Phillips 66 (PSX) 10-Q 26 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2019shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35349
Entity Registrant Name	Phillips 66
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Blvd
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	281
Local Phone Number	293-6600
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity common stock, shares outstanding (in shares)	448,541,697
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues and Other Income
Sales and other operating revenues	$ 27,847	$ 28,980	$ 50,950	$ 52,575
Equity in earnings of affiliates	648	743	1,164	1,167
Net gain on dispositions	0	0	1	17
Other income	23	13	61	23
Total Revenues and Other Income	28,518	29,736	52,176	53,782
Costs and Expenses
Purchased crude oil and products	24,554	25,747	45,609	46,885
Operating expenses	1,165	1,143	2,472	2,389
Selling, general and administrative expenses	408	432	774	818
Depreciation and amortization	334	337	665	673
Impairments	2	6	3	6
Taxes other than income taxes	97	109	225	219
Accretion on discounted liabilities	5	6	11	12
Interest and debt expense	115	135	234	258
Foreign currency transaction (gains) losses	9	(14)	14	(30)
Total Costs and Expenses	26,689	27,901	50,007	51,230
Income before income taxes	1,829	1,835	2,169	2,552
Income tax expense	325	431	395	563
Net Income	1,504	1,404	1,774	1,989
Less: net income attributable to noncontrolling interests	80	65	146	126
Net Income Attributable to Phillips 66	$ 1,424	$ 1,339	$ 1,628	$ 1,863
Net Income Attributable to Phillips 66 Per Share of Common Stock
Net income per share, Basic (in usd per share)	$ 3.13	$ 2.86	$ 3.57	$ 3.89
Net income per share, Diluted (in usd per share)	$ 3.12	$ 2.84	$ 3.55	$ 3.87
Weighted-Average Common Shares Outstanding
Basic (in shares)	453,681	468,331	455,630	477,647
Diluted (in shares)	455,585	471,638	457,620	480,995

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,504	$ 1,404	$ 1,774	$ 1,989
Defined benefit plans
Amortization to income of net actuarial loss, prior service credit and settlements	15	21	34	43
Plans sponsored by equity affiliates	1	3	5	9
Income taxes on defined benefit plans	(4)	(5)	(9)	(12)
Defined benefit plans, net of income taxes	12	19	30	40
Foreign currency translation adjustments	(62)	(201)	(5)	(110)
Income taxes on foreign currency translation adjustments	(1)	4	(1)	1
Foreign currency translation adjustments, net of income taxes	(63)	(197)	(6)	(109)
Cash flow hedges	(7)	2	(11)	8
Income taxes on hedging activities	0	0	1	(2)
Hedging activities, net of income taxes	(7)	2	(10)	6
Other Comprehensive Income (Loss), Net of Income Taxes	(58)	(176)	14	(63)
Comprehensive Income	1,446	1,228	1,788	1,926
Less: comprehensive income attributable to noncontrolling interests	80	65	146	126
Comprehensive Income Attributable to Phillips 66	$ 1,366	$ 1,163	$ 1,642	$ 1,800

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,819	$ 3,019
Accounts and notes receivable	6,727
Inventories	5,093	3,543
Prepaid expenses and other current assets	656	474
Total Current Assets	14,295	13,209
Investments and long-term receivables	15,006	14,421
Net properties, plants and equipment	22,503	22,018
Goodwill	3,270	3,270
Intangibles	871	869
Other assets	1,836	515
Total Assets	57,781	54,302
Liabilities
Accounts payable	7,300	6,113
Accounts payable—related parties	700	473
Short-term debt	667	67
Accrued income and other taxes	1,086	1,116
Employee benefit obligations	502	724
Other accruals	916	442
Total Current Liabilities	11,171	8,935
Long-term debt	10,772	11,093
Asset retirement obligations and accrued environmental costs	634	624
Deferred income taxes	5,533	5,275
Employee benefit obligations	906	867
Other liabilities and deferred credits	1,459	355
Total Liabilities	30,475	27,149
Equity
Par value	6	6
Capital in excess of par	19,912	19,873
Treasury stock (at cost: 2019—198,286,700 shares; 2018—189,526,331 shares)	(15,822)	(15,023)
Retained earnings	21,423	20,489
Accumulated other comprehensive loss	(767)	(692)
Total Stockholders’ Equity	24,752	24,653
Noncontrolling interests	2,554	2,500
Total Equity	27,306	27,153
Total Liabilities and Equity	57,781	54,302
Third Party
Assets
Accounts and notes receivable	5,748	5,414
Affiliated Entity
Assets
Accounts and notes receivable	$ 979	$ 759

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 41	$ 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)	646,828,397	645,691,761
Treasury stock (in shares)	198,286,700	189,526,331

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities
Net income		$ 1,774	$ 1,989
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		665	673
Impairments		3	6
Accretion on discounted liabilities		11	12
Deferred income taxes		253	129
Undistributed equity earnings		(44)	(14)
Net gain on dispositions		(1)	(17)
Other		(59)	197
Working capital adjustments
Accounts and notes receivable		(534)	304
Inventories		(1,549)	(1,537)
Prepaid expenses and other current assets		(182)	(257)
Accounts payable		1,368	1,311
Taxes and other accruals		(253)	56
Net Cash Provided by Operating Activities		1,452	2,852
Cash Flows From Investing Activities
Capital expenditures and investments		(1,728)	(866)
Proceeds from asset dispositions	[1]	118	29
Advances/loans—related parties		95	1
Collection of advances/loans—related parties		95	0
Other		24	17
Net Cash Used in Investing Activities		(1,586)	(821)
Cash Flows From Financing Activities
Issuance of debt		860	1,509
Repayment of debt		(597)	(260)
Issuance of common stock		9	30
Repurchase of common stock		(799)	(3,743)
Dividends paid on common stock		(770)	(699)
Distributions to noncontrolling interests		(117)	(96)
Net proceeds from issuance of Phillips 66 Partners LP common units		42	67
Other		301	(58)
Net Cash Used in Financing Activities		(1,071)	(3,250)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		5	(16)
Net Change in Cash and Cash Equivalents		(1,200)	(1,235)
Cash and cash equivalents at beginning of period		3,019	3,119
Cash and Cash Equivalents at End of Period		$ 1,819	$ 1,884
[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	$ 0	$ 13
Beginning Balance at Dec. 31, 2017	27,428	$ 6	$ 19,768	$ (10,378)	16,306	(617)	2,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,989				1,863		126
Other comprehensive income (loss)	(63)					(63)	0
Dividends paid on common stock	(699)				(699)
Repurchase of common stock	(3,743)			(3,743)
Benefit plan activity	35		41		(6)
Issuance of Phillips 66 Partners LP common units	60		22				38
Distributions to noncontrolling interests	(96)						(96)
Ending Balance at Jun. 30, 2018	$ 24,960	6	19,831	(14,121)	17,500	(680)	2,424
Beginning balance, common stock issued (in shares) at Dec. 31, 2017	643,835,000
Beginning balance, treasury stock (in shares) at Dec. 31, 2017	141,565,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	39,387,000
Shares issued - share-based compensation (in shares)	1,380,000
Ending balance, common stock issued (in shares) at Jun. 30, 2018	645,215,000
Ending balance, treasury stock (in shares) at Jun. 30, 2018	180,952,000
Beginning Balance at Mar. 31, 2018	$ 24,300	6	19,775	(13,891)	16,537	(504)	2,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,404				1,339		65
Other comprehensive income (loss)	(176)					(176)	0
Dividends paid on common stock	(372)				(372)
Repurchase of common stock	(230)			(230)
Benefit plan activity	33	0	37		(4)
Issuance of Phillips 66 Partners LP common units	52		19				33
Distributions to noncontrolling interests	(51)						(51)
Ending Balance at Jun. 30, 2018	$ 24,960	6	19,831	(14,121)	17,500	(680)	2,424
Beginning balance, common stock issued (in shares) at Mar. 31, 2018	644,727,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2018	178,890,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	2,062,000
Shares issued - share-based compensation (in shares)	488,000
Ending balance, common stock issued (in shares) at Jun. 30, 2018	645,215,000
Ending balance, treasury stock (in shares) at Jun. 30, 2018	180,952,000
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	1,774				1,628		146
Other comprehensive income (loss)	14					14	0
Dividends paid on common stock	(770)				(770)
Repurchase of common stock	(799)			(799)
Benefit plan activity	29		34		(5)
Issuance of Phillips 66 Partners LP common units	31		5				26
Distributions to noncontrolling interests	(117)						(117)
Ending Balance at Jun. 30, 2019	$ 27,306	6	19,912	(15,822)	21,423	(767)	2,554
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)	8,761,000
Shares issued - share-based compensation (in shares)	1,136,000
Ending balance, common stock issued (in shares) at Jun. 30, 2019	646,828,397
Ending balance, treasury stock (in shares) at Jun. 30, 2019	198,286,700
Beginning Balance at Mar. 31, 2019	$ 26,745	6	19,879	(15,367)	20,408	(709)	2,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,504				1,424		80
Other comprehensive income (loss)	(58)					(58)	0
Dividends paid on common stock	(406)				(406)
Repurchase of common stock	(455)			(455)
Benefit plan activity	27	0	30		(3)
Issuance of Phillips 66 Partners LP common units	10		3				7
Distributions to noncontrolling interests	(61)						(61)
Ending Balance at Jun. 30, 2019	$ 27,306	$ 6	$ 19,912	$ (15,822)	$ 21,423	$ (767)	$ 2,554
Beginning balance, common stock issued (in shares) at Mar. 31, 2019	646,716,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2019	193,165,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	5,122,000
Shares issued - share-based compensation (in shares)	112,000
Ending balance, common stock issued (in shares) at Jun. 30, 2019	646,828,397
Ending balance, treasury stock (in shares) at Jun. 30, 2019	198,286,700

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.90	$ 0.80	$ 1.70	$ 1.50

Interim Financial Information

Interim Financial Information	6 Months Ended
	Jun. 30, 2019
Interim Financial Information [Abstract]
Interim Financial Information	Note 1— 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Note 2— 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	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Note 3— Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Product Line and Services Refined petroleum products $ 22,922 23,011 41,715 41,791 Crude oil resales 3,613 4,381 6,651 7,569 Natural gas liquids (NGLs) 1,179 1,548 2,483 2,969 Services and other * 133 40 101 246 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 Geographic Location** United States $ 21,867 22,902 39,442 41,413 United Kingdom 2,512 2,289 4,943 4,538 Germany 1,092 1,108 2,049 2,039 Other foreign countries 2,376 2,681 4,516 4,585 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 * 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 June 30, 2019 , and December 31, 2018 , receivables from contracts with customers were $5,385 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 June 30, 2019 , and December 31, 2018 , our asset balances related to such payments were $287 million and $248 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At June 30, 2019 , and December 31, 2018 , contract liabilities were $77 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 June 30, 2019 , the remaining performance obligations related to these minimum volume commitment contracts were not material.

