Phillips 66 (PSX) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2019shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)	444,357,576
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and Other Income
Sales and other operating revenues	$ 27,218	$ 29,788	$ 78,168	$ 82,363
Equity in earnings of affiliates	499	779	1,663	1,946
Net gain on dispositions	18	1	19	18
Other income	36	24	97	47
Total Revenues and Other Income	27,771	30,592	79,947	84,374
Costs and Expenses
Purchased crude oil and products	23,806	26,385	69,415	73,270
Operating expenses	1,206	1,206	3,678	3,595
Selling, general and administrative expenses	416	440	1,190	1,258
Depreciation and amortization	336	346	1,001	1,019
Impairments	853	1	856	7
Taxes other than income taxes	105	109	330	328
Accretion on discounted liabilities	6	5	17	17
Interest and debt expense	109	125	343	383
Foreign currency transaction (gains) losses	(9)	0	5	(30)
Total Costs and Expenses	26,828	28,617	76,835	79,847
Income before income taxes	943	1,975	3,112	4,527
Income tax expense	150	407	545	970
Net Income	793	1,568	2,567	3,557
Less: net income attributable to noncontrolling interests	81	76	227	202
Net Income Attributable to Phillips 66	$ 712	$ 1,492	$ 2,340	$ 3,355
Net Income Attributable to Phillips 66 Per Share of Common Stock
Basic (in usd per share)	$ 1.58	$ 3.20	$ 5.15	$ 7.07
Diluted (in usd per share)	$ 1.58	$ 3.18	$ 5.13	$ 7.03
Weighted-Average Common Shares Outstanding
Basic (in shares)	449,005	466,109	453,398	473,760
Diluted (in shares)	451,001	469,440	455,810	477,220

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 793	$ 1,568	$ 2,567	$ 3,557
Defined benefit plans
Amortization to income of net actuarial loss, prior service credit and settlements	17	68	51	111
Plans sponsored by equity affiliates	2	4	7	13
Income taxes on defined benefit plans	(4)	(18)	(13)	(30)
Defined benefit plans, net of income taxes	15	54	45	94
Foreign currency translation adjustments	(119)	(15)	(124)	(125)
Income taxes on foreign currency translation adjustments	1	1	0	2
Foreign currency translation adjustments, net of income taxes	(118)	(14)	(124)	(123)
Cash flow hedges	(2)	2	(13)	10
Income taxes on hedging activities	1	(1)	2	(3)
Hedging activities, net of income taxes	(1)	1	(11)	7
Other Comprehensive Income (Loss), Net of Income Taxes	(104)	41	(90)	(22)
Comprehensive Income	689	1,609	2,477	3,535
Less: comprehensive income attributable to noncontrolling interests	81	76	227	202
Comprehensive Income Attributable to Phillips 66	$ 608	$ 1,533	$ 2,250	$ 3,333

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 2,268	$ 3,019
Accounts and notes receivable	7,086
Inventories	5,521	3,543
Prepaid expenses and other current assets	742	474
Total Current Assets	15,617	13,209
Investments and long-term receivables	14,147	14,421
Net properties, plants and equipment	22,954	22,018
Goodwill	3,270	3,270
Intangibles	872	869
Other assets	1,881	515
Total Assets	58,741	54,302
Liabilities
Accounts payable	7,738	6,113
Accounts payable—related parties	635	473
Short-term debt	842	67
Accrued income and other taxes	1,128	1,116
Employee benefit obligations	624	724
Other accruals	1,116	442
Total Current Liabilities	12,083	8,935
Long-term debt	11,083	11,093
Asset retirement obligations and accrued environmental costs	617	624
Deferred income taxes	5,503	5,275
Employee benefit obligations	905	867
Other liabilities and deferred credits	1,458	355
Total Liabilities	31,649	27,149
Equity
Par value	6	6
Capital in excess of par	20,253	19,873
Treasury stock (at cost: 2019—202,693,401 shares; 2018—189,526,331 shares)	(16,261)	(15,023)
Retained earnings	21,730	20,489
Accumulated other comprehensive loss	(871)	(692)
Total Stockholders’ Equity	24,857	24,653
Noncontrolling interests	2,235	2,500
Total Equity	27,092	27,153
Total Liabilities and Equity	58,741	54,302
Third Party
Assets
Accounts and notes receivable	6,097	5,414
Affiliated Entity
Assets
Accounts and notes receivable	$ 989	$ 759

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
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)	647,050,977	645,691,761
Treasury stock (in shares)	202,693,401	189,526,331
Third Party
Allowance for doubtful accounts	$ 41	$ 22

