Phillips 66 (PSX) 10-Q 30 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66
Entity Central Index Key	0001534701
Trading Symbol	PSX
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	453,551,166
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues and Other Income
Sales and other operating revenues	$ 23,103	$ 23,595
Equity in earnings of affiliates	516	424
Net gain on dispositions	1	17
Other income	38	10
Total Revenues and Other Income	23,658	24,046
Costs and Expenses
Purchased crude oil and products	21,055	21,138
Operating expenses	1,307	1,246
Selling, general and administrative expenses	366	386
Depreciation and amortization	331	336
Impairments	1	0
Taxes other than income taxes	128	110
Accretion on discounted liabilities	6	6
Interest and debt expense	119	123
Foreign currency transaction (gains) losses	5	(16)
Total Costs and Expenses	23,318	23,329
Income before income taxes	340	717
Income tax expense	70	132
Net Income	270	585
Less: net income attributable to noncontrolling interests	66	61
Net Income Attributable to Phillips 66	$ 204	$ 524
Net Income Attributable to Phillips 66 Per Share of Common Stock
Net income per share, Basic (in usd per share)	$ 0.44	$ 1.07
Net income per share, Diluted (in usd per share)	$ 0.44	$ 1.07
Weighted-Average Common Shares Outstanding
Basic (in shares)	457,599	487,065
Diluted (in shares)	459,289	489,668

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 270	$ 585
Defined benefit plans
Amortization to income of net actuarial loss and settlements	19	22
Plans sponsored by equity affiliates	4	6
Income taxes on defined benefit plans	(5)	(7)
Defined benefit plans, net of income taxes	18	21
Foreign currency translation adjustments	57	91
Income taxes on foreign currency translation adjustments	0	(3)
Foreign currency translation adjustments, net of income taxes	57	88
Cash flow hedges	(4)	6
Income taxes on hedging activities	(1)	2
Hedging activities, net of income taxes	(3)	4
Other Comprehensive Income, Net of Income Taxes	72	113
Comprehensive Income	342	698
Less: comprehensive income attributable to noncontrolling interests	66	61
Comprehensive Income Attributable to Phillips 66	$ 276	$ 637

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,253	$ 3,019
Accounts and notes receivable	7,303
Inventories	5,344	3,543
Prepaid expenses and other current assets	915	474
Total Current Assets	14,815	13,209
Investments and long-term receivables	14,786	14,421
Net properties, plants and equipment	22,263	22,018
Goodwill	3,270	3,270
Intangibles	864	869
Other assets	1,857	515
Total Assets	57,855	54,302
Liabilities
Accounts payable	8,310	6,113
Accounts payable—related parties	703	473
Short-term debt	30	67
Accrued income and other taxes	940	1,116
Employee benefit obligations	357	724
Other accruals	988	442
Total Current Liabilities	11,328	8,935
Long-term debt	11,268	11,093
Asset retirement obligations and accrued environmental costs	620	624
Deferred income taxes	5,456	5,275
Employee benefit obligations	875	867
Other liabilities and deferred credits	1,563	355
Total Liabilities	31,110	27,149
Equity
Par value	6	6
Capital in excess of par	19,879	19,873
Treasury stock (at cost: 2019—193,165,112 shares; 2018—189,526,331 shares)	(15,367)	(15,023)
Retained earnings	20,408	20,489
Accumulated other comprehensive loss	(709)	(692)
Total Stockholders’ Equity	24,217	24,653
Noncontrolling interests	2,528	2,500
Total Equity	26,745	27,153
Total Liabilities and Equity	57,855	54,302
Third Party
Assets
Accounts and notes receivable	6,476	5,414
Affiliated Entity
Assets
Accounts and notes receivable	$ 827	$ 759

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 35	$ 22
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	646,716,278	645,691,761
Treasury stock (in shares)	193,165,112	189,526,331

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net income		$ 270	$ 585
Depreciation and amortization		331	336
Adjustments to reconcile net income to net cash provided by operating activities
Impairments		1	0
Accretion on discounted liabilities		6	6
Deferred income taxes		179	101
Undistributed equity earnings		95	119
Net gain on dispositions		(1)	(17)
Other		42	173
Working capital adjustments
Accounts and notes receivable		(1,170)	1,366
Inventories		(1,790)	(1,330)
Prepaid expenses and other current assets		(438)	(51)
Accounts payable		2,466	(552)
Taxes and other accruals		(469)	(248)
Net Cash Provided by (Used in) Operating Activities		(478)	488
Cash Flows From Investing Activities
Capital expenditures and investments		(1,097)	(328)
Proceeds from asset dispositions	[1]	103	17
Advances/loans—related parties		0	(1)
Other		(18)	(45)
Net Cash Used in Investing Activities		(1,012)	(357)
Cash Flows From Financing Activities
Issuance of debt		725	1,509
Repayment of debt		(592)	(7)
Issuance of common stock		8	10
Repurchase of common stock		(344)	(3,513)
Dividends paid on common stock		(364)	(327)
Distributions to noncontrolling interests		(56)	(45)
Net proceeds from issuance of Phillips 66 Partners LP common units		32	9
Other		307	(45)
Net Cash Used in Financing Activities		(284)	(2,409)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		8	1
Net Change in Cash and Cash Equivalents		(1,766)	(2,277)
Cash and cash equivalents at beginning of period		3,019	3,119
Cash and Cash Equivalents at End of Period		$ 1,253	$ 842
[1]	Includes return of investments in equity affiliates.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting changes	$ 49				$ 36		$ 13
Beginning Balance at Dec. 31, 2017	27,428	$ 6	$ 19,768	$ (10,378)	16,306	$ (617)	2,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	585				524		61
Other comprehensive income (loss)	113					113	0
Dividends paid on common stock	(327)				(327)
Repurchase of common stock	(3,513)			(3,513)
Benefit plan activity	2		4		(2)
Issuance of Phillips 66 Partners LP common units	8		3				5
Distributions to noncontrolling interests	(45)						(45)
Ending Balance at Mar. 31, 2018	$ 24,300	6	19,775	(13,891)	16,537	(504)	2,377
Beginning balance, common stock issued (in shares) at Dec. 31, 2017	643,835,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2017	141,565,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	37,325,000
Shares issued - share-based compensation (in shares)	892,000
Ending balance, common stock issued (in shares) at Mar. 31, 2018	644,727,000
Ending balance, treasury stock (in shares) at Mar. 31, 2018	178,890,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting changes	$ (9)				81	(89)	(1)
Beginning Balance at Dec. 31, 2018	27,153	6	19,873	(15,023)	20,489	(692)	2,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	270				204		66
Other comprehensive income (loss)	72					72	0
Dividends paid on common stock	(364)				(364)
Repurchase of common stock	(344)			(344)
Benefit plan activity	2		4		(2)
Issuance of Phillips 66 Partners LP common units	21		2				19
Distributions to noncontrolling interests	(56)						(56)
Ending Balance at Mar. 31, 2019	$ 26,745	$ 6	$ 19,879	$ (15,367)	$ 20,408	$ (709)	$ 2,528
Beginning balance, common stock issued (in shares) at Dec. 31, 2018	645,691,761
Beginning balance, treasury stock (in shares) at Dec. 31, 2018	189,526,331
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	3,639,000
Shares issued - share-based compensation (in shares)	1,024,000
Ending balance, common stock issued (in shares) at Mar. 31, 2019	646,716,278
Ending balance, treasury stock (in shares) at Mar. 31, 2019	193,165,112

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.80	$ 0.70

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2019
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2018 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2019 , are not necessarily indicative of the results to be expected for the full year. Certain prior period financial information has been recast to reflect the current year’s presentation.

Changes in Accounting Principle

Changes in Accounting Principles	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2019, we elected to adopt Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU permits the deferred income tax effects stranded in accumulated other comprehensive income (AOCI) resulting from the U.S. Tax Cuts and Jobs Act (the Tax Act) enacted in December 2017 to be reclassified to retained earnings. As of January 1, 2019, we recorded a cumulative effect adjustment to our opening consolidated balance sheet to reclassify an aggregate income tax benefit of $89 million , primarily related to our pension plans, from accumulated other comprehensive loss to retained earnings. Effective January 1, 2019, we early adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. We recorded a noncash cumulative effect adjustment to retained earnings of $9 million , net of $3 million of income taxes, on our opening consolidated balance sheet as of January 1, 2019. See Note 4—Credit Losses , for more information on our presentation of credit losses. Effective January 1, 2019, we adopted ASU No. 2016-02, “Leases (Topic 842),” using the modified retrospective transition method. 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 consolidated 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 consolidated income statement. We elected the package of practical expedients that allowed us to carry forward our determination of whether an arrangement contained a lease and lease classification, as well as our accounting for initial direct costs for existing contracts. We recorded a noncash cumulative effect adjustment to our opening consolidated balance sheet as of January 1, 2019, to record an aggregate operating lease ROU asset and corresponding lease liability of $1,415 million and immaterial adjustments to retained earnings and noncontrolling interests. See Note 14—Leases , for the new lease disclosures required by this ASU.

Sales and Other Operating Reven

Sales and Other Operating Revenues	3 Months Ended
	Mar. 31, 2019
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 Three Months Ended 2019 2018 Product Line and Services Refined petroleum products $ 18,793 18,780 Crude oil resales 3,038 3,188 Natural gas liquids (NGLs) 1,304 1,421 Services and other * (32 ) 206 Consolidated sales and other operating revenues $ 23,103 23,595 Geographic Location** United States $ 17,575 18,511 United Kingdom 2,431 2,249 Germany 957 931 Other foreign countries 2,140 1,904 Consolidated sales and other operating revenues $ 23,103 23,595 * Includes derivatives-related activities. See Note 12—Derivatives and Financial Instruments , for additional information. ** 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 March 31, 2019 , and December 31, 2018 , receivables from contracts with customers were $5,699 million and $4,993 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 March 31, 2019 , and December 31, 2018 , our asset balances related to such payments were $259 million and $248 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At March 31, 2019 , and December 31, 2018 , contract liabilities were $158 million and $99 million , respectively. Remaining Performance Obligations Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing, most of which expire by 2021. At March 31, 2019 , the remaining performance obligations related to these minimum volume commitment contracts were not material.