Credit Losses

Credit Losses	6 Months Ended
	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Credit Losses	Note 4— 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 June 30, 2019 , we reported $6,727 million of accounts and notes receivable, net of allowances of $41 million . Changes in the allowance were not material for the three and six months ended June 30, 2019 . Based on an aging analysis at June 30, 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	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Note 5— Inventories Inventories consisted of the following: Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 4,781 3,238 Materials and supplies 312 305 $ 5,093 3,543 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,678 million and $3,123 million at June 30, 2019 , and December 31, 2018 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $4.6 billion and $2.9 billion at June 30, 2019 , and December 31, 2018 , respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Note 6— Investments, Loans and Long-Term Receivables Equity Investments Summarized 100% financial information for Chevron Phillips Chemical Company LLC ( CPChem) was as follows: Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues $ 2,463 3,001 4,840 5,578 Income before income taxes 578 667 1,047 1,267 Net income 559 650 1,008 1,235 DCP Midstream, LLC (DCP Midstream) The fair value of our investment in DCP Midstream depends on the market value of DCP Midstream’s general partner interest in its master limited partnership (MLP), DCP Midstream, LP (DCP Partners) and the market value of DCP Partners’ common units. Recent declines in DCP Partners’ common unit price and MLP valuations have negatively impacted the fair value of our investment in DCP Midstream. At June 30, 2019 , we estimated the fair value of our investment in DCP Midstream was approximately 10% below our current book value of $2.3 billion . We currently believe this condition is temporary. However, we may subsequently conclude the reduction in fair value is other-than-temporary and impair our investment in DCP Midstream if market conditions do not sustainably improve in the near future. Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In March 2019, a wholly owned subsidiary of Dakota Access closed 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 in Dakota Access 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. At June 30, 2019 , Phillips 66 Partners’ effective ownership interest in the Gray Oak Pipeline was 42.25% . 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. In June 2019 , Gray Oak entered into a third-party term loan facility with an initial borrowing capacity of $1,230 million , which was increased in July 2019 to $1,317 million . Borrowings under the facility are due on June 3, 2022 . Phillips 66 Partners and its co-venturers provided a guarantee through an equity contribution agreement requiring proportionate equity contributions to Gray Oak up to the total outstanding loan amount. Under the agreement, Phillips 66 Partners’ maximum potential amount of future obligations is $556 million , plus any accrued interest and associated fees, which would be required if the term loan facility is fully utilized and Gray Oak defaults on its obligations. At June 30, 2019 , Gray Oak had borrowings of $551 million outstanding, and Phillips 66 Partners’ 42.25% proportionate exposure under the equity contribution agreement was $233 million . The net proceeds from the term loan were used by Gray Oak for construction of the Gray Oak Pipeline and repayment of amounts borrowed under a related party loan agreement that Phillips 66 Partners and its co-venturers executed in March 2019 and terminated upon the repayment by Gray Oak in June . The total related party loan to and repayment received from Gray Oak was $95 million during the second quarter of 2019. At June 30, 2019 , Phillips 66 Partners’ maximum exposure to loss was $978 million , which represented the book value of the investment in Gray Oak of $745 million and the term loan guarantee of $233 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 June 30, 2019 , our maximum exposure to loss was $131 million , which represented the book value of our investment in OnCue of $72 million and guaranteed debt obligations of $59 million .

Properties, Plants and Equipmen

Properties, Plants and Equipment	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Note 7— 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 June 30, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 10,276 2,244 8,032 9,663 2,100 7,563 Chemicals — — — — — — Refining 22,999 9,908 13,091 22,640 9,531 13,109 Marketing and Specialties 1,673 936 737 1,671 926 745 Corporate and Other 1,288 645 643 1,223 622 601 $ 36,236 13,733 22,503 35,197 13,179 22,018

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 8— Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended Six Months Ended 2019 2018 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 1,424 1,424 1,339 1,339 1,628 1,628 1,863 1,863 Income allocated to participating securities (2 ) (1 ) (1 ) — (3 ) (2 ) (3 ) — Net income available to common stockholders $ 1,422 1,423 1,338 1,339 1,625 1,626 1,860 1,863 Weighted-average common shares outstanding (thousands) : 451,216 453,681 465,052 468,331 453,041 455,630 474,267 477,647 Effect of share-based compensation 2,465 1,904 3,279 3,307 2,589 1,990 3,380 3,348 Weighted-average common shares outstanding—EPS 453,681 455,585 468,331 471,638 455,630 457,620 477,647 480,995 Earnings Per Share of Common Stock (dollars) $ 3.13 3.12 2.86 2.84 3.57 3.55 3.89 3.87

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 9— Debt 2019 Activities Debt Issuances 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 June 30, 2019 , term loans totaling $400 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 June 30, 2019 , no borrowings were outstanding under Phillips 66 Partners’ revolving credit facility, compared with borrowings of $125 million at December 31, 2018 . Debt Classifications At June 30, 2019 , $575 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. In May 2019, Phillips 66’s $300 million of floating-rate notes due April 2020 and remaining $200 million outstanding under its $450 million three -year term loan facility due April 2020 were reclassified from long-term to short-term debt. 2018 Activities Debt Issuances On March 1, 2018, Phillips 66 closed on a public offering of $1,500 million aggregate principal amount of unsecured notes consisting of: • $500 million of floating-rate Senior Notes due February 2021. Interest on these notes is equal to the three-month London Interbank Offered Rate (LIBOR) plus 0.60% per annum and is payable quarterly in arrears on February 26, May 26, August 26 and November 26, beginning on May 29, 2018. • $800 million of 3.900% Senior Notes due March 2028. Interest on these notes is payable semiannually on March 15 and September 15 of each year, beginning on September 15, 2018. • An additional $200 million of our 4.875% Senior Notes due November 2044. Interest on these notes is payable semiannually on May 15 and November 15 of each year, beginning on May 15, 2018. These notes are guaranteed by Phillips 66 Company, a wholly owned subsidiary. Phillips 66 used the net proceeds from the issuance of these notes and cash on hand to repay commercial paper borrowings during the three months ended March 31, 2018, and for general corporate purposes. The commercial paper borrowings during the three months ended March 31, 2018, were primarily used to fund a Stock Purchase and Sale Agreement (Purchase Agreement). See Note 17—Treasury Stock , for additional information. Debt Repayments In June 2018, Phillips 66 repaid $250 million of the $450 million outstanding under its three-year term loan facility due April 2020.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2019
Guarantees [Abstract]
Guarantees	Note 10— Guarantees At June 30, 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 In June 2019 , Phillips 66 Partners issued a guarantee for 42.25% of Gray Oak’s third-party term loan facility. See Note 6—Investments, Loans and Long-Term Receivables , for additional information. In addition, at June 30, 2019 , we had other guarantees outstanding for our portion of certain joint venture debt obligations, which have remaining terms of up to six years . The maximum potential amount of future payments to third parties under these guarantees was approximately $157 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 at June 30, 2019 . 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 $305 million at June 30, 2019 , 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 June 30, 2019 , and December 31, 2018 , the carrying amount of recorded indemnifications was $181 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 June 30, 2019 , and December 31, 2018 , environmental accruals for known contamination of $113 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, we entered into the Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 11— 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 June 30, 2019 , our total environmental accrual was $463 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 not associated with financing arrangements resulting from throughput agreements with pipeline and processing companies. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At June 30, 2019 , we had performance obligations secured by letters of credit and bank guarantees of $480 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Financial Instruments	Note 12— 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 June 30, 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 $ 617 (573 ) — 44 1,257 (1,070 ) (89 ) 98 Other assets 2 — — 2 2 — — 2 Liabilities Other accruals 349 (403 ) 22 (32 ) — (23 ) — (23 ) Other liabilities and deferred credits 23 (24 ) — (1 ) 5 (7 ) — (2 ) Total $ 991 (1,000 ) 22 13 1,264 (1,100 ) (89 ) 75 At June 30, 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 Six Months Ended 2019 2018 2019 2018 Sales and other operating revenues $ 17 (137 ) (160 ) (129 ) Other income — (15 ) 13 (20 ) Purchased crude oil and products 54 (141 ) (101 ) (173 ) Net gain (loss) from commodity derivative activity $ 71 (293 ) (248 ) (322 ) 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 95% at June 30, 2019 , and December 31, 2018 . Open Position Long / (Short) June 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (34 ) (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 $3 million and $15 million at June 30, 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 and six months ended June 30, 2019 and 2018 . We currently estimate that pre-tax gains of $3 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 June 30, 2019 , and December 31, 2018 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13— 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 six months ended June 30, 2019 , derivative assets with an aggregate value of $91 million and derivative liabilities with an aggregate value of $51 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 June 30, 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 $ 501 453 — 954 (945 ) — — 9 Physical forward contracts — 34 3 37 — — — 37 Interest rate derivatives — 3 — 3 — — — 3 Rabbi trust assets 122 — — 122 N/A N/A — 122 $ 623 490 3 1,116 (945 ) — — 171 Commodity Derivative Liabilities Exchange-cleared instruments $ 519 449 — 968 (945 ) (22 ) — 1 Physical forward contracts — 32 — 32 — — — 32 Floating-rate debt — 1,475 — 1,475 N/A N/A — 1,475 Fixed-rate debt, excluding capital leases — 10,778 — 10,778 N/A N/A (998 ) 9,780 $ 519 12,734 — 13,253 (945 ) (22 ) (998 ) 11,288 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	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 14— 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 June 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 185 — Other assets — 1,327 Total Right-of-Use Assets $ 185 1,327 Lease Liabilities Short-term debt $ 15 — Other accruals — 467 Long-term debt 159 — Other liabilities and deferred credits — 817 Total Lease Liabilities $ 174 1,284 Future minimum lease payments at June 30, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 10 267 2020 19 435 2021 18 215 2022 16 139 2023 16 88 Remaining years 137 310 Future minimum lease payments 216 1,454 Amount representing interest or discounts (42 ) (170 ) Total Lease Liabilities $ 174 1,284 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 and six months ended June 30, 2019 , were: Millions of Dollars Three Months Ended Six Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 10 Interest on lease liabilities 1 3 Total finance lease cost 6 13 Operating lease cost 131 260 Short-term lease cost 32 64 Variable lease cost 5 12 Sublease income (5 ) (10 ) Total net lease cost $ 169 339 Cash paid for amounts included in the measurement of our lease liabilities for the six months ended June 30, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 3 Operating cash outflows—operating leases 276 Financing cash outflows—finance leases 10 During the six months ended June 30, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $110 million related to new and modified lease agreements. At June 30, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 12.9 Weighted-average remaining lease term—operating leases (years) 5.7 Weighted-average discount rate—finance leases (percent) 3.8 % Weighted-average discount rate—operating leases (percent) 4.0
Leases	Note 14— 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 June 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 185 — Other assets — 1,327 Total Right-of-Use Assets $ 185 1,327 Lease Liabilities Short-term debt $ 15 — Other accruals — 467 Long-term debt 159 — Other liabilities and deferred credits — 817 Total Lease Liabilities $ 174 1,284 Future minimum lease payments at June 30, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 10 267 2020 19 435 2021 18 215 2022 16 139 2023 16 88 Remaining years 137 310 Future minimum lease payments 216 1,454 Amount representing interest or discounts (42 ) (170 ) Total Lease Liabilities $ 174 1,284 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 and six months ended June 30, 2019 , were: Millions of Dollars Three Months Ended Six Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 10 Interest on lease liabilities 1 3 Total finance lease cost 6 13 Operating lease cost 131 260 Short-term lease cost 32 64 Variable lease cost 5 12 Sublease income (5 ) (10 ) Total net lease cost $ 169 339 Cash paid for amounts included in the measurement of our lease liabilities for the six months ended June 30, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 3 Operating cash outflows—operating leases 276 Financing cash outflows—finance leases 10 During the six months ended June 30, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $110 million related to new and modified lease agreements. At June 30, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 12.9 Weighted-average remaining lease term—operating leases (years) 5.7 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	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Note 15— Pension and Postretirement Plans The components of net periodic benefit cost for the three and six months ended June 30, 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 June 30 Service cost $ 31 6 34 10 2 2 Interest cost 27 7 26 8 2 2 Expected return on plan assets (35 ) (12 ) (43 ) (12 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 13 1 15 5 — — Settlements 2 — 3 — — — Net periodic benefit cost* $ 38 2 35 10 3 3 Six Months Ended June 30 Service cost $ 63 12 68 17 3 3 Interest cost 54 13 52 15 4 4 Expected return on plan assets (71 ) (23 ) (85 ) (24 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 26 3 30 10 — — Settlements 6 — 5 — — — Net periodic benefit cost* $ 78 5 70 17 6 6 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income. During the six months ended June 30, 2019 , we contributed $17 million to our U.S. employee benefit plans and $15 million to our international employee benefit plans. We currently expect to make additional contributions of approximately $45 million to our U.S. employee benefit plans and $15 million to our international employee benefit plans during the remainder of 2019