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities
Net income		$ 2,567	$ 3,557
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		1,001	1,019
Impairments		856	7
Accretion on discounted liabilities		17	17
Deferred income taxes		115	229
Undistributed equity earnings		(25)	111
Net gain on dispositions		(19)	(18)
Other		(97)	118
Working capital adjustments
Accounts and notes receivable		(909)	(478)
Inventories		(2,004)	(2,178)
Prepaid expenses and other current assets		(269)	(509)
Accounts payable		1,778	1,280
Taxes and other accruals		103	279
Net Cash Provided by Operating Activities		3,114	3,434
Cash Flows From Investing Activities
Capital expenditures and investments		(2,595)	(1,645)
Proceeds from asset dispositions	[1]	139	39
Advances/loans—related parties		(95)	(1)
Collection of advances/loans—related parties		95	0
Other		24	67
Net Cash Used in Investing Activities		(2,432)	(1,540)
Cash Flows From Financing Activities
Issuance of debt		1,758	1,594
Repayment of debt		(1,004)	(374)
Issuance of common stock		15	39
Repurchase of common stock		(1,238)	(4,148)
Dividends paid on common stock		(1,172)	(1,069)
Distributions to noncontrolling interests		(176)	(146)
Net proceeds from issuance of Phillips 66 Partners LP common units		133	114
Other		282	(79)
Net Cash Used in Financing Activities		(1,402)	(4,069)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		(31)	(20)
Net Change in Cash and Cash Equivalents		(751)	(2,195)
Cash and cash equivalents at beginning of period		3,019	3,119
Cash and Cash Equivalents at End of Period		$ 2,268	$ 924
[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
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	3,557				3,355		202
Other comprehensive income (loss)	(22)					(22)
Dividends paid on common stock	(1,069)				(1,069)
Repurchase of common stock	(4,148)			(4,148)
Benefit plan activity	44		54		(10)
Issuance of Phillips 66 Partners LP common units	102		38				64
Distributions to noncontrolling interests	(146)						(146)
Ending Balance at Sep. 30, 2018	$ 25,795	6	19,860	(14,526)	18,618	(639)	2,476
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)	42,888,000
Shares issued - share-based compensation (in shares)	1,744,000
Ending balance, common stock issued (in shares) at Sep. 30, 2018	645,579,000
Ending balance, treasury stock (in shares) at Sep. 30, 2018	184,453,000
Beginning Balance at Jun. 30, 2018	$ 24,960	6	19,831	(14,121)	17,500	(680)	2,424
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,568				1,492		76
Other comprehensive income (loss)	41					41
Dividends paid on common stock	(370)				(370)
Repurchase of common stock	(405)			(405)
Benefit plan activity	9		13		(4)
Issuance of Phillips 66 Partners LP common units	42		16				26
Distributions to noncontrolling interests	(50)						(50)
Ending Balance at Sep. 30, 2018	$ 25,795	6	19,860	(14,526)	18,618	(639)	2,476
Beginning balance, common stock issued (in shares) at Jun. 30, 2018	645,215,000
Beginning balance, treasury stock (in shares) at Jun. 30, 2018	180,952,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	3,501,000
Shares issued - share-based compensation (in shares)	364,000
Ending balance, common stock issued (in shares) at Sep. 30, 2018	645,579,000
Ending balance, treasury stock (in shares) at Sep. 30, 2018	184,453,000
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	2,567				2,340		227
Other comprehensive income (loss)	(90)					(90)
Dividends paid on common stock	(1,172)				(1,172)
Repurchase of common stock	(1,238)			(1,238)
Benefit plan activity	48		56		(8)
Issuance of Phillips 66 Partners LP common units	107		49				58
Impacts from Phillips 66 Partners GP/IDR restructuring transaction	(98)		275				(373)
Distributions to noncontrolling interests	(176)						(176)
Ending Balance at Sep. 30, 2019	$ 27,092	6	20,253	(16,261)	21,730	(871)	2,235
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)	13,167,000
Shares issued - share-based compensation (in shares)	1,359,000
Ending balance, common stock issued (in shares) at Sep. 30, 2019	647,050,977
Ending balance, treasury stock (in shares) at Sep. 30, 2019	202,693,401
Beginning Balance at Jun. 30, 2019	$ 27,306	6	19,912	(15,822)	21,423	(767)	2,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	793				712		81
Other comprehensive income (loss)	(104)					(104)
Dividends paid on common stock	(402)				(402)
Repurchase of common stock	(439)			(439)
Benefit plan activity	19		22		(3)
Issuance of Phillips 66 Partners LP common units	76		44				32
Impacts from Phillips 66 Partners GP/IDR restructuring transaction	(98)		275				(373)
Distributions to noncontrolling interests	(59)						(59)
Ending Balance at Sep. 30, 2019	$ 27,092	$ 6	$ 20,253	$ (16,261)	$ 21,730	$ (871)	$ 2,235
Beginning balance, common stock issued (in shares) at Jun. 30, 2019	646,828,000
Beginning balance, treasury stock (in shares) at Jun. 30, 2019	198,287,000
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	4,406,000
Shares issued - share-based compensation (in shares)	223,000
Ending balance, common stock issued (in shares) at Sep. 30, 2019	647,050,977
Ending balance, treasury stock (in shares) at Sep. 30, 2019	202,693,401

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.90	$ 0.8	$ 2.60	$ 2.3

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 , are not necessarily indicative of the results 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 Nine Months Ended 2019 2018 2019 2018 Product Line and Services Refined petroleum products $ 22,373 23,184 64,088 64,975 Crude oil resales 3,511 4,747 10,162 12,316 Natural gas liquids (NGL) 1,025 1,782 3,508 4,751 Services and other * 309 75 410 321 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 Geographic Location** United States $ 21,160 23,068 60,602 64,481 United Kingdom 2,375 3,085 7,318 7,623 Germany 1,025 1,135 3,074 3,174 Other foreign countries 2,658 2,500 7,174 7,085 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 * 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 September 30, 2019 , and December 31, 2018 , receivables from contracts with customers were $5,585 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 September 30, 2019 , and December 31, 2018 , our asset balances related to such payments were $311 million and $248 million , respectively. Our contract-related liabilities represent advances received from our customers prior to product or service delivery. At September 30, 2019 , and December 31, 2018 , contract liabilities were $218 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 September 30, 2019

