081 129 — 1,210 7 — 14 21 Common/collective trusts measured at NAV 1,048 873 Real estate funds measured at NAV 119 8 Total $ 1,081 129 — 2,377 7 — 14 902 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2017 Equity securities $ 589 — — 589 — — — — Government debt securities 632 — — 632 — — — — Mutual funds 129 — — 129 — — — — Cash and cash equivalents 90 — — 90 6 — — 6 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,440 — — 1,440 6 — 14 20 Common/collective trusts measured at NAV 1,311 944 Real estate funds measured at NAV — 8 Total $ 1,440 — — 2,751 6 — 14 972
Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2019 $ 412 19 25 2020 292 20 27 2021 285 22 27 2022 299 23 26 2023 274 26 25 2024-2028 1,205 158 102

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2018 2017 2016 Share-based compensation expense $ 100 142 156 Income tax benefit (45 ) (74 ) (59 )
Stock Option Activity	The following table summarizes our stock option activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2018 4,838,855 $ 58.34 Granted 650,000 94.85 $ 20.69 Forfeited (49,027 ) 89.93 Exercised (687,020 ) 57.61 $ 37 Outstanding at December 31, 2018 4,752,808 $ 63.11 Vested at December 31, 2018 3,941,271 $ 57.79 $ 109 Exercisable at December 31, 2018 3,331,259 $ 53.51 $ 106
Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2018 2017 2016 Risk-free interest rate 2.81 % 2.28 1.71 Dividend yield 2.80 % 2.90 3.00 Volatility factor 25.41 % 26.91 28.68 Expected life (years) 7.18 7.22 7.08
Summary of Stock Unit Activity	The following table summarizes our RSU activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2018 2,496,425 $ 77.20 Granted 822,457 96.16 Forfeited (63,977 ) 84.61 Issued (995,076 ) 75.77 $ 102 Outstanding at December 31, 2018 2,259,829 $ 84.52 Not Vested at December 31, 2018 1,565,641 $ 84.99
Summary of Performance Share Program Activity	The following table summarizes our PSU activity from January 1, 2018 , to December 31, 2018 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2018 2,558,278 $ 52.06 Granted 494,277 99.74 Forfeited (16,716 ) 69.90 Issued (639,060 ) 59.15 $ 70 Cash settled (494,277 ) 99.74 49 Outstanding at December 31, 2018 1,902,502 $ 49.52 Not Vested at December 31, 2018 153,236 $ 65.59

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Components of income tax expense (benefit) were: Millions of Dollars 2018 2017 2016 Income Tax Expense (Benefit) Federal Current $ 739 9 (105 ) Deferred 257 (1,960 ) 645 Foreign Current 326 126 66 Deferred 53 3 (84 ) State and local Current 255 61 (24 ) Deferred (58 ) 68 49 $ 1,572 (1,693 ) 547
Schedule of Deferred Tax Assets and Liabilities	Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2018 2017 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,074 2,942 Investment in joint ventures 2,041 1,923 Investment in subsidiaries 602 594 Inventory 66 — Other 14 18 Total deferred tax liabilities 5,797 5,477 Deferred Tax Assets Benefit plan accruals 395 314 Asset retirement obligations and accrued environmental costs 109 121 Loss and credit carryforwards 59 96 Other financial accruals and deferrals 16 44 Inventory — 10 Other — 3 Total deferred tax assets 579 588 Less: valuation allowance 8 28 Net deferred tax assets 571 560 Net deferred tax liabilities $ 5,226 4,917
Schedule of Unrecognized Tax Benefits Roll Forward	Following is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2018 2017 2016 Balance at January 1 $ 34 70 82 Additions for tax positions of prior years 1 1 5 Reductions for tax positions of prior years (2 ) (5 ) (17 ) Settlements (10 ) (32 ) — Balance at December 31 $ 23 34 70
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of Income Before Income Taxes 2018 2017 2016 2018 2017 2016 Income before income taxes United States $ 5,716 2,799 1,713 76.8 % 78.7 78.2 Foreign 1,729 756 478 23.2 21.3 21.8 $ 7,445 3,555 2,191 100.0 % 100.0 100.0 Federal statutory income tax $ 1,563 1,244 767 21.0 % 35.0 35.0 State income tax, net of federal benefit 155 79 12 2.1 2.2 0.6 Tax Cuts and Jobs Act 36 (2,721 ) — 0.5 (76.5 ) — Foreign rate differential (91 ) (210 ) (152 ) (1.2 ) (5.9 ) (6.9 ) Noncontrolling interests (58 ) (46 ) (26 ) (0.8 ) (1.3 ) (1.2 ) Change in valuation allowance (20 ) (4 ) (81 ) (0.3 ) (0.1 ) (3.7 ) Federal manufacturing deduction — (18 ) — — (0.5 ) — Other (13 ) (17 ) 27 (0.2 ) (0.5 ) 1.2 $ 1,572 (1,693 ) 547 21.1 % (47.6 ) 25.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
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, 2015 $ (662 ) 11 (2 ) (653 ) Other comprehensive income (loss) before reclassifications (112 ) (296 ) 5 (403 ) Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 61 — — 61 Net current period other comprehensive income (loss) (51 ) (296 ) 5 (342 ) December 31, 2016 (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 259 4 266 Amounts reclassified from accumulated other comprehensive loss* Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Net current period other comprehensive income 115 259 4 378 December 31, 2017 (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 14 (192 ) 4 (174 ) Amounts reclassified from accumulated other comprehensive loss Amortization of defined benefit plan items** Net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Foreign currency translation — (10 ) — (10 ) Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 126 (202 ) 1 (75 ) December 31, 2018 $ (472 ) (228 ) 8 (692 ) * There were no significant reclassifications related to foreign currency translation or hedging in the years ended December 31, 2017 and 2016 . ** Included in the computation of net periodic benefit cost. See Note 19—Pension and Postretirement Plans , for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Millions of Dollars 2018 2017 2016 Cash Payments (Receipts) Interest $ 465 421 311 Income taxes* 984 (257 ) (375 ) * 2017 and 2016 reflected a net cash refund position; cash payments for income taxes were $102 million and $385 million in 2017 and 2016, respectively.

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Financial Information	Millions of Dollars 2018 2017 2016 Interest and Debt Expense Incurred Debt $ 493 432 402 Other 28 21 17 521 453 419 Capitalized (17 ) (15 ) (81 ) Expensed $ 504 438 338 Other Income Interest income $ 45 31 18 Gain on consolidation of business* — 423 — Other, net** 16 67 56 $ 61 521 74 * See Note 5—Business Combinations, for more information regarding the gain recognized in 2017. ** Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 55 60 60 Advertising Expenses $ 68 76 80 Foreign Currency Transaction (Gains) Losses Midstream $ — — — Chemicals — — — Refining (24 ) (2 ) (13 ) Marketing and Specialties 1 1 1 Corporate and Other (8 ) 1 (3 ) $ (31 ) — (15 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars 2018 2017 2016 Operating revenues and other income (a) $ 3,514 2,596 2,174 Purchases (b) 12,755 10,468 8,109 Operating expenses and selling, general and administrative expenses (c) 59 79 125 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to OnCue. 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, refined petroleum products and NGL 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 specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid utility and processing fees to various affiliates.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars 2018 2017 2016 Interest Income and Expense Interest income Midstream $ — 1 2 Chemicals — — — Refining — — — Marketing and Specialties — — — Corporate and Other 45 30 16 Consolidated interest income $ 45 31 18 Interest and debt expense Corporate and Other $ 504 438 338 Income (Loss) Before Income Taxes Midstream $ 1,181 638 403 Chemicals 1,025 716 839 Refining 4,535 2,076 435 Marketing and Specialties 1,557 1,020 1,261 Corporate and Other (853 ) (895 ) (747 ) Consolidated income before income taxes $ 7,445 3,555 2,191 Investments In and Advances To Affiliates Midstream $ 5,423 4,734 4,769 Chemicals 6,233 6,222 5,773 Refining 2,226 2,398 2,420 Marketing and Specialties 349 390 391 Corporate and Other — — 1 Consolidated investments in and advances to affiliates $ 14,231 13,744 13,354 Total Assets* Midstream $ 14,329 13,231 12,832 Chemicals 6,235 6,226 5,802 Refining 23,230 23,780 22,781 Marketing and Specialties 6,572 7,052 6,179 Corporate and Other 3,936 4,082 4,059 Consolidated total assets $ 54,302 54,371 51,653 * Prior-period segment information has been recast to include all income tax-related assets in Corporate and Other. Millions of Dollars 2018 2017 2016 Capital Expenditures and Investments Midstream $ 1,548 771 1,453 Chemicals — — — Refining 826 853 1,149 Marketing and Specialties 125 108 98 Corporate and Other 140 100 144 Consolidated capital expenditures and investments $ 2,639 1,832 2,844
Sales and Other Operating Revenues by Product Line	Millions of Dollars 2018 2017* 2016* Sales and Other Operating Revenues** Midstream Total sales $ 8,293 6,620 4,226 Intersegment eliminations (2,176 ) (1,842 ) (1,299 ) Total Midstream 6,117 4,778 2,927 Chemicals 5 5 5 Refining Total sales 83,140 65,494 52,068 Intersegment eliminations (49,343 ) (40,284 ) (34,120 ) Total Refining 33,797 25,210 17,948 Marketing and Specialties Total sales 73,414 73,565 64,476 Intersegment eliminations (1,899 ) (1,233 ) (1,109 ) Total Marketing and Specialties 71,515 72,332 63,367 Corporate and Other 27 29 32 Consolidated sales and other operating revenues $ 111,461 102,354 84,279 * Sales and other operating revenues for the years ended December 31, 2017 and 2016, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 2—Changes in Accounting Principles, for further discussion regarding our adoption of ASU No. 2014-09. ** See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings of Affiliates Midstream $ 676 454 184 Chemicals 1,025 713 834 Refining 796 322 164 Marketing and Specialties 164 243 232 Corporate and Other 15 — — Consolidated equity in earnings of affiliates $ 2,676 1,732 1,414 Depreciation, Amortization and Impairments Midstream $ 326 299 218 Chemicals — — — Refining 841 838 770 Marketing and Specialties 114 116 107 Corporate and Other 83 89 78 Consolidated depreciation, amortization and impairments $ 1,364 1,342 1,173
Geographic Information	Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2018 2017 2016 United States $ 34,587 33,457 32,619 United Kingdom 1,191 1,254 1,177 Germany 570 593 505 Other foreign countries 91 97 88 Worldwide consolidated $ 36,439 35,401 34,389