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 16— 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, 2018 $ (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications 4 (6 ) (7 ) (9 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 26 — — 26 Foreign currency translation — — — — Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 30 (6 ) (10 ) 14 Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) June 30, 2019 $ (535 ) (232 ) — (767 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 7 (99 ) 6 (86 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 33 — — 33 Foreign currency translation — (10 ) — (10 ) Hedging — — — — Net current period other comprehensive income (loss) 40 (109 ) 6 (63 ) June 30, 2018 $ (558 ) (135 ) 13 (680 ) * 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	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Treasury Stock	Note 17— Treasury Stock In February 2018, we entered into a Purchase Agreement with Berkshire Hathaway Inc. and National Indemnity Company, a wholly owned subsidiary of Berkshire Hathaway Inc., 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	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 18— Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating revenues and other income (a) $ 796 944 1,479 1,762 Purchases (b) 3,260 3,313 5,928 5,867 Operating expenses and selling, general and administrative expenses (c) 8 16 17 32 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to OnCue. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b) We purchased crude oil, refined petroleum products and NGL from WRB and also acted as agent for WRB in distributing solvents. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid utility and processing fees to various affiliates.

Segment Disclosures and Related

Segment Disclosures and Related Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Note 19— 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 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 Six Months Ended 2019 2018 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,709 1,996 3,606 3,947 Intersegment eliminations (460 ) (498 ) (1,044 ) (1,031 ) Total Midstream 1,249 1,498 2,562 2,916 Chemicals 1 2 2 3 Refining Total sales 20,387 22,126 37,248 39,758 Intersegment eliminations (12,788 ) (13,605 ) (22,556 ) (24,220 ) Total Refining 7,599 8,521 14,692 15,538 Marketing and Specialties Total sales 19,687 19,522 34,929 35,139 Intersegment eliminations (696 ) (571 ) (1,249 ) (1,035 ) Total Marketing and Specialties 18,991 18,951 33,680 34,104 Corporate and Other 7 8 14 14 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 * 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 $ 423 238 739 518 Chemicals 275 324 502 610 Refining 983 1,190 785 1,302 Marketing and Specialties 353 310 558 545 Corporate and Other (205 ) (227 ) (415 ) (423 ) Consolidated income before income taxes $ 1,829 1,835 2,169 2,552 Millions of Dollars June 30 December 31 Total Assets Midstream $ 15,606 14,329 Chemicals 6,343 6,235 Refining 24,606 23,230 Marketing and Specialties 8,177 6,572 Corporate and Other 3,049 3,936 Consolidated total assets $ 57,781 54,302

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 20— Income Taxes Our effective income tax rate for the three and six months ended June 30, 2019 , was 18% , compared with 23% and 22% for the corresponding periods of 2018 . The decrease in our effective tax rate was primarily attributable to an income tax benefit of $45 million recorded in the current period in connection with the Internal Revenue Service’s issuance of additional guidance related to the calculation of the one-time deemed repatriation tax on foreign-sourced earnings that were previously tax deferred. The effective income tax rate for the three and six months ended June 30, 2019 , varies from the U.S. federal statutory income tax rate of 21% primarily due to the impact of the aforementioned income tax benefit, our foreign operations, and income attributable to noncontrolling interests, partially offset by state income tax expense.

Phillips 66 Partners LP

Phillips 66 Partners LP	6 Months Ended
	Jun. 30, 2019
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Note 21— 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 consist of crude oil, refined petroleum product and NGL transportation, terminaling, processing and storage assets. We consolidate Phillips 66 Partners because we determined it is a VIE of which we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests in our financial statements. At June 30, 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 June 30 December 31 Cash and cash equivalents $ 130 1 Equity investments* 2,912 2,448 Net properties, plants and equipment 3,158 3,052 Long-term debt 3,174 2,998 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet. 2019 Activities For the three and six months ended June 30, 2019 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $10 million and $42 million , respectively, from common units issued under its continuous offering of common units, or at-the-market (ATM) programs. For the three and six months ended June 30, 2018 , Phillips 66 Partners generated net proceeds of $58 million and $67 million , respectively, under its ATM programs. 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. After construction of the Gray Oak Pipeline is fully completed, these restrictions expire, and the sale will be recognized under GAAP. Phillips 66 Partners will continue to control and consolidate Holdings LLC after sale recognition, and therefore the third party’s 35% 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 six months ended June 30, 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 Phillips 66 Partners’ investment in Gray Oak. Incentive Distribution Rights Elimination On July 24, 2019, we executed a definitive agreement to eliminate all of our incentive distribution rights (IDRs) and general partner economic interest in Phillips 66 Partners in exchange for 101 million newly issued Phillips 66 Partners’ common units. Pursuant to the definitive agreement, our IDRs will be eliminated, and our general partner economic interest in Phillips 66 Partners will be converted into a non-economic general partner interest in Phillips 66 Partners. After the transaction closes, we will own approximately 170 million Phillips 66 Partners’ common units, representing approximately 75% of Phillips 66 Partners’ outstanding common units. As a result of the transaction, we expect the balance of “Noncontrolling interests” on our consolidated balance sheet to decrease approximately $400 million , with an offset to “Capital in excess of par” and “Deferred income taxes.” The transaction is scheduled to close on August 1, 2019.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Information	Note 22— 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 June 30, 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 $ — 21,698 6,149 — 27,847 Equity in earnings of affiliates 1,495 1,000 202 (2,049 ) 648 Other income — 22 1 — 23 Intercompany revenues — 722 4,095 (4,817 ) — Total Revenues and Other Income 1,495 23,442 10,447 (6,866 ) 28,518 Costs and Expenses Purchased crude oil and products — 20,185 9,082 (4,713 ) 24,554 Operating expenses — 917 271 (23 ) 1,165 Selling, general and administrative expenses 1 319 91 (3 ) 408 Depreciation and amortization — 229 105 — 334 Impairments — 1 1 — 2 Taxes other than income taxes — 70 27 — 97 Accretion on discounted liabilities — 5 1 (1 ) 5 Interest and debt expense 89 37 66 (77 ) 115 Foreign currency transaction losses — — 9 — 9 Total Costs and Expenses 90 21,763 9,653 (4,817 ) 26,689 Income before income taxes 1,405 1,679 794 (2,049 ) 1,829 Income tax expense (benefit) (19 ) 184 160 — 325 Net Income 1,424 1,495 634 (2,049 ) 1,504 Less: net income attributable to noncontrolling interests — — 80 — 80 Net Income Attributable to Phillips 66 $ 1,424 1,495 554 (2,049 ) 1,424 Comprehensive Income $ 1,366 1,437 574 (1,931 ) 1,446 Millions of Dollars Three Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 22,561 6,419 — 28,980 Equity in earnings of affiliates 1,427 864 185 (1,733 ) 743 Other income — 3 10 — 13 Intercompany revenues — 786 4,136 (4,922 ) — Total Revenues and Other Income 1,427 24,214 10,750 (6,655 ) 29,736 Costs and Expenses Purchased crude oil and products — 20,855 9,717 (4,825 ) 25,747 Operating expenses — 847 312 (16 ) 1,143 Selling, general and administrative expenses 1 339 94 (2 ) 432 Depreciation and amortization — 229 108 — 337 Impairments — 1 5 — 6 Taxes other than income taxes — 82 27 — 109 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 111 42 61 (79 ) 135 Foreign currency transaction gains — — (14 ) — (14 ) Total Costs and Expenses 112 22,399 10,312 (4,922 ) 27,901 Income before income taxes 1,315 1,815 438 (1,733 ) 1,835 Income tax expense (benefit) (24 ) 388 67 — 431 Net Income 1,339 1,427 371 (1,733 ) 1,404 Less: net income attributable to noncontrolling interests — — 65 — 65 Net Income Attributable to Phillips 66 $ 1,339 1,427 306 (1,733 ) 1,339 Comprehensive Income $ 1,163 1,251 188 (1,374 ) 1,228 Millions of Dollars Six Months Ended June 30, 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 $ — 39,113 11,837 — 50,950 Equity in earnings of affiliates 1,776 1,431 367 (2,410 ) 1,164 Net gain on dispositions — — 1 — 1 Other income — 42 19 — 61 Intercompany revenues — 1,883 7,310 (9,193 ) — Total Revenues and Other Income 1,776 42,469 19,534 (11,603 ) 52,176 Costs and Expenses Purchased crude oil and products — 37,265 17,336 (8,992 ) 45,609 Operating expenses — 1,917 597 (42 ) 2,472 Selling, general and administrative expenses 4 574 201 (5 ) 774 Depreciation and amortization — 456 209 — 665 Impairments — 1 2 — 3 Taxes other than income taxes — 165 60 — 225 Accretion on discounted liabilities — 9 2 — 11 Interest and debt expense 182 73 133 (154 ) 234 Foreign currency transaction losses — — 14 — 14 Total Costs and Expenses 186 40,460 18,554 (9,193 ) 50,007 Income before income taxes 1,590 2,009 980 (2,410 ) 2,169 Income tax expense (benefit) (38 ) 233 200 — 395 Net Income 1,628 1,776 780 (2,410 ) 1,774 Less: net income attributable to noncontrolling interests — — 146 — 146 Net Income Attributable to Phillips 66 $ 1,628 1,776 634 (2,410 ) 1,628 Comprehensive Income $ 1,642 1,790 785 (2,429 ) 1,788 Millions of Dollars Six Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 40,837 11,738 — 52,575 Equity in earnings of affiliates 2,027 1,478 380 (2,718 ) 1,167 Net gain on dispositions — 7 10 — 17 Other income — 2 21 — 23 Intercompany revenues — 1,365 7,015 (8,380 ) — Total Revenues and Other Income 2,027 43,689 19,164 (11,098 ) 53,782 Costs and Expenses Purchased crude oil and products — 38,068 17,018 (8,201 ) 46,885 Operating expenses — 1,825 595 (31 ) 2,389 Selling, general and administrative expenses 4 628 191 (5 ) 818 Depreciation and amortization — 459 214 — 673 Impairments — 1 5 — 6 Taxes other than income taxes — 164 55 — 219 Accretion on discounted liabilities — 9 3 — 12 Interest and debt expense 204 72 125 (143 ) 258 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 208 41,226 18,176 (8,380 ) 51,230 Income before income taxes 1,819 2,463 988 (2,718 ) 2,552 Income tax expense (benefit) (44 ) 436 171 — 563 Net Income 1,863 2,027 817 (2,718 ) 1,989 Less: net income attributable to noncontrolling interests — — 126 — 126 Net Income Attributable to Phillips 66 $ 1,863 2,027 691 (2,718 ) 1,863 Comprehensive Income $ 1,800 1,964 722 (2,560 ) 1,926 Millions of Dollars June 30, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 367 1,452 — 1,819 Accounts and notes receivable — 4,888 3,735 (1,896 ) 6,727 Inventories — 3,513 1,580 — 5,093 Prepaid expenses and other current assets 1 502 153 — 656 Total Current Assets 1 9,270 6,920 (1,896 ) 14,295 Investments and long-term receivables 32,890 23,448 10,527 (51,859 ) 15,006 Net properties, plants and equipment — 13,255 9,248 — 22,503 Goodwill — 2,853 417 — 3,270 Intangibles — 730 141 — 871 Other assets 7 5,693 647 (4,511 ) 1,836 Total Assets $ 32,898 55,249 27,900 (58,266 ) 57,781 Liabilities and Equity Accounts payable $ — 6,575 3,321 (1,896 ) 8,000 Short-term debt 500 11 156 — 667 Accrued income and other taxes — 561 525 — 1,086 Employee benefit obligations — 459 43 — 502 Other accruals 67 1,170 235 (556 ) 916 Total Current Liabilities 567 8,776 4,280 (2,452 ) 11,171 Long-term debt 7,431 57 3,284 — 10,772 Asset retirement obligations and accrued environmental costs — 468 166 — 634 Deferred income taxes — 3,733 1,801 (1 ) 5,533 Employee benefit obligations — 718 188 — 906 Other liabilities and deferred credits 118 9,147 5,352 (13,158 ) 1,459 Total Liabilities 8,116 22,899 15,071 (15,611 ) 30,475 Common stock 4,096 24,978 8,763 (33,741 ) 4,096 Retained earnings 21,453 8,139 1,800 (9,969 ) 21,423 Accumulated other comprehensive loss (767 ) (767 ) (288 ) 1,055 (767 ) Noncontrolling interests — — 2,554 — 2,554 Total Liabilities and Equity $ 32,898 55,249 27,900 (58,266 ) 57,781 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 Six Months Ended June 30, 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 $ (130 ) 621 1,079 (118 ) 1,452 Cash Flows From Investing Activities Capital expenditures and investments — (485 ) (1,243 ) — (1,728 ) Proceeds from asset dispositions* — 1 117 — 118 Intercompany lending activities 1,730 (1,385 ) (345 ) — — Advances/loans—related parties — — (95 ) — (95 ) Collection of advances/loans—related parties — — 95 — 95 Other — (24 ) 48 — 24 Net Cash Provided by (Used in) Investing Activities 1,730 (1,893 ) (1,423 ) — (1,586 ) Cash Flows From Financing Activities Issuance of debt — — 860 — 860 Repayment of debt — (9 ) (588 ) — (597 ) Issuance of common stock 9 — — — 9 Repurchase of common stock (799 ) — — — (799 ) Dividends paid on common stock (770 ) — (118 ) 118 (770 ) Distributions to noncontrolling interests — — (117 ) — (117 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 42 — 42 Other (40 ) — 341 — 301 Net Cash Provided by (Used in) Financing Activities (1,600 ) (9 ) 420 118 (1,071 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 5 — 5 Net Change in Cash and Cash Equivalents — (1,281 ) 81 — (1,200 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 367 1,452 — 1,819 * Includes return of investments in equity affiliates. Millions of Dollars Six Months Ended June 30, 2018 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,080 2,523 1,203 (3,954 ) 2,852 Cash Flows From Investing Activities Capital expenditures and investments — (374 ) (492 ) — (866 ) Proceeds from asset dispositions* — 326 28 (325 ) 29 Intercompany lending activities 131 121 (252 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (32 ) 49 — 17 Net Cash Provided by (Used in) Investing Activities 131 40 (667 ) (325 ) (821 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt (250 ) (7 ) (3 ) — (260 ) Issuance of common stock 30 — — — 30 Repurchase of common stock (3,743 ) — — — (3,743 ) Dividends paid on common stock (699 ) (3,174 ) (780 ) 3,954 (699 ) Distributions to noncontrolling interests — — (96 ) — (96 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 67 — 67 Other (58 ) — (325 ) 325 (58 ) Net Cash Used in Financing Activities (3,211 ) (3,181 ) (1,137 ) 4,279 (3,250 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (16 ) — (16 ) Net Change in Cash and Cash Equivalents — (618 ) (617 ) — (1,235 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 793 1,091 — 1,884 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_2