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2019
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil and NGLs. We assess each counterparty’s ability to pay for the products we sell by conducting a credit review. The credit review considers our expected billing exposure and timing for payment and the counterparty’s established credit rating or our assessment of the counterparty’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We also consider contract terms and conditions, country and political risk, and business strategy in our evaluation. A credit limit is established for each counterparty based on the outcome of this review. We may require collateralized asset support or a prepayment to mitigate credit risk. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. At March 31, 2019 , we reported $7,303 million of accounts receivable, net of allowances of $35 million . Changes in the allowance were not material for the three months ended March 31, 2019 . Based on an aging analysis at March 31, 2019 , 99% of our accounts receivable were outstanding less than 60 days, with the remainder outstanding less than 90 days. We are also exposed to credit losses from off-balance sheet exposures, such as guarantees of joint venture debt, residual value guarantees of leased assets and standby letters of credit. See Note 10—Guarantees , and Note 11—Contingencies and Commitments , for more information on these off-balance sheet exposures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,039 3,238 Materials and supplies 305 305 $ 5,344 3,543 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,931 million and $3,123 million at March 31, 2019 , and December 31, 2018 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $5.1 billion and $2.9 billion at March 31, 2019 , and December 31, 2018 , respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Summarized 100% financial information for Chevron Phillips Chemical Company LLC ( CPChem) and WRB Refining LP (WRB) was as follows: Millions of Dollars Three Months Ended 2019 2018 Revenues $ 5,139 5,366 Income before income taxes 555 393 Net income 534 378 Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In March 2019, a wholly owned subsidiary of Dakota Access closed on an offering of $2,500 million aggregate principal amount of unsecured senior notes. The net proceeds from the issuance of these notes were used to repay amounts outstanding under existing credit facilities of Dakota Access and ETCO. Dakota Access and ETCO have guaranteed repayment of the notes. In addition, Phillips 66 Partners LP (Phillips 66 Partners) and its co-venturers provided a Contingent Equity Contribution Undertaking (CECU) in conjunction with the notes offering. Under the CECU, if Dakota Access receives an unfavorable court ruling related to certain disputed construction permits and Dakota Access determines that an equity contribution trigger event has occurred, the venturers may be severally required to make proportionate equity contributions to Dakota Access and ETCO up to an aggregate maximum of approximately $2,525 million . Phillips 66 Partners’ share of the maximum potential equity contributions under the CECU is approximately $631 million . Gray Oak Pipeline, LLC (Gray Oak) In February 2019, Gray Oak Holdings LLC (Holdings LLC), a consolidated subsidiary of Phillips 66 Partners, transferred a 10% ownership interest in Gray Oak to a third party that exercised a purchase option for proceeds of $81 million . This transfer was accounted for as a sale and resulted in a decrease in Holdings LLC’s ownership interest in Gray Oak from 75% to 65% and the recognition of an immaterial gain. The proceeds received from this sale are presented as an investing cash inflow in the “Proceeds from asset dispositions” line on our consolidated statement of cash flows. 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 variable interest entity (VIE) because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. Phillips 66 Partners has determined it is not the primary beneficiary because it and its co-venturers jointly direct the activities of Gray Oak that most significantly impact economic performance. At March 31, 2019 , Phillips 66 Partners’ maximum exposure to loss was $771 million , which represented the book value of the investment in Gray Oak of $741 million and guaranteed purchase obligations of $30 million . See Note 21—Phillips 66 Partners LP , for additional information regarding Phillips 66 Partners’ ownership in Holdings LLC and Gray Oak. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a 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 March 31, 2019 , our maximum exposure to loss was $124 million , which represented the book value of our investment in OnCue of $70 million and guaranteed debt obligations of $54 million . Related Party Loan On March 29, 2019 , Phillips 66 Partners and its co-venturers executed an agreement to loan Gray Oak up to a maximum of $1,230 million to finance construction of the Gray Oak Pipeline. The amount loaned by each venturer is expected to be proportionate to its effective ownership interest. The maximum amount to be loaned by Phillips 66 Partners is $520 million . Loans under this agreement are due on March 31, 2022 , with early repayment permitted. On April 1, 2019 , Phillips 66 Partners and its co-venturers loaned Gray Oak a total of $125 million under this agreement, of which Phillips 66 Partners’ share was $53 million .

Properties, Plants and Equipmen

Properties, Plants and Equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in properties, plants and equipment (PP&E) and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,956 2,172 7,784 9,663 2,100 7,563 Chemicals — — — — — — Refining 22,865 9,732 13,133 22,640 9,531 13,109 Marketing and Specialties 1,645 912 733 1,671 926 745 Corporate and Other 1,240 627 613 1,223 622 601 $ 35,706 13,443 22,263 35,197 13,179 22,018

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended 2019 2018 Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 204 204 524 524 Income allocated to participating securities (1 ) (1 ) (2 ) (1 ) Net income available to common stockholders $ 203 203 522 523 Weighted-average common shares outstanding (thousands) : 454,886 457,599 483,585 487,065 Effect of share-based compensation 2,713 1,690 3,480 2,603 Weighted-average common shares outstanding—EPS 457,599 459,289 487,065 489,668 Earnings Per Share of Common Stock (dollars) $ 0.44 0.44 1.07 1.07

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt 2019 Activity On March 22, 2019, Phillips 66 Partners entered into a senior unsecured term loan facility with a borrowing capacity of $400 million that matures on March 20, 2020. At March 31, 2019 , term loans totaling $250 million were outstanding under this facility. Borrowings under this facility bear interest at a floating rate based on either the Eurodollar rate or the reference rate, plus a margin determined by Phillips 66 Partners’ credit ratings. Proceeds from term loans made under this facility were used for general partnership purposes, including repayment of amounts borrowed under Phillips 66 Partners’ $750 million revolving credit facility. At March 31, 2019 , borrowings of $15 million were outstanding under Phillips 66 Partners’ revolving credit facility, compared with borrowings of $125 million at December 31, 2018 . At March 31, 2019 , $550 million of Phillips 66 Partners’ debt due within a year was classified as long-term debt based on Phillips 66 Partners’ intent to refinance these obligations on a long-term basis and ability to do so under its revolving credit facility. 2018 Activity 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—Treasury Stock , for additional information.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2019
Guarantees [Abstract]
Guarantees	Guarantees At March 31, 2019 , 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 March 31, 2019 , 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 $207 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 $288 million , which have remaining terms of up to five years. 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 March 31, 2019 , and December 31, 2018 , the carrying amount of recorded indemnifications was $173 million and $171 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 March 31, 2019 , and December 31, 2018 , environmental accruals for known contamination of $104 million and $101 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 11—Contingencies and Commitments . Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips (the Separation), we entered into the Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At March 31, 2019 , our total environmental accrual was $446 million , compared with $447 million at December 31, 2018 . We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At March 31, 2019 , we had performance obligations secured by letters of credit and bank guarantees of $553 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 our derivatives, see Note 13—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 March 31, 2019 December 31, 2018 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 $ 52 (5 ) — 47 1,257 (1,070 ) (89 ) 98 Other assets 1 — — 1 2 — — 2 Liabilities Other accruals 614 (657 ) 35 (8 ) — (23 ) — (23 ) Other liabilities and deferred credits 4 (5 ) — (1 ) 5 (7 ) — (2 ) Total $ 671 (667 ) 35 39 1,264 (1,100 ) (89 ) 75 At March 31, 2019 , and December 31, 2018 , there was no material cash collateral received or paid that was not offset on our consolidated balance sheet. The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2019 2018 Sales and other operating revenues $ (177 ) 8 Other income 13 (5 ) Purchased crude oil and products (155 ) (32 ) Net loss from commodity derivative activity $ (319 ) (29 ) The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from non-derivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98% at March 31, 2019 , and December 31, 2018 . Open Position Long / (Short) March 31 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (44 ) (17 ) 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 $11 million and $15 million at March 31, 2019 , and December 31, 2018 , respectively. We report the mark-to-market gains or losses on our interest rate swaps designated as highly effective cash flow hedges as a component of other comprehensive income (loss), and reclassify such gains and losses into earnings in the same period during which the hedged transaction affects earnings. Net realized gains and losses from settlements of the swaps were immaterial for the three months ended March 31, 2019 and 2018 . We currently estimate that pre-tax gains of $6 million will be reclassified from accumulated other comprehensive loss into general and administrative expenses during the next 12 months as the hedged transactions settle; however, the actual amounts that will be reclassified will vary based on changes in interest rates. Credit Risk from Derivative Instruments 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 March 31, 2019 , and December 31, 2018 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 , derivative assets with an aggregate value of $53 million and derivative liabilities with an aggregate value of $22 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 March 31, 2019 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 $ 349 290 — 639 (623 ) — — 16 Physical forward contracts — 30 2 32 — — — 32 Interest rate derivatives — 11 — 11 — — — 11 Rabbi trust assets 120 — — 120 N/A N/A — 120 $ 469 331 2 802 (623 ) — — 179 Commodity Derivative Liabilities Exchange-cleared instruments $ 390 269 — 659 (623 ) (35 ) — 1 Physical forward contracts — 8 — 8 — — — 8 Floating-rate debt — 1,340 — 1,340 N/A N/A — 1,340 Fixed-rate debt, excluding capital leases — 10,500 — 10,500 N/A N/A (723 ) 9,777 $ 390 12,117 — 12,507 (623 ) (35 ) (723 ) 11,126 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 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 12—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.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases We lease marine vessels, tugboats, barges, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether there are limitations on our control through third-party participation or vendor substitution rights. 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. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. In our implementation of ASU No. 2016-02, we elected to discount lease obligations using our incremental borrowing rate. Furthermore, we elected to separate costs for lease and service components for contracts involving the following asset types: marine vessels, tugboats, barges and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we elected the practical expedient to account for the lease and service components on a combined basis. Our right-of-way agreements in effect prior to January 1, 2019, were not accounted for as leases as they were not initially determined to be leases at their commencement dates. However, modifications to these agreements or new agreements will be assessed and accounted for accordingly under ASU No. 2016-02. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to exercise, we elected to not recognize the ROU asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases: Millions of Dollars March 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 193 — Other assets — 1,376 Total Right-of-Use Assets $ 193 1,376 Lease Liabilities Short-term debt $ 14 — Other accruals — 459 Long-term debt 166 — Other liabilities and deferred credits — 874 Total Lease Liabilities $ 180 1,333 Future minimum lease payments at March 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 15 387 2020 19 412 2021 19 199 2022 16 134 2023 16 85 Remaining years 140 297 Future minimum lease payments 225 1,514 Amount representing interest or discounts (45 ) (181 ) Total Lease Liabilities $ 180 1,333 Our finance lease liabilities relate primarily to an oil terminal in the United Kingdom. The lease liability for this finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the three months ended March 31, 2019 , were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 5 Interest on lease liabilities 2 Total finance lease cost 7 Operating lease cost 129 Short-term lease cost 32 Variable lease cost 7 Sublease income (5 ) Total net lease cost $ 170 Cash paid for amounts included in the measurement of our lease liabilities for the three months ended March 31, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 2 Operating cash outflows—operating leases 144 Financing cash outflows—finance leases 4 During the three months ended March 31, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $36 million related to new and modified lease agreements. At March 31, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 13.1 Weighted average remaining lease term—operating leases (years) 5.4 Weighted-average discount rate—finance leases (percent) 3.8 % Weighted-average discount rate—operating leases (percent) 4.0
Leases	Leases We lease marine vessels, tugboats, barges, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether there are limitations on our control through third-party participation or vendor substitution rights. 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. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. In our implementation of ASU No. 2016-02, we elected to discount lease obligations using our incremental borrowing rate. Furthermore, we elected to separate costs for lease and service components for contracts involving the following asset types: marine vessels, tugboats, barges and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we elected the practical expedient to account for the lease and service components on a combined basis. Our right-of-way agreements in effect prior to January 1, 2019, were not accounted for as leases as they were not initially determined to be leases at their commencement dates. However, modifications to these agreements or new agreements will be assessed and accounted for accordingly under ASU No. 2016-02. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to exercise, we elected to not recognize the ROU asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases: Millions of Dollars March 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 193 — Other assets — 1,376 Total Right-of-Use Assets $ 193 1,376 Lease Liabilities Short-term debt $ 14 — Other accruals — 459 Long-term debt 166 — Other liabilities and deferred credits — 874 Total Lease Liabilities $ 180 1,333 Future minimum lease payments at March 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 15 387 2020 19 412 2021 19 199 2022 16 134 2023 16 85 Remaining years 140 297 Future minimum lease payments 225 1,514 Amount representing interest or discounts (45 ) (181 ) Total Lease Liabilities $ 180 1,333 Our finance lease liabilities relate primarily to an oil terminal in the United Kingdom. The lease liability for this finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the three months ended March 31, 2019 , were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 5 Interest on lease liabilities 2 Total finance lease cost 7 Operating lease cost 129 Short-term lease cost 32 Variable lease cost 7 Sublease income (5 ) Total net lease cost $ 170 Cash paid for amounts included in the measurement of our lease liabilities for the three months ended March 31, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 2 Operating cash outflows—operating leases 144 Financing cash outflows—finance leases 4 During the three months ended March 31, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $36 million related to new and modified lease agreements. At March 31, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 13.1 Weighted average remaining lease term—operating leases (years) 5.4 Weighted-average discount rate—finance leases (percent) 3.8 % Weighted-average discount rate—operating leases (percent) 4.0