Phillps 66 Partners LP (Tables

Phillps 66 Partners LP (Tables)	12 Months Ended
	Dec. 31, 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 December 31 December 31 Cash and cash equivalents $ 1 185 Equity investments* 2,448 1,932 Net properties, plants and equipment 3,052 2,918 Long-term debt 2,998 2,920 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidated Income Statement	This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Year Ended December 31, 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 $ — 85,486 25,975 — 111,461 Equity in earnings of affiliates 5,918 4,030 747 (8,019 ) 2,676 Net gain on dispositions — 8 11 — 19 Other income — 33 28 — 61 Intercompany revenues — 3,493 14,085 (17,578 ) — Total Revenues and Other Income 5,918 93,050 40,846 (25,597 ) 114,217 Costs and Expenses Purchased crude oil and products — 79,559 35,563 (17,192 ) 97,930 Operating expenses — 3,769 1,193 (82 ) 4,880 Selling, general and administrative expenses 7 1,297 383 (10 ) 1,677 Depreciation and amortization — 926 430 — 1,356 Impairments — 3 5 — 8 Taxes other than income taxes — 321 104 — 425 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 402 146 250 (294 ) 504 Foreign currency transaction gains — — (31 ) — (31 ) Total Costs and Expenses 409 86,039 37,902 (17,578 ) 106,772 Income before income taxes 5,509 7,011 2,944 (8,019 ) 7,445 Income tax expense (benefit) (86 ) 1,093 565 — 1,572 Net Income 5,595 5,918 2,379 (8,019 ) 5,873 Less: net income attributable to noncontrolling interests — — 278 — 278 Net Income Attributable to Phillips 66 $ 5,595 5,918 2,101 (8,019 ) 5,595 Comprehensive Income $ 5,520 5,843 2,291 (7,856 ) 5,798 Millions of Dollars Year Ended December 31, 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 $ — 74,640 27,714 — 102,354 Equity in earnings of affiliates 5,336 3,256 559 (7,419 ) 1,732 Net gain on dispositions — 1 14 — 15 Other income 3 471 47 — 521 Intercompany revenues — 1,610 13,457 (15,067 ) — Total Revenues and Other Income 5,339 79,978 41,791 (22,486 ) 104,622 Costs and Expenses Purchased crude oil and products — 63,812 30,379 (14,782 ) 79,409 Operating expenses — 3,672 1,085 (58 ) 4,699 Selling, general and administrative expenses 7 1,300 399 (11 ) 1,695 Depreciation and amortization — 892 426 — 1,318 Impairments — 20 4 — 24 Taxes other than income taxes — 5,784 7,678 — 13,462 Accretion on discounted liabilities — 17 5 — 22 Interest and debt expense 348 70 236 (216 ) 438 Total Costs and Expenses 355 75,567 40,212 (15,067 ) 101,067 Income before income taxes 4,984 4,411 1,579 (7,419 ) 3,555 Income tax benefit (122 ) (925 ) (646 ) — (1,693 ) Net Income 5,106 5,336 2,225 (7,419 ) 5,248 Less: net income attributable to noncontrolling interests — — 142 — 142 Net Income Attributable to Phillips 66 $ 5,106 5,336 2,083 (7,419 ) 5,106 Comprehensive Income $ 5,484 5,714 2,498 (8,070 ) 5,626 Millions of Dollars Year Ended December 31, 2016 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 58,822 25,457 — 84,279 Equity in earnings of affiliates 1,797 1,839 296 (2,518 ) 1,414 Net gain (loss) on dispositions — (9 ) 19 — 10 Other income — 42 32 — 74 Intercompany revenues — 864 9,160 (10,024 ) — Total Revenues and Other Income 1,797 61,558 34,964 (12,542 ) 85,777 Costs and Expenses Purchased crude oil and products — 48,171 24,102 (9,805 ) 62,468 Operating expenses — 3,465 846 (36 ) 4,275 Selling, general and administrative expenses 6 1,236 406 (10 ) 1,638 Depreciation and amortization — 821 347 — 1,168 Impairments — 1 4 — 5 Taxes other than income taxes — 5,477 8,211 — 13,688 Accretion on discounted liabilities — 16 5 — 21 Interest and debt expense 366 21 124 (173 ) 338 Foreign currency transaction gains — — (15 ) — (15 ) Total Costs and Expenses 372 59,208 34,030 (10,024 ) 83,586 Income before income taxes 1,425 2,350 934 (2,518 ) 2,191 Income tax expense (benefit) (130 ) 553 124 — 547 Net Income 1,555 1,797 810 (2,518 ) 1,644 Less: net income attributable to noncontrolling interests — — 89 — 89 Net Income Attributable to Phillips 66 $ 1,555 1,797 721 (2,518 ) 1,555 Comprehensive Income $ 1,213 1,455 451 (1,817 ) 1,302
Condensed Consolidated Balance Sheet	Millions of Dollars Year Ended December 31, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,648 1,371 — 3,019 Accounts and notes receivable 9 4,255 3,202 (1,293 ) 6,173 Inventories — 2,489 1,054 — 3,543 Prepaid expenses and other current assets 2 373 99 — 474 Total Current Assets 11 8,765 5,726 (1,293 ) 13,209 Investments and long-term receivables 32,712 22,799 9,829 (50,919 ) 14,421 Net properties, plants and equipment — 13,218 8,800 — 22,018 Goodwill — 2,853 417 — 3,270 Intangibles — 726 143 — 869 Other assets 9 335 173 (2 ) 515 Total Assets $ 32,732 48,696 25,088 (52,214 ) 54,302 Liabilities and Equity Accounts payable $ — 5,415 2,464 (1,293 ) 6,586 Short-term debt — 11 56 — 67 Accrued income and other taxes — 458 658 — 1,116 Employee benefit obligations — 663 61 — 724 Other accruals 66 227 149 — 442 Total Current Liabilities 66 6,774 3,388 (1,293 ) 8,935 Long-term debt 7,928 54 3,111 — 11,093 Assets retirement obligations and accrued environmental costs — 458 166 — 624 Deferred income taxes 1 3,541 1,735 (2 ) 5,275 Employee benefit obligations — 676 191 — 867 Other liabilities and deferred credits 55 4,611 4,287 (8,598 ) 355 Total Liabilities 8,050 16,114 12,878 (9,893 ) 27,149 Common stock 4,856 24,960 8,754 (33,714 ) 4,856 Retained earnings 20,518 8,314 1,249 (9,592 ) 20,489 Accumulated other comprehensive loss (692 ) (692 ) (293 ) 985 (692 ) Noncontrolling interests — — 2,500 — 2,500 Total Liabilities and Equity $ 32,732 48,696 25,088 (52,214 ) 54,302 Millions of Dollars Year Ended 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 Assets 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 Consolidated Cash Flow	Millions of Dollars Year Ended December 31, 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 $ 2,955 6,962 2,642 (4,986 ) 7,573 Cash Flows From Investing Activities Capital expenditures and investments — (998 ) (1,641 ) — (2,639 ) Proceeds from asset dispositions* — 462 50 (455 ) 57 Intercompany lending activities 2,214 (3,031 ) 817 — — Advances/loans—related parties — — (1 ) — (1 ) Other — 27 85 — 112 Net Cash Provided by (Used in) Investing Activities 2,214 (3,540 ) (690 ) (455 ) (2,471 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 675 — 2,184 Repayment of debt (550 ) (11 ) (583 ) — (1,144 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,645 ) — — — (4,645 ) Dividends paid on common stock (1,436 ) (3,174 ) (1,812 ) 4,986 (1,436 ) Distributions to noncontrolling interests — — (207 ) — (207 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 128 — 128 Other (86 ) — (455 ) 455 (86 ) Net Cash Used in Financing Activities (5,169 ) (3,185 ) (2,254 ) 5,441 (5,167 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — (35 ) — (35 ) Net Change in Cash, Cash Equivalents and Restricted Cash — 237 (337 ) — (100 ) 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 $ — 1,648 1,371 — 3,019 * Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 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 $ 2,619 2,702 1,747 (3,420 ) 3,648 Cash Flows From Investing Activities Capital expenditures and investments* — (1,133 ) (839 ) 140 (1,832 ) Proceeds from asset dispositions** — 265 84 (263 ) 86 Intercompany lending activities 401 1,453 (1,854 ) — — Advances/loans—related parties — (10 ) — — (10 ) Collection of advances/loans—related parties — 75 251 — 326 Restricted cash received from consolidation of business — — 318 — 318 Other — (26 ) (8 ) — (34 ) Net Cash Provided by (Used in) Investing Activities 401 624 (2,048 ) (123 ) (1,146 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 2,008 — 3,508 Repayment of debt (1,500 ) (17 ) (2,161 ) — (3,678 ) Issuance of common stock 35 — — — 35 Repurchase of common stock (1,590 ) — — — (1,590 ) Dividends paid on common stock (1,395 ) (2,752 ) (668 ) 3,420 (1,395 ) Distributions to noncontrolling interests — — (120 ) — (120 ) Net proceeds from issuance of Phillips 66 Partners LP common and preferred units — — 1,205 — 1,205 Other* (70 ) — (129 ) 123 (76 ) Net Cash Provided by (Used in) Financing Activities (3,020 ) (2,769 ) 135 3,543 (2,111 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 17 — 17 Net Change in Cash, Cash Equivalents and Restricted Cash — 557 (149 ) — 408 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 $ — 1,411 1,708 — 3,119 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2016 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,491 2,307 1,552 (4,387 ) 2,963 Cash Flows From Investing Activities Capital expenditures and investments* — (1,425 ) (1,457 ) 38 (2,844 ) Proceeds from asset dispositions** — 1,007 156 (1,007 ) 156 Intercompany lending activities (1,139 ) 2,046 (907 ) — — Advances/loans—related parties — (75 ) (357 ) — (432 ) Collection of advances/loans—related parties — — 108 — 108 Other — 18 (164 ) — (146 ) Net Cash Provided by (Used in) Investing Activities (1,139 ) 1,571 (2,621 ) (969 ) (3,158 ) Cash Flows From Financing Activities Issuance of debt — — 2,090 — 2,090 Repayment of debt — (26 ) (807 ) — (833 ) Issuance of common stock 34 — — — 34 Repurchase of common stock (1,042 ) — — — (1,042 ) Dividends paid on common stock (1,282 ) (3,604 ) (783 ) 4,387 (1,282 ) Distributions to noncontrolling interests — — (75 ) — (75 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 972 — 972 Other* (62 ) 31 (980 ) 969 (42 ) Net Cash Provided by (Used in) Financing Activities (2,352 ) (3,599 ) 417 5,356 (178 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 10 — 10 Net Change in Cash, Cash Equivalents and Restricted Cash — 279 (642 ) — (363 ) Cash, cash equivalents and restricted cash at beginning of period — 575 2,499 — 3,074 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 854 1,857 — 2,711 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues* Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2018 First $ 23,595 717 585 524 1.07 1.07 Second 28,980 1,835 1,404 1,339 2.86 2.84 Third 29,788 1,975 1,568 1,492 3.20 3.18 Fourth 29,098 2,918 2,316 2,240 4.85 4.82 2017 First $ 22,894 797 563 535 1.02 1.02 Second 24,087 848 581 550 1.06 1.06 Third 25,627 1,256 849 823 1.60 1.60 Fourth** 29,746 654 3,255 3,198 6.29 6.25 * 2017 amounts include excise taxes on sales of refined petroleum products. ** Includes a $2,721 million provisional income tax benefit from the enactment of the U.S. Tax Cuts and Jobs Act in December 2017.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2018reporting_unit
Summary of Significant Accounting Policies [Line Items]
Number of reporting units for purposes of testing goodwill for impairment	3
Minimum time required for an award not to be subject to forfeiture	6 years
Eligible retirement age	55
Minimum
Summary of Significant Accounting Policies [Line Items]
Length of construction period for interest capitalization	1 year
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Summary of Significant Accounting Policies [Line Items]
Years of service	5 years

Changes in Accounting Princip_2

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

Sales and Other Operating Rev_3

Sales and Other Operating Revenues Sales and Other Operating Revenues (Disaggregated) (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Revenue from External Customer [Line Items]

Sales and other operating revenues

$ 29,098

$ 29,788

$ 28,980

$ 23,595

$ 111,461

[1]

Sales and other operating revenues

$ 29,746

$ 25,627

$ 24,087

$ 22,894

$ 102,354

[1]

$ 84,279

[1]

United States

Revenue from External Customer [Line Items]

Sales and other operating revenues

86,401

Sales and other operating revenues

75,684

59,742

United Kingdom

Revenue from External Customer [Line Items]

Sales and other operating revenues

11,054

Sales and other operating revenues

10,626

9,895

Germany

Revenue from External Customer [Line Items]

Sales and other operating revenues

4,352

Sales and other operating revenues

6,692

6,128

Other foreign countries

Revenue from External Customer [Line Items]

Sales and other operating revenues

9,654

Sales and other operating revenues

9,352

8,514

Refined petroleum products

Revenue from External Customer [Line Items]

Sales and other operating revenues

87,967

Sales and other operating revenues

85,405

73,385

Crude oil resales

Revenue from External Customer [Line Items]

Sales and other operating revenues

16,419

Sales and other operating revenues

11,808

7,594

NGL

Revenue from External Customer [Line Items]

Sales and other operating revenues

6,161

Sales and other operating revenues

4,670

3,107

Services and other

Revenue from External Customer [Line Items]

Sales and other operating revenues

$ 914

Sales and other operating revenues

$ 471

$ 193

[1]

Includes excise taxes on petroleum products sales: $13,054 million

Sales and Other Operating Rev_4

Sales and Other Operating Revenues Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue from External Customer [Line Items]
Accounts receivable	$ 4,993	$ 6,186
Contract with customer	$ 248	$ 208
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term	15 years

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Summary of inventories
Crude oil and petroleum products	$ 3,238	$ 3,106
Materials and supplies	305	289
Inventories	$ 3,543	$ 3,395

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total LIFO inventories		$ 3,123	$ 2,980
Estimated excess of current replacement cost over LIFO cost of inventories		$ 2,900	$ 4,300
Effect on net income due to LIFO inventory liquidation	$ 68
Whitegate Refinery | Refining
Segment Reporting Information [Line Items]
Effect on net income due to LIFO inventory liquidation	$ 62

Business Combinations (Details)

Business Combinations (Details) $ in Millions	Feb. 01, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 31, 2017	Nov. 30, 2016USD ($)mi	Aug. 31, 2009	Aug. 28, 2009
Business Acquisition [Line Items]
Gain on consolidation of business			$ 0	$ 423	$ 0
Goodwill			$ 3,270	$ 3,270	$ 3,270
NGL Logistics System
Business Acquisition [Line Items]
PP&E provisionally recorded							$ 183
Length of pipeline | mi							500
Goodwill							$ 3
Merey Sweeny L.P.
Business Acquisition [Line Items]
Additional equity method ownership interest acquired in MSLP, percent								50.00%	50.00%
Gain on consolidation of business		$ 423
Step acquisition, equity interest in acquiree, fair value	$ 145
Restricted cash		318
PP&E provisionally recorded		250
Financial liabilities		238
Settlement adjustment		$ 93
Merey Sweeny L.P. | Phillips 66 Partners LP | Common Control Transaction
Business Acquisition [Line Items]
Percentage of ownership In subsidiary						100.00%