Credit Losses

Credit Losses	9 Months Ended
	Sep. 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 NGL. 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 September 30, 2019 , we reported $7,086 million of accounts and notes receivable, net of allowances of $41 million . Changes in the allowance were not material for the three and nine months ended September 30, 2019 . Based on an aging analysis at September 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	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Note 5— Inventories Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 5,208 3,238 Materials and supplies 313 305 $ 5,521 3,543 Inventories valued on the last-in, first-out (LIFO) basis totaled $5,103 million and $3,123 million at September 30, 2019 , and December 31, 2018 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $4.4 billion and $2.9 billion at September 30, 2019 , and December 31, 2018 , respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	9 Months Ended
	Sep. 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 Nine Months Ended 2019 2018 2019 2018 Revenues $ 2,369 3,195 7,209 8,773 Income before income taxes 475 552 1,522 1,819 Net income 456 531 1,464 1,766 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 DCP Midstream, LP (DCP Partners) and the market value of DCP Partners’ common units. At June 30, 2019, we estimated the fair value of our investment in DCP Midstream was below our book value, but we believed the condition was temporary. The fair value of our investment in DCP Midstream further deteriorated in the third quarter as the market value of DCP Midstream’s general partner interest in DCP Partners and the market value of DCP Partners’ common units declined further. We concluded the decline in fair value was no longer temporary due to the duration and magnitude of the decline. Accordingly, we recorded an $853 million impairment in the third quarter of 2019 . The impairment is included in the “Impairments” line on our consolidated statement of income and results in our investment in DCP Midstream having a book value of $1,358 million at September 30, 2019 . See Note 13— Fair Value Measurements , for additional information on the techniques used to determine the fair value of our investment in DCP Midstream. 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 September 30, 2019 , Phillips 66 Partners’ effective ownership interest in the Gray Oak Pipeline was 42.25% . 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 September 30, 2019 , Gray Oak had outstanding borrowings of $904 million , and Phillips 66 Partners’ 42.25% proportionate exposure under the equity contribution agreement was $382 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 . At September 30, 2019 , Phillips 66 Partners’ maximum exposure to loss was $1,130 million , which represented the book value of the investment in Gray Oak of $748 million and the term loan guarantee of $382 million . See Note 21—Phillips 66 Partners LP , for additional information regarding Phillips 66 Partners’ ownership in Holdings LLC and Gray Oak. 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 Gray Oak’s economic performance. 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 OnCue’s economic performance. At September 30, 2019 , our maximum exposure to loss was $139 million , which represented the book value of our investment in OnCue of $76 million and guaranteed debt obligations of $63 million .

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 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 September 30, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 10,759 2,316 8,443 9,663 2,100 7,563 Chemicals — — — — — — Refining 23,189 10,084 13,105 22,640 9,531 13,109 Marketing and Specialties 1,656 927 729 1,671 926 745 Corporate and Other 1,309 632 677 1,223 622 601 $ 36,913 13,959 22,954 35,197 13,179 22,018

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 Nine 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 $ 712 712 1,492 1,492 2,340 2,340 3,355 3,355 Income allocated to participating securities (2 ) (1 ) (1 ) — (5 ) (1 ) (4 ) — Net income available to common stockholders $ 710 711 1,491 1,492 2,335 2,339 3,351 3,355 Weighted-average common shares outstanding (thousands) : 446,498 449,005 463,002 466,109 450,836 453,398 470,471 473,760 Effect of share-based compensation 2,507 1,996 3,107 3,331 2,562 2,412 3,289 3,460 Weighted-average common shares outstanding—EPS 449,005 451,001 466,109 469,440 453,398 455,810 473,760 477,220 Earnings Per Share of Common Stock (dollars) $ 1.58 1.58 3.20 3.18 5.15 5.13 7.07 7.03

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 9— Debt 2019 Activities Debt Issuances and Repayments On September 6, 2019 , Phillips 66 Partners closed on a public offering of $900 million aggregate principal amount of unsecured notes consisting of: • $300 million aggregate principal amount of 2.450% Senior Notes due December 15, 2024. • $600 million aggregate principal amount of 3.150% Senior Notes due December 15, 2029. Interest on each series of senior notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2020 . On September 13, 2019, Phillips 66 Partners used a portion of the net proceeds to repay the $400 million outstanding principal balance of its term loans due March 2020, and on October 15, 2019, Phillips 66 Partners used a portion of the net proceeds to repay the $300 million outstanding principal balance of its 2.646% Senior Notes due February 2020. Credit Agreement Amendment and Restatement On July 30, 2019, we amended and restated our revolving credit agreement. The agreement extended the scheduled maturity from October 3, 2021, to July 30, 2024. No other material amendments were made to the agreement, and the overall capacity remains at $5 billion with an option to increase the overall capacity to $6 billion , subject to certain conditions. On July 30, 2019, Phillips 66 Partners amended and restated its revolving credit agreement. The agreement extended the scheduled maturity from October 3, 2021, to July 30, 2024. No other material amendments were made to the agreement, and the overall capacity remains at $750 million with an option to increase the overall capacity to $1 billion , subject to certain conditions. Phillips 66’s revolving credit facility had no outstanding balance at September 30, 2019 , and December 31, 2018. Phillips 66 Partners’ revolving credit facility had no amount directly drawn at September 30, 2019 , compared with borrowings of $125 million at December 31, 2018 . 2018 Activities Debt Issuances and Repayments 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. In June 2018, Phillips 66 repaid $250 million of the $450 million