Pension and Postretirement Plan

Pension and Postretirement Plans	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2019 and 2018 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 32 6 34 7 1 1 Interest cost 27 6 26 7 2 2 Expected return on plan assets (36 ) (11 ) (42 ) (12 ) — — Recognized net actuarial loss 13 2 15 5 — — Settlements 4 — 2 — — — Net periodic benefit cost* $ 40 3 35 7 3 3 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income. During the three months ended March 31, 2019 , we contributed $10 million to our U.S. employee benefit plans and $8 million to our international employee benefit plans. We currently expect to make additional contributions of approximately $30 million to our U.S. employee benefit plans and $22 million to our international employee benefit plans during the remainder of 2019 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
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, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income before reclassifications 5 88 4 97 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 16 — — 16 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 21 88 4 113 March 31, 2018 $ (577 ) 62 11 (504 ) December 31, 2018 $ (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications 3 57 (1 ) 59 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 15 — — 15 Foreign currency translation — — — — Hedging — — (2 ) (2 ) Net current period other comprehensive income (loss) 18 57 (3 ) 72 Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) March 31, 2019 $ (547 ) (169 ) 7 (709 ) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans , for additional information. ** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02. See Note 2—Changes in Accounting Principles , for additional information on our adoption of this ASU.

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Treasury Stock	Treasury Stock In February 2018, we entered into a Stock Purchase and Sale Agreement (Purchase Agreement) with Berkshire Hathaway Inc. and National Indemnity Company, a wholly owned subsidiary of Berkshire Hathaway, to repurchase 35,000,000 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 in March 2018. This specific share repurchase transaction was separately authorized by our Board of Directors and therefore does not impact previously announced authorizations to repurchase shares of Phillips 66 common stock under our share repurchase program, which total up to $12 billion .

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 2019 2018 Operating revenues and other income (a) $ 683 818 Purchases (b) 2,668 2,554 Operating expenses and selling, general and administrative expenses (c) 9 16 (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, LLC (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 Related

Segment Disclosures and Related Information	3 Months Ended
	Mar. 31, 2019
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% equity investment in DCP Midstream. 2) Chemicals— Consists of our 50% 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 Three Months Ended 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,897 1,951 Intersegment eliminations (584 ) (533 ) Total Midstream 1,313 1,418 Chemicals 1 1 Refining Total sales 16,861 17,632 Intersegment eliminations (9,768 ) (10,615 ) Total Refining 7,093 7,017 Marketing and Specialties Total sales 15,242 15,617 Intersegment eliminations (553 ) (464 ) Total Marketing and Specialties 14,689 15,153 Corporate and Other 7 6 Consolidated sales and other operating revenues $ 23,103 23,595 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 316 280 Chemicals 227 286 Refining (198 ) 112 Marketing and Specialties 205 235 Corporate and Other (210 ) (196 ) Consolidated income before income taxes $ 340 717 Millions of Dollars March 31 December 31 Total Assets Midstream $ 15,347 14,329 Chemicals 6,261 6,235 Refining 25,900 23,230 Marketing and Specialties 7,949 6,572 Corporate and Other 2,398 3,936 Consolidated total assets $ 57,855 54,302

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate for the three months ended March 31, 2019 , was 21% , compared with 18% for the corresponding period of 2018 . The increase in our effective tax rate was primarily attributable to the impact of our foreign operations. The effective income tax rate in the first quarter of 2019 did not vary from the U.S. federal statutory income tax rate of 21% as the effect of state income tax expense was primarily offset by excess tax benefits associated with share-based compensation and income attributable to noncontrolling interests.

Phillips 66 Partners LP

Phillips 66 Partners LP	3 Months Ended
	Mar. 31, 2019
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 in our financial statements. At March 31, 2019 , we owned a 54% limited partner interest and a 2% general partner interest in Phillips 66 Partners, while the public owned a 44% limited partner interest and 13.8 million perpetual convertible preferred units. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars March 31 December 31 Equity investments* $ 2,897 2,448 Net properties, plants and equipment 3,104 3,052 Long-term debt 3,173 2,998 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet. 2019 Activities For the three months ended March 31, 2019 and 2018 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $32 million and $9 million , respectively, from common units issued under its continuous offering of common units, or at-the-market (ATM) programs. Since inception in June 2016 through March 31, 2019 , the ATM programs generated net proceeds of $352 million . Phillips 66 Partners holds an investment in the Gray Oak Pipeline through Holdings LLC. In December 2018, a third party exercised its option to acquire a 35% interest in Holdings LLC. Because Holdings LLC’s sole asset was its 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% interest did not qualify as a sale under GAAP. As such, the contributions the third party is making to Holdings LLC to cover its share of previously incurred and future construction costs plus a premium to Phillips 66 Partners are reflected as a long-term obligation in the “Other liabilities and deferred credits” line on our consolidated balance sheet and financing cash inflows in the “Other” line on our consolidated statement of cash flows. The sale will be recognized under GAAP after construction of the Gray Oak Pipeline is completed and the restrictions expire. Phillips 66 Partners will continue to control and consolidate Holdings LLC after sale recognition, and therefore the third party’s 35% interest will be recharacterized from a long-term obligation to a noncontrolling interest on our consolidated balance sheet 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. For the three months ended March 31, 2019 , the third party contributed an aggregate of $341 million into Holdings LLC, which Holdings LLC used to fund its portion of Gray Oak’s cash calls. See Note 6—Investments, Loans and Long-Term Receivables , for further discussion regarding Phillip 66 Partners’ investment in Gray Oak.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2019
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% owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended March 31, 2019 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 17,415 5,688 — 23,103 Equity in earnings of affiliates 281 431 165 (361 ) 516 Net gain on dispositions — — 1 — 1 Other income — 20 18 — 38 Intercompany revenues — 1,161 3,215 (4,376 ) — Total Revenues and Other Income 281 19,027 9,087 (4,737 ) 23,658 Costs and Expenses Purchased crude oil and products — 17,080 8,254 (4,279 ) 21,055 Operating expenses — 1,000 326 (19 ) 1,307 Selling, general and administrative expenses 3 255 110 (2 ) 366 Depreciation and amortization — 227 104 — 331 Impairments — — 1 — 1 Taxes other than income taxes — 95 33 — 128 Accretion on discounted liabilities — 4 1 1 6 Interest and debt expense 93 36 67 (77 ) 119 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 96 18,697 8,901 (4,376 ) 23,318 Income before income taxes 185 330 186 (361 ) 340 Income tax expense (benefit) (19 ) 49 40 — 70 Net Income 204 281 146 (361 ) 270 Less: net income attributable to noncontrolling interests — — 66 — 66 Net Income Attributable to Phillips 66 $ 204 281 80 (361 ) 204 Comprehensive Income $ 276 353 211 (498 ) 342 Millions of Dollars Three Months Ended March 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 $ — 18,276 5,319 — 23,595 Equity in earnings of affiliates 600 614 195 (985 ) 424 Net gain on dispositions — 7 10 — 17 Other income (loss) — (1 ) 11 — 10 Intercompany revenues — 579 2,879 (3,458 ) — Total Revenues and Other Income 600 19,475 8,414 (4,443 ) 24,046 Costs and Expenses Purchased crude oil and products — 17,213 7,301 (3,376 ) 21,138 Operating expenses — 978 283 (15 ) 1,246 Selling, general and administrative expenses 3 289 97 (3 ) 386 Depreciation and amortization — 230 106 — 336 Taxes other than income taxes — 82 28 — 110 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 93 30 64 (64 ) 123 Foreign currency transaction gains — — (16 ) — (16 ) Total Costs and Expenses 96 18,827 7,864 (3,458 ) 23,329 Income before income taxes 504 648 550 (985 ) 717 Income tax expense (benefit) (20 ) 48 104 — 132 Net Income 524 600 446 (985 ) 585 Less: net income attributable to noncontrolling interests — — 61 — 61 Net Income Attributable to Phillips 66 $ 524 600 385 (985 ) 524 Comprehensive Income $ 637 713 534 (1,186 ) 698 Millions of Dollars March 31, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 193 1,060 — 1,253 Accounts and notes receivable — 5,180 4,208 (2,085 ) 7,303 Inventories — 3,544 1,800 — 5,344 Prepaid expenses and other current assets 1 652 262 — 915 Total Current Assets 1 9,569 7,330 (2,085 ) 14,815 Investments and long-term receivables 32,412 22,562 10,256 (50,444 ) 14,786 Net properties, plants and equipment — 13,229 9,034 — 22,263 Goodwill — 2,853 417 — 3,270 Intangibles — 724 140 — 864 Other assets 8 5,832 647 (4,630 ) 1,857 Total Assets $ 32,421 54,769 27,824 (57,159 ) 57,855 Liabilities and Equity Accounts payable $ — 6,913 4,185 (2,085 ) 9,013 Short-term debt — 8 22 — 30 Accrued income and other taxes — 376 564 — 940 Employee benefit obligations — 324 33 — 357 Other accruals 135 1,163 243 (553 ) 988 Total Current Liabilities 135 8,784 5,047 (2,638 ) 11,328 Long-term debt 7,929 51 3,288 — 11,268 Asset retirement obligations and accrued environmental costs — 454 166 — 620 Deferred income taxes — 3,690 1,767 (1 ) 5,456 Employee benefit obligations — 688 187 — 875 Other liabilities and deferred credits 111 9,226 5,104 (12,878 ) 1,563 Total Liabilities 8,175 22,893 15,559 (15,517 ) 31,110 Common stock 4,518 24,968 8,754 (33,722 ) 4,518 Retained earnings 20,437 7,617 1,211 (8,857 ) 20,408 Accumulated other comprehensive loss (709 ) (709 ) (228 ) 937 (709 ) Noncontrolling interests — — 2,528 — 2,528 Total Liabilities and Equity $ 32,421 54,769 27,824 (57,159 ) 57,855 Millions of Dollars 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 Asset 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 Three Months Ended March 31, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 3 (384 ) 21 (118 ) (478 ) Cash Flows From Investing Activities Capital expenditures and investments — (234 ) (863 ) — (1,097 ) Proceeds from asset dispositions* — — 103 — 103 Intercompany lending activities 731 (806 ) 75 — — Other — (26 ) 8 — (18 ) Net Cash Provided by (Used in) Investing Activities 731 (1,066 ) (677 ) — (1,012 ) Cash Flows From Financing Activities Issuance of debt — — 725 — 725 Repayment of debt — (5 ) (587 ) — (592 ) Issuance of common stock 8 — — — 8 Repurchase of common stock (344 ) — — — (344 ) Dividends paid on common stock (364 ) — (118 ) 118 (364 ) Distributions to noncontrolling interests — — (56 ) — (56 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 32 — 32 Other (34 ) — 341 — 307 Net Cash Provided by (Used in) Financing Activities (734 ) (5 ) 337 118 (284 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 8 — 8 Net Change in Cash and Cash Equivalents — (1,455 ) (311 ) — (1,766 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 193 1,060 — 1,253 * Includes return of investments in equity affiliates. Millions of Dollars Three Months Ended March 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 $ 825 703 530 (1,570 ) 488 Cash Flows From Investing Activities Capital expenditures and investments — (186 ) (142 ) — (328 ) Proceeds from asset dispositions* — 325 17 (325 ) 17 Intercompany lending activities 1,541 (1,015 ) (526 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (40 ) (5 ) — (45 ) Net Cash Provided by (Used in) Investing Activities 1,541 (917 ) (656 ) (325 ) (357 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt — (5 ) (2 ) — (7 ) Issuance of common stock 10 — — — 10 Repurchase of common stock (3,513 ) — — — (3,513 ) Dividends paid on common stock (327 ) (789 ) (781 ) 1,570 (327 ) Distributions to noncontrolling interests — — (45 ) — (45 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 9 — 9 Other (45 ) — (325 ) 325 (45 ) Net Cash Used in Financing Activities (2,366 ) (794 ) (1,144 ) 1,895 (2,409 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 1 — 1 Net Change in Cash and Cash Equivalents — (1,008 ) (1,269 ) — (2,277 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 403 439 — 842 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_2