Changes in Accounting Principles (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	Note 2— 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 (Policies)

Earnings Per Share (Policies)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share, Policy	The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.

Contingencies and Commitments (

Contingencies and Commitments (Policies)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
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 six months ended June 30, 2019 , derivative assets with an aggregate value of $91 million and derivative liabilities with an aggregate value of $51 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)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Product Line and Services Refined petroleum products $ 22,922 23,011 41,715 41,791 Crude oil resales 3,613 4,381 6,651 7,569 Natural gas liquids (NGLs) 1,179 1,548 2,483 2,969 Services and other * 133 40 101 246 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 Geographic Location** United States $ 21,867 22,902 39,442 41,413 United Kingdom 2,512 2,289 4,943 4,538 Germany 1,092 1,108 2,049 2,039 Other foreign countries 2,376 2,681 4,516 4,585 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 * 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)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Millions of Dollars June 30 December 31 Crude oil and petroleum products $ 4,781 3,238 Materials and supplies 312 305 $ 5,093 3,543

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues $ 2,463 3,001 4,840 5,578 Income before income taxes 578 667 1,047 1,267 Net income 559 650 1,008 1,235

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Millions of Dollars June 30, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 10,276 2,244 8,032 9,663 2,100 7,563 Chemicals — — — — — — Refining 22,999 9,908 13,091 22,640 9,531 13,109 Marketing and Specialties 1,673 936 737 1,671 926 745 Corporate and Other 1,288 645 643 1,223 622 601 $ 36,236 13,733 22,503 35,197 13,179 22,018

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Six Months Ended 2019 2018 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 1,424 1,424 1,339 1,339 1,628 1,628 1,863 1,863 Income allocated to participating securities (2 ) (1 ) (1 ) — (3 ) (2 ) (3 ) — Net income available to common stockholders $ 1,422 1,423 1,338 1,339 1,625 1,626 1,860 1,863 Weighted-average common shares outstanding (thousands) : 451,216 453,681 465,052 468,331 453,041 455,630 474,267 477,647 Effect of share-based compensation 2,465 1,904 3,279 3,307 2,589 1,990 3,380 3,348 Weighted-average common shares outstanding—EPS 453,681 455,585 468,331 471,638 455,630 457,620 477,647 480,995 Earnings Per Share of Common Stock (dollars) $ 3.13 3.12 2.86 2.84 3.57 3.55 3.89 3.87

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value, by Balance Sheet Grouping	Millions of Dollars June 30, 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 $ 617 (573 ) — 44 1,257 (1,070 ) (89 ) 98 Other assets 2 — — 2 2 — — 2 Liabilities Other accruals 349 (403 ) 22 (32 ) — (23 ) — (23 ) Other liabilities and deferred credits 23 (24 ) — (1 ) 5 (7 ) — (2 ) Total $ 991 (1,000 ) 22 13 1,264 (1,100 ) (89 ) 75
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Sales and other operating revenues $ 17 (137 ) (160 ) (129 ) Other income — (15 ) 13 (20 ) Purchased crude oil and products 54 (141 ) (101 ) (173 ) Net gain (loss) from commodity derivative activity $ 71 (293 ) (248 ) (322 )
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long / (Short) June 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (34 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	Millions of Dollars June 30, 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 $ 501 453 — 954 (945 ) — — 9 Physical forward contracts — 34 3 37 — — — 37 Interest rate derivatives — 3 — 3 — — — 3 Rabbi trust assets 122 — — 122 N/A N/A — 122 $ 623 490 3 1,116 (945 ) — — 171 Commodity Derivative Liabilities Exchange-cleared instruments $ 519 449 — 968 (945 ) (22 ) — 1 Physical forward contracts — 32 — 32 — — — 32 Floating-rate debt — 1,475 — 1,475 N/A N/A — 1,475 Fixed-rate debt, excluding capital leases — 10,778 — 10,778 N/A N/A (998 ) 9,780 $ 519 12,734 — 13,253 (945 ) (22 ) (998 ) 11,288 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)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Assets And Liabilities, Lessee	Millions of Dollars June 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 185 — Other assets — 1,327 Total Right-of-Use Assets $ 185 1,327 Lease Liabilities Short-term debt $ 15 — Other accruals — 467 Long-term debt 159 — Other liabilities and deferred credits — 817 Total Lease Liabilities $ 174 1,284
Finance Lease, Liability	Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 10 267 2020 19 435 2021 18 215 2022 16 139 2023 16 88 Remaining years 137 310 Future minimum lease payments 216 1,454 Amount representing interest or discounts (42 ) (170 ) Total Lease Liabilities $ 174 1,284
Operating Lease, Liability	Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 10 267 2020 19 435 2021 18 215 2022 16 139 2023 16 88 Remaining years 137 310 Future minimum lease payments 216 1,454 Amount representing interest or discounts (42 ) (170 ) Total Lease Liabilities $ 174 1,284
Lease, Cost	Weighted-average remaining lease term—finance leases (years) 12.9 Weighted-average remaining lease term—operating leases (years) 5.7 Weighted-average discount rate—finance leases (percent) 3.8 % Weighted-average discount rate—operating leases (percent) 4.0 Millions of Dollars Three Months Ended Six Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 10 Interest on lease liabilities 1 3 Total finance lease cost 6 13 Operating lease cost 131 260 Short-term lease cost 32 64 Variable lease cost 5 12 Sublease income (5 ) (10 ) Total net lease cost $ 169 339