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2019
Guarantees [Abstract]
Guarantees	Note 10— Guarantees At September 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 September 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 $135 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 September 30, 2019 . The operating lease term ends in June 2021 and provides us the option, at the end of the lease term, 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 $344 million at September 30, 2019 , which have remaining terms of up to five years . Indemnifications Over the years, we 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 September 30, 2019 , and December 31, 2018 , the carrying amount of recorded indemnifications was $159 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 September 30, 2019 , and December 31, 2018 , environmental accruals for known contamination of $110 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	9 Months Ended
	Sep. 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 September 30, 2019 , and December 31, 2018 , our total environmental accrual was $447 million for both periods. 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 September 30, 2019 , we had performance obligations secured by letters of credit and bank guarantees of $644 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 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 September 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 $ 1,018 (856 ) (5 ) 157 1,257 (1,070 ) (89 ) 98 Other assets 4 (1 ) — 3 2 — — 2 Liabilities Other accruals 454 (542 ) 70 (18 ) — (23 ) — (23 ) Other liabilities and deferred credits 35 (37 ) — (2 ) 5 (7 ) — (2 ) Total $ 1,511 (1,436 ) 65 140 1,264 (1,100 ) (89 ) 75 At September 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 Nine Months Ended 2019 2018 2019 2018 Sales and other operating revenues $ 71 (98 ) (89 ) (227 ) Other income 20 3 33 (17 ) Purchased crude oil and products 60 (138 ) (41 ) (311 ) Net gain (loss) from commodity derivative activity $ 151 (233 ) (97 ) (555 ) The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from non-derivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 97% at September 30, 2019 , and December 31, 2018 . Open Position Long / (Short) September 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (35 ) (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 $1 million and $15 million at September 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 nine months ended September 30, 2019 and 2018 . We currently estimate that pre-tax gains of $1 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 September 30, 2019 , and December 31, 2018 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 , derivative assets with an aggregate value of $117 million and derivative liabilities with an aggregate value of $82 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 September 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 $ 788 657 — 1,445 (1,346 ) (5 ) — 94 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 64 1 65 — — — 65 Interest rate derivatives — 1 — 1 — — — 1 Rabbi trust assets 122 — — 122 N/A N/A — 122 $ 910 723 1 1,634 (1,346 ) (5 ) — 283 Commodity Derivative Liabilities Exchange-cleared instruments $ 748 669 — 1,417 (1,346 ) (70 ) — 1 OTC instruments — 3 — 3 — — — 3 Physical forward contracts — 16 — 16 — — — 16 Floating-rate debt — 1,075 — 1,075 N/A N/A — 1,075 Fixed-rate debt, excluding capital leases — 12,050 — 12,050 N/A N/A (1,377 ) 10,673 $ 748 13,813 — 14,561 (1,346 ) (70 ) (1,377 ) 11,768 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. Nonrecurring Fair Value Measurements The nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment consisted of two valuations: • The fair value of our share of DCP Midstream’s limited partner interest in DCP Partners was estimated based on an average market price of DCP Partners’ common units for a 20 day trading period encompassing September 30, 2019. • The fair value of our share of DCP Midstream’s general partner interest in DCP Partners was estimated using two primary inputs: 1) estimated future cash flows of distributions attributable to the incentive distribution rights (IDRs) from DCP Partners, and 2) a multiple of those cash flows based on internal estimates and observation of IDR conversion transactions by other master limited partnerships. Taken together, we concluded the two valuations above resulted in an overall Level 3 nonrecurring fair value measurement. See Note 6— Investments, Loans and Long-Term Receivables

Leases

Leases	9 Months Ended
	Sep. 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 September 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 177 — Other assets — 1,338 Total right-of-use assets $ 177 1,338 Lease Liabilities Short-term debt $ 13 — Other accruals — 468 Long-term debt 153 — Other liabilities and deferred credits — 820 Total lease liabilities $ 166 1,288 Future minimum lease payments at September 30, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 4 126 2020 19 469 2021 18 245 2022 15 157 2023 15 102 Remaining years 135 355 Future minimum lease payments 206 1,454 Amount representing interest or discounts (40 ) (166 ) Total lease liabilities $ 166 1,288 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 nine months ended September 30, 2019 , were: Millions of Dollars Three Months Ended Nine Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 15 Interest on lease liabilities 2 5 Total finance lease cost 7 20 Operating lease cost 126 386 Short-term lease cost 29 93 Variable lease cost 6 18 Sublease income (4 ) (14 ) Total net lease cost $ 164 503 Cash paid for amounts included in the measurement of our lease liabilities for the nine months ended September 30, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 5 Operating cash outflows—operating leases 397 Financing cash outflows—finance leases 18 During the nine months ended September 30, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $259 million related to new and modified lease agreements. At September 30, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 12.7 Weighted-average remaining lease term—operating leases (years) 5.5 Weighted-average discount rate—finance leases (percent) 3.7 % Weighted-average discount rate—operating leases (percent) 3.9
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 September 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 177 — Other assets — 1,338 Total right-of-use assets $ 177 1,338 Lease Liabilities Short-term debt $ 13 — Other accruals — 468 Long-term debt 153 — Other liabilities and deferred credits — 820 Total lease liabilities $ 166 1,288 Future minimum lease payments at September 30, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 4 126 2020 19 469 2021 18 245 2022 15 157 2023 15 102 Remaining years 135 355 Future minimum lease payments 206 1,454 Amount representing interest or discounts (40 ) (166 ) Total lease liabilities $ 166 1,288 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 nine months ended September 30, 2019 , were: Millions of Dollars Three Months Ended Nine Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 15 Interest on lease liabilities 2 5 Total finance lease cost 7 20 Operating lease cost 126 386 Short-term lease cost 29 93 Variable lease cost 6 18 Sublease income (4 ) (14 ) Total net lease cost $ 164 503 Cash paid for amounts included in the measurement of our lease liabilities for the nine months ended September 30, 2019 , were: Millions of Dollars Operating cash outflows—finance leases $ 5 Operating cash outflows—operating leases 397 Financing cash outflows—finance leases 18 During the nine months ended September 30, 2019 , we recorded noncash ROU assets and corresponding operating lease liabilities totaling $259 million related to new and modified lease agreements. At September 30, 2019 , the weighted-average remaining lease term and discount rate for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 12.7 Weighted-average remaining lease term—operating leases (years) 5.5 Weighted-average discount rate—finance leases (percent) 3.7 % Weighted-average discount rate—operating leases (percent) 3.9

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
	Sep. 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 nine months ended September 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 September 30 Service cost $ 32 5 34 5 1 2 Interest cost 27 6 26 6 2 1 Expected return on plan assets (36 ) (10 ) (42 ) (11 ) — — Amortization of prior service credit — — — — — — Recognized net actuarial loss 14 2 14 5 — — Settlements 1 — 49 — — — Net periodic benefit cost* $ 38 3 81 5 3 3 Nine Months Ended September 30 Service cost $ 95 17 102 22 4 5 Interest cost 81 19 78 21 6 5 Expected return on plan assets (107 ) (33 ) (127 ) (35 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 40 5 44 15 — — Settlements 7 — 54 — — — Net periodic benefit cost* $ 116 8 151 22 9 9 * Included in the “Operating expenses” and “Selling, general and administrative expenses” lines on our consolidated statement of income. During the nine months ended September 30, 2019 , we contributed $50 million to our U.S. pension and other postretirement benefit plans and $21 million to our international pension plans. We currently expect to make additional contributions of approximately $8 million to our U.S. pension and other postretirement benefit plans and $7 million to our international pension plans during the remainder of 2019