Changes in Accounting Principles (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	Changes in Accounting Principles Effective January 1, 2019, we elected to adopt Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU permits the deferred income tax effects stranded in accumulated other comprehensive income (AOCI) resulting from the U.S. Tax Cuts and Jobs Act (the Tax Act) enacted in December 2017 to be reclassified to retained earnings. As of January 1, 2019, we recorded a cumulative effect adjustment to our opening consolidated balance sheet to reclassify an aggregate income tax benefit of $89 million , primarily related to our pension plans, from accumulated other comprehensive loss to retained earnings. Effective January 1, 2019, we early adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. We recorded a noncash cumulative effect adjustment to retained earnings of $9 million , net of $3 million of income taxes, on our opening consolidated balance sheet as of January 1, 2019. See Note 4—Credit Losses , for more information on our presentation of credit losses. Effective January 1, 2019, we adopted ASU No. 2016-02, “Leases (Topic 842),” using the modified retrospective transition method. 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 consolidated 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 consolidated income statement. We elected the package of practical expedients that allowed us to carry forward our determination of whether an arrangement contained a lease and lease classification, as well as our accounting for initial direct costs for existing contracts. We recorded a noncash cumulative effect adjustment to our opening consolidated balance sheet as of January 1, 2019, to record an aggregate operating lease ROU asset and corresponding lease liability of $1,415 million and immaterial adjustments to retained earnings and noncontrolling interests. See Note 14—Leases , for the new lease disclosures required by this ASU.
Earnings Per Share	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Commitments and Contingencies	In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.
Fair Value of Financial Instruments	Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using 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 three months ended March 31, 2019 , derivative assets with an aggregate value of $53 million and derivative liabilities with an aggregate value of $22 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.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 2019 2018 Product Line and Services Refined petroleum products $ 18,793 18,780 Crude oil resales 3,038 3,188 Natural gas liquids (NGLs) 1,304 1,421 Services and other * (32 ) 206 Consolidated sales and other operating revenues $ 23,103 23,595 Geographic Location** United States $ 17,575 18,511 United Kingdom 2,431 2,249 Germany 957 931 Other foreign countries 2,140 1,904 Consolidated sales and other operating revenues $ 23,103 23,595 * Includes derivatives-related activities. See Note 12—Derivatives and Financial Instruments , for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,039 3,238 Materials and supplies 305 305 $ 5,344 3,543

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Summarized 100% financial information for Chevron Phillips Chemical Company LLC ( CPChem) and WRB Refining LP (WRB) was as follows: Millions of Dollars Three Months Ended 2019 2018 Revenues $ 5,139 5,366 Income before income taxes 555 393 Net income 534 378

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in properties, plants and equipment (PP&E) and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 9,956 2,172 7,784 9,663 2,100 7,563 Chemicals — — — — — — Refining 22,865 9,732 13,133 22,640 9,531 13,109 Marketing and Specialties 1,645 912 733 1,671 926 745 Corporate and Other 1,240 627 613 1,223 622 601 $ 35,706 13,443 22,263 35,197 13,179 22,018

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended 2019 2018 Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 204 204 524 524 Income allocated to participating securities (1 ) (1 ) (2 ) (1 ) Net income available to common stockholders $ 203 203 522 523 Weighted-average common shares outstanding (thousands) : 454,886 457,599 483,585 487,065 Effect of share-based compensation 2,713 1,690 3,480 2,603 Weighted-average common shares outstanding—EPS 457,599 459,289 487,065 489,668 Earnings Per Share of Common Stock (dollars) $ 0.44 0.44 1.07 1.07

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 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 $ 52 (5 ) — 47 1,257 (1,070 ) (89 ) 98 Other assets 1 — — 1 2 — — 2 Liabilities Other accruals 614 (657 ) 35 (8 ) — (23 ) — (23 ) Other liabilities and deferred credits 4 (5 ) — (1 ) 5 (7 ) — (2 ) Total $ 671 (667 ) 35 39 1,264 (1,100 ) (89 ) 75
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2019 2018 Sales and other operating revenues $ (177 ) 8 Other income 13 (5 ) Purchased crude oil and products (155 ) (32 ) Net loss from commodity derivative activity $ (319 ) (29 )
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long / (Short) March 31 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (44 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 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 $ 349 290 — 639 (623 ) — — 16 Physical forward contracts — 30 2 32 — — — 32 Interest rate derivatives — 11 — 11 — — — 11 Rabbi trust assets 120 — — 120 N/A N/A — 120 $ 469 331 2 802 (623 ) — — 179 Commodity Derivative Liabilities Exchange-cleared instruments $ 390 269 — 659 (623 ) (35 ) — 1 Physical forward contracts — 8 — 8 — — — 8 Floating-rate debt — 1,340 — 1,340 N/A N/A — 1,340 Fixed-rate debt, excluding capital leases — 10,500 — 10,500 N/A N/A (723 ) 9,777 $ 390 12,117 — 12,507 (623 ) (35 ) (723 ) 11,126 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

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Assets And Liabilities, Lessee	The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases: Millions of Dollars March 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 193 — Other assets — 1,376 Total Right-of-Use Assets $ 193 1,376 Lease Liabilities Short-term debt $ 14 — Other accruals — 459 Long-term debt 166 — Other liabilities and deferred credits — 874 Total Lease Liabilities $ 180 1,333
Finance Lease, Liability	Future minimum lease payments at March 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 15 387 2020 19 412 2021 19 199 2022 16 134 2023 16 85 Remaining years 140 297 Future minimum lease payments 225 1,514 Amount representing interest or discounts (45 ) (181 ) Total Lease Liabilities $ 180 1,333
Operating Lease, Liability	Future minimum lease payments at March 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 15 387 2020 19 412 2021 19 199 2022 16 134 2023 16 85 Remaining years 140 297 Future minimum lease payments 225 1,514 Amount representing interest or discounts (45 ) (181 ) Total Lease Liabilities $ 180 1,333
Lease, Cost	At March 31, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 13.1 Weighted average remaining lease term—operating leases (years) 5.4 Weighted-average discount rate—finance leases (percent) 3.8 % Weighted-average discount rate—operating leases (percent) 4.0 Components of net lease cost for the three months ended March 31, 2019 , were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 5 Interest on lease liabilities 2 Total finance lease cost 7 Operating lease cost 129 Short-term lease cost 32 Variable lease cost 7 Sublease income (5 ) Total net lease cost $ 170 Cash paid for amounts included in the measurement of our lease liabilities for the three months ended March 31, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 2 Operating cash outflows—operating leases 144 Financing cash outflows—finance leases 4