Assets Held for Sale or Sold (D

Assets Held for Sale or Sold (Details) - Whitegate Refinery - Refining $ in Millions	Sep. 30, 2016USD ($)
Assets Held For Sale Or Sold (Textual) [Abstract]
Net carrying value at time of disposition	$ 135
Disposal group inventory, other working capital, and properties, plants and equipment	127
Allocated goodwill included in carrying value of disposed asset	$ 8

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables (Summary of Components of Investments, Loans, and Long-Term Receivables) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity investments	$ 14,218	$ 13,733
Other investments	106	114
Loans and long-term receivables	97	94
Total	$ 14,421	$ 13,941

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of financial information
Revenues	$ 43,627	$ 35,523	$ 30,605
Income before income taxes	6,066	3,956	3,206
Net income	5,926	3,764	2,960
Current assets	6,791	7,325	7,097
Noncurrent assets	52,649	49,950	50,163
Current liabilities	8,047	5,248	5,173
Noncurrent liabilities	10,695	13,743	13,709
Noncontrolling interests	$ 2,550	$ 2,549	$ 2,260

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)joint_venture	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 22, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,218	$ 13,733
Cash contribution	2,639	1,832	$ 2,844
Retained earnings related to undistributed earnings of affiliated companies	2,285
Dividends received from affiliates	2,942	1,270	616
Collection of advances/loans—related parties	$ 0	326	108
Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 6,233	6,222
Chevron Phillips Chemical Company LLC | Minimum
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term	1 year
Chevron Phillips Chemical Company LLC | Maximum
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term	99 years
DCP Midstream
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 2,240	2,227
DAPL And ETCOP
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 608	621
Number of joint ventures | joint_venture	2
Collection of advances/loans—related parties		250
Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25.00%
ETCOP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25.00%
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	33.00%
Equity investments	$ 601	515
Rockies Express Pipeline LLC (REX)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25.00%
Equity investments	$ 600	445
Amortization period	25 years
Equity investments, basis difference	$ 357
Equity investment, amortization of basis difference	20	20	20
Cash contribution	$ 138
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	75.00%
Equity investments	$ 288
Maximum loss exposure	373
Maximum exposure	$ 85
Bayou Bridge Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	40.00%
Equity investments	$ 277	173
DCP Southern Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	33.00%
Equity investments	$ 206	209
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 69
Maximum loss exposure	122
Maximum exposure	$ 53
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 2,108	2,269
Amortization period	26 years
Equity investments, basis difference	$ 2,610
Equity investment, amortization of basis difference	177	186	$ 185
Collection of advances/loans—related parties		75
DAPL, ETCOP And WRB
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties		$ 325
Subsequent Event | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				65.00%
Rockies Express Pipeline LLC (REX)
Schedule of Equity Method Investments [Line Items]
Amount of debt repaid by REX	$ 550
Third Party | Subsequent Event | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership				10.00%

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2018
Refining and Processing Facilities
Property, Plant and Equipment [Line Items]
Useful life	25 years
Pipeline Assets
Property, Plant and Equipment [Line Items]
Useful life	45 years
Terminal Assets
Property, Plant and Equipment [Line Items]
Useful life	33 years

Properties, Plants and Equipm_4

Properties, Plants and Equipment (By Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 35,197	$ 33,742
Accum. D&A	13,179	12,282
Net PP&E	22,018	21,460
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,223	1,091
Accum. D&A	622	533
Net PP&E	601	558
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	9,663	8,849
Accum. D&A	2,100	1,853
Net PP&E	7,563	6,996
Chemicals
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	0	0
Accum. D&A	0	0
Refining
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	22,640	22,144
Accum. D&A	9,531	8,987
Net PP&E	13,109	13,157
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,671	1,658
Accum. D&A	926	909
Net PP&E	$ 745	$ 749

Goodwill and Intangibles (Goodw

Goodwill and Intangibles (Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Balance at January 1	$ 3,270	$ 3,270
Goodwill, Adjustments	0	0
Balance at December 31	3,270	3,270
Midstream
Goodwill [Roll Forward]
Balance at January 1	626	626
Goodwill, Adjustments	0	0
Balance at December 31	626	626
Refining
Goodwill [Roll Forward]
Balance at January 1	1,805	1,805
Goodwill, Adjustments	0	0
Balance at December 31	1,805	1,805
Marketing and Specialties
Goodwill [Roll Forward]
Balance at January 1	839	839
Goodwill, Adjustments	0	0
Balance at December 31	$ 839	$ 839

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 753	$ 756
Net amortized intangible asset balance	116	120
Amortization of Intangible Assets	14	21	$ 18
Estimated future amortization expense (less than)	20
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	503	503
Refinery air and operating permits
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	250	252
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0	$ 1

Asset Retirement Obligations _3

Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset retirement obligations	$ 261	$ 268	$ 244
Accrued environmental costs	447	458
Total asset retirement obligations and accrued environmental costs	708	726
Asset retirement obligations and accrued environmental costs due within one year	(84)	(85)
Long-term asset retirement obligations and accrued environmental costs	$ 624	$ 641

Asset Retirement Obligations _4

Asset Retirement Obligations and Accrued Environmental Costs (Schedule of Change in Overall Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1	$ 268	$ 244
Accretion of discount	10	10
Changes in estimates of existing obligations	3	17
Spending on existing obligations	(15)	(14)
Foreign currency translation	(5)	11
Balance at December 31	$ 261	$ 268

Asset Retirement Obligations _5

Asset Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Site Contingency [Line Items]
Decrease in total accrued environmental	$ 11
Accrued environmental costs	447	$ 458
Domestic Refineries and Underground Sites
Site Contingency [Line Items]
Total accrued environmental	224
Nonoperator sites
Site Contingency [Line Items]
Total accrued environmental	167
Other sites
Site Contingency [Line Items]
Total accrued environmental	56
Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs	261
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2019	24
Expected future undiscounted payments, due in 2020	41
Expected future undiscounted payments, due in 2021	23
Expected future undiscounted payments, due in 2022	22
Expected future undiscounted payments, due in 2023	15
Expected future undiscounted payments, due for all future years after 2023	$ 206
Weighted Average | Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs, discount rate, percent	5.00%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic
Net income attributable to Phillips 66									$ 5,595	$ 5,106	$ 1,555
Income allocated to participating securities									(6)	(6)	(6)
Net income available to common stockholders									$ 5,589	$ 5,100	$ 1,549
Weighted-average common shares outstanding (in shares)									467,483	511,268	523,250
Effect of share-based compensation (in shares)									3,225	3,822	4,281
Weighted-average commons shares outstanding - basic (in shares)									470,708	515,090	527,531
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars per share)	$ 4.85	$ 3.20	$ 2.86	$ 1.07	$ 6.29	$ 1.60	$ 1.06	$ 1.02	$ 11.87	$ 9.90	$ 2.94
Diluted
Net income attributable to Phillips 66									$ 5,595	$ 5,106	$ 1,555
Income allocated to participating securities									0	0	(5)
Net income available to common stockholders									$ 5,595	$ 5,106	$ 1,550
Weighted-average commons shares outstanding - basic (in shares)									470,708	515,090	527,531
Effect of share-based compensation (in shares)									3,339	3,418	2,535
Weighted-average common shares outstanding—EPS (in shares)									474,047	518,508	530,066
Net Income Attributable to Phillips 66 Per Share of Common Stock (in dollars per share)	$ 4.82	$ 3.18	$ 2.84	$ 1.07	$ 6.25	$ 1.60	$ 1.06	$ 1.02	$ 11.80	$ 9.85	$ 2.92

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Summary of long term debt
Debt, Long-term and Short-term, Combined Amount	$ 11,076,000,000		$ 10,026,000,000
Capitalized leases	184,000,000		192,000,000
Net unamortized discounts and debt issuance costs	(100,000,000)		(108,000,000)
Total debt	11,160,000,000		10,110,000,000
Short-term debt	(67,000,000)		(41,000,000)
Long-term debt	11,093,000,000		10,069,000,000
Other
Summary of long term debt
Debt	1,000,000		1,000,000
Senior Notes | 4.300% Senior Notes due April 2022
Summary of long term debt
Debt	$ 2,000,000,000		2,000,000,000
Stated interest rate of debt, percent	4.30%
Senior Notes | 3.900% Senior Notes due March 2028
Summary of long term debt
Debt	$ 800,000,000		0
Stated interest rate of debt, percent	3.90%	3.90%
Senior Notes | 4.650% Senior Notes due November 2034
Summary of long term debt
Debt	$ 1,000,000,000		1,000,000,000
Stated interest rate of debt, percent	4.65%
Senior Notes | 5.875% Senior Notes due May 2042
Summary of long term debt
Debt	$ 1,500,000,000		1,500,000,000
Stated interest rate of debt, percent	5.875%
Senior Notes | 4.875% Senior Notes due November 2044
Summary of long term debt
Debt	$ 1,700,000,000		1,500,000,000
Stated interest rate of debt, percent	4.875%	4.875%
Senior Notes | Floating-rate Senior Notes due February 2021 at 3.289% at year-end 2018
Summary of long term debt
Debt	$ 500,000,000		0
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.289%
Loans Payable | Floating-rate notes due April 2019 at 2.009% at year-end 2017
Summary of long term debt
Debt	$ 0		$ 300,000,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate			2.009%
Loans Payable | Floating-rate notes due April 2020 at 3.186% and 2.109% at year-end 2018 and 2017, respectively
Summary of long term debt
Debt	$ 300,000,000		$ 300,000,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.186%		2.109%
Loans Payable | Term loan due April 2020 at 3.422% and 2.469% at year-end 2018 and 2017, respectively
Summary of long term debt
Debt	$ 200,000,000		$ 450,000,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.422%		2.469%
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018
Summary of long term debt
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018	$ 0		$ 0
Phillips 66 Partners | Phillips 66 Partners LP
Summary of long term debt
Long-term debt	2,998,000,000		2,920,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 2.646% Senior Notes due February 2020
Summary of long term debt
Debt	$ 300,000,000		300,000,000
Stated interest rate of debt, percent	2.646%
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.605% Senior Notes due February 2025
Summary of long term debt
Debt	$ 500,000,000		500,000,000
Stated interest rate of debt, percent	3.605%
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.550% Senior Notes due October 2026
Summary of long term debt
Debt	$ 500,000,000		500,000,000
Stated interest rate of debt, percent	3.55%
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.750% Senior Notes due March 2028
Summary of long term debt
Debt	$ 500,000,000		500,000,000
Stated interest rate of debt, percent	3.75%
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 4.680% Senior Notes due February 2045
Summary of long term debt
Debt	$ 450,000,000		450,000,000
Stated interest rate of debt, percent	4.68%
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 4.900% Senior Notes due October 2046
Summary of long term debt
Debt	$ 625,000,000		625,000,000
Stated interest rate of debt, percent	4.90%
Phillips 66 Partners | Tax-Exempt Bonds | Phillips 66 Partners LP | Tax-exempt bonds due April 2020 and April 2021 at 1.885% and 1.935% at year-end 2018 and 2017, respectively
Summary of long term debt
Debt	$ 75,000,000		$ 100,000,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.885%		1.935%
Phillips 66 Partners | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 | Phillips 66 Partners LP
Summary of long term debt
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018	$ 125,000,000		$ 0
Weighted-average interest rate	3.669%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2018	May 31, 2017	Apr. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018	Oct. 31, 2017	Feb. 28, 2017
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term borrowing maturities, 2019		$ 67,000,000			$ 67,000,000
Long-term borrowing maturities, 2020		836,000,000			836,000,000
Long-term borrowing maturities, 2021		636,000,000			636,000,000
Long-term borrowing maturities, 2022		2,005,000,000			2,005,000,000
Long-term borrowing maturities, 2023		11,000,000			11,000,000
Repayment of debt					1,144,000,000	$ 3,678,000,000	$ 833,000,000
Borrowings under commercial paper program		0			0	0
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity		5,000,000,000			5,000,000,000
Amount outstanding under facility		0			0	0
Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes	$ 1,500,000,000
Phillips 66 Partners LP | Phillips 66 Partners | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity		750,000,000			750,000,000
Amount outstanding under facility		125,000,000			125,000,000	0
Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes									$ 650,000,000
Phillips 66 Partners LP | Phillips 66 Partners | Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes									450,000,000
Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 900,000,000
Commercial Paper
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity		$ 5,000,000,000			$ 5,000,000,000
Floating-rate Senior Notes due February 2021 at 3.289% at year-end 2018 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes	500,000,000
3.900% Senior Notes due March 2028 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes	$ 800,000,000
Senior notes, interest percent	3.90%	3.90%			3.90%
4.875% Senior Notes due November 2044 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes	$ 200,000,000
Senior notes, interest percent	4.875%	4.875%			4.875%
3.750% Senior Notes due March 2028 | Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes									$ 500,000,000
Senior notes, interest percent									3.75%
Senior Notes due 2045 | Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes									$ 150,000,000
Senior notes, interest percent									4.68%
Phillips 66 Partners due October 2021 at 0.000% and 0.000% at year-end 2018 and 2017, respectively | Phillips 66 Partners LP | Phillips 66 Partners | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity							$ 750,000,000
Repayment of debt						$ 210,000,000
Unsecured Notes | Unsecured Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				600,000,000
Floating-rate notes due April 2019 at 2.009% at year-end 2017 | Unsecured Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				300,000,000
Repayment of debt		$ 300,000,000
Floating-rate notes due April 2020 at 3.186% and 2.109% at year-end 2018 and 2017, respectively | Unsecured Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 300,000,000
Notes due 2019 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes										$ 135,000,000
Senior notes, interest percent										8.85%
Term Loan Due, 364-day facility | Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Number of days maturities are generally limited to				364 days
Term Loan Due, 364-day facility | Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 450,000,000
Term loan due April 2020 at 3.422% and 2.469% at year-end 2018 and 2017, respectively | Loans Payable
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes				$ 450,000,000
Number of days maturities are generally limited to				3 years
Repayment of debt								$ 250,000,000
4.300% Senior Notes due April 2022 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes, interest percent			2.95%
Repayment of debt			$ 1,500,000,000
MSLP Tax-Exempt Bonds Due between 2018 and 2021 | Tax-Exempt Bonds
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes										$ 100,000,000
Senior Notes due in 2019 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior notes, interest percent			8.85%
Repayment of debt			$ 135,000,000
Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum consolidated net debt-to-capitalization ratio, percent		0.6			0.6
Maximum | Commercial Paper
Long-term Debt, Fiscal Year Maturity [Abstract]
Number of days maturities are generally limited to					90 days
London Interbank Offered Rate (LIBOR) | Floating-rate Senior Notes due February 2021 at 3.289% at year-end 2018 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Basis spread on variable rate	0.60%
London Interbank Offered Rate (LIBOR) | Floating-rate notes due April 2019 at 2.009% at year-end 2017 | Unsecured Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Basis spread on variable rate				0.65%
London Interbank Offered Rate (LIBOR) | Floating-rate notes due April 2020 at 3.186% and 2.109% at year-end 2018 and 2017, respectively | Unsecured Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Basis spread on variable rate				0.75%