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 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 5 (124 ) (6 ) (125 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 40 — — 40 Foreign currency translation — — — — Hedging — — (5 ) (5 ) Net current period other comprehensive income (loss) 45 (124 ) (11 ) (90 ) Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) September 30, 2019 $ (520 ) (350 ) (1 ) (871 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 10 (113 ) 9 (94 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 84 — — 84 Foreign currency translation — (10 ) — (10 ) Hedging — — (2 ) (2 ) Net current period other comprehensive income (loss) 94 (123 ) 7 (22 ) September 30, 2018 $ (504 ) (149 ) 14 (639 ) * 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	9 Months Ended
	Sep. 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 did not impact previously announced authorizations to repurchase shares of Phillips 66 common stock under our share repurchase programs. On October 4, 2019, our Board of Directors approved a new share repurchase program that authorizes us to repurchase up to $3 billion of our common stock, bringing the total amount of share repurchases authorized by our Board of Directors since July 2012 to an aggregate of $15 billion

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 Nine Months Ended 2019 2018 2019 2018 Operating revenues and other income (a) $ 756 955 2,235 2,717 Purchases (b) 2,842 3,667 8,770 9,534 Operating expenses and selling, general and administrative expenses (c) 8 12 25 44 (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	9 Months Ended
	Sep. 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 master limited partnership (MLP), Phillips 66 Partners, as well as our 50% equity investment in DCP Midstream. 2) Chemicals— Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3) Refining— Refines crude oil and other feedstocks into petroleum products (such as gasoline, distillates and aviation fuels) at 13 refineries in the United States and Europe. 4) Marketing and Specialties— Purchases for resale and markets refined petroleum products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products, as well as power generation operations. Corporate and Other includes general corporate overhead, interest expense, our investment in new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax related assets. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended 2019 2018 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,602 2,287 5,208 6,234 Intersegment eliminations (482 ) (524 ) (1,526 ) (1,555 ) Total Midstream 1,120 1,763 3,682 4,679 Chemicals 1 1 3 4 Refining Total sales 19,591 21,949 56,839 61,707 Intersegment eliminations (11,452 ) (12,807 ) (34,008 ) (37,027 ) Total Refining 8,139 9,142 22,831 24,680 Marketing and Specialties Total sales 18,535 19,332 53,464 54,471 Intersegment eliminations (584 ) (457 ) (1,833 ) (1,492 ) Total Marketing and Specialties 17,951 18,875 51,631 52,979 Corporate and Other 7 7 21 21 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 * 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 $ (460 ) 284 279 802 Chemicals 227 263 729 873 Refining 856 1,232 1,641 2,534 Marketing and Specialties 498 423 1,056 968 Corporate and Other (178 ) (227 ) (593 ) (650 ) Consolidated income before income taxes $ 943 1,975 3,112 4,527 Millions of Dollars September 30 December 31 Total Assets Midstream $ 15,209 14,329 Chemicals 6,269 6,235 Refining 25,280 23,230 Marketing and Specialties 8,338 6,572 Corporate and Other 3,645 3,936 Consolidated total assets $ 58,741 54,302

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 20— Income Taxes Our effective income tax rate for the three and nine months ended September 30, 2019 , was 16% and 18% , respectively, compared with 21% for the corresponding periods of 2018 . The decrease in our effective tax rate for the three months ended September 30, 2019 , compared with the three months ended September 30, 2018, was primarily attributable to the impact of our foreign operations. The decrease in our effective tax rate for the nine months ended September 30, 2019 , compared with the nine months ended September 30, 2018, was primarily attributable to an income tax benefit of $45 million recorded in the second quarter 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-source earnings that were previously tax deferred, as well as the impact of our foreign operations. The effective income tax rate for the three and nine months ended September 30, 2019 , varies from the U.S. federal statutory income tax rate of 21% , primarily due to the impact of our foreign operations and income attributable to noncontrolling interests, partially offset by state income tax expense. For the nine months ended September 30, 2019, there was an additional reduction in the effective tax rate related to the aforementioned $45 million income tax benefit.

Phillips 66 Partners LP

Phillips 66 Partners LP	9 Months Ended
	Sep. 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 September 30, 2019 , we owned a 75% limited partner interest in Phillips 66 Partners, while the public owned a 25% 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 September 30 December 31 Cash and cash equivalents $ 655 1 Equity investments* 2,921 2,448 Net properties, plants and equipment 3,258 3,052 Short-term debt 325 50 Long-term debt 3,490 2,998 * Included in “Investments and long-term receivables” line on the Phillips 66 consolidated balance sheet. 2019 Activities For the three and nine months ended September 30, 2019 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $91 million and $133 million , respectively, from common units issued under its continuous offering of common units, or at-the-market (ATM) programs. For the three and nine months ended September 30, 2018 , Phillips 66 Partners generated net proceeds of $47 million and $114 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 nine months ended September 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. Restructuring Transaction On August 1, 2019, Phillips 66 Partners completed a restructuring transaction to eliminate the IDRs held by us and convert our 2% economic general partner interest into a non-economic general partner interest in exchange for 101 million Phillips 66 Partners’ common units. As a result of the restructuring transaction, the balance of “Noncontrolling interests” on our consolidated balance sheet decreased $373 million , with a $275 million increase to “Capital in excess of par,” a $91 million increase in “Deferred income taxes” and $7 million of transaction costs. No distributions will be made on the general partner interest after August 1, 2019. At September 30, 2019 , we owned 170 million Phillips 66 Partners’ common units, representing 75%