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended March 31, 2019 and 2018 , were as follows: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 32 6 34 7 1 1 Interest cost 27 6 26 7 2 2 Expected return on plan assets (36 ) (11 ) (42 ) (12 ) — — Recognized net actuarial loss 13 2 15 5 — — Settlements 4 — 2 — — — Net periodic benefit cost* $ 40 3 35 7 3 3 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income before reclassifications 5 88 4 97 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 16 — — 16 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 21 88 4 113 March 31, 2018 $ (577 ) 62 11 (504 ) December 31, 2018 $ (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications 3 57 (1 ) 59 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 15 — — 15 Foreign currency translation — — — — Hedging — — (2 ) (2 ) Net current period other comprehensive income (loss) 18 57 (3 ) 72 Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) March 31, 2019 $ (547 ) (169 ) 7 (709 ) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans , for additional information. ** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02. See Note 2—Changes in Accounting Principles , for additional information on our adoption of this ASU.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended 2019 2018 Operating revenues and other income (a) $ 683 818 Purchases (b) 2,668 2,554 Operating expenses and selling, general and administrative expenses (c) 9 16 (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, LLC (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)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,897 1,951 Intersegment eliminations (584 ) (533 ) Total Midstream 1,313 1,418 Chemicals 1 1 Refining Total sales 16,861 17,632 Intersegment eliminations (9,768 ) (10,615 ) Total Refining 7,093 7,017 Marketing and Specialties Total sales 15,242 15,617 Intersegment eliminations (553 ) (464 ) Total Marketing and Specialties 14,689 15,153 Corporate and Other 7 6 Consolidated sales and other operating revenues $ 23,103 23,595 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 316 280 Chemicals 227 286 Refining (198 ) 112 Marketing and Specialties 205 235 Corporate and Other (210 ) (196 ) Consolidated income before income taxes $ 340 717
Reconciliation of Assets from Segment to Consolidated	Millions of Dollars March 31 December 31 Total Assets Midstream $ 15,347 14,329 Chemicals 6,261 6,235 Refining 25,900 23,230 Marketing and Specialties 7,949 6,572 Corporate and Other 2,398 3,936 Consolidated total assets $ 57,855 54,302

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31 December 31 Equity investments* $ 2,897 2,448 Net properties, plants and equipment 3,104 3,052 Long-term debt 3,173 2,998 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended March 31, 2019 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 17,415 5,688 — 23,103 Equity in earnings of affiliates 281 431 165 (361 ) 516 Net gain on dispositions — — 1 — 1 Other income — 20 18 — 38 Intercompany revenues — 1,161 3,215 (4,376 ) — Total Revenues and Other Income 281 19,027 9,087 (4,737 ) 23,658 Costs and Expenses Purchased crude oil and products — 17,080 8,254 (4,279 ) 21,055 Operating expenses — 1,000 326 (19 ) 1,307 Selling, general and administrative expenses 3 255 110 (2 ) 366 Depreciation and amortization — 227 104 — 331 Impairments — — 1 — 1 Taxes other than income taxes — 95 33 — 128 Accretion on discounted liabilities — 4 1 1 6 Interest and debt expense 93 36 67 (77 ) 119 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 96 18,697 8,901 (4,376 ) 23,318 Income before income taxes 185 330 186 (361 ) 340 Income tax expense (benefit) (19 ) 49 40 — 70 Net Income 204 281 146 (361 ) 270 Less: net income attributable to noncontrolling interests — — 66 — 66 Net Income Attributable to Phillips 66 $ 204 281 80 (361 ) 204 Comprehensive Income $ 276 353 211 (498 ) 342 Millions of Dollars Three Months Ended March 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 $ — 18,276 5,319 — 23,595 Equity in earnings of affiliates 600 614 195 (985 ) 424 Net gain on dispositions — 7 10 — 17 Other income (loss) — (1 ) 11 — 10 Intercompany revenues — 579 2,879 (3,458 ) — Total Revenues and Other Income 600 19,475 8,414 (4,443 ) 24,046 Costs and Expenses Purchased crude oil and products — 17,213 7,301 (3,376 ) 21,138 Operating expenses — 978 283 (15 ) 1,246 Selling, general and administrative expenses 3 289 97 (3 ) 386 Depreciation and amortization — 230 106 — 336 Taxes other than income taxes — 82 28 — 110 Accretion on discounted liabilities — 5 1 — 6 Interest and debt expense 93 30 64 (64 ) 123 Foreign currency transaction gains — — (16 ) — (16 ) Total Costs and Expenses 96 18,827 7,864 (3,458 ) 23,329 Income before income taxes 504 648 550 (985 ) 717 Income tax expense (benefit) (20 ) 48 104 — 132 Net Income 524 600 446 (985 ) 585 Less: net income attributable to noncontrolling interests — — 61 — 61 Net Income Attributable to Phillips 66 $ 524 600 385 (985 ) 524 Comprehensive Income $ 637 713 534 (1,186 ) 698
Condensed Consolidating Balance Sheet	Millions of Dollars March 31, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 193 1,060 — 1,253 Accounts and notes receivable — 5,180 4,208 (2,085 ) 7,303 Inventories — 3,544 1,800 — 5,344 Prepaid expenses and other current assets 1 652 262 — 915 Total Current Assets 1 9,569 7,330 (2,085 ) 14,815 Investments and long-term receivables 32,412 22,562 10,256 (50,444 ) 14,786 Net properties, plants and equipment — 13,229 9,034 — 22,263 Goodwill — 2,853 417 — 3,270 Intangibles — 724 140 — 864 Other assets 8 5,832 647 (4,630 ) 1,857 Total Assets $ 32,421 54,769 27,824 (57,159 ) 57,855 Liabilities and Equity Accounts payable $ — 6,913 4,185 (2,085 ) 9,013 Short-term debt — 8 22 — 30 Accrued income and other taxes — 376 564 — 940 Employee benefit obligations — 324 33 — 357 Other accruals 135 1,163 243 (553 ) 988 Total Current Liabilities 135 8,784 5,047 (2,638 ) 11,328 Long-term debt 7,929 51 3,288 — 11,268 Asset retirement obligations and accrued environmental costs — 454 166 — 620 Deferred income taxes — 3,690 1,767 (1 ) 5,456 Employee benefit obligations — 688 187 — 875 Other liabilities and deferred credits 111 9,226 5,104 (12,878 ) 1,563 Total Liabilities 8,175 22,893 15,559 (15,517 ) 31,110 Common stock 4,518 24,968 8,754 (33,722 ) 4,518 Retained earnings 20,437 7,617 1,211 (8,857 ) 20,408 Accumulated other comprehensive loss (709 ) (709 ) (228 ) 937 (709 ) Noncontrolling interests — — 2,528 — 2,528 Total Liabilities and Equity $ 32,421 54,769 27,824 (57,159 ) 57,855 Millions of Dollars 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 Asset 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
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Three Months Ended March 31, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 3 (384 ) 21 (118 ) (478 ) Cash Flows From Investing Activities Capital expenditures and investments — (234 ) (863 ) — (1,097 ) Proceeds from asset dispositions* — — 103 — 103 Intercompany lending activities 731 (806 ) 75 — — Other — (26 ) 8 — (18 ) Net Cash Provided by (Used in) Investing Activities 731 (1,066 ) (677 ) — (1,012 ) Cash Flows From Financing Activities Issuance of debt — — 725 — 725 Repayment of debt — (5 ) (587 ) — (592 ) Issuance of common stock 8 — — — 8 Repurchase of common stock (344 ) — — — (344 ) Dividends paid on common stock (364 ) — (118 ) 118 (364 ) Distributions to noncontrolling interests — — (56 ) — (56 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 32 — 32 Other (34 ) — 341 — 307 Net Cash Provided by (Used in) Financing Activities (734 ) (5 ) 337 118 (284 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 8 — 8 Net Change in Cash and Cash Equivalents — (1,455 ) (311 ) — (1,766 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 193 1,060 — 1,253 * Includes return of investments in equity affiliates. Millions of Dollars Three Months Ended March 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 $ 825 703 530 (1,570 ) 488 Cash Flows From Investing Activities Capital expenditures and investments — (186 ) (142 ) — (328 ) Proceeds from asset dispositions* — 325 17 (325 ) 17 Intercompany lending activities 1,541 (1,015 ) (526 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (40 ) (5 ) — (45 ) Net Cash Provided by (Used in) Investing Activities 1,541 (917 ) (656 ) (325 ) (357 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt — (5 ) (2 ) — (7 ) Issuance of common stock 10 — — — 10 Repurchase of common stock (3,513 ) — — — (3,513 ) Dividends paid on common stock (327 ) (789 ) (781 ) 1,570 (327 ) Distributions to noncontrolling interests — — (45 ) — (45 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 9 — 9 Other (45 ) — (325 ) 325 (45 ) Net Cash Used in Financing Activities (2,366 ) (794 ) (1,144 ) 1,895 (2,409 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 1 — 1 Net Change in Cash and Cash Equivalents — (1,008 ) (1,269 ) — (2,277 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 403 439 — 842 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_3

Changes in Accounting Principles (Details) - USD ($) $ in Millions	Jan. 01, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes reclassified to retained earnings	$ 89			$ 89
Cumulative effect of accounting changes				(9)	$ 49
Income tax expense		$ 70	$ 132
Right-of-use assets	1,415	1,376
Lease liability	1,415	$ 1,333
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes				$ 81	$ 36
Retained Earnings | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	9
Income tax expense	$ 3

Sales and Other Operating Rev_3

Sales and Other Operating Revenues (Disaggregated) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 23,103	$ 23,595
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	17,575	18,511
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,431	2,249
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	957	931
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,140	1,904
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	18,793	18,780
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,038	3,188
Natural gas liquids (NGLs)
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,304	1,421
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ (32)	$ 206

Sales and Other Operating Rev_4

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 5,699	$ 4,993
Receivables from contracts with customers	259	248
Contract with customer, liability	$ 158	$ 99
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	15 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 7,303
Allowance for doubtful accounts	$ 35	$ 22
Accounts and notes receivable, percent outstanding less than 60 days	99.00%

Inventories (Inventory, Net) (D

Inventories (Inventory, Net) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Summary of inventories
Crude oil and petroleum products	$ 5,039	$ 3,238
Materials and supplies	305	305
Inventories	$ 5,344	$ 3,543

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 4,931	$ 3,123
Excess over stated LIFO value	$ 5,100	$ 2,900

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables (Summary of Equity Method Investments) (Details) - Chevron Phillips Chemical Company LLC and WRB Refining LP - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of financial information
Revenues	$ 5,139	$ 5,366
Income before income taxes	555	393
Net income	$ 534	$ 378