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	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 June 30 Service cost $ 31 6 34 10 2 2 Interest cost 27 7 26 8 2 2 Expected return on plan assets (35 ) (12 ) (43 ) (12 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 13 1 15 5 — — Settlements 2 — 3 — — — Net periodic benefit cost* $ 38 2 35 10 3 3 Six Months Ended June 30 Service cost $ 63 12 68 17 3 3 Interest cost 54 13 52 15 4 4 Expected return on plan assets (71 ) (23 ) (85 ) (24 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 26 3 30 10 — — Settlements 6 — 5 — — — Net periodic benefit cost* $ 78 5 70 17 6 6 * 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)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2018 $ (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications 4 (6 ) (7 ) (9 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 26 — — 26 Foreign currency translation — — — — Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 30 (6 ) (10 ) 14 Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) June 30, 2019 $ (535 ) (232 ) — (767 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 7 (99 ) 6 (86 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 33 — — 33 Foreign currency translation — (10 ) — (10 ) Hedging — — — — Net current period other comprehensive income (loss) 40 (109 ) 6 (63 ) June 30, 2018 $ (558 ) (135 ) 13 (680 ) * 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)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Operating revenues and other income (a) $ 796 944 1,479 1,762 Purchases (b) 3,260 3,313 5,928 5,867 Operating expenses and selling, general and administrative expenses (c) 8 16 17 32 (a) We sold NGL and other petrochemical feedstocks, along with solvents, to CPChem, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to OnCue. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b) We purchased crude oil, refined petroleum products and NGL from WRB and also acted as agent for WRB in distributing solvents. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid utility and processing fees to various affiliates.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended Six Months Ended 2019 2018 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,709 1,996 3,606 3,947 Intersegment eliminations (460 ) (498 ) (1,044 ) (1,031 ) Total Midstream 1,249 1,498 2,562 2,916 Chemicals 1 2 2 3 Refining Total sales 20,387 22,126 37,248 39,758 Intersegment eliminations (12,788 ) (13,605 ) (22,556 ) (24,220 ) Total Refining 7,599 8,521 14,692 15,538 Marketing and Specialties Total sales 19,687 19,522 34,929 35,139 Intersegment eliminations (696 ) (571 ) (1,249 ) (1,035 ) Total Marketing and Specialties 18,991 18,951 33,680 34,104 Corporate and Other 7 8 14 14 Consolidated sales and other operating revenues $ 27,847 28,980 50,950 52,575 * 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 $ 423 238 739 518 Chemicals 275 324 502 610 Refining 983 1,190 785 1,302 Marketing and Specialties 353 310 558 545 Corporate and Other (205 ) (227 ) (415 ) (423 ) Consolidated income before income taxes $ 1,829 1,835 2,169 2,552
Reconciliation of Assets from Segment to Consolidated	Millions of Dollars June 30 December 31 Total Assets Midstream $ 15,606 14,329 Chemicals 6,343 6,235 Refining 24,606 23,230 Marketing and Specialties 8,177 6,572 Corporate and Other 3,049 3,936 Consolidated total assets $ 57,781 54,302

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	6 Months Ended
	Jun. 30, 2019
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Schedule of Variable Interest Entities	Millions of Dollars June 30 December 31 Cash and cash equivalents $ 130 1 Equity investments* 2,912 2,448 Net properties, plants and equipment 3,158 3,052 Long-term debt 3,174 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)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended June 30, 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 $ — 21,698 6,149 — 27,847 Equity in earnings of affiliates 1,495 1,000 202 (2,049 ) 648 Other income — 22 1 — 23 Intercompany revenues — 722 4,095 (4,817 ) — Total Revenues and Other Income 1,495 23,442 10,447 (6,866 ) 28,518 Costs and Expenses Purchased crude oil and products — 20,185 9,082 (4,713 ) 24,554 Operating expenses — 917 271 (23 ) 1,165 Selling, general and administrative expenses 1 319 91 (3 ) 408 Depreciation and amortization — 229 105 — 334 Impairments — 1 1 — 2 Taxes other than income taxes — 70 27 — 97 Accretion on discounted liabilities — 5 1 (1 ) 5 Interest and debt expense 89 37 66 (77 ) 115 Foreign currency transaction losses — — 9 — 9 Total Costs and Expenses 90 21,763 9,653 (4,817 ) 26,689 Income before income taxes 1,405 1,679 794 (2,049 ) 1,829 Income tax expense (benefit) (19 ) 184 160 — 325 Net Income 1,424 1,495 634 (2,049 ) 1,504 Less: net income attributable to noncontrolling interests — — 80 — 80 Net Income Attributable to Phillips 66 $ 1,424 1,495 554 (2,049 ) 1,424 Comprehensive Income $ 1,366 1,437 574 (1,931 ) 1,446 Millions of Dollars Three Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 22,561 6,419 — 28,980 Equity in earnings of affiliates 1,427 864 185 (1,733 ) 743 Other income — 3 10 — 13 Intercompany revenues — 786 4,136 (4,922 ) — Total Revenues and Other Income 1,427 24,214 10,750 (6,655 ) 29,736 Costs and Expenses Purchased crude oil and products — 20,855 9,717 (4,825 ) 25,747 Operating expenses — 847 312 (16 ) 1,143 Selling, general and administrative expenses 1 339 94 (2 ) 432 Depreciation and amortization — 229 108 — 337 Impairments — 1 5 — 6 Taxes other than income taxes — 82 27 — 109 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 111 42 61 (79 ) 135 Foreign currency transaction gains — — (14 ) — (14 ) Total Costs and Expenses 112 22,399 10,312 (4,922 ) 27,901 Income before income taxes 1,315 1,815 438 (1,733 ) 1,835 Income tax expense (benefit) (24 ) 388 67 — 431 Net Income 1,339 1,427 371 (1,733 ) 1,404 Less: net income attributable to noncontrolling interests — — 65 — 65 Net Income Attributable to Phillips 66 $ 1,339 1,427 306 (1,733 ) 1,339 Comprehensive Income $ 1,163 1,251 188 (1,374 ) 1,228 Millions of Dollars Six Months Ended June 30, 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 $ — 39,113 11,837 — 50,950 Equity in earnings of affiliates 1,776 1,431 367 (2,410 ) 1,164 Net gain on dispositions — — 1 — 1 Other income — 42 19 — 61 Intercompany revenues — 1,883 7,310 (9,193 ) — Total Revenues and Other Income 1,776 42,469 19,534 (11,603 ) 52,176 Costs and Expenses Purchased crude oil and products — 37,265 17,336 (8,992 ) 45,609 Operating expenses — 1,917 597 (42 ) 2,472 Selling, general and administrative expenses 4 574 201 (5 ) 774 Depreciation and amortization — 456 209 — 665 Impairments — 1 2 — 3 Taxes other than income taxes — 165 60 — 225 Accretion on discounted liabilities — 9 2 — 11 Interest and debt expense 182 73 133 (154 ) 234 Foreign currency transaction losses — — 14 — 14 Total Costs and Expenses 186 40,460 18,554 (9,193 ) 50,007 Income before income taxes 1,590 2,009 980 (2,410 ) 2,169 Income tax expense (benefit) (38 ) 233 200 — 395 Net Income 1,628 1,776 780 (2,410 ) 1,774 Less: net income attributable to noncontrolling interests — — 146 — 146 Net Income Attributable to Phillips 66 $ 1,628 1,776 634 (2,410 ) 1,628 Comprehensive Income $ 1,642 1,790 785 (2,429 ) 1,788 Millions of Dollars Six Months Ended June 30, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 40,837 11,738 — 52,575 Equity in earnings of affiliates 2,027 1,478 380 (2,718 ) 1,167 Net gain on dispositions — 7 10 — 17 Other income — 2 21 — 23 Intercompany revenues — 1,365 7,015 (8,380 ) — Total Revenues and Other Income 2,027 43,689 19,164 (11,098 ) 53,782 Costs and Expenses Purchased crude oil and products — 38,068 17,018 (8,201 ) 46,885 Operating expenses — 1,825 595 (31 ) 2,389 Selling, general and administrative expenses 4 628 191 (5 ) 818 Depreciation and amortization — 459 214 — 673 Impairments — 1 5 — 6 Taxes other than income taxes — 164 55 — 219 Accretion on discounted liabilities — 9 3 — 12 Interest and debt expense 204 72 125 (143 ) 258 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 208 41,226 18,176 (8,380 ) 51,230 Income before income taxes 1,819 2,463 988 (2,718 ) 2,552 Income tax expense (benefit) (44 ) 436 171 — 563 Net Income 1,863 2,027 817 (2,718 ) 1,989 Less: net income attributable to noncontrolling interests — — 126 — 126 Net Income Attributable to Phillips 66 $ 1,863 2,027 691 (2,718 ) 1,863 Comprehensive Income $ 1,800 1,964 722 (2,560 ) 1,926
Condensed Consolidating Balance Sheet	Millions of Dollars June 30, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 367 1,452 — 1,819 Accounts and notes receivable — 4,888 3,735 (1,896 ) 6,727 Inventories — 3,513 1,580 — 5,093 Prepaid expenses and other current assets 1 502 153 — 656 Total Current Assets 1 9,270 6,920 (1,896 ) 14,295 Investments and long-term receivables 32,890 23,448 10,527 (51,859 ) 15,006 Net properties, plants and equipment — 13,255 9,248 — 22,503 Goodwill — 2,853 417 — 3,270 Intangibles — 730 141 — 871 Other assets 7 5,693 647 (4,511 ) 1,836 Total Assets $ 32,898 55,249 27,900 (58,266 ) 57,781 Liabilities and Equity Accounts payable $ — 6,575 3,321 (1,896 ) 8,000 Short-term debt 500 11 156 — 667 Accrued income and other taxes — 561 525 — 1,086 Employee benefit obligations — 459 43 — 502 Other accruals 67 1,170 235 (556 ) 916 Total Current Liabilities 567 8,776 4,280 (2,452 ) 11,171 Long-term debt 7,431 57 3,284 — 10,772 Asset retirement obligations and accrued environmental costs — 468 166 — 634 Deferred income taxes — 3,733 1,801 (1 ) 5,533 Employee benefit obligations — 718 188 — 906 Other liabilities and deferred credits 118 9,147 5,352 (13,158 ) 1,459 Total Liabilities 8,116 22,899 15,071 (15,611 ) 30,475 Common stock 4,096 24,978 8,763 (33,741 ) 4,096 Retained earnings 21,453 8,139 1,800 (9,969 ) 21,423 Accumulated other comprehensive loss (767 ) (767 ) (288 ) 1,055 (767 ) Noncontrolling interests — — 2,554 — 2,554 Total Liabilities and Equity $ 32,898 55,249 27,900 (58,266 ) 57,781 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 Six Months Ended June 30, 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 $ (130 ) 621 1,079 (118 ) 1,452 Cash Flows From Investing Activities Capital expenditures and investments — (485 ) (1,243 ) — (1,728 ) Proceeds from asset dispositions* — 1 117 — 118 Intercompany lending activities 1,730 (1,385 ) (345 ) — — Advances/loans—related parties — — (95 ) — (95 ) Collection of advances/loans—related parties — — 95 — 95 Other — (24 ) 48 — 24 Net Cash Provided by (Used in) Investing Activities 1,730 (1,893 ) (1,423 ) — (1,586 ) Cash Flows From Financing Activities Issuance of debt — — 860 — 860 Repayment of debt — (9 ) (588 ) — (597 ) Issuance of common stock 9 — — — 9 Repurchase of common stock (799 ) — — — (799 ) Dividends paid on common stock (770 ) — (118 ) 118 (770 ) Distributions to noncontrolling interests — — (117 ) — (117 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 42 — 42 Other (40 ) — 341 — 301 Net Cash Provided by (Used in) Financing Activities (1,600 ) (9 ) 420 118 (1,071 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 5 — 5 Net Change in Cash and Cash Equivalents — (1,281 ) 81 — (1,200 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 367 1,452 — 1,819 * Includes return of investments in equity affiliates. Millions of Dollars Six Months Ended June 30, 2018 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,080 2,523 1,203 (3,954 ) 2,852 Cash Flows From Investing Activities Capital expenditures and investments — (374 ) (492 ) — (866 ) Proceeds from asset dispositions* — 326 28 (325 ) 29 Intercompany lending activities 131 121 (252 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (32 ) 49 — 17 Net Cash Provided by (Used in) Investing Activities 131 40 (667 ) (325 ) (821 ) Cash Flows From Financing Activities Issuance of debt 1,509 — — — 1,509 Repayment of debt (250 ) (7 ) (3 ) — (260 ) Issuance of common stock 30 — — — 30 Repurchase of common stock (3,743 ) — — — (3,743 ) Dividends paid on common stock (699 ) (3,174 ) (780 ) 3,954 (699 ) Distributions to noncontrolling interests — — (96 ) — (96 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 67 — 67 Other (58 ) — (325 ) 325 (58 ) Net Cash Used in Financing Activities (3,211 ) (3,181 ) (1,137 ) 4,279 (3,250 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (16 ) — (16 ) Net Change in Cash and Cash Equivalents — (618 ) (617 ) — (1,235 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 793 1,091 — 1,884 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_3