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 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 September 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 $ — 20,947 6,271 — 27,218 Equity in earnings of affiliates 781 214 147 (643 ) 499 Net gain on dispositions — 1 17 — 18 Other income — 25 11 — 36 Intercompany revenues — 837 3,704 (4,541 ) — Total Revenues and Other Income 781 22,024 10,150 (5,184 ) 27,771 Costs and Expenses Purchased crude oil and products — 19,383 8,866 (4,443 ) 23,806 Operating expenses — 959 264 (17 ) 1,206 Selling, general and administrative expenses 1 324 94 (3 ) 416 Depreciation and amortization — 230 106 — 336 Impairments — — 853 — 853 Taxes other than income taxes — 77 28 — 105 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 85 35 67 (78 ) 109 Foreign currency transaction gains — — (9 ) — (9 ) Total Costs and Expenses 86 21,012 10,271 (4,541 ) 26,828 Income (loss) before income taxes 695 1,012 (121 ) (643 ) 943 Income tax expense (benefit) (17 ) 231 (64 ) — 150 Net Income (Loss) 712 781 (57 ) (643 ) 793 Less: net income attributable to noncontrolling interests — — 81 — 81 Net Income (Loss) Attributable to Phillips 66 $ 712 781 (138 ) (643 ) 712 Comprehensive Income (Loss) $ 608 677 (170 ) (426 ) 689 Millions of Dollars Three Months Ended September 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 $ — 22,866 6,922 — 29,788 Equity in earnings of affiliates 1,573 1,160 186 (2,140 ) 779 Net gain on dispositions — — 1 — 1 Other income — 23 1 — 24 Intercompany revenues — 1,091 4,371 (5,462 ) — Total Revenues and Other Income 1,573 25,140 11,481 (7,602 ) 30,592 Costs and Expenses Purchased crude oil and products — 21,656 10,095 (5,366 ) 26,385 Operating expenses — 946 280 (20 ) 1,206 Selling, general and administrative expenses 2 338 103 (3 ) 440 Depreciation and amortization — 232 114 — 346 Impairments — 1 — — 1 Taxes other than income taxes — 84 25 — 109 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 100 36 62 (73 ) 125 Total Costs and Expenses 102 23,297 10,680 (5,462 ) 28,617 Income before income taxes 1,471 1,843 801 (2,140 ) 1,975 Income tax expense (benefit) (21 ) 270 158 — 407 Net Income 1,492 1,573 643 (2,140 ) 1,568 Less: net income attributable to noncontrolling interests — — 76 — 76 Net Income Attributable to Phillips 66 $ 1,492 1,573 567 (2,140 ) 1,492 Comprehensive Income $ 1,533 1,614 635 (2,173 ) 1,609 Millions of Dollars Nine Months Ended September 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 $ — 60,060 18,108 — 78,168 Equity in earnings of affiliates 2,557 1,645 514 (3,053 ) 1,663 Net gain on dispositions — 1 18 — 19 Other income — 67 30 — 97 Intercompany revenues — 2,720 11,014 (13,734 ) — Total Revenues and Other Income 2,557 64,493 29,684 (16,787 ) 79,947 Costs and Expenses Purchased crude oil and products — 56,648 26,202 (13,435 ) 69,415 Operating expenses — 2,876 861 (59 ) 3,678 Selling, general and administrative expenses 5 898 295 (8 ) 1,190 Depreciation and amortization — 686 315 — 1,001 Impairments — 1 855 — 856 Taxes other than income taxes — 242 88 — 330 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 267 108 200 (232 ) 343 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 272 61,472 28,825 (13,734 ) 76,835 Income before income taxes 2,285 3,021 859 (3,053 ) 3,112 Income tax expense (benefit) (55 ) 464 136 — 545 Net Income 2,340 2,557 723 (3,053 ) 2,567 Less: net income attributable to noncontrolling interests — — 227 — 227 Net Income Attributable to Phillips 66 $ 2,340 2,557 496 (3,053 ) 2,340 Comprehensive Income $ 2,250 2,467 615 (2,855 ) 2,477 Millions of Dollars Nine Months Ended September 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 $ — 63,703 18,660 — 82,363 Equity in earnings of affiliates 3,600 2,638 566 (4,858 ) 1,946 Net gain on dispositions — 7 11 — 18 Other income — 25 22 — 47 Intercompany revenues — 2,456 11,386 (13,842 ) — Total Revenues and Other Income 3,600 68,829 30,645 (18,700 ) 84,374 Costs and Expenses Purchased crude oil and products — 59,724 27,113 (13,567 ) 73,270 Operating expenses — 2,771 875 (51 ) 3,595 Selling, general and administrative expenses 6 966 294 (8 ) 1,258 Depreciation and amortization — 691 328 — 1,019 Impairments — 2 5 — 7 Taxes other than income taxes — 248 80 — 328 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 304 108 187 (216 ) 383 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 310 64,523 28,856 (13,842 ) 79,847 Income before income taxes 3,290 4,306 1,789 (4,858 ) 4,527 Income tax expense (benefit) (65 ) 706 329 — 970 Net Income 3,355 3,600 1,460 (4,858 ) 3,557 Less: net income attributable to noncontrolling interests — — 202 — 202 Net Income Attributable to Phillips 66 $ 3,355 3,600 1,258 (4,858 ) 3,355 Comprehensive Income $ 3,333 3,578 1,357 (4,733 ) 3,535 Millions of Dollars September 30, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 576 1,692 — 2,268 Accounts and notes receivable — 5,316 4,106 (2,336 ) 7,086 Inventories — 3,673 1,848 — 5,521 Prepaid expenses and other current assets — 525 217 — 742 Total Current Assets — 10,090 7,863 (2,336 ) 15,617 Investments and long-term receivables 33,126 24,034 9,884 (52,897 ) 14,147 Net properties, plants and equipment — 13,350 9,604 — 22,954 Goodwill — 2,853 417 — 3,270 Intangibles — 732 140 — 872 Other assets 12 5,882 729 (4,742 ) 1,881 Total Assets $ 33,138 56,941 28,637 (59,975 ) 58,741 Liabilities and Equity Accounts payable $ — 6,944 3,765 (2,336 ) 8,373 Short-term debt 500 11 331 — 842 Accrued income and other taxes — 672 456 — 1,128 Employee benefit obligations — 569 55 — 624 Other accruals 133 1,310 262 (589 ) 1,116 Total Current Liabilities 633 9,506 4,869 (2,925 ) 12,083 Long-term debt 7,433 55 3,595 — 11,083 Asset retirement obligations and accrued environmental costs — 453 164 — 617 Deferred income taxes — 3,761 1,743 (1 ) 5,503 Employee benefit obligations — 725 180 — 905 Other liabilities and deferred credits 185 9,448 5,351 (13,526 ) 1,458 Total Liabilities 8,251 23,948 15,902 (16,452 ) 31,649 Common stock 3,998 25,802 9,239 (35,041 ) 3,998 Retained earnings 21,760 8,062 1,662 (9,754 ) 21,730 Accumulated other comprehensive loss (871 ) (871 ) (401 ) 1,272 (871 ) Noncontrolling interests — — 2,235 — 2,235 Total Liabilities and Equity $ 33,138 56,941 28,637 (59,975 ) 58,741 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 Nine Months Ended September 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 $ (143 ) 1,645 1,730 (118 ) 3,114 Cash Flows From Investing Activities Capital expenditures and investments — (803 ) (1,792 ) — (2,595 ) Proceeds from asset dispositions* — 352 137 (350 ) 139 Intercompany lending activities 2,587 (2,245 ) (342 ) — — Advances/loans—related parties — — (95 ) — (95 ) Collection of advances/loans—related parties — — 95 — 95 Other — (3 ) 27 — 24 Net Cash Provided by (Used in) Investing Activities 2,587 (2,699 ) (1,970 ) (350 ) (2,432 ) Cash Flows From Financing Activities Issuance of debt — — 1,758 — 1,758 Repayment of debt — (14 ) (990 ) — (1,004 ) Issuance of common stock 15 — — — 15 Repurchase of common stock (1,238 ) — — — (1,238 ) Dividends paid on common stock (1,172 ) — (118 ) 118 (1,172 ) Distributions to noncontrolling interests — — (176 ) — (176 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 133 — 133 Other (49 ) (4 ) (15 ) 350 282 Net Cash Provided by (Used in) Financing Activities (2,444 ) (18 ) 592 468 (1,402 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (31 ) — (31 ) Net Change in Cash and Cash Equivalents — (1,072 ) 321 — (751 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 576 1,692 — 2,268 * Includes return of investments in equity affiliates. Millions of Dollars Nine Months Ended September 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 $ 3,094 3,070 1,425 (4,155 ) 3,434 Cash Flows From Investing Activities Capital expenditures and investments — (633 ) (1,012 ) — (1,645 ) Proceeds from asset dispositions* — 328 36 (325 ) 39 Intercompany lending activities 904 (510 ) (394 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (6 ) 73 — 67 Net Cash Provided by (Used in) Investing Activities 904 (822 ) (1,297 ) (325 ) (1,540 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 85 — 1,594 Repayment of debt (250 ) (9 ) (115 ) — (374 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,148 ) — — — (4,148 ) Dividends paid on common stock (1,069 ) (3,174 ) (981 ) 4,155 (1,069 ) Distributions to noncontrolling interests — — (146 ) — (146 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 114 — 114 Other (79 ) — (325 ) 325 (79 ) Net Cash Used in Financing Activities (3,998 ) (3,183 ) (1,368 ) 4,480 (4,069 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (20 ) — (20 ) Net Change in Cash and Cash Equivalents — (935 ) (1,260 ) — (2,195 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 476 448 — 924 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_2