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($)	2 Months Ended
	Feb. 28, 2019	Apr. 01, 2019	Mar. 31, 2019	Mar. 29, 2019	Dec. 31, 2018	Mar. 01, 2018
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			65.00%		75.00%
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership			50.00%
Maximum loss exposure			$ 124,000,000
Book value of investment			70,000,000
Maximum potential amount of future payments under the guarantees			54,000,000
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted, co-venturers			2,525,000,000
Third Party | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	10.00%
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Maximum loan, amount with co-ventures				$ 1,230,000,000
Subsequent Event | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Due to related parties		$ 125,000,000
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed						$ 1,500,000,000
Senior Notes | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed			2,500,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted			631,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments	$ 81,000,000
Maximum loss exposure			771,000,000
Book value of investment			741,000,000
Maximum potential amount of future payments under the guarantees			$ 30,000,000
Maximum loan, amount				$ 520,000,000
Variable Interest Entity, Primary Beneficiary | Subsequent Event | Phillips 66 Partners LP | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Due from related parties		$ 53,000,000

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 35,706	$ 35,197
Accum. D&A	13,443	13,179
Net PP&E	22,263	22,018
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	9,956	9,663
Accum. D&A	2,172	2,100
Net PP&E	7,784	7,563
Chemicals
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	0	0
Accum. D&A	0	0
Net PP&E	0	0
Refining
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	22,865	22,640
Accum. D&A	9,732	9,531
Net PP&E	13,133	13,109
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,645	1,671
Accum. D&A	912	926
Net PP&E	733	745
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,240	1,223
Accum. D&A	627	622
Net PP&E	$ 613	$ 601

Earnings Per Share (Summary of

Earnings Per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic
Net income attributable to Phillips 66	$ 204	$ 524
Income allocated to participating securities	(1)	(2)
Net income available to common stockholders	$ 203	$ 522
Weighted-average common shares outstanding (in shares)	454,886	483,585
Effect of share-based compensation (in shares)	2,713	3,480
Weighted-average commons shares outstanding - EPS (in shares)	457,599	487,065
Earnings Per Share of Common Stock (in usd per share)	$ 0.44	$ 1.07
Diluted
Net income attributable to Phillips 66	$ 204	$ 524
Income allocated to participating securities	(1)	(1)
Net income available to common stockholders	$ 203	$ 523
Weighted-average common shares outstanding (in shares)	457,599	487,065
Effect of share-based compensation (in shares)	1,690	2,603
Weighted-average commons shares outstanding - EPS (in shares)	459,289	489,668
Earnings Per Share of Common Stock (in usd per share)	$ 0.44	$ 1.07

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Mar. 22, 2019	Dec. 31, 2018	Mar. 01, 2018
Debt Instrument [Line Items]
Long-term debt		$ 11,268,000,000		$ 11,093,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issued and guaranteed					$ 1,500,000,000
Senior Notes | Floating Rate Notes Due 2021
Debt Instrument [Line Items]
Debt issued and guaranteed					500,000,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Debt issued and guaranteed					$ 800,000,000
Stated interest rate of debt issued, percentage					3.90%
Senior Notes | Senior Notes Due 2044
Debt Instrument [Line Items]
Debt issued and guaranteed					$ 200,000,000
Stated interest rate of debt issued, percentage					4.875%
London Interbank Offered Rate (LIBOR) | Senior Notes | Floating Rate Notes Due 2021
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Debt Instrument [Line Items]
Long-term debt		550,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Term Loan Due 2020
Debt Instrument [Line Items]
Line of credit Facility, maximum borrowing capacity			$ 400,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Loans Payable | Term Loan Due 2020
Debt Instrument [Line Items]
Debt issued and guaranteed		250,000,000
Revolving Credit Facility | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Debt Instrument [Line Items]
Line of credit Facility, maximum borrowing capacity		750,000,000
Line of credit facility, amount outstanding		$ 15,000,000		$ 125,000,000

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	$ 446	$ 447
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	173	171
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	104	$ 101
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	554
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 288
Lessee leasing arrangements, operating leases, term of contract	5 years
Other Joint Ventures | Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 207
Maximum | Facilities
Guarantor Obligations [Line Items]
Lessee leasing arrangements, operating leases, term of contract	5 years
Maximum | Other Joint Ventures
Guarantor Obligations [Line Items]
Joint venture debt obligations, period	7 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total environmental accrual	$ 446	$ 447
Performance Guarantee
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 553
Reserve for Environmental Costs
Debt Instrument [Line Items]
Expected years to incur a substantial amount of expenditures	30 years

Derivatives and Financial Ins_3

Derivatives and Financial Instruments (Summary of Commodity Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Liabilities	$ (623)	$ (1,075)
Net Carrying Value Presented on the Balance Sheet		89
Liabilities
Assets	623	1,075
Net Carrying Value Presented on the Balance Sheet	(35)	0
Not Designated as Hedging Instrument | Commodity
Liabilities
Effect of Collateral Netting	35	(89)
Total
Assets	671	1,264
Liabilities	(667)	(1,100)
Effect of Collateral Netting	35	(89)
Net Carrying Value Presented on the Balance Sheet	39	75
Not Designated as Hedging Instrument | Commodity | Prepaid expenses and other current assets
Assets
Assets	52	1,257
Liabilities	(5)	(1,070)
Effect of Collateral Netting	0	(89)
Net Carrying Value Presented on the Balance Sheet	47	98
Not Designated as Hedging Instrument | Commodity | Other assets
Assets
Assets	1	2
Liabilities	0	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	1	2
Not Designated as Hedging Instrument | Commodity | Other accruals
Liabilities
Assets	614	0
Liabilities	(657)	(23)
Effect of Collateral Netting	35	0
Net Carrying Value Presented on the Balance Sheet	(8)	(23)
Total
Effect of Collateral Netting	35	0
Not Designated as Hedging Instrument | Commodity | Other liabilities and deferred credits
Liabilities
Assets	4	5
Liabilities	(5)	(7)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	(1)	(2)
Total
Effect of Collateral Netting	$ 0	$ 0

Derivatives and Financial Ins_4

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of gains (losses) from commodity derivatives
Net loss from commodity derivative activity	$ (319)	$ (29)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net loss from commodity derivative activity	(177)	8
Other income
Summary of gains (losses) from commodity derivatives
Net loss from commodity derivative activity	13	(5)
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net loss from commodity derivative activity	$ (155)	$ (32)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months (at least)	98.00%	98.00%
Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Derivative, notional amount	$ 650,000,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Derivative, fair value, net	11,000,000	$ 15,000,000
General and Administrative Expenses | Designated as Hedging Instrument | Cash Flow Hedging | Interest-rate derivatives
Financial instruments and derivative contracts (Textual) [Abstract]
Gain reclassified from AOCI into income	$ 6,000,000
Maximum | Facilities
Financial instruments and derivative contracts (Textual) [Abstract]
Lessee leasing arrangements, operating leases, term of contract	5 years

Derivatives and Financial Ins_6

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Crude oil, refined petroleum products and NGL (millions of barrels)	(44)	(17)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Mar. 31, 2019USD ($)
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] (Deprecated 2018-01-31)
Asset value transferred into Level 1, as measured from the beginning of the reporting period	$ 53
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 22

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Effect of Counterparty Netting	$ (623)	$ (1,075)
Effect of Collateral Netting		(89)
Liabilities
Effect of Counterparty Netting	(623)	(1,075)
Effect of Collateral Netting	(35)	0
Difference in Carrying Value and Fair Value	(723)	(49)
Fixed-rate debt, excluding capital leases
Liabilities
Difference in Carrying Value and Fair Value	(723)	(49)
Total Fair Value of Gross Assets & Liabilities
Assets
Assets, fair value disclosure	802	1,383
Liabilities
Total liabilities, fair value disclosure gross	12,507	12,027
Total Fair Value of Gross Assets & Liabilities | Floating-rate debt
Liabilities
Debt, fair value gross	1,340	1,200
Total Fair Value of Gross Assets & Liabilities | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,500	9,727
Total Fair Value of Gross Assets & Liabilities | Rabbi trust assets
Assets
Rabbi trust assets	120	104
Net Carrying Value Presented on the Balance Sheet
Assets
Assets, fair value disclosure	179	219
Liabilities
Total liabilities, fair value disclosure gross	11,126	11,001
Net Carrying Value Presented on the Balance Sheet | Floating-rate debt
Liabilities
Debt, fair value gross	1,340	1,200
Net Carrying Value Presented on the Balance Sheet | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	9,777	9,776
Net Carrying Value Presented on the Balance Sheet | Rabbi trust assets
Assets
Rabbi trust assets	120	104
Interest-rate derivatives
Assets
Effect of Counterparty Netting	0	0
Interest-rate derivatives | Total Fair Value of Gross Assets & Liabilities
Assets
Interest rate derivatives	11	15
Interest-rate derivatives | Net Carrying Value Presented on the Balance Sheet
Assets
Interest rate derivatives	11	15
Exchange-cleared instruments
Assets
Effect of Counterparty Netting	(623)	(1,075)
Effect of Collateral Netting	0	(89)
Liabilities
Effect of Counterparty Netting	(623)	(1,075)
Effect of Collateral Netting	(35)	0
Exchange-cleared instruments | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	639	1,221
Liabilities
Commodity derivative liabilities, fair value gross	659	1,077
Exchange-cleared instruments | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	16	57
Liabilities
Commodity derivative liabilities, fair value gross	1	2
Physical forward contracts
Assets
Effect of Counterparty Netting	0	0
Liabilities
Effect of Counterparty Netting	0	0
Physical forward contracts | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	32	43
Liabilities
Commodity derivative liabilities, fair value gross	8	20
Physical forward contracts | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	32	43
Liabilities
Commodity derivative liabilities, fair value gross	8	20
OTC instruments
Liabilities
Effect of Counterparty Netting		0
OTC instruments | Total Fair Value of Gross Assets & Liabilities
Liabilities
Commodity derivative liabilities, fair value gross		3
OTC instruments | Net Carrying Value Presented on the Balance Sheet
Liabilities
Commodity derivative liabilities, fair value gross		3
Level 1
Assets
Assets, fair value disclosure	469	778
Liabilities
Total liabilities, fair value disclosure gross	390	605
Level 1 | Floating-rate debt
Liabilities
Debt, fair value gross	0	0
Level 1 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	0	0
Level 1 | Rabbi trust assets
Assets
Rabbi trust assets	120	104
Level 1 | Interest-rate derivatives
Assets
Interest rate derivatives	0	0
Level 1 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	349	674
Liabilities
Commodity derivative liabilities, fair value gross	390	605
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
Assets, fair value disclosure	331	601
Liabilities
Total liabilities, fair value disclosure gross	12,117	11,422
Level 2 | Floating-rate debt
Liabilities
Debt, fair value gross	1,340	1,200
Level 2 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,500	9,727
Level 2 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Level 2 | Interest-rate derivatives
Assets
Interest rate derivatives	11	15
Level 2 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	290	547
Liabilities
Commodity derivative liabilities, fair value gross	269	472
Level 2 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	30	39
Liabilities
Commodity derivative liabilities, fair value gross	8	20
Level 2 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross		3
Level 3
Assets
Assets, fair value disclosure	2	4
Liabilities
Total liabilities, fair value disclosure gross	0	0
Level 3 | Floating-rate debt
Liabilities
Debt, fair value gross	0	0
Level 3 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	0	0
Level 3 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Level 3 | Interest-rate derivatives
Assets
Interest rate derivatives	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	2	4
Liabilities
Commodity derivative liabilities, fair value gross	$ 0	0
Level 3 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross		$ 0