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations			$ 447	$ 458
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications			171	193
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations			101	104
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments				554
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments			$ 300
Lessee leasing arrangements, operating leases			5 years
Railcars | Residual Value Guarantees
Guarantor Obligations [Line Items]
Operating leases, expense			$ 20	$ 45	$ 28
Residual value guarantee liability	$ 40	$ 53
Other Joint Ventures
Guarantor Obligations [Line Items]
Guarantor obligations, term			P7Y
Other Joint Ventures | Other Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments			$ 304

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Contingencies and Commitments (Textual) [Abstract]
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2019	$ 318
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2020	318
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2021	318
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2022	318
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2023	318
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2024 and after	2,280
Total payments under long-term throughput and take-or-pay agreements	323	$ 323	$ 325
Performance Guarantee
Contingencies and Commitments (Textual) [Abstract]
Performance obligations secured by letters of credit and bank guarantees	$ 587

Derivatives and Financial Ins_3

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Liabilities	$ (1,075)	$ (721)
Net Carrying Value Presented on the Balance Sheet	89
Liabilities
Assets	1,075	721
Net Carrying Value Presented on the Balance Sheet		(21)
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	(89)	21
Total
Assets	1,264	749
Liabilities	(1,100)	(769)
Net Carrying Value Presented on the Balance Sheet	75	1
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	1,257	43
Liabilities	(1,070)	(19)
Effect of Collateral Netting	(89)	0
Net Carrying Value Presented on the Balance Sheet	98	24
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	2	7
Liabilities	0	(3)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	2	4
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	0	699
Liabilities	(23)	(746)
Effect of Collateral Netting	0	21
Net Carrying Value Presented on the Balance Sheet	(23)	(26)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	5	0
Liabilities	(7)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (2)	$ (1)

Derivatives and Financial Ins_4

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 113	$ (238)	$ (484)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	192	(247)	(451)
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	(15)	27	29
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ (64)	$ (18)	$ (62)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Estimated percentage of derivative contract volume expiring within twelve months	98.00%	98.00%
Payment terms of receivables	30 days or less
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative, notional amount	$ 650,000,000
Derivative instruments, gain reclassified from AOCI into income in next twelve months	7,000,000
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets, and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative, fair value	$ 15,000,000	$ 14,000,000

Derivatives and Financial Ins_6

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Dec. 31, 2018	Dec. 31, 2017
Commodity
Crude oil, refined petroleum products and NGL (millions of barrels)	(17)	(11)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Aggregate value of assets transferred to Level 1	$ 246
Aggregate value of liabilities transferred to Level 1	$ 246

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Liabilities	$ (1,075)	$ (721)
Effect of collateral netting, commodity derivative assets	(89)
Liabilities
Effect of counterparty netting, commodity derivative liabilities	(1,075)	(721)
Effect of Collateral Netting		(21)
Difference in Carrying Value and Fair Value	49	(978)
Fixed-rate debt, excluding capital leases
Liabilities
Difference in Carrying Value and Fair Value	49	(978)
Exchange-cleared instruments
Assets
Liabilities	(1,075)	(721)
Effect of collateral netting, commodity derivative assets	(89)	0
Liabilities
Effect of counterparty netting, commodity derivative liabilities	(1,075)	(721)
Effect of Collateral Netting		(21)
Physical forward contracts
Assets
Liabilities	0	0
Liabilities
Effect of counterparty netting, commodity derivative liabilities	0	0
OTC instruments
Liabilities
Effect of counterparty netting, commodity derivative liabilities	0
Level 1
Assets
Total assets, fair value disclosure gross	778	445
Liabilities
Total liabilities, fair value disclosure gross	605	369
Level 1 | Floating-rate debt
Liabilities
Debt excluding capital leases, fair value gross	0	0
Level 1 | Fixed-rate debt, excluding capital leases
Liabilities
Debt excluding capital leases, fair value gross	0	0
Level 1 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	674	333
Liabilities
Commodity derivative liabilities, fair value gross	605	369
Level 1 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	0	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Level 1 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross	0
Level 2
Assets
Total assets, fair value disclosure gross	601	429
Liabilities
Total liabilities, fair value disclosure gross	11,422	11,292
Level 2 | Floating-rate debt
Liabilities
Debt excluding capital leases, fair value gross	1,200	1,150
Level 2 | Fixed-rate debt, excluding capital leases
Liabilities
Debt excluding capital leases, fair value gross	9,727	9,746
Level 2 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	547	395
Liabilities
Commodity derivative liabilities, fair value gross	472	373
Level 2 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	39	20
Liabilities
Commodity derivative liabilities, fair value gross	20	23
Level 2 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross	3
Level 3
Assets
Total assets, fair value disclosure gross	4	1
Liabilities
Total liabilities, fair value disclosure gross		4
Level 3 | Floating-rate debt
Liabilities
Debt excluding capital leases, fair value gross	0	0
Level 3 | Fixed-rate debt, excluding capital leases
Liabilities
Debt excluding capital leases, fair value gross	0	0
Level 3 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	0	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Level 3 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	4	1
Liabilities
Commodity derivative liabilities, fair value gross	0	4
Level 3 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	104	112
Rabbi trust assets | Level 2
Assets
Rabbi trust assets	0	0
Rabbi trust assets | Level 3
Assets
Rabbi trust assets	0	0
Interest rate derivatives
Assets
Liabilities	0	0
Interest rate derivatives | Level 1
Assets
Interest rate derivatives	0	0
Interest rate derivatives | Level 2
Assets
Interest rate derivatives	15	14
Interest rate derivatives | Level 3
Assets
Interest rate derivatives	0	0
Total Fair Value of Gross Assets & Liabilities
Assets
Total assets, fair value disclosure gross	1,383	875
Liabilities
Total liabilities, fair value disclosure gross	12,027	11,665
Total Fair Value of Gross Assets & Liabilities | Floating-rate debt
Liabilities
Debt excluding capital leases, fair value gross	1,200	1,150
Total Fair Value of Gross Assets & Liabilities | Fixed-rate debt, excluding capital leases
Liabilities
Debt excluding capital leases, fair value gross	9,727	9,746
Total Fair Value of Gross Assets & Liabilities | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	1,221	728
Liabilities
Commodity derivative liabilities, fair value gross	1,077	742
Total Fair Value of Gross Assets & Liabilities | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	43	21
Liabilities
Commodity derivative liabilities, fair value gross	20	27
Total Fair Value of Gross Assets & Liabilities | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross	3
Total Fair Value of Gross Assets & Liabilities | Rabbi trust assets
Assets
Rabbi trust assets	104	112
Total Fair Value of Gross Assets & Liabilities | Interest rate derivatives
Assets
Interest rate derivatives	15	14
Net Carrying Value Presented on the Balance Sheet
Assets
Total assets, fair value disclosure gross	219	154
Liabilities
Total liabilities, fair value disclosure gross	11,001	9,945
Net Carrying Value Presented on the Balance Sheet | Floating-rate debt
Liabilities
Debt excluding capital leases, fair value gross	1,200	1,150
Net Carrying Value Presented on the Balance Sheet | Fixed-rate debt, excluding capital leases
Liabilities
Debt excluding capital leases, fair value gross	9,776	8,768
Net Carrying Value Presented on the Balance Sheet | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	57	7
Liabilities
Commodity derivative liabilities, fair value gross	2
Net Carrying Value Presented on the Balance Sheet | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	43	21
Liabilities
Commodity derivative liabilities, fair value gross	20	27
Net Carrying Value Presented on the Balance Sheet | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross	3
Net Carrying Value Presented on the Balance Sheet | Rabbi trust assets
Assets
Rabbi trust assets	104	112
Net Carrying Value Presented on the Balance Sheet | Interest rate derivatives
Assets
Interest rate derivatives	$ 15	$ 14

Equity (Details)

Equity (Details) - USD ($)	Feb. 06, 2019	Feb. 28, 2018	Feb. 13, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock authorized, shares (in shares)				500,000,000				500,000,000
Par value of preferred stock, per share (in dollars per share)				$ 0.01				$ 0.01
Preferred stock outstanding, shares (in shares)				0				0
Repurchase of common stock, shares (in shares)				47,961,000	18,738,000	12,901,000
Cost of shares repurchased				$ 4,645,000,000	$ 1,590,000,000	$ 1,042,000,000
Repurchase of common stock				4,645,000,000	$ 1,590,000,000	$ 1,042,000,000
Share Repurchase Program And Additional Share Repurchases
Class of Stock [Line Items]
Amount authorized for stock repurchase				$ 12,000,000,000				$ 12,000,000,000
Repurchase of common stock, shares (in shares)								137,103,716
Cost of shares repurchased								$ 10,393,000,000
Purchase Agreement
Class of Stock [Line Items]
Share authorized for repurchase (in shares)		35,000,000
Repurchase of common stock		$ 3,280,000,000
Initial price paid per share (usd per share)			$ 93.725
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (in dollars per share)	$ 0.80
Share exchange—PSPI transaction
Class of Stock [Line Items]
Repurchase of common stock, shares (in shares)							17,422,615
Cost of shares repurchased							$ 1,350,000,000
Cash and cash equivalents | Purchase Agreement
Class of Stock [Line Items]
Share repurchase settlement amount		1,880,000,000
Commercial Paper | Cash and cash equivalents | Purchase Agreement
Class of Stock [Line Items]
Share repurchase settlement amount		$ 1,400,000,000

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Total net PP&E recorded for capital leases	$ 196	$ 210

Leases (Summary of Future Minim

Leases (Summary of Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Capital Lease Obligations
2,019	$ 23
2,020	19
2,021	18
2,022	16
2,023	16
Remaining years	138
Total	230
Less: income from subleases	0
Net minimum lease payments	230
Less: amount representing interest	46
Capital lease obligations	184	$ 192
Operating Lease Obligations
2,018	509
2,019	392
2,020	181
2,021	124
2,022	83
Remaining years	292
Total	1,581
Less: income from subleases	38
Net minimum lease payments	$ 1,543