Changes in Accounting Principles (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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		$ 325	$ 431	395	$ 563
Right-of-use assets	1,415	1,327		1,327
Lease liability	1,415	$ 1,284		$ 1,284
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 27,847	$ 28,980	$ 50,950	$ 52,575
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	21,867	22,902	39,442	41,413
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,512	2,289	4,943	4,538
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,092	1,108	2,049	2,039
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,376	2,681	4,516	4,585
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	22,922	23,011	41,715	41,791
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,613	4,381	6,651	7,569
Natural gas liquids (NGLs)
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,179	1,548	2,483	2,969
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 133	$ 40	$ 101	$ 246

Sales and Other Operating Rev_4

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 5,385	$ 4,993
Receivables from contracts with customers	287	248
Contract with customer, liability	$ 77	$ 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	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 6,727
Allowance for doubtful accounts	$ 41	$ 22
Accounts and notes receivable, percent outstanding less than 60 days	99.00%

Inventories (Inventory, Net) (D

Inventories (Inventory, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Summary of inventories
Crude oil and petroleum products	$ 4,781	$ 3,238
Materials and supplies	312	305
Inventories	$ 5,093	$ 3,543

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 4,678	$ 3,123
Excess over stated LIFO value	$ 4,600	$ 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 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of financial information
Revenues	$ 2,463	$ 3,001	$ 4,840	$ 5,578
Income before income taxes	578	667	1,047	1,267
Net income	$ 559	$ 650	$ 1,008	$ 1,235

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (Narrative) (Details) - USD ($)	2 Months Ended	37 Months Ended
	Feb. 28, 2019	Jun. 30, 2019	Jul. 26, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 01, 2018
DCP Midstream
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount and underlying equity		10.00%
Equity investments		$ 2,300,000,000
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 72,000,000
Percentage of ownership		50.00%
Maximum loss exposure		$ 131,000,000
Maximum exposure, debt obligation		59,000,000
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		1,230,000,000
Repayments of related party debt		95,000,000
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 | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value		551,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 2,912,000,000			$ 2,448,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		65.00%			75.00%
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
Percentage of ownership interest		42.25%
Guarantor Obligations, Current Carrying Value		$ 233,000,000
Maximum loss exposure		978,000,000
Book value of investment		745,000,000
Maximum potential amount of future payments under the guarantees		$ 556,000,000
Subsequent Event | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Maximum loan			$ 1,317,000,000

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 36,236	$ 35,197
Accum. D&A	13,733	13,179
Net PP&E	22,503	22,018
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	10,276	9,663
Accum. D&A	2,244	2,100
Net PP&E	8,032	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	22,999	22,640
Accum. D&A	9,908	9,531
Net PP&E	13,091	13,109
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,673	1,671
Accum. D&A	936	926
Net PP&E	737	745
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,288	1,223
Accum. D&A	645	622
Net PP&E	$ 643	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic
Net income attributable to Phillips 66	$ 1,424	$ 1,339	$ 1,628	$ 1,863
Income allocated to participating securities	(2)	(1)	(3)	(3)
Net income available to common stockholders	$ 1,422	$ 1,338	$ 1,625	$ 1,860
Weighted-average common shares outstanding (in shares)	451,216	465,052	453,041	474,267
Effect of share-based compensation (in shares)	2,465	3,279	2,589	3,380
Weighted-average commons shares outstanding - EPS (in shares)	453,681	468,331	455,630	477,647
Earnings Per Share of Common Stock (in usd per share)	$ 3.13	$ 2.86	$ 3.57	$ 3.89
Diluted
Net income attributable to Phillips 66	$ 1,424	$ 1,339	$ 1,628	$ 1,863
Income allocated to participating securities	(1)	0	(2)	0
Net income available to common stockholders	$ 1,423	$ 1,339	$ 1,626	$ 1,863
Weighted-average common shares outstanding (in shares)	453,681	468,331	455,630	477,647
Effect of share-based compensation (in shares)	1,904	3,307	1,990	3,348
Weighted-average commons shares outstanding - EPS (in shares)	455,585	471,638	457,620	480,995
Earnings Per Share of Common Stock (in usd per share)	$ 3.12	$ 2.84	$ 3.55	$ 3.87

Debt (Details)

Debt (Details) - USD ($)	Mar. 01, 2018	Jun. 30, 2018	Jun. 30, 2019	May 31, 2019	Mar. 22, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt			$ 10,772,000,000			$ 11,093,000,000
Term Loan Due 2020
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 450,000,000		$ 450,000,000
Line of credit facility, amount outstanding				200,000,000
Floating Rate Notes Due 2020
Debt Instrument [Line Items]
Long-term debt, gross				$ 300,000,000
Loans Payable
Debt Instrument [Line Items]
Repayments of long-term debt		$ 250,000,000
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			575,000,000
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			400,000,000
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			$ 0			$ 125,000,000

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	$ 463	$ 447
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	181	171
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	113	$ 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	$ 305
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	$ 157
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	6 years
Variable Interest Entity, Primary Beneficiary | Gray Oak Pipeline LLC
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 551
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Pipeline LLC
Guarantor Obligations [Line Items]
Percentage of ownership interest	42.25%
Maximum potential amount of future payments under the guarantees	$ 556
Carrying amount of indemnifications	$ 233

Contingencies and Commitments_2

Contingencies and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total environmental accrual	$ 463	$ 447
Performance Guarantee
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 480
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	Jun. 30, 2019	Dec. 31, 2018
Assets
Liabilities	$ (945)	$ (1,075)
Net Carrying Value Presented on the Balance Sheet	22	0
Liabilities
Assets	945	1,075
Net Carrying Value Presented on the Balance Sheet		(89)
Not Designated as Hedging Instrument | Commodity
Assets
Effect of Collateral Netting		(89)
Liabilities
Effect of Collateral Netting	22
Total
Assets	991	1,264
Liabilities	(1,000)	(1,100)
Effect of Collateral Netting	(22)
Net Carrying Value Presented on the Balance Sheet	13	75
Not Designated as Hedging Instrument | Commodity | Prepaid expenses and other current assets
Assets
Assets	617	1,257
Liabilities	(573)	(1,070)
Effect of Collateral Netting	0	(89)
Net Carrying Value Presented on the Balance Sheet	44	98
Not Designated as Hedging Instrument | Commodity | Other assets
Assets
Assets	2	2
Liabilities	0	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	2	2
Not Designated as Hedging Instrument | Commodity | Other accruals
Liabilities
Assets	349	0
Liabilities	(403)	(23)
Effect of Collateral Netting	22	0
Net Carrying Value Presented on the Balance Sheet	(32)	(23)
Total
Effect of Collateral Netting	(22)	0
Not Designated as Hedging Instrument | Commodity | Other liabilities and deferred credits
Liabilities
Assets	23	5
Liabilities	(24)	(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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 71	$ (293)	$ (248)	$ (322)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	17	(137)	(160)	(129)
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	0	(15)	13	(20)
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 54	$ (141)	$ (101)	$ (173)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months (at least)	95.00%	95.00%
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	3,000,000	$ 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	$ 3,000,000
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	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Crude oil, refined petroleum products and NGL (millions of barrels)	(34)	(17)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Jun. 30, 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	$ 91
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 51

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Effect of Counterparty Netting	$ (945)	$ (1,075)
Effect of Collateral Netting		(89)
Liabilities
Effect of Counterparty Netting	(945)	(1,075)
Effect of Collateral Netting	(22)	0
Difference in Carrying Value and Fair Value	(998)	49
Fixed-rate debt, excluding capital leases
Liabilities
Difference in Carrying Value and Fair Value	(998)	49
Total Fair Value of Gross Assets & Liabilities
Assets
Assets, fair value disclosure	1,116	1,383
Liabilities
Total liabilities, fair value disclosure gross	13,253	12,027
Total Fair Value of Gross Assets & Liabilities | Floating-rate debt
Liabilities
Debt, fair value gross	1,475	1,200
Total Fair Value of Gross Assets & Liabilities | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,778	9,727
Total Fair Value of Gross Assets & Liabilities | Rabbi trust assets
Assets
Rabbi trust assets	122	104
Net Carrying Value Presented on the Balance Sheet
Assets
Assets, fair value disclosure	171	219
Liabilities
Total liabilities, fair value disclosure gross	11,288	11,001
Net Carrying Value Presented on the Balance Sheet | Floating-rate debt
Liabilities
Debt, fair value gross	1,475	1,200
Net Carrying Value Presented on the Balance Sheet | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	9,780	9,776
Net Carrying Value Presented on the Balance Sheet | Rabbi trust assets
Assets
Rabbi trust assets	122	104
Interest rate derivatives | Total Fair Value of Gross Assets & Liabilities
Assets
Interest rate derivatives	3	15
Interest rate derivatives | Net Carrying Value Presented on the Balance Sheet
Assets
Interest rate derivatives	3	15
Exchange-cleared instruments
Assets
Effect of Counterparty Netting	(945)	(1,075)
Effect of Collateral Netting	0	(89)
Liabilities
Effect of Counterparty Netting	(945)	(1,075)
Effect of Collateral Netting	(22)	0
Exchange-cleared instruments | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	954	1,221
Liabilities
Commodity derivative liabilities, fair value gross	968	1,077
Exchange-cleared instruments | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	9	57
Liabilities
Commodity derivative liabilities, fair value gross	1	2
Physical forward contracts
Liabilities
Effect of Counterparty Netting	0
Physical forward contracts | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	37	43
Liabilities
Commodity derivative liabilities, fair value gross	32	20
Physical forward contracts | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	37	43
Liabilities
Commodity derivative liabilities, fair value gross	32	20
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	623	778
Liabilities
Total liabilities, fair value disclosure gross	519	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	122	104
Level 1 | Interest rate derivatives
Assets
Interest rate derivatives	0	0
Level 1 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	501	674
Liabilities
Commodity derivative liabilities, fair value gross	519	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	490	601
Liabilities
Total liabilities, fair value disclosure gross	12,734	11,422
Level 2 | Floating-rate debt
Liabilities
Debt, fair value gross	1,475	1,200
Level 2 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,778	9,727
Level 2 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Level 2 | Interest rate derivatives
Assets
Interest rate derivatives	3	15
Level 2 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	453	547
Liabilities
Commodity derivative liabilities, fair value gross	449	472
Level 2 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	34	39
Liabilities
Commodity derivative liabilities, fair value gross	32	20
Level 2 | OTC instruments
Liabilities
Commodity derivative liabilities, fair value gross		3
Level 3
Assets
Assets, fair value disclosure	3	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	3	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	Jun. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Total Right-of-Use Assets	$ 185
Short-term debt	15
Long-term debt	159
Finance Leases	174
Total Right-of-Use Assets	1,327	$ 1,415
Other accruals	467
Other liabilities and deferred credits	817
Operating Leases	$ 1,284	$ 1,415