Leases (Balance Sheet) (Details

Leases (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Total Right-of-Use Assets	$ 193
Short-term debt	14
Long-term debt	166
Finance Leases	180
Total Right-of-Use Assets	1,376	$ 1,415
Other accruals	459
Other liabilities and deferred credits	874
Operating Leases	$ 1,333	$ 1,415

(Summary of Leases) (Details)

(Summary of Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Finance Leases
Remainder of 2019	$ 15
2020	19
2021	19
2022	16
2023	16
Remaining years	140
Future minimum lease payments	225
Amount representing interest or discounts	(45)
Total Lease Liabilities	180
Operating Leases
Remainder of 2019	387
2020	412
2021	199
2022	134
2023	85
Remaining years	297
Future minimum lease payments	1,514
Amount representing interest or discounts	(181)
Total Lease Liabilities	$ 1,333	$ 1,415

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 5
Interest on lease liabilities	2
Total finance lease cost	7
Operating lease cost	129
Short-term lease cost	32
Variable lease cost	7
Sublease income	(5)
Total net lease cost	$ 170

Leases (Cash Paid for Leases) (

Leases (Cash Paid for Leases) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash outflows—finance leases	$ 2
Operating cash outflows—operating leases	144
Financing cash outflows—finance leases	$ 4

Leases (Additional Information)

Leases (Additional Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Right-of-Use asset obtained in exchange for operating lease liability	$ 36

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	13 years 1 month 6 days
Weighted average remaining lease term—operating leases (years)	5 years 4 months 24 days
Weighted-average discount rate—finance leases (percent)	3.80%
Weighted-average discount rate—operating leases (percent)	4.00%

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	$ 1	$ 1
Interest cost	2	2
Expected return on plan assets	0	0
Recognized net actuarial loss	0	0
Settlements	0	0
Net periodic benefit cost	3	3
U.S. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	32	34
Interest cost	27	26
Expected return on plan assets	(36)	(42)
Recognized net actuarial loss	13	15
Settlements	4	2
Net periodic benefit cost	40	35
Int’l. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	6	7
Interest cost	6	7
Expected return on plan assets	(11)	(12)
Recognized net actuarial loss	2	5
Settlements	0	0
Net periodic benefit cost	$ 3	$ 7

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Narrative) (Details) - Pension Benefits $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
United States
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	$ 10
Additional contributions expected to be made during remainder of fiscal year	30
Int’l.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	8
Additional contributions expected to be made during remainder of fiscal year	$ 22

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ 27,153	$ 27,428
Other comprehensive income before reclassifications	59	97
Amounts reclassified from accumulated other comprehensive loss		16
Other Comprehensive Income, Net of Income Taxes	72	113
Income taxes reclassified to retained earnings			$ (89)	$ (89)
Ending Balance	26,745	24,300
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(472)	(598)
Other comprehensive income before reclassifications	3	5
Amounts reclassified from accumulated other comprehensive loss	15	16
Other Comprehensive Income, Net of Income Taxes	18	21
Income taxes reclassified to retained earnings				(93)
Ending Balance	(547)	(577)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(228)	(26)
Other comprehensive income before reclassifications	57	88
Amounts reclassified from accumulated other comprehensive loss	0
Other Comprehensive Income, Net of Income Taxes	57	88
Income taxes reclassified to retained earnings				2
Ending Balance	(169)	62
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	8	7
Other comprehensive income before reclassifications	(1)	4
Amounts reclassified from accumulated other comprehensive loss	(2)
Other Comprehensive Income, Net of Income Taxes	(3)	4
Income taxes reclassified to retained earnings				$ 2
Ending Balance	7	11
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(692)	(617)
Other Comprehensive Income, Net of Income Taxes	72	113
Ending Balance	$ (709)	$ (504)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	Feb. 28, 2018	Feb. 13, 2018	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Repurchase of common stock			$ 344,000,000	$ 3,513,000,000
Purchase Agreement
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)	35,000,000
Repurchase of common stock	$ 3,280,000,000
Accelerated share repurchases, initial price paid per share (in dollars per share)		$ 93.725
Share Repurchase Program And Additional Share Repurchases
Class of Stock [Line Items]
Authorized amount			$ 12,000,000,000
Cash and cash equivalents | Purchase Agreement
Class of Stock [Line Items]
Accelerated share repurchases, payment	1,880,000,000
Cash and cash equivalents | Commercial Paper | Purchase Agreement
Class of Stock [Line Items]
Accelerated share repurchases, payment	$ 1,400,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Significant transactions with related parties
Operating revenues and other income	$ 683	$ 818
Purchases	2,668	2,554
Operating expenses and selling, general and administrative expenses	$ 9	$ 16

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019refinery
Midstream | DCP Midstream
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Chemicals | CP Chem
Segment Disclosures And Related Information (Textual) [Abstract]
Percentage of ownership interest	50.00%
Refining | Mainly United States And Europe
Segment Disclosures And Related Information (Textual) [Abstract]
Number of refineries	13

Segment Disclosures and Relat_4

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Analysis of results by operating segment
Sales and other operating revenues	$ 23,103	$ 23,595
Income (Loss) Before Income Taxes	340	717
Analysis of results of assets by operating segment
Total Assets	57,855		$ 54,302
Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,313	1,418
Income (Loss) Before Income Taxes	316	280
Analysis of results of assets by operating segment
Total Assets	15,347		14,329
Chemicals
Analysis of results by operating segment
Income (Loss) Before Income Taxes	227	286
Analysis of results of assets by operating segment
Total Assets	6,261		6,235
Refining
Analysis of results by operating segment
Sales and other operating revenues	7,093	7,017
Income (Loss) Before Income Taxes	(198)	112
Analysis of results of assets by operating segment
Total Assets	25,900		23,230
Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	14,689	15,153
Income (Loss) Before Income Taxes	205	235
Analysis of results of assets by operating segment
Total Assets	7,949		6,572
Operating Segments | Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,897	1,951
Operating Segments | Chemicals
Analysis of results by operating segment
Sales and other operating revenues	1	1
Operating Segments | Refining
Analysis of results by operating segment
Sales and other operating revenues	16,861	17,632
Operating Segments | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	15,242	15,617
Intersegment eliminations | Midstream
Analysis of results by operating segment
Sales and other operating revenues	(584)	(533)
Intersegment eliminations | Refining
Analysis of results by operating segment
Sales and other operating revenues	(9,768)	(10,615)
Intersegment eliminations | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	(553)	(464)
Corporate and Other
Analysis of results by operating segment
Sales and other operating revenues	7	6
Income (Loss) Before Income Taxes	(210)	$ (196)
Analysis of results of assets by operating segment
Total Assets	$ 2,398		$ 3,936

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate, percent	21.00%	18.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Other		$ 307	$ (45)
At The Market Offering Program | Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, public sale of units net of offering costs		$ 32	$ 9	$ 352
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 | Variable Interest Entity, Primary Beneficiary
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%
Phillips 66 Partners LP | Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Ownership interest (in shares)	13.8	13.8		13.8
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership					35.00%
Third Party | Gray Oak Holdings LLC
Subsidiary or Equity Method Investee [Line Items]
Other		$ 341

Phillips 66 Partners LP (Schedu

Phillips 66 Partners LP (Schedule of assets and liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 1,253	$ 3,019
Net properties, plants and equipment	22,263	$ 22,018
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Equity investments	2,897		$ 2,448
Net properties, plants and equipment	3,104		3,052
Long-term debt	$ 3,173		$ 2,998

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues and Other Income
Sales and other operating revenues	$ 23,103	$ 23,595
Equity in earnings of affiliates	516	424
Net gain on dispositions	1	17
Other income	38	10
Total Revenues and Other Income	23,658	24,046
Costs and Expenses
Purchased crude oil and products	21,055	21,138
Operating expenses	1,307	1,246
Selling, general and administrative expenses	366	386
Depreciation and amortization	331	336
Impairments	1	0
Taxes other than income taxes	128	110
Accretion on discounted liabilities	6	6
Interest and debt expense	119	123
Foreign currency transaction (gains) losses	5	(16)
Total Costs and Expenses	23,318	23,329
Income before income taxes	340	717
Income tax expense (benefit)	70	132
Net Income	270	585
Less: net income attributable to noncontrolling interests	66	61
Net Income Attributable to Phillips 66	204	524
Comprehensive Income	342	698
Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0
Equity in earnings of affiliates	281	600
Net gain on dispositions	0	0
Other income	0	0
Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	17,415	18,276
Equity in earnings of affiliates	431	614
Net gain on dispositions	0	7
Other income	20	(1)
All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	5,688	5,319
Equity in earnings of affiliates	165	195
Net gain on dispositions	1	10
Other income	18	11
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Total Revenues and Other Income	281	600
Costs and Expenses
Purchased crude oil and products	0	0
Operating expenses	0	0
Selling, general and administrative expenses	3	3
Depreciation and amortization	0	0
Impairments	0
Taxes other than income taxes	0	0
Accretion on discounted liabilities	0	0
Interest and debt expense	93	93
Foreign currency transaction (gains) losses	0	0
Total Costs and Expenses	96	96
Income before income taxes	185	504
Income tax expense (benefit)	(19)	(20)
Net Income	204	524
Less: net income attributable to noncontrolling interests	0	0
Net Income Attributable to Phillips 66	204	524
Comprehensive Income	276	637
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Total Revenues and Other Income	19,027	19,475
Costs and Expenses
Purchased crude oil and products	17,080	17,213
Operating expenses	1,000	978
Selling, general and administrative expenses	255	289
Depreciation and amortization	227	230
Impairments	0
Taxes other than income taxes	95	82
Accretion on discounted liabilities	4	5
Interest and debt expense	36	30
Foreign currency transaction (gains) losses	0	0
Total Costs and Expenses	18,697	18,827
Income before income taxes	330	648
Income tax expense (benefit)	49	48
Net Income	281	600
Less: net income attributable to noncontrolling interests	0	0
Net Income Attributable to Phillips 66	281	600
Comprehensive Income	353	713
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Total Revenues and Other Income	9,087	8,414
Costs and Expenses
Purchased crude oil and products	8,254	7,301
Operating expenses	326	283
Selling, general and administrative expenses	110	97
Depreciation and amortization	104	106
Impairments	1
Taxes other than income taxes	33	28
Accretion on discounted liabilities	1	1
Interest and debt expense	67	64
Foreign currency transaction (gains) losses	5	(16)
Total Costs and Expenses	8,901	7,864
Income before income taxes	186	550
Income tax expense (benefit)	40	104
Net Income	146	446
Less: net income attributable to noncontrolling interests	66	61
Net Income Attributable to Phillips 66	80	385
Comprehensive Income	211	534
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues	(4,376)	(3,458)
Equity in earnings of affiliates	(361)	(985)
Net gain on dispositions	0	0
Other income	0	0
Total Revenues and Other Income	(4,737)	(4,443)
Costs and Expenses
Purchased crude oil and products	(4,279)	(3,376)
Operating expenses	(19)	(15)
Selling, general and administrative expenses	(2)	(3)
Depreciation and amortization	0	0
Impairments	0
Taxes other than income taxes	0	0
Accretion on discounted liabilities	1	0
Interest and debt expense	(77)	(64)
Foreign currency transaction (gains) losses	0	0
Total Costs and Expenses	(4,376)	(3,458)
Income before income taxes	(361)	(985)
Income tax expense (benefit)	0	0
Net Income	(361)	(985)
Less: net income attributable to noncontrolling interests	0	0
Net Income Attributable to Phillips 66	(361)	(985)
Comprehensive Income	(498)	(1,186)
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	1,161	579
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	$ 3,215	$ 2,879