Changes in Accounting Principles (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
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)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
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.

Contingencies and Commitments (

Contingencies and Commitments (Policies)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
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.

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
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 nine months ended September 30, 2019 , derivative assets with an aggregate value of $117 million and derivative liabilities with an aggregate value of $82 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)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Millions of Dollars Three Months Ended Nine Months Ended 2019 2018 2019 2018 Product Line and Services Refined petroleum products $ 22,373 23,184 64,088 64,975 Crude oil resales 3,511 4,747 10,162 12,316 Natural gas liquids (NGL) 1,025 1,782 3,508 4,751 Services and other * 309 75 410 321 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 Geographic Location** United States $ 21,160 23,068 60,602 64,481 United Kingdom 2,375 3,085 7,318 7,623 Germany 1,025 1,135 3,074 3,174 Other foreign countries 2,658 2,500 7,174 7,085 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 * 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)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 5,208 3,238 Materials and supplies 313 305 $ 5,521 3,543

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Information	Millions of Dollars Three Months Ended Nine Months Ended 2019 2018 2019 2018 Revenues $ 2,369 3,195 7,209 8,773 Income before income taxes 475 552 1,522 1,819 Net income 456 531 1,464 1,766

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Millions of Dollars September 30, 2019 December 31, 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 10,759 2,316 8,443 9,663 2,100 7,563 Chemicals — — — — — — Refining 23,189 10,084 13,105 22,640 9,531 13,109 Marketing and Specialties 1,656 927 729 1,671 926 745 Corporate and Other 1,309 632 677 1,223 622 601 $ 36,913 13,959 22,954 35,197 13,179 22,018

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Nine 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 $ 712 712 1,492 1,492 2,340 2,340 3,355 3,355 Income allocated to participating securities (2 ) (1 ) (1 ) — (5 ) (1 ) (4 ) — Net income available to common stockholders $ 710 711 1,491 1,492 2,335 2,339 3,351 3,355 Weighted-average common shares outstanding (thousands) : 446,498 449,005 463,002 466,109 450,836 453,398 470,471 473,760 Effect of share-based compensation 2,507 1,996 3,107 3,331 2,562 2,412 3,289 3,460 Weighted-average common shares outstanding—EPS 449,005 451,001 466,109 469,440 453,398 455,810 473,760 477,220 Earnings Per Share of Common Stock (dollars) $ 1.58 1.58 3.20 3.18 5.15 5.13 7.07 7.03