Leases (Summary of Operating Le

Leases (Summary of Operating Lease Rental Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Rent Expense, Net [Abstract]
Minimum rentals	$ 669	$ 680	$ 669
Contingent rentals	5	6	6
Less: sublease rental income	71	73	95
Total	$ 603	$ 613	$ 580

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Reconciliation of Projected Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Benefits | United States
Change in Benefit Obligations
Benefit obligations at January 1	$ 3,043	$ 2,881
Service cost	136	132	$ 127
Interest cost	104	108	116
Plan participant contributions	0	0
Net actuarial loss (gain)	(167)	267
Benefits paid	(386)	(345)
Curtailment gain	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	2,730	3,043	2,881
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	2,751	2,274
Actual return on plan assets	(122)	399
Company contributions	134	423
Plan participant contributions	0	0
Benefits paid	(386)	(345)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	2,377	2,751	2,274
Funded Status at December 31	(353)	(292)
Pension Benefits | Int’l.
Change in Benefit Obligations
Benefit obligations at January 1	1,209	1,055
Service cost	29	32	32
Interest cost	28	27	28
Plan participant contributions	2	2
Net actuarial loss (gain)	(165)	(5)
Benefits paid	(27)	(20)
Curtailment gain	5	0
Foreign currency exchange rate change	64	(118)
Benefit obligations at December 31	1,007	1,209	1,055
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	972	796
Actual return on plan assets	(29)	71
Company contributions	34	35
Plan participant contributions	2	2
Benefits paid	(27)	(20)
Foreign currency exchange rate change	(50)	88
Fair value of plan assets at December 31	902	972	796
Funded Status at December 31	(105)	(237)
Other Benefits
Change in Benefit Obligations
Benefit obligations at January 1	232	225
Service cost	6	6	7
Interest cost	7	8	8
Plan participant contributions	4	3
Net actuarial loss (gain)	(9)	6
Benefits paid	(20)	(16)
Curtailment gain	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	220	232	225
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Company contributions	16	13
Plan participant contributions	4	3
Benefits paid	(20)	(16)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31		0	$ 0
Funded Status at December 31	$ (220)	$ (232)

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (867)	$ (884)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(25)	(25)
Noncurrent liabilities	(328)	(267)
Total recognized	(353)	(292)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	78	0
Current liabilities	0	0
Noncurrent liabilities	(183)	(237)
Total recognized	(105)	(237)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(16)	(16)
Noncurrent liabilities	(204)	(216)
Total recognized	$ (220)	$ (232)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Summary of Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss) arising during the period	$ (16)	$ (1)	$ (178)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(539)	(545)
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	(125)	(14)
Curtailment gain	0	0
Amortization of net actuarial loss and settlements included in income	131	153
Net change in unrecognized net actuarial loss (gain) during the period	6	139
Prior service cost (credit) arising during the period	0	0
Amortization of prior service cost (credit) included in income	0	3
Net change in unrecognized prior service cost (credit) during the period	0	3
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(64)	(190)
Unrecognized prior service credit	(3)	(4)
Net actuarial gain (loss) arising during the period	102	14
Curtailment gain	5	0
Amortization of net actuarial loss and settlements included in income	19	23
Net change in unrecognized net actuarial loss (gain) during the period	126	37
Prior service cost (credit) arising during the period	0	0
Amortization of prior service cost (credit) included in income	(1)	(1)
Net change in unrecognized prior service cost (credit) during the period	(1)	(1)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	8	(1)
Unrecognized prior service credit	(6)	(7)
Net actuarial gain (loss) arising during the period	9	(6)
Curtailment gain	0	0
Amortization of net actuarial loss and settlements included in income	0	0
Net change in unrecognized net actuarial loss (gain) during the period	9	(6)
Prior service cost (credit) arising during the period	0	0
Amortization of prior service cost (credit) included in income	(1)	(2)
Net change in unrecognized prior service cost (credit) during the period	$ (1)	$ (2)

Pension and Postretirement Pl_6

Pension and Postretirement Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 123	$ 143
Fair value of plan assets	0	0
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	345	368
Fair value of plan assets	$ 182	$ 196

Pension and Postretirement Pl_7

Pension and Postretirement Plans (Projected Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 2,730	$ 3,043
Fair value of plan assets	2,377	2,751
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	365	1,209
Fair value of plan assets	$ 182	$ 972

Pension and Postretirement Pl_8

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 136	$ 132	$ 127
Interest cost	104	108	116
Expected return on plan assets	(169)	(146)	(128)
Amortization of prior service cost (credit)	0	3	3
Amortization of net actuarial loss	59	70	72
Settlements	72	83	8
Total net periodic benefit cost	202	250	198
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Service cost	29	32	32
Interest cost	28	27	28
Expected return on plan assets	(46)	(40)	(38)
Amortization of prior service cost (credit)	(1)	(1)	(1)
Amortization of net actuarial loss	19	23	14
Settlements	0	0	0
Total net periodic benefit cost	29	41	35
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	6	7
Interest cost	7	8	8
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(1)	(2)	(1)
Amortization of net actuarial loss	0	0	0
Settlements	0	0	0
Total net periodic benefit cost	$ 12	$ 12	$ 14

Pension and Postretirement Pl_9

Pension and Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gains and losses, Percent amortized	10.00%
Maximum employee contribution of eligible pay, Percent	75.00%
Semi-annual discretionary company contribution target, Percent	2.00%
Total expense related to participants in the Savings Plan	$ 178	$ 101	$ 99
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	50.00%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	42.00%
Other Types of Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	8.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Minimum participant contribution to Savings Plan to be eligible for Success Share, Percent	1.00%
Semi-annual discretionary company contribution, Percent	0.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Company match of participant's contributions of eligible pay, Percent	5.00%
Semi-annual discretionary company contribution, Percent	6.00%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	$ 9	(6)
Actual return on plan assets	$ 0	0
Fair value of plan assets		0	0
Health care cost trend rate, percentage	7.00%
Health care cost trend rate, ultimate, percentage	5.00%
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	$ 167	$ (267)
Weighted-average actual return on plan assets	(4.00%)	18.00%
Actual return on plan assets	$ (122)	$ 399
Fair value of plan assets	2,377	2,751	2,274
Accumulated benefit obligations	2,466	2,743
Expected future employer contributions next fiscal year	60
Pension Benefits | United States | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	421	589
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	165	5
Actual return on plan assets	(29)	71
Fair value of plan assets	902	972	$ 796
Accumulated benefit obligations	878	1,006
Expected future employer contributions next fiscal year	30
Pension Benefits | Int’l. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Level 3 | Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Level 3 | Pension Benefits | United States | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Level 3 | Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Level 3 | Pension Benefits | Int’l. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

Pension and Postretirement P_10

Pension and Postretirement Plans (Summary of Weighted-Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits | United States
Assumptions Used to Determine Benefit Obligations:
Discount rate	4.30%	3.60%
Rate of compensation increase	4.00%	4.00%
Interest crediting rate on cash balance plan	3.25%	3.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	3.60%	3.95%
Expected return on plan assets	6.50%	6.75%
Rate of compensation increase	4.00%	4.00%
Interest crediting rate on cash balance plan	3.00%	3.55%
Pension Benefits | Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate	2.59%	2.36%
Rate of compensation increase	3.34%	3.74%
Interest crediting rate on cash balance plan	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	2.36%	2.46%
Expected return on plan assets	4.78%	4.74%
Rate of compensation increase	3.74%	3.78%
Interest crediting rate on cash balance plan	0.00%	0.00%
Other Benefits
Assumptions Used to Determine Benefit Obligations:
Discount rate	4.15%	3.35%
Rate of compensation increase	0.00%	0.00%
Interest crediting rate on cash balance plan	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	3.35%	3.65%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%
Interest crediting rate on cash balance plan	0.00%	0.00%

Pension and Postretirement P_11

Pension and Postretirement Plans (Summary of Pension Plan Asset Fair Values) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,377	$ 2,751	$ 2,274
Subtotal	1,210	1,440
United States | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,081	1,440
Subtotal	1,081	1,440
United States | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129	0
Subtotal	129	0
United States | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
United States | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	421	589
United States | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	421	589
United States | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	610	632
United States | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	610	632
United States | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129
United States | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129
United States | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
United States | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		129
United States | Mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		129
United States | Mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
United States | Mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
United States | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	50	90
United States | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	50	90
United States | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Common/collective trusts measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,048	1,311
United States | Real estate funds measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	119	0
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	902	972	$ 796
Subtotal	21	20
Int’l. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7	6
Subtotal	7	6
Int’l. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
Int’l. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Subtotal	14	14
Int’l. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Int’l. | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Mutual funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Mutual funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Mutual funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Int’l. | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7	6
Int’l. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7	6
Int’l. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Int’l. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Int’l. | Common/collective trusts measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	873	944
Int’l. | Real estate funds measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 8	$ 8

Pension and Postretirement P_12

Pension and Postretirement Plans (Summary of Future Service Benefit Payments) (Details) $ in Millions	Dec. 31, 2018USD ($)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
2,019	$ 412
2,020	292
2,021	285
2,022	299
2,023	274
2024-2028	1,205
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
2,019	19
2,020	20
2,021	22
2,022	23
2,023	26
2024-2028	158
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2,019	25
2,020	27
2,021	27
2,022	26
2,023	25
2024-2028	$ 102

Share-Based Compensation Plan_2

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2008	May 31, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum time required for an award not to be subject to forfeiture		6 years
Eligible retirement age	55	55
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares		$ 20.69	$ 16.95	$ 16.94
Intrinsic value of options exercised		$ 37	$ 62	$ 58
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option terms in years		10 years
Weighted-average remaining contractual terms of vested options	4 years 10 months 13 days
Weighted-average remaining contractual terms of exercisable options	4 years 3 months 15 days
Cash received from the exercise of options		$ 39
Tax benefit from the exercise of options		7
Unrecognized compensation expense from unvested awards held by employees	$ 6	6
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	21 months
Longest period for recognition of unrecognized compensation expense from unvested awards	25 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees	$ 53	$ 53
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		22 months
Longest period for recognition of unrecognized compensation expense from unvested awards		36 months
Units, granted (in dollars per share) | $ / shares		$ 96.16	$ 78.49	$ 78.56
Units, Issued, Total Fair Value		$ 102	$ 85	$ 109
Number of shares of common stock to be issued per stock unit | shares		1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees	$ 1	$ 1
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		14 months
Longest period for recognition of unrecognized compensation expense from unvested awards		4 years
Units, granted (in dollars per share) | $ / shares		$ 99.74	$ 86.88	$ 78.62
Units, Issued, Total Fair Value		$ 70	$ 54	$ 26
Performance measurement period					3 years
Fair value of cash settled units		$ 49	$ 56	$ 60
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable under P66 Omnibus Plan, maximum (in shares) | shares						45,000,000
Years of service		5 years
Employees Eligible for Retirement | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		6 months
Employees Eligible for Retirement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		6 months
Awards Vesting Ratably Over Three Years On Anniversary Of Grant Date | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Cliff Vesting | 2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years

Share-Based Compensation Plan_3

Share-Based Compensation Plans (Summary of Compensation Expense and Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 100	$ 142	$ 156
Income tax benefit	$ (45)	$ (74)	$ (59)

Share-Based Compensation Plan_4

Share-Based Compensation Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options
Options, outstanding, beginning of period (in shares)	4,838,855
Options, granted (in shares)	650,000
Options, forfeited (in shares)	(49,027)
Options, exercised (in shares)	(687,020)
Options, outstanding, end of period (in shares)	4,752,808	4,838,855
Options, vested, end of period (in shares)	3,941,271
Options, exercisable, end of period (in shares)	3,331,259
Weighted- Average Exercise Price
Weighted-Average exercise price, outstanding, beginning of period (in dollars per share)	$ 58.34
Weighted-Average exercise price, granted (in dollars per share)	94.85
Weighted-Average exercise price, forfeited (in dollars per share)	89.93
Weighted-Average exercise price, exercised (in dollars per share)	57.61
Weighted-Average exercise price, outstanding, end of period (in dollars per share)	63.11	$ 58.34
Weighted-Average exercise price, vested, End of period (in dollars per share)	57.79
Weighted-Average exercise price, exercisable, End of period (in dollars per share)	53.51
Weighted average grant date fair value of options granted (in dollars per share)	$ 20.69	$ 16.95	$ 16.94
Intrinsic value of options exercised	$ 37	$ 62	$ 58
Aggregate intrinsic value, options, vested, end of period	109
Aggregate intrinsic value, options, exercisable, end of period	$ 106