(Summary of Leases) (Details)

(Summary of Leases) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Finance Leases
Remainder of 2019	$ 10
2020	19
2021	18
2022	16
2023	16
Remaining years	137
Future minimum lease payments	216
Amount representing interest or discounts	(42)
Total Lease Liabilities	174
Operating Leases
Remainder of 2019	267
2020	435
2021	215
2022	139
2023	88
Remaining years	310
Future minimum lease payments	1,454
Amount representing interest or discounts	(170)
Total Lease Liabilities	$ 1,284	$ 1,415

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Amortization of right-of-use assets	$ 5	$ 10
Interest on lease liabilities	1	3
Total finance lease cost	6	13
Operating lease cost	131	260
Short-term lease cost	32	64
Variable lease cost	5	12
Sublease income	(5)	(10)
Total net lease cost	$ 169	$ 339

Leases (Cash Paid for Leases) (

Leases (Cash Paid for Leases) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating cash outflows—finance leases	$ 3
Operating cash outflows—operating leases	276
Financing cash outflows—finance leases	$ 10

Leases (Additional Information)

Leases (Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Right-of-use asset obtained in exchange for operating lease liability	$ 110

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	12 years 10 months 24 days
Weighted-average remaining lease term—operating leases (years)	5 years 8 months 12 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	$ 2	$ 2	$ 3	$ 3
Interest cost	2	2	4	4
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(1)	(1)	(1)	(1)
Recognized net actuarial loss	0	0	0	0
Settlements	0	0	0	0
Net periodic benefit cost	3	3	6	6
U.S. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	31	34	63	68
Interest cost	27	26	54	52
Expected return on plan assets	(35)	(43)	(71)	(85)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	13	15	26	30
Settlements	2	3	6	5
Net periodic benefit cost	38	35	78	70
Int’l. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	6	10	12	17
Interest cost	7	8	13	15
Expected return on plan assets	(12)	(12)	(23)	(24)
Amortization of prior service credit	0	(1)	0	(1)
Recognized net actuarial loss	1	5	3	10
Settlements	0	0	0	0
Net periodic benefit cost	$ 2	$ 10	$ 5	$ 17

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Narrative) (Details) - Pension Benefits $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
United States
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	$ 17
Additional contributions expected to be made during remainder of fiscal year	45
Int’l.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	15
Additional contributions expected to be made during remainder of fiscal year	$ 15

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ 27,153	$ 26,745	$ 24,300	$ 27,153	$ 27,428
Other comprehensive income (loss) before reclassifications				(9)
Other Comprehensive Income (Loss), Net of Income Taxes		(58)	(176)	14	(63)
Income taxes reclassified to retained earnings	(89)			(89)
Ending Balance		27,306	24,960	27,306	24,960
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(472)			(472)	(598)
Other comprehensive income (loss) before reclassifications				4	7
Amounts reclassified from accumulated other comprehensive loss				26	33
Other Comprehensive Income (Loss), Net of Income Taxes				30	40
Income taxes reclassified to retained earnings				(93)
Ending Balance		(535)	(558)	(535)	(558)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(228)			(228)	(26)
Other comprehensive income (loss) before reclassifications				(6)	(99)
Amounts reclassified from accumulated other comprehensive loss				0	(10)
Other Comprehensive Income (Loss), Net of Income Taxes				(6)	(109)
Income taxes reclassified to retained earnings				2
Ending Balance		(232)	(135)	(232)	(135)
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	8			8	7
Other comprehensive income (loss) before reclassifications				(7)	6
Amounts reclassified from accumulated other comprehensive loss				(3)	0
Other Comprehensive Income (Loss), Net of Income Taxes				(10)	6
Income taxes reclassified to retained earnings				2
Ending Balance		0	13	0	13
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ (692)	(709)	(504)	(692)	(617)
Other comprehensive income (loss) before reclassifications					(86)
Other Comprehensive Income (Loss), Net of Income Taxes		(58)	(176)	14	(63)
Ending Balance		$ (767)	$ (680)	$ (767)	$ (680)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	Feb. 28, 2018	Feb. 13, 2018	Jun. 30, 2019	Jun. 30, 2018
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		$ 799,000,000	$ 3,743,000,000
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
Class of Stock [Line Items]
Accelerated share repurchases, payment	1,880,000,000
Cash and cash equivalents | Commercial Paper
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Significant transactions with related parties
Operating revenues and other income	$ 796	$ 944	$ 1,479	$ 1,762
Purchases	3,260	3,313	5,928	5,867
Operating expenses and selling, general and administrative expenses	$ 8	$ 16	$ 17	$ 32

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Analysis of results by operating segment
Sales and other operating revenues	$ 27,847	$ 28,980	$ 50,950	$ 52,575
Consolidated income before income taxes	1,829	1,835	2,169	2,552
Analysis of results of assets by operating segment
Total Assets	57,781		57,781		$ 54,302
Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,249	1,498	2,562	2,916
Consolidated income before income taxes	423	238	739	518
Analysis of results of assets by operating segment
Total Assets	15,606		15,606		14,329
Chemicals
Analysis of results by operating segment
Consolidated income before income taxes	275	324	502	610
Analysis of results of assets by operating segment
Total Assets	6,343		6,343		6,235
Refining
Analysis of results by operating segment
Sales and other operating revenues	7,599	8,521	14,692	15,538
Consolidated income before income taxes	983	1,190	785	1,302
Analysis of results of assets by operating segment
Total Assets	24,606		24,606		23,230
Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	18,991	18,951	33,680	34,104
Consolidated income before income taxes	353	310	558	545
Analysis of results of assets by operating segment
Total Assets	8,177		8,177		6,572
Operating Segments | Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,709	1,996	3,606	3,947
Operating Segments | Chemicals
Analysis of results by operating segment
Sales and other operating revenues	1	2	2	3
Operating Segments | Refining
Analysis of results by operating segment
Sales and other operating revenues	20,387	22,126	37,248	39,758
Operating Segments | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	19,687	19,522	34,929	35,139
Intersegment eliminations | Midstream
Analysis of results by operating segment
Sales and other operating revenues	(460)	(498)	(1,044)	(1,031)
Intersegment eliminations | Refining
Analysis of results by operating segment
Sales and other operating revenues	(12,788)	(13,605)	(22,556)	(24,220)
Intersegment eliminations | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	(696)	(571)	(1,249)	(1,035)
Corporate and Other
Analysis of results by operating segment
Sales and other operating revenues	7	8	14	14
Consolidated income before income taxes	(205)	$ (227)	(415)	$ (423)
Analysis of results of assets by operating segment
Total Assets	$ 3,049		$ 3,049		$ 3,936

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate, percent	18.00%	23.00%	18.00%	22.00%
Repatriation of foreign earnings	$ 45

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) - USD ($) $ in Millions	Aug. 01, 2019	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Other					$ 301	$ (58)
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			$ 10	$ 58	$ 42	$ 67
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)		13,800,000	13,800,000		13,800,000
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
Forecast
Subsidiary or Equity Method Investee [Line Items]
Noncontrolling interest decrease	$ 400
Forecast | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	75.00%
Forecast | Phillips 66 Partners LP | Common Units
Subsidiary or Equity Method Investee [Line Items]
Shares, issued (in shares)	101,000,000
Ownership interest (in shares)	170,000,000

Phillips 66 Partners LP (Schedu

Phillips 66 Partners LP (Schedule of assets and liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 1,819	$ 3,019
Net properties, plants and equipment	22,503	22,018
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	130	1
Equity investments	2,912	2,448
Net properties, plants and equipment	3,158	3,052
Long-term debt	$ 3,174	$ 2,998