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,253	$ 3,019
Accounts and notes receivable	7,303	6,173
Inventories	5,344	3,543
Prepaid expenses and other current assets	915	474
Total Current Assets	14,815	13,209
Investments and long-term receivables	14,786	14,421
Net properties, plants and equipment	22,263	22,018
Goodwill	3,270	3,270
Intangibles	864	869
Other assets	1,857	515
Total Assets	57,855	54,302
Liabilities and Equity
Accounts payable	9,013	6,586
Short-term debt	30	67
Accrued income and other taxes	940	1,116
Employee benefit obligations	357	724
Other accruals	988	442
Total Current Liabilities	11,328	8,935
Long-term debt	11,268	11,093
Asset retirement obligations and accrued environmental costs	620	624
Deferred income taxes	5,456	5,275
Employee benefit obligations	875	867
Other liabilities and deferred credits	1,563	355
Total Liabilities	31,110	27,149
Common stock	4,518	4,856
Retained earnings	20,408	20,489
Accumulated other comprehensive loss	(709)	(692)
Noncontrolling interests	2,528	2,500
Total Liabilities and Equity	57,855	54,302
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(2,085)	(1,293)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(2,085)	(1,293)
Investments and long-term receivables	(50,444)	(50,919)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(4,630)	(2)
Total Assets	(57,159)	(52,214)
Liabilities and Equity
Accounts payable	(2,085)	(1,293)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	(553)	0
Total Current Liabilities	(2,638)	(1,293)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(1)	(2)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(12,878)	(8,598)
Total Liabilities	(15,517)	(9,893)
Common stock	(33,722)	(33,714)
Retained earnings	(8,857)	(9,592)
Accumulated other comprehensive loss	937	985
Noncontrolling interests	0	0
Total Liabilities and Equity	(57,159)	(52,214)
Phillips 66 | Reportable Legal Entities
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	0	9
Inventories	0	0
Prepaid expenses and other current assets	1	2
Total Current Assets	1	11
Investments and long-term receivables	32,412	32,712
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	8	9
Total Assets	32,421	32,732
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	135	66
Total Current Liabilities	135	66
Long-term debt	7,929	7,928
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	0	1
Employee benefit obligations	0	0
Other liabilities and deferred credits	111	55
Total Liabilities	8,175	8,050
Common stock	4,518	4,856
Retained earnings	20,437	20,518
Accumulated other comprehensive loss	(709)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	32,421	32,732
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	193	1,648
Accounts and notes receivable	5,180	4,255
Inventories	3,544	2,489
Prepaid expenses and other current assets	652	373
Total Current Assets	9,569	8,765
Investments and long-term receivables	22,562	22,799
Net properties, plants and equipment	13,229	13,218
Goodwill	2,853	2,853
Intangibles	724	726
Other assets	5,832	335
Total Assets	54,769	48,696
Liabilities and Equity
Accounts payable	6,913	5,415
Short-term debt	8	11
Accrued income and other taxes	376	458
Employee benefit obligations	324	663
Other accruals	1,163	227
Total Current Liabilities	8,784	6,774
Long-term debt	51	54
Asset retirement obligations and accrued environmental costs	454	458
Deferred income taxes	3,690	3,541
Employee benefit obligations	688	676
Other liabilities and deferred credits	9,226	4,611
Total Liabilities	22,893	16,114
Common stock	24,968	24,960
Retained earnings	7,617	8,314
Accumulated other comprehensive loss	(709)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	54,769	48,696
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,060	1,371
Accounts and notes receivable	4,208	3,202
Inventories	1,800	1,054
Prepaid expenses and other current assets	262	99
Total Current Assets	7,330	5,726
Investments and long-term receivables	10,256	9,829
Net properties, plants and equipment	9,034	8,800
Goodwill	417	417
Intangibles	140	143
Other assets	647	173
Total Assets	27,824	25,088
Liabilities and Equity
Accounts payable	4,185	2,464
Short-term debt	22	56
Accrued income and other taxes	564	658
Employee benefit obligations	33	61
Other accruals	243	149
Total Current Liabilities	5,047	3,388
Long-term debt	3,288	3,111
Asset retirement obligations and accrued environmental costs	166	166
Deferred income taxes	1,767	1,735
Employee benefit obligations	187	191
Other liabilities and deferred credits	5,104	4,287
Total Liabilities	15,559	12,878
Common stock	8,754	8,754
Retained earnings	1,211	1,249
Accumulated other comprehensive loss	(228)	(293)
Noncontrolling interests	2,528	2,500
Total Liabilities and Equity	$ 27,824	$ 25,088

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities		$ (478)	$ 488
Cash Flows From Investing Activities
Capital expenditures and investments		(1,097)	(328)
Proceeds from asset dispositions	[1]	103	17
Intercompany lending activities		0	0
Advances/loans—related parties		0	(1)
Other		(18)	(45)
Net Cash Used in Investing Activities		(1,012)	(357)
Cash Flows From Financing Activities
Issuance of debt		725	1,509
Repayment of debt		(592)	(7)
Issuance of common stock		8	10
Repurchase of common stock		(344)	(3,513)
Dividends paid on common stock		(364)	(327)
Distributions to noncontrolling interests		(56)	(45)
Net proceeds from issuance of Phillips 66 Partners LP common units		32	9
Other		307	(45)
Net Cash Used in Financing Activities		(284)	(2,409)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		8	1
Net Change in Cash and Cash Equivalents		(1,766)	(2,277)
Cash and cash equivalents at beginning of period		3,019	3,119
Cash and Cash Equivalents at End of Period		1,253	842
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities		(118)	(1,570)
Cash Flows From Investing Activities
Capital expenditures and investments		0	0
Proceeds from asset dispositions		0	(325)
Intercompany lending activities		0	0
Advances/loans—related parties			0
Other		0	0
Net Cash Used in Investing Activities		0	(325)
Cash Flows From Financing Activities
Issuance of debt		0	0
Repayment of debt		0	0
Issuance of common stock		0	0
Repurchase of common stock		0	0
Dividends paid on common stock		118	1,570
Distributions to noncontrolling interests		0	0
Net proceeds from issuance of Phillips 66 Partners LP common units		0	0
Other		0	325
Net Cash Used in Financing Activities		118	1,895
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0
Net Change in Cash and Cash Equivalents		0	0
Cash and cash equivalents at beginning of period		0	0
Cash and Cash Equivalents at End of Period		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		3	825
Cash Flows From Investing Activities
Capital expenditures and investments		0	0
Proceeds from asset dispositions		0	0
Intercompany lending activities		731	1,541
Other		0	0
Net Cash Used in Investing Activities		731	1,541
Cash Flows From Financing Activities
Issuance of debt		0	1,509
Repayment of debt		0	0
Issuance of common stock		8	10
Repurchase of common stock		(344)	(3,513)
Dividends paid on common stock		(364)	(327)
Distributions to noncontrolling interests		0	0
Net proceeds from issuance of Phillips 66 Partners LP common units		0	0
Other		(34)	(45)
Net Cash Used in Financing Activities		(734)	(2,366)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0
Net Change in Cash and Cash Equivalents		0	0
Cash and cash equivalents at beginning of period		0	0
Cash and Cash Equivalents at End of Period		0	0
Phillips 66 Company | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities		(384)	703
Cash Flows From Investing Activities
Capital expenditures and investments		(234)	(186)
Proceeds from asset dispositions		0	325
Intercompany lending activities		(806)	(1,015)
Advances/loans—related parties			(1)
Other		(26)	(40)
Net Cash Used in Investing Activities		(1,066)	(917)
Cash Flows From Financing Activities
Issuance of debt		0	0
Repayment of debt		(5)	(5)
Issuance of common stock		0	0
Repurchase of common stock		0	0
Dividends paid on common stock		0	(789)
Distributions to noncontrolling interests		0	0
Net proceeds from issuance of Phillips 66 Partners LP common units		0	0
Other		0	0
Net Cash Used in Financing Activities		(5)	(794)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		0	0
Net Change in Cash and Cash Equivalents		(1,455)	(1,008)
Cash and cash equivalents at beginning of period		1,648	1,411
Cash and Cash Equivalents at End of Period		193	403
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		21	530
Cash Flows From Investing Activities
Capital expenditures and investments		(863)	(142)
Proceeds from asset dispositions		103	17
Intercompany lending activities		75	(526)
Other		8	(5)
Net Cash Used in Investing Activities		(677)	(656)
Cash Flows From Financing Activities
Issuance of debt		725
Repayment of debt		(587)	(2)
Issuance of common stock		0	0
Repurchase of common stock		0	0
Dividends paid on common stock		(118)	(781)
Distributions to noncontrolling interests		(56)	(45)
Net proceeds from issuance of Phillips 66 Partners LP common units		32	9
Other		341	(325)
Net Cash Used in Financing Activities		337	(1,144)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		8	1
Net Change in Cash and Cash Equivalents		(311)	(1,269)
Cash and cash equivalents at beginning of period		1,371	1,708
Cash and Cash Equivalents at End of Period		$ 1,060	$ 439
[1]	Includes return of investments in equity affiliates.