Share-Based Compensation Plan_5

Share-Based Compensation Plans (Fair Value Assumptions) (Details) - Stock Options	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.81%	2.28%	1.71%
Dividend yield	2.80%	2.90%	3.00%
Volatility factor	25.41%	26.91%	28.68%
Expected life (years)	7 years 2 months 5 days	7 years 2 months 19 days	7 years 29 days

Share-Based Compensation Plan_6

Share-Based Compensation Plans (Summary of Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Units
Units, Outstanding, beginning of period (in shares)	2,496,425
Units, Granted (in shares)	822,457
Units, Forfeited (in shares)	(63,977)
Units, Issued (in shares)	(995,076)
Units, Outstanding, end of period (in shares)	2,259,829	2,496,425
Units, Not Vested, end of period units, issued (in shares)	1,565,641
Weighted-Average Grant-Date Fair Value
Units, Outstanding, beginning of period (in dollars per share)	$ 77.20
Units, Granted (in dollars per share)	96.16	$ 78.49	$ 78.56
Units, Forfeited (in dollars per share)	84.61
Units, Issued (in dollars per share)	75.77
Units, Outstanding, end of period (in dollars per share)	84.52	$ 77.20
Units, Not Vested, end of period (in dollars per share)	$ 84.99
Units, Issued, Total Fair Value	$ 102	$ 85	$ 109

Share-Based Compensation Plan_7

Share-Based Compensation Plans (Summary of Performance Share Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Units
Units, Outstanding, beginning of period (in shares)	2,558,278
Units, Granted (in shares)	494,277
Units, Forfeited (in shares)	(16,716)
Units, Issued (in shares)	(639,060)
Units, Cash settled (in shares)	(494,277)
Units, Outstanding, end of period (in shares)	1,902,502	2,558,278
Units, Not Vested, end of period units, issued (in shares)	153,236
Weighted-Average Grant-Date Fair Value
Units, Outstanding, beginning of period (in dollars per share)	$ 52.06
Units, Granted (in dollars per share)	99.74	$ 86.88	$ 78.62
Units, Forfeited (in dollars per share)	69.90
Units, Issued (in dollars per share)	59.15
Units, Cash settled (in dollars per share)	99.74
Units, Outstanding, end of period (in dollars per share)	49.52	$ 52.06
Units, Not Vested, end of period (in dollars per share)	$ 65.59
Units, Issued, Total Fair Value	$ 70	$ 54	$ 26
Units, Cash settled, Total Fair Value	$ 49	$ 56	$ 60

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax cuts and jobs act of 2017, provisional income tax benefit		$ (2,870)
Deemed Repatriation Tax Liability, provisional income tax expense		149
Decrease in valuation allowance	$ (20)
Unrecognized tax benefits that if recognized would affect our effective tax rate	1	5	$ 13
Accrued liabilities for interest and penalties	5	8	12
Decrease in income tax penalties and interest accrued		1	7
Income tax expense (benefits) reflected in the Capital in Excess of Par column of the consolidated statement of equity	13	$ 81	$ 150
Tax cuts and jobs act of 2017, income tax expense (benefit)	36
Germany
Deferred tax assets, operating loss carryforwards, foreign	51
United Kingdom
Deferred tax assets, operating loss carryforwards, foreign	$ 5

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense (Benefits)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal
Current	$ 739	$ 9	$ (105)
Deferred	257	(1,960)	645
Foreign
Current	326	126	66
Deferred	53	3	(84)
State and local
Current	255	61	(24)
Deferred	(58)	68	49
Income tax expense	$ 1,572	$ (1,693)	$ 547

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Tax Liabilities and Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 3,074	$ 2,942
Investment in joint ventures	2,041	1,923
Investment in subsidiaries	602	594
Inventory	66	0
Other	14	18
Total deferred tax liabilities	5,797	5,477
Deferred Tax Assets
Benefit plan accruals	395	314
Asset retirement obligations and accrued environmental costs	109	121
Loss and credit carryforwards	59	96
Other financial accruals and deferrals	16	44
Inventory	0	10
Other	0	3
Total deferred tax assets	579	588
Less: valuation allowance	8	28
Net deferred tax assets	571	560
Net deferred tax liabilities	$ 5,226	$ 4,917

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 34	$ 70	$ 82
Additions for tax positions of prior years	1	1	5
Reductions for tax positions of prior years	(2)	(5)	(17)
Settlements	(10)	(32)	0
Balance at December 31	$ 23	$ 34	$ 70

Income Taxes (Income Tax Reconc

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income before income taxes
United States									$ 5,716	$ 2,799	$ 1,713
Foreign									1,729	756	478
Income before income taxes	$ 2,918	$ 1,975	$ 1,835	$ 717	$ 654	$ 1,256	$ 848	$ 797	$ 7,445	$ 3,555	$ 2,191
Percentage of Income Before Income Taxes
United States, percent									76.80%	78.70%	78.20%
Foreign, percent									23.20%	21.30%	21.80%
Total, percent of pre-tax income									100.00%	100.00%	100.00%
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax									$ 1,563	$ 1,244	$ 767
State income tax, net of federal benefit									155	79	12
Tax Cuts and Jobs Act					$ (2,721)				36	(2,721)	0
Foreign rate differential									(91)	(210)	(152)
Noncontrolling interests									(58)	(46)	(26)
Change in valuation allowance									(20)	(4)	(81)
Federal manufacturing deduction									0	(18)	0
Other									(13)	(17)	27
Income tax expense									$ 1,572	$ (1,693)	$ 547
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax, percent									21.00%	35.00%	35.00%
State income tax, net of federal benefit, percent									2.10%	2.20%	0.60%
Tax Cuts and Jobs Act, percent									0.50%	(76.50%)	0.00%
Foreign rate differential, percent									(1.20%)	(5.90%)	(6.90%)
Noncontrolling interests, percent									(0.80%)	(1.30%)	(1.20%)
Change in valuation allowance, percent									(0.30%)	(0.10%)	(3.70%)
Federal manufacturing deduction, percent									(0.00%)	(0.50%)	(0.00%)
Other, percent									(0.20%)	(0.50%)	1.20%
Effective income tax rate									21.10%	(47.60%)	25.00%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated other comprehensive income (loss)
Beginning Balance	$ 27,428	$ 23,725	$ 23,938
Other comprehensive income (loss) before reclassifications	(174)	266	(403)
Net actuarial loss, prior service cost (credit) and settlements	112	112	61
Net current period other comprehensive income (loss)	(75)	378	(342)
Accumulated other comprehensive income (loss), Ending Balance	(692)	(617)
Ending Balance	27,153	27,428	23,725
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning Balance	(598)	(713)	(662)
Other comprehensive income (loss) before reclassifications	14	3	(112)
Net actuarial loss, prior service cost (credit) and settlements	112	112	61
Net current period other comprehensive income (loss)	126	115	(51)
Ending Balance	(472)	(598)	(713)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning Balance	(26)	(285)	11
Other comprehensive income (loss) before reclassifications	(192)	259	(296)
Net actuarial loss, prior service cost (credit) and settlements	(10)
Net current period other comprehensive income (loss)	(202)	259	(296)
Ending Balance	(228)	(26)	(285)
Hedging
Accumulated other comprehensive income (loss)
Beginning Balance	7	3	(2)
Other comprehensive income (loss) before reclassifications	4	4	5
Net actuarial loss, prior service cost (credit) and settlements	(3)
Net current period other comprehensive income (loss)	1	4	5
Ending Balance	8	7	3
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning Balance	(617)	(995)	(653)
Net current period other comprehensive income (loss)	(75)	378	(342)
Ending Balance	$ (692)	$ (617)	$ (995)

Cash Flow Information (Cash Pay

Cash Flow Information (Cash Payments (Receipts)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Payments (Receipts)
Interest	$ 465	$ 421	$ 311
Income taxes	$ 984	(257)	(375)
Income taxes paid		$ 102	$ 385

Cash Flow Information Cash Flow

Cash Flow Information Cash Flow Information (Narrative) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Restricted Cash	$ 0	$ 0	$ 0

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest and Debt Expense
Incurred, debt	$ 493	$ 432	$ 402
Incurred, other	28	21	17
Total incurred	521	453	419
Capitalized	(17)	(15)	(81)
Expensed	504	438	338
Other Income
Interest income	45	31	18
Gain on consolidation of business	0	423	0
Other, net	16	67	56
Other Income	61	521	74
Research and Development Expenses	55	60	60
Advertising Expenses	68	76	80
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	(31)	0	(15)
Midstream
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Chemicals
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Refining
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	(24)	(2)	(13)
Marketing and Specialties
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	1	1	1
Corporate and Other
Interest and Debt Expense
Expensed	504	438	338
Foreign Currency Transaction Gain (Loss), by Segment [Line Items]
Foreign Currency Transaction (Gains) Losses	$ (8)	$ 1	$ (3)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant transactions with related parties
Operating revenues and other income	$ 3,514	$ 2,596	$ 2,174
Purchases	12,755	10,468	8,109
Operating expenses and selling, general and administrative expenses	$ 59	$ 79	$ 125

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2018refinery
Refining | Mainly United States And Europe
Segment Disclosures and Related Information (Textual) [Abstract]
Refineries owned	13
DCP Midstream
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment	50.00%
DCP Midstream | Midstream
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment	50.00%
CP Chem | Chemicals
Segment Disclosures and Related Information (Textual) [Abstract]
Equity investment	50.00%

Segment Disclosures and Relat_4

Segment Disclosures and Related Information (Analysis by Segment) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 29,098	$ 29,788	$ 28,980	$ 23,595					$ 111,461	[1]
Sales and other operating revenues					$ 29,746	$ 25,627	$ 24,087	$ 22,894			$ 102,354	[1]	$ 84,279	[1]
Equity in earnings of affiliates									2,676		1,732		1,414
Consolidated depreciation, amortization and impairments									1,364		1,342		1,173
Interest Income and Expense									45		31		18
Interest and debt expense									504		438		338
Consolidated income before income taxes									7,445		3,555		2,191
Investments In and Advances To Affiliates	14,231				13,744				14,231		13,744		13,354
Assets	54,302				54,371				54,302		54,371		51,653
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues									6,117
Sales and other operating revenues											4,778		2,927
Equity in earnings of affiliates									676		454		184
Consolidated depreciation, amortization and impairments									326		299		218
Interest Income and Expense									0		1		2
Consolidated income before income taxes									1,181		638		403
Investments In and Advances To Affiliates	5,423				4,734				5,423		4,734		4,769
Assets	14,329				13,231				14,329		13,231		12,832
Chemicals
Segment Reporting Information [Line Items]
Equity in earnings of affiliates									1,025		713		834
Consolidated depreciation, amortization and impairments									0		0		0
Interest Income and Expense									0		0		0
Consolidated income before income taxes									1,025		716		839
Investments In and Advances To Affiliates	6,233				6,222				6,233		6,222		5,773
Assets	6,235				6,226				6,235		6,226		5,802
Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues									33,797
Sales and other operating revenues											25,210		17,948
Equity in earnings of affiliates									796		322		164
Consolidated depreciation, amortization and impairments									841		838		770
Interest Income and Expense									0		0		0
Consolidated income before income taxes									4,535		2,076		435
Investments In and Advances To Affiliates	2,226				2,398				2,226		2,398		2,420
Assets	23,230				23,780				23,230		23,780		22,781
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues									71,515
Sales and other operating revenues											72,332		63,367
Equity in earnings of affiliates									164		243		232
Consolidated depreciation, amortization and impairments									114		116		107
Interest Income and Expense									0		0		0
Consolidated income before income taxes									1,557		1,020		1,261
Investments In and Advances To Affiliates	349				390				349		390		391
Assets	6,572				7,052				6,572		7,052		6,179
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues									8,293
Sales and other operating revenues											6,620		4,226
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues									5
Sales and other operating revenues											5		5
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues									83,140
Sales and other operating revenues											65,494		52,068
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues									73,414
Sales and other operating revenues											73,565		64,476
Intersegment Eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues									(2,176)
Sales and other operating revenues											(1,842)		(1,299)
Intersegment Eliminations | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues									(49,343)
Sales and other operating revenues											(40,284)		(34,120)
Intersegment Eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues									(1,899)
Sales and other operating revenues											(1,233)		(1,109)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues									27
Sales and other operating revenues											29		32
Equity in earnings of affiliates									15		0		0
Consolidated depreciation, amortization and impairments									83		89		78
Interest Income and Expense									45		30		16
Interest and debt expense									504		438		338
Consolidated income before income taxes									(853)		(895)		(747)
Investments In and Advances To Affiliates	0				0				0		0		1
Assets	$ 3,936				$ 4,082				$ 3,936		$ 4,082		$ 4,059
[1]	Includes excise taxes on petroleum products sales: $13,054 million