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues and Other Income
Sales and other operating revenues	$ 27,847	$ 28,980	$ 50,950	$ 52,575
Equity in earnings of affiliates	648	743	1,164	1,167
Net gain on dispositions	0	0	1	17
Other income	23	13	61	23
Total Revenues and Other Income	28,518	29,736	52,176	53,782
Costs and Expenses
Purchased crude oil and products	24,554	25,747	45,609	46,885
Operating expenses	1,165	1,143	2,472	2,389
Selling, general and administrative expenses	408	432	774	818
Depreciation and amortization	334	337	665	673
Impairments	2	6	3	6
Taxes other than income taxes	97	109	225	219
Accretion on discounted liabilities	5	6	11	12
Interest and debt expense	115	135	234	258
Foreign currency transaction (gains) losses	9	(14)	14	(30)
Total Costs and Expenses	26,689	27,901	50,007	51,230
Income before income taxes	1,829	1,835	2,169	2,552
Income tax expense (benefit)	325	431	395	563
Net Income	1,504	1,404	1,774	1,989
Less: net income attributable to noncontrolling interests	80	65	146	126
Net Income Attributable to Phillips 66	1,424	1,339	1,628	1,863
Comprehensive Income	1,446	1,228	1,788	1,926
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0	0	0
Equity in earnings of affiliates	1,495	1,427	1,776	2,027
Net gain on dispositions			0	0
Other income	0	0	0	0
Total Revenues and Other Income	1,495	1,427	1,776	2,027
Costs and Expenses
Purchased crude oil and products	0	0	0	0
Operating expenses	0	0	0	0
Selling, general and administrative expenses	1	1	4	4
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	0	0	0	0
Interest and debt expense	89	111	182	204
Foreign currency transaction (gains) losses	0	0	0	0
Total Costs and Expenses	90	112	186	208
Income before income taxes	1,405	1,315	1,590	1,819
Income tax expense (benefit)	(19)	(24)	(38)	(44)
Net Income	1,424	1,339	1,628	1,863
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	1,424	1,339	1,628	1,863
Comprehensive Income	1,366	1,163	1,642	1,800
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	21,698	22,561	39,113	40,837
Equity in earnings of affiliates	1,000	864	1,431	1,478
Net gain on dispositions			0	7
Other income	22	3	42	2
Total Revenues and Other Income	23,442	24,214	42,469	43,689
Costs and Expenses
Purchased crude oil and products	20,185	20,855	37,265	38,068
Operating expenses	917	847	1,917	1,825
Selling, general and administrative expenses	319	339	574	628
Depreciation and amortization	229	229	456	459
Impairments	1	1	1	1
Taxes other than income taxes	70	82	165	164
Accretion on discounted liabilities	5	4	9	9
Interest and debt expense	37	42	73	72
Foreign currency transaction (gains) losses	0	0	0	0
Total Costs and Expenses	21,763	22,399	40,460	41,226
Income before income taxes	1,679	1,815	2,009	2,463
Income tax expense (benefit)	184	388	233	436
Net Income	1,495	1,427	1,776	2,027
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	1,495	1,427	1,776	2,027
Comprehensive Income	1,437	1,251	1,790	1,964
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	6,149	6,419	11,837	11,738
Equity in earnings of affiliates	202	185	367	380
Net gain on dispositions			1	10
Other income	1	10	19	21
Total Revenues and Other Income	10,447	10,750	19,534	19,164
Costs and Expenses
Purchased crude oil and products	9,082	9,717	17,336	17,018
Operating expenses	271	312	597	595
Selling, general and administrative expenses	91	94	201	191
Depreciation and amortization	105	108	209	214
Impairments	1	5	2	5
Taxes other than income taxes	27	27	60	55
Accretion on discounted liabilities	1	2	2	3
Interest and debt expense	66	61	133	125
Foreign currency transaction (gains) losses	9	(14)	14	(30)
Total Costs and Expenses	9,653	10,312	18,554	18,176
Income before income taxes	794	438	980	988
Income tax expense (benefit)	160	67	200	171
Net Income	634	371	780	817
Less: net income attributable to noncontrolling interests	80	65	146	126
Net Income Attributable to Phillips 66	554	306	634	691
Comprehensive Income	574	188	785	722
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues	(4,817)	(4,922)	(9,193)	(8,380)
Equity in earnings of affiliates	(2,049)	(1,733)	(2,410)	(2,718)
Net gain on dispositions			0	0
Other income	0	0	0	0
Total Revenues and Other Income	(6,866)	(6,655)	(11,603)	(11,098)
Costs and Expenses
Purchased crude oil and products	(4,713)	(4,825)	(8,992)	(8,201)
Operating expenses	(23)	(16)	(42)	(31)
Selling, general and administrative expenses	(3)	(2)	(5)	(5)
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	(1)	0	0	0
Interest and debt expense	(77)	(79)	(154)	(143)
Foreign currency transaction (gains) losses	0	0	0	0
Total Costs and Expenses	(4,817)	(4,922)	(9,193)	(8,380)
Income before income taxes	(2,049)	(1,733)	(2,410)	(2,718)
Income tax expense (benefit)	0	0	0	0
Net Income	(2,049)	(1,733)	(2,410)	(2,718)
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	(2,049)	(1,733)	(2,410)	(2,718)
Comprehensive Income	(1,931)	(1,374)	(2,429)	(2,560)
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0	0	0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	722	786	1,883	1,365
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	$ 4,095	$ 4,136	$ 7,310	$ 7,015

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,819	$ 3,019
Accounts and notes receivable	6,727	6,173
Inventories	5,093	3,543
Prepaid expenses and other current assets	656	474
Total Current Assets	14,295	13,209
Investments and long-term receivables	15,006	14,421
Net properties, plants and equipment	22,503	22,018
Goodwill	3,270	3,270
Intangibles	871	869
Other assets	1,836	515
Total Assets	57,781	54,302
Liabilities and Equity
Accounts payable	8,000	6,586
Short-term debt	667	67
Accrued income and other taxes	1,086	1,116
Employee benefit obligations	502	724
Other accruals	916	442
Total Current Liabilities	11,171	8,935
Long-term debt	10,772	11,093
Asset retirement obligations and accrued environmental costs	634	624
Deferred income taxes	5,533	5,275
Employee benefit obligations	906	867
Other liabilities and deferred credits	1,459	355
Total Liabilities	30,475	27,149
Common stock	4,096	4,856
Retained earnings	21,423	20,489
Accumulated other comprehensive loss	(767)	(692)
Noncontrolling interests	2,554	2,500
Total Liabilities and Equity	57,781	54,302
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(1,896)	(1,293)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(1,896)	(1,293)
Investments and long-term receivables	(51,859)	(50,919)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(4,511)	(2)
Total Assets	(58,266)	(52,214)
Liabilities and Equity
Accounts payable	(1,896)	(1,293)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	(556)	0
Total Current Liabilities	(2,452)	(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	(13,158)	(8,598)
Total Liabilities	(15,611)	(9,893)
Common stock	(33,741)	(33,714)
Retained earnings	(9,969)	(9,592)
Accumulated other comprehensive loss	1,055	985
Noncontrolling interests	0	0
Total Liabilities and Equity	(58,266)	(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	32,890	32,712
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	7	9
Total Assets	32,898	32,732
Liabilities and Equity
Accounts payable	0	0
Short-term debt	500	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	67	66
Total Current Liabilities	567	66
Long-term debt	7,431	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	118	55
Total Liabilities	8,116	8,050
Common stock	4,096	4,856
Retained earnings	21,453	20,518
Accumulated other comprehensive loss	(767)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	32,898	32,732
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	367	1,648
Accounts and notes receivable	4,888	4,255
Inventories	3,513	2,489
Prepaid expenses and other current assets	502	373
Total Current Assets	9,270	8,765
Investments and long-term receivables	23,448	22,799
Net properties, plants and equipment	13,255	13,218
Goodwill	2,853	2,853
Intangibles	730	726
Other assets	5,693	335
Total Assets	55,249	48,696
Liabilities and Equity
Accounts payable	6,575	5,415
Short-term debt	11	11
Accrued income and other taxes	561	458
Employee benefit obligations	459	663
Other accruals	1,170	227
Total Current Liabilities	8,776	6,774
Long-term debt	57	54
Asset retirement obligations and accrued environmental costs	468	458
Deferred income taxes	3,733	3,541
Employee benefit obligations	718	676
Other liabilities and deferred credits	9,147	4,611
Total Liabilities	22,899	16,114
Common stock	24,978	24,960
Retained earnings	8,139	8,314
Accumulated other comprehensive loss	(767)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	55,249	48,696
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,452	1,371
Accounts and notes receivable	3,735	3,202
Inventories	1,580	1,054
Prepaid expenses and other current assets	153	99
Total Current Assets	6,920	5,726
Investments and long-term receivables	10,527	9,829
Net properties, plants and equipment	9,248	8,800
Goodwill	417	417
Intangibles	141	143
Other assets	647	173
Total Assets	27,900	25,088
Liabilities and Equity
Accounts payable	3,321	2,464
Short-term debt	156	56
Accrued income and other taxes	525	658
Employee benefit obligations	43	61
Other accruals	235	149
Total Current Liabilities	4,280	3,388
Long-term debt	3,284	3,111
Asset retirement obligations and accrued environmental costs	166	166
Deferred income taxes	1,801	1,735
Employee benefit obligations	188	191
Other liabilities and deferred credits	5,352	4,287
Total Liabilities	15,071	12,878
Common stock	8,763	8,754
Retained earnings	1,800	1,249
Accumulated other comprehensive loss	(288)	(293)
Noncontrolling interests	2,554	2,500
Total Liabilities and Equity	$ 27,900	$ 25,088

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		Feb. 28, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			$ 1,452	$ 2,852
Cash Flows From Investing Activities
Capital expenditures and investments			(1,728)	(866)
Proceeds from asset dispositions	[1]		118	29
Intercompany lending activities			0	0
Advances/loans—related parties			(95)	(1)
Collection of advances/loans—related parties			95	0
Other			24	17
Net Cash Used in Investing Activities			(1,586)	(821)
Cash Flows From Financing Activities
Issuance of debt			860	1,509
Repayment of debt			(597)	(260)
Issuance of common stock			9	30
Repurchase of common stock		$ (3,280)	(799)	(3,743)
Dividends paid on common stock			(770)	(699)
Distributions to noncontrolling interests			(117)	(96)
Net proceeds from issuance of Phillips 66 Partners LP common units			42	67
Other			301	(58)
Net Cash Used in Financing Activities			(1,071)	(3,250)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			5	(16)
Net Change in Cash and Cash Equivalents			(1,200)	(1,235)
Cash and cash equivalents at beginning of period			3,019	3,119
Cash and Cash Equivalents at End of Period			1,819	1,884
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			(118)	(3,954)
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	0
Collection of 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	3,954
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	4,279
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 | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			(130)	3,080
Cash Flows From Investing Activities
Capital expenditures and investments			0	0
Proceeds from asset dispositions			0	0
Intercompany lending activities			1,730	131
Advances/loans—related parties			0	0
Collection of advances/loans—related parties			0
Other			0	0
Net Cash Used in Investing Activities			1,730	131
Cash Flows From Financing Activities
Issuance of debt			0	1,509
Repayment of debt			0	(250)
Issuance of common stock			9	30
Repurchase of common stock			(799)	(3,743)
Dividends paid on common stock			(770)	(699)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(40)	(58)
Net Cash Used in Financing Activities			(1,600)	(3,211)
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			621	2,523
Cash Flows From Investing Activities
Capital expenditures and investments			(485)	(374)
Proceeds from asset dispositions			1	326
Intercompany lending activities			(1,385)	121
Advances/loans—related parties			0	(1)
Collection of advances/loans—related parties			0
Other			(24)	(32)
Net Cash Used in Investing Activities			(1,893)	40
Cash Flows From Financing Activities
Issuance of debt			0	0
Repayment of debt			(9)	(7)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			0	(3,174)
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			(9)	(3,181)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0
Net Change in Cash and Cash Equivalents			(1,281)	(618)
Cash and cash equivalents at beginning of period			1,648	1,411
Cash and Cash Equivalents at End of Period			367	793
All Other Subsidiaries | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			1,079	1,203
Cash Flows From Investing Activities
Capital expenditures and investments			(1,243)	(492)
Proceeds from asset dispositions			117	28
Intercompany lending activities			(345)	(252)
Advances/loans—related parties			(95)	0
Collection of advances/loans—related parties			95
Other			48	49
Net Cash Used in Investing Activities			(1,423)	(667)
Cash Flows From Financing Activities
Issuance of debt			860	0
Repayment of debt			(588)	(3)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(118)	(780)
Distributions to noncontrolling interests			(117)	(96)
Net proceeds from issuance of Phillips 66 Partners LP common units			42	67
Other			341	(325)
Net Cash Used in Financing Activities			420	(1,137)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			5	(16)
Net Change in Cash and Cash Equivalents			81	(617)
Cash and cash equivalents at beginning of period			1,371	1,708
Cash and Cash Equivalents at End of Period			$ 1,452	$ 1,091
[1]	Includes return of investments in equity affiliates.