Segment Disclosures and Relat_5

Segment Disclosures and Related Information (Summary of Investments In and Advances to Affiliates, Total Assets, Capital Expenditures and Investments, Interest Income and Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	$ 14,231	$ 13,744	$ 13,354
Analysis of results of total assets by operating segment
Total Assets	54,302	54,371	51,653
Capital Expenditures and Investments
Capital Expenditures and Investments	2,639	1,832	2,844
Midstream
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	5,423	4,734	4,769
Analysis of results of total assets by operating segment
Total Assets	14,329	13,231	12,832
Capital Expenditures and Investments
Capital Expenditures and Investments	1,548	771	1,453
Chemicals
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	6,233	6,222	5,773
Analysis of results of total assets by operating segment
Total Assets	6,235	6,226	5,802
Capital Expenditures and Investments
Capital Expenditures and Investments	0	0	0
Refining
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	2,226	2,398	2,420
Analysis of results of total assets by operating segment
Total Assets	23,230	23,780	22,781
Capital Expenditures and Investments
Capital Expenditures and Investments	826	853	1,149
Marketing and Specialties
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	349	390	391
Analysis of results of total assets by operating segment
Total Assets	6,572	7,052	6,179
Capital Expenditures and Investments
Capital Expenditures and Investments	125	108	98
Corporate and Other
Analysis of results of investments in and advances to affiliates by operating segment
Investments In and Advances To Affiliates	0	0	1
Analysis of results of total assets by operating segment
Total Assets	3,936	4,082	4,059
Capital Expenditures and Investments
Capital Expenditures and Investments	$ 140	$ 100	$ 144

Segment Disclosures and Relat_6

Segment Disclosures and Related Information (Summary of Geographic Information) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 29,098	$ 29,788	$ 28,980	$ 23,595	$ 111,461	[1]
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Worldwide consolidated	36,439				36,439		$ 35,401	$ 34,389
United States
Segment Reporting Information [Line Items]
Sales and other operating revenues					86,401
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Worldwide consolidated	34,587				34,587		33,457	32,619
United Kingdom
Segment Reporting Information [Line Items]
Sales and other operating revenues					11,054
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Worldwide consolidated	1,191				1,191		1,254	1,177
Germany
Segment Reporting Information [Line Items]
Sales and other operating revenues					4,352
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Worldwide consolidated	570				570		593	505
Other foreign countries
Analysis of results of sales and other operating revenues and long-lived assets by geographical location [Abstract]
Worldwide consolidated	$ 91				$ 91		$ 97	$ 88
[1]	Includes excise taxes on petroleum products sales: $13,054 million

Phillips 66 Partners LP (Detail

Phillips 66 Partners LP (Details) - USD ($)	Oct. 20, 2020	Dec. 31, 2018	Oct. 31, 2017	Feb. 22, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Mar. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest		$ 2,500,000,000				$ 2,500,000,000	$ 2,343,000,000		$ 2,500,000,000
Long-term debt		11,093,000,000				11,093,000,000	10,069,000,000		11,093,000,000
Proceeds from Issuance of Common Limited Partners Units						128,000,000	1,205,000,000	$ 972,000,000
Other						$ (86,000,000)	(76,000,000)	$ (42,000,000)
Senior Notes
Subsidiary or Equity Method Investee [Line Items]
Senior notes										$ 1,500,000,000
Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Preferred units, distribution, quarterly (in usd per share)						$ 0.678375
Phillips 66 Partners | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Long-term debt		2,998,000,000				$ 2,998,000,000	2,920,000,000		2,998,000,000
Phillips 66 Partners | Phillips 66 Partners LP | Noncontrolling Interests
Subsidiary or Equity Method Investee [Line Items]
Public's ownership interest in Phillips 66 Partners reflected as a noncontrolling interest		$ 2,469,000,000				2,469,000,000	2,314,000,000		2,469,000,000
Phillips 66 Partners | Phillips 66 Partners LP | Loans Payable
Subsidiary or Equity Method Investee [Line Items]
Senior notes			$ 450,000,000
Phillips 66 Partners | Phillips 66 Partners LP | Senior Notes
Subsidiary or Equity Method Investee [Line Items]
Senior notes			650,000,000
Common Control Transaction | Phillips 66 Partners | Phillips 66 Partners LP | Phillips 66
Subsidiary or Equity Method Investee [Line Items]
Consideration transferred			1,650,000,000
Payments to acquire businesses			372,000,000
Acquired and liabilities assumed, long-term debt			588,000,000
Cash consideration			960,000,000
Common Control Transaction | Phillips 66 Partners | Phillips 66 Partners LP | Common And General Partner Units | Phillips 66
Subsidiary or Equity Method Investee [Line Items]
Entities under common control, fair value units received on transfer of interest in subsidiary			240,000,000
Common Control Transaction | Phillips 66 Partners | Phillips 66 Partners LP | Loans Payable | Phillips 66
Subsidiary or Equity Method Investee [Line Items]
Acquired and liabilities assumed, long-term debt			450,000,000
Common Control Transaction | Phillips 66 Partners | Phillips 66 Partners LP | Senior Notes
Subsidiary or Equity Method Investee [Line Items]
Proceeds from debt, Net			643,000,000
Senior notes			650,000,000
Common Control Transaction | Phillips 66 Partners | Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of preferred limited partners units			$ 737,000,000
Sold in private placement (in shares)			13,819,791
Sale of stock (in dollars per share)			$ 54.27
Common Control Transaction | Phillips 66 Partners | Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Sold in private placement (in shares)			6,304,204
Sale of stock (in dollars per share)			$ 47.59
Proceeds from Issuance of Common Limited Partners Units			$ 295,000,000
At The Market Offering Program | Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, units, amount authorized					$ 250,000,000	250,000,000
Net proceeds						$ 128,000,000	$ 173,000,000		$ 320,000,000
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership		35.00%				35.00%			35.00%
Gray Oak Holdings LLC | Subsequent Event | Third Party
Subsidiary or Equity Method Investee [Line Items]
Other				$ 294,000,000
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage		44.00%
Phillips 66 Partners LP | Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public (in shares)		13,800,000				13,800,000			13,800,000
Phillips 66 Partners LP | Phillips 66 Partners
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage		54.00%
General partnership interest in Phillips 66 Partners, percentage		2.00%
DAPL | Common Control Transaction | Phillips 66 Partners LP | Phillips 66
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership interest			25.00%
Merey Sweeny L.P. | Common Control Transaction | Phillips 66 Partners LP | Phillips 66
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership In subsidiary			100.00%
Forecast | Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Preferred units, distribution (in usd per share)	$ 0.678375
Gray Oak Pipeline LLC
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership interest		75.00%				75.00%			75.00%
Gray Oak Pipeline LLC | Subsequent Event
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership interest				65.00%
Gray Oak Pipeline LLC | Subsequent Event | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership				10.00%

Phillps 66 Partners LP (Schedu

Phillps 66 Partners LP (Schedule of assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 3,019	$ 3,119
Equity investments	14,218	13,733
Net properties, plants and equipment	22,018	21,460
Long-term debt	11,093	10,069
Phillips 66 Partners LP | Phillips 66 Partners
Related Party Transaction [Line Items]
Cash and cash equivalents	1	185
Equity investments	2,448	1,932
Net properties, plants and equipment	3,052	2,918
Long-term debt	$ 2,998	$ 2,920

New Accounting Standards (Detai

New Accounting Standards (Details) - Forecast $ in Millions	Jan. 01, 2019USD ($)
Accounting Standards Update 2018-02
Item Effected [Line Items]
Reclassification from AOCI to Retained Earnings, tax effect	$ 90
Accounting Standards Update 2016-02
Item Effected [Line Items]
Right-of-Use asset	1,400
Operating lease, liability	$ 1,400

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Revenues and Other Income
Sales and other operating revenues						$ 29,746	$ 25,627	$ 24,087	$ 22,894			$ 102,354	[1]	$ 84,279	[1]
Sales and other operating revenues		$ 29,098	$ 29,788	$ 28,980	$ 23,595					$ 111,461	[1]
Equity in earnings of affiliates										2,676		1,732		1,414
Net gain (loss) on dispositions										19		15		10
Other income (loss)										61		521		74
Total Revenues and Other Income										114,217		104,622		85,777
Purchased crude oil and products										97,930		79,409		62,468
Costs and Expenses
Operating expenses										4,880		4,699		4,275
Selling, general and administrative expenses										1,677		1,695		1,638
Depreciation and amortization										1,356		1,318		1,168
Impairments										8		24		5
Taxes other than income taxes	[1]									425		13,462		13,688
Accretion on discounted liabilities										23		22		21
Interest and debt expense										504		438		338
Foreign currency transaction gains										(31)		0		(15)
Total Costs and Expenses										106,772		101,067		83,586
Income before income taxes										7,445		3,555		2,191
Income tax benefit										1,572		(1,693)		547
Net Income		2,316	1,568	1,404	585	3,255	849	581	563	5,873		5,248		1,644
Less: net income attributable to noncontrolling interests										278		142		89
Net Income Attributable to Phillips 66		$ 2,240	$ 1,492	$ 1,339	$ 524	$ 3,198	$ 823	$ 550	$ 535	5,595		5,106		1,555
Comprehensive Income										5,798		5,626		1,302
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues												0		0
Sales and other operating revenues										0
Equity in earnings of affiliates										5,918		5,336		1,797
Net gain (loss) on dispositions										0		0		0
Other income (loss)										0		3		0
Total Revenues and Other Income										5,918		5,339		1,797
Purchased crude oil and products										0		0		0
Costs and Expenses
Operating expenses										0		0		0
Selling, general and administrative expenses										7		7		6
Depreciation and amortization										0		0		0
Impairments										0		0		0
Taxes other than income taxes										0		0		0
Accretion on discounted liabilities										0		0		0
Interest and debt expense										402		348		366
Foreign currency transaction gains										0				0
Total Costs and Expenses										409		355		372
Income before income taxes										5,509		4,984		1,425
Income tax benefit										(86)		(122)		(130)
Net Income										5,595		5,106		1,555
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										5,595		5,106		1,555
Comprehensive Income										5,520		5,484		1,213
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues												74,640		58,822
Sales and other operating revenues										85,486
Equity in earnings of affiliates										4,030		3,256		1,839
Net gain (loss) on dispositions										8		1		(9)
Other income (loss)										33		471		42
Total Revenues and Other Income										93,050		79,978		61,558
Purchased crude oil and products										79,559		63,812		48,171
Costs and Expenses
Operating expenses										3,769		3,672		3,465
Selling, general and administrative expenses										1,297		1,300		1,236
Depreciation and amortization										926		892		821
Impairments										3		20		1
Taxes other than income taxes										321		5,784		5,477
Accretion on discounted liabilities										18		17		16
Interest and debt expense										146		70		21
Foreign currency transaction gains										0				0
Total Costs and Expenses										86,039		75,567		59,208
Income before income taxes										7,011		4,411		2,350
Income tax benefit										1,093		(925)		553
Net Income										5,918		5,336		1,797
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										5,918		5,336		1,797
Comprehensive Income										5,843		5,714		1,455
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues												27,714		25,457
Sales and other operating revenues										25,975
Equity in earnings of affiliates										747		559		296
Net gain (loss) on dispositions										11		14		19
Other income (loss)										28		47		32
Total Revenues and Other Income										40,846		41,791		34,964
Purchased crude oil and products										35,563		30,379		24,102
Costs and Expenses
Operating expenses										1,193		1,085		846
Selling, general and administrative expenses										383		399		406
Depreciation and amortization										430		426		347
Impairments										5		4		4
Taxes other than income taxes										104		7,678		8,211
Accretion on discounted liabilities										5		5		5
Interest and debt expense										250		236		124
Foreign currency transaction gains										(31)				(15)
Total Costs and Expenses										37,902		40,212		34,030
Income before income taxes										2,944		1,579		934
Income tax benefit										565		(646)		124
Net Income										2,379		2,225		810
Less: net income attributable to noncontrolling interests										278		142		89
Net Income Attributable to Phillips 66										2,101		2,083		721
Comprehensive Income										2,291		2,498		451
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues												(15,067)		(10,024)
Sales and other operating revenues										(17,578)
Equity in earnings of affiliates										(8,019)		(7,419)		(2,518)
Net gain (loss) on dispositions										0		0		0
Other income (loss)										0		0		0
Total Revenues and Other Income										(25,597)		(22,486)		(12,542)
Purchased crude oil and products										(17,192)		(14,782)		(9,805)
Costs and Expenses
Operating expenses										(82)		(58)		(36)
Selling, general and administrative expenses										(10)		(11)		(10)
Depreciation and amortization										0		0		0
Impairments										0		0		0
Taxes other than income taxes										0		0		0
Accretion on discounted liabilities										0		0		0
Interest and debt expense										(294)		(216)		(173)
Foreign currency transaction gains										0				0
Total Costs and Expenses										(17,578)		(15,067)		(10,024)
Income before income taxes										(8,019)		(7,419)		(2,518)
Income tax benefit										0		0		0
Net Income										(8,019)		(7,419)		(2,518)
Less: net income attributable to noncontrolling interests										0		0		0
Net Income Attributable to Phillips 66										(8,019)		(7,419)		(2,518)
Comprehensive Income										(7,856)		(8,070)		(1,817)
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and other operating revenues												0		0
Sales and other operating revenues										0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues												1,610		864
Sales and other operating revenues										3,493
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues												$ 13,457		$ 9,160
Sales and other operating revenues										$ 14,085
[1]	Includes excise taxes on petroleum products sales: $13,054 million

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 3,019	$ 3,119
Accounts and notes receivable	6,173	7,506
Inventories	3,543	3,395
Prepaid expenses and other current assets	474	370
Total Current Assets	13,209	14,390
Investments and long-term receivables	14,421	13,941
Net properties, plants and equipment	22,018	21,460
Goodwill	3,270	3,270	$ 3,270
Intangibles	869	876
Other assets	515	434
Total Assets	54,302	54,371	$ 51,653
Liabilities and Equity
Accounts payable	6,586	8,027
Short-term debt	67	41
Accrued income and other taxes	1,116	1,002
Employee benefit obligations	724	582
Other accruals	442	455
Total Current Liabilities	8,935	10,107
Long-term debt	11,093	10,069
Asset retirement obligations and accrued environmental costs	624	641
Deferred income taxes	5,275	5,008
Employee benefit obligations	867	884
Other liabilities and deferred credits	355	234
Total Liabilities	27,149	26,943
Common stock	4,856	9,396
Retained earnings	20,489	16,306
Accumulated other comprehensive income (loss)	(692)	(617)
Noncontrolling interests	2,500	2,343
Total Liabilities and Equity	54,302	54,371
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(1,293)	(2,297)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(1,293)	(2,297)
Investments and long-term receivables	(50,919)	(51,626)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(2)	(2)
Total Assets	(52,214)	(53,925)
Liabilities and Equity
Accounts payable	(1,293)	(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	(1,293)	(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	(8,598)	(8,288)
Total Liabilities	(9,893)	(10,587)
Common stock	(33,714)	(35,077)
Retained earnings	(9,592)	(9,083)
Accumulated other comprehensive income (loss)	985	822
Noncontrolling interests	0	0
Total Liabilities and Equity	(52,214)	(53,925)
Phillips 66 | Reportable Legal Entities
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	9	10
Inventories	0	0
Prepaid expenses and other current assets	2	2
Total Current Assets	11	12
Investments and long-term receivables	32,712	32,125
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	9	12
Total Assets	32,732	32,149
Liabilities and Equity
Accounts payable	0	0
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	66	55
Total Current Liabilities	66	55
Long-term debt	7,928	6,972
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	1	0
Employee benefit obligations	0	0
Other liabilities and deferred credits	55	8
Total Liabilities	8,050	7,035
Common stock	4,856	9,396
Retained earnings	20,518	16,335
Accumulated other comprehensive income (loss)	(692)	(617)
Noncontrolling interests	0	0
Total Liabilities and Equity	32,732	32,149
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	1,648	1,411
Accounts and notes receivable	4,255	5,317
Inventories	2,489	2,386
Prepaid expenses and other current assets	373	276
Total Current Assets	8,765	9,390
Investments and long-term receivables	22,799	23,483
Net properties, plants and equipment	13,218	13,117
Goodwill	2,853	2,853
Intangibles	726	722
Other assets	335	266
Total Assets	48,696	49,831
Liabilities and Equity
Accounts payable	5,415	7,272
Short-term debt	11	9
Accrued income and other taxes	458	451
Employee benefit obligations	663	513
Other accruals	227	298
Total Current Liabilities	6,774	8,543
Long-term debt	54	50
Asset retirement obligations and accrued environmental costs	458	467
Deferred income taxes	3,541	3,349
Employee benefit obligations	676	639
Other liabilities and deferred credits	4,611	4,700
Total Liabilities	16,114	17,748
Common stock	24,960	24,952
Retained earnings	8,314	7,748
Accumulated other comprehensive income (loss)	(692)	(617)
Noncontrolling interests	0	0
Total Liabilities and Equity	48,696	49,831
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,371	1,708
Accounts and notes receivable	3,202	4,476
Inventories	1,054	1,009
Prepaid expenses and other current assets	99	92
Total Current Assets	5,726	7,285
Investments and long-term receivables	9,829	9,959
Net properties, plants and equipment	8,800	8,343
Goodwill	417	417
Intangibles	143	154
Other assets	173	158
Total Assets	25,088	26,316
Liabilities and Equity
Accounts payable	2,464	3,052
Short-term debt	56	32
Accrued income and other taxes	658	551
Employee benefit obligations	61	69
Other accruals	149	102
Total Current Liabilities	3,388	3,806
Long-term debt	3,111	3,047
Asset retirement obligations and accrued environmental costs	166	174
Deferred income taxes	1,735	1,661
Employee benefit obligations	191	245
Other liabilities and deferred credits	4,287	3,814
Total Liabilities	12,878	12,747
Common stock	8,754	10,125
Retained earnings	1,249	1,306
Accumulated other comprehensive income (loss)	(293)	(205)
Noncontrolling interests	2,500	2,343
Total Liabilities and Equity	$ 25,088	$ 26,316

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	$ 7,573	$ 3,648	$ 2,963
Cash Flows From Investing Activities
Capital expenditures and investments	(2,639)	(1,832)	(2,844)
Proceeds from asset dispositions	57	86	156
Intercompany lending activities	0	0	0
Advances/loans—related parties	(1)	(10)	(432)
Collection of advances/loans—related parties	0	326	108
Restricted cash received from consolidation of business	0	318	0
Restricted cash received from consolidation of business	112	(34)	(146)
Net Cash Used in Investing Activities	(2,471)	(1,146)	(3,158)
Cash Flows From Financing Activities
Issuance of debt	2,184	3,508	2,090
Repayment of debt	(1,144)	(3,678)	(833)
Issuance of common stock	39	35	34
Repurchase of common stock	(4,645)	(1,590)	(1,042)
Dividends paid on common stock	(1,436)	(1,395)	(1,282)
Distributions to noncontrolling interests	(207)	(120)	(75)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	128	1,205	972
Other	(86)	(76)	(42)
Net Cash Used in Financing Activities	(5,167)	(2,111)	(178)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(35)	17	10
Net Change in Cash, Cash Equivalents and Restricted Cash	(100)	408	(363)
Cash, cash equivalents and restricted cash at beginning of period	3,119	2,711	3,074
Cash, Cash Equivalents and Restricted Cash at End of Period	3,019	3,119	2,711
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	(4,986)	(3,420)	(4,387)
Cash Flows From Investing Activities
Capital expenditures and investments	0	140	38
Proceeds from asset dispositions	(455)	(263)	(1,007)
Intercompany lending activities	0	0	0
Advances/loans—related parties	0	0	0
Collection of advances/loans—related parties		0	0
Restricted cash received from consolidation of business		0
Restricted cash received from consolidation of business	0	0	0
Net Cash Used in Investing Activities	(455)	(123)	(969)
Cash Flows From Financing Activities
Issuance of debt	0	0	0
Repayment of debt	0	0	0
Issuance of common stock	0	0	0
Repurchase of common stock	0	0	0
Dividends paid on common stock	4,986	3,420	4,387
Distributions to noncontrolling interests	0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	0	0	0
Other	455	123	969
Net Cash Used in Financing Activities	5,441	3,543	5,356
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash	0	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	0
Phillips 66
Cash Flows From Investing Activities
Advances/loans—related parties		0
Phillips 66 | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	2,955	2,619	3,491
Cash Flows From Investing Activities
Capital expenditures and investments	0	0	0
Proceeds from asset dispositions	0	0	0
Intercompany lending activities	2,214	401	(1,139)
Advances/loans—related parties	0		0
Collection of advances/loans—related parties		0	0
Restricted cash received from consolidation of business		0
Restricted cash received from consolidation of business	0	0	0
Net Cash Used in Investing Activities	2,214	401	(1,139)
Cash Flows From Financing Activities
Issuance of debt	1,509	1,500	0
Repayment of debt	(550)	(1,500)	0
Issuance of common stock	39	35	34
Repurchase of common stock	(4,645)	(1,590)	(1,042)
Dividends paid on common stock	(1,436)	(1,395)	(1,282)
Distributions to noncontrolling interests	0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	0	0	0
Other	(86)	(70)	(62)
Net Cash Used in Financing Activities	(5,169)	(3,020)	(2,352)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash	0	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	0
Phillips 66 Company | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	6,962	2,702	2,307
Cash Flows From Investing Activities
Capital expenditures and investments	(998)	(1,133)	(1,425)
Proceeds from asset dispositions	462	265	1,007
Intercompany lending activities	(3,031)	1,453	2,046
Advances/loans—related parties	0	(10)	(75)
Collection of advances/loans—related parties		75	0
Restricted cash received from consolidation of business		0
Restricted cash received from consolidation of business	27	(26)	18
Net Cash Used in Investing Activities	(3,540)	624	1,571
Cash Flows From Financing Activities
Issuance of debt	0	0	0
Repayment of debt	(11)	(17)	(26)
Issuance of common stock	0	0	0
Repurchase of common stock	0	0	0
Dividends paid on common stock	(3,174)	(2,752)	(3,604)
Distributions to noncontrolling interests	0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	0	0	0
Other	0	0	31
Net Cash Used in Financing Activities	(3,185)	(2,769)	(3,599)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash	237	557	279
Cash, cash equivalents and restricted cash at beginning of period	1,411	854	575
Cash, Cash Equivalents and Restricted Cash at End of Period	1,648	1,411	854
All Other Subsidiaries
Cash Flows From Investing Activities
Advances/loans—related parties		0
All Other Subsidiaries | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities	2,642	1,747	1,552
Cash Flows From Investing Activities
Capital expenditures and investments	(1,641)	(839)	(1,457)
Proceeds from asset dispositions	50	84	156
Intercompany lending activities	817	(1,854)	(907)
Advances/loans—related parties	(1)		(357)
Collection of advances/loans—related parties		251	108
Restricted cash received from consolidation of business		318
Restricted cash received from consolidation of business	85	(8)	(164)
Net Cash Used in Investing Activities	(690)	(2,048)	(2,621)
Cash Flows From Financing Activities
Issuance of debt	675	2,008	2,090
Repayment of debt	(583)	(2,161)	(807)
Issuance of common stock	0	0	0
Repurchase of common stock	0	0	0
Dividends paid on common stock	(1,812)	(668)	(783)
Distributions to noncontrolling interests	(207)	(120)	(75)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	128	1,205	972
Other	(455)	(129)	(980)
Net Cash Used in Financing Activities	(2,254)	135	417
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(35)	17	10
Net Change in Cash, Cash Equivalents and Restricted Cash	(337)	(149)	(642)
Cash, cash equivalents and restricted cash at beginning of period	1,708	1,857	2,499
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 1,371	$ 1,708	$ 1,857

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Sales and other operating revenues	$ 29,098	$ 29,788	$ 28,980	$ 23,595					$ 111,461	[1]
Sales and other operating revenues					$ 29,746	$ 25,627	$ 24,087	$ 22,894			$ 102,354	[1]	$ 84,279	[1]
Income from continuing operations before income taxes	2,918	1,975	1,835	717	654	1,256	848	797	7,445		3,555		2,191
Net Income	2,316	1,568	1,404	585	3,255	849	581	563	5,873		5,248		1,644
Net Income Attributable to Phillips 66	$ 2,240	$ 1,492	$ 1,339	$ 524	$ 3,198	$ 823	$ 550	$ 535	$ 5,595		$ 5,106		$ 1,555
Basic (in dollars per share)	$ 4.85	$ 3.20	$ 2.86	$ 1.07	$ 6.29	$ 1.60	$ 1.06	$ 1.02	$ 11.87		$ 9.90		$ 2.94
Diluted (in dollars per share)	$ 4.82	$ 3.18	$ 2.84	$ 1.07	$ 6.25	$ 1.60	$ 1.06	$ 1.02	$ 11.80		$ 9.85		$ 2.92
Tax Cuts and Jobs Act					$ 2,721				$ (36)		$ 2,721		$ 0
[1]	Includes excise taxes on petroleum products sales: $13,054 million