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value, by Balance Sheet Grouping	Millions of Dollars September 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 $ 1,018 (856 ) (5 ) 157 1,257 (1,070 ) (89 ) 98 Other assets 4 (1 ) — 3 2 — — 2 Liabilities Other accruals 454 (542 ) 70 (18 ) — (23 ) — (23 ) Other liabilities and deferred credits 35 (37 ) — (2 ) 5 (7 ) — (2 ) Total $ 1,511 (1,436 ) 65 140 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 Nine Months Ended 2019 2018 2019 2018 Sales and other operating revenues $ 71 (98 ) (89 ) (227 ) Other income 20 3 33 (17 ) Purchased crude oil and products 60 (138 ) (41 ) (311 ) Net gain (loss) from commodity derivative activity $ 151 (233 ) (97 ) (555 )
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	Open Position Long / (Short) September 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (35 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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 $ 788 657 — 1,445 (1,346 ) (5 ) — 94 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 64 1 65 — — — 65 Interest rate derivatives — 1 — 1 — — — 1 Rabbi trust assets 122 — — 122 N/A N/A — 122 $ 910 723 1 1,634 (1,346 ) (5 ) — 283 Commodity Derivative Liabilities Exchange-cleared instruments $ 748 669 — 1,417 (1,346 ) (70 ) — 1 OTC instruments — 3 — 3 — — — 3 Physical forward contracts — 16 — 16 — — — 16 Floating-rate debt — 1,075 — 1,075 N/A N/A — 1,075 Fixed-rate debt, excluding capital leases — 12,050 — 12,050 N/A N/A (1,377 ) 10,673 $ 748 13,813 — 14,561 (1,346 ) (70 ) (1,377 ) 11,768 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)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Assets And Liabilities, Lessee	Millions of Dollars September 30, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 177 — Other assets — 1,338 Total right-of-use assets $ 177 1,338 Lease Liabilities Short-term debt $ 13 — Other accruals — 468 Long-term debt 153 — Other liabilities and deferred credits — 820 Total lease liabilities $ 166 1,288
Finance Lease, Liability	Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 4 126 2020 19 469 2021 18 245 2022 15 157 2023 15 102 Remaining years 135 355 Future minimum lease payments 206 1,454 Amount representing interest or discounts (40 ) (166 ) Total lease liabilities $ 166 1,288
Operating Lease, Liability	Millions of Dollars Finance Leases Operating Leases Remainder of 2019 $ 4 126 2020 19 469 2021 18 245 2022 15 157 2023 15 102 Remaining years 135 355 Future minimum lease payments 206 1,454 Amount representing interest or discounts (40 ) (166 ) Total lease liabilities $ 166 1,288
Lease, Cost	Millions of Dollars Three Months Ended Nine Months Ended 2019 2019 Finance lease cost Amortization of right-of-use assets $ 5 15 Interest on lease liabilities 2 5 Total finance lease cost 7 20 Operating lease cost 126 386 Short-term lease cost 29 93 Variable lease cost 6 18 Sublease income (4 ) (14 ) Total net lease cost $ 164 503 Millions of Dollars Operating cash outflows—finance leases $ 5 Operating cash outflows—operating leases 397 Financing cash outflows—finance leases 18 Weighted-average remaining lease term—finance leases (years) 12.7 Weighted-average remaining lease term—operating leases (years) 5.5 Weighted-average discount rate—finance leases (percent) 3.7 % Weighted-average discount rate—operating leases (percent) 3.9

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	9 Months Ended
	Sep. 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 September 30 Service cost $ 32 5 34 5 1 2 Interest cost 27 6 26 6 2 1 Expected return on plan assets (36 ) (10 ) (42 ) (11 ) — — Amortization of prior service credit — — — — — — Recognized net actuarial loss 14 2 14 5 — — Settlements 1 — 49 — — — Net periodic benefit cost* $ 38 3 81 5 3 3 Nine Months Ended September 30 Service cost $ 95 17 102 22 4 5 Interest cost 81 19 78 21 6 5 Expected return on plan assets (107 ) (33 ) (127 ) (35 ) — — Amortization of prior service credit — — — (1 ) (1 ) (1 ) Recognized net actuarial loss 40 5 44 15 — — Settlements 7 — 54 — — — Net periodic benefit cost* $ 116 8 151 22 9 9 * 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)	9 Months Ended
	Sep. 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 5 (124 ) (6 ) (125 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 40 — — 40 Foreign currency translation — — — — Hedging — — (5 ) (5 ) Net current period other comprehensive income (loss) 45 (124 ) (11 ) (90 ) Income taxes reclassified to retained earnings** (93 ) 2 2 (89 ) September 30, 2019 $ (520 ) (350 ) (1 ) (871 ) December 31, 2017 $ (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 10 (113 ) 9 (94 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 84 — — 84 Foreign currency translation — (10 ) — (10 ) Hedging — — (2 ) (2 ) Net current period other comprehensive income (loss) 94 (123 ) 7 (22 ) September 30, 2018 $ (504 ) (149 ) 14 (639 ) * 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)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Significant Transactions with Related Parties	Millions of Dollars Three Months Ended Nine Months Ended 2019 2018 2019 2018 Operating revenues and other income (a) $ 756 955 2,235 2,717 Purchases (b) 2,842 3,667 8,770 9,534 Operating expenses and selling, general and administrative expenses (c) 8 12 25 44 (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)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars Three Months Ended Nine Months Ended 2019 2018 2019 2018 Sales and Other Operating Revenues* Midstream Total sales $ 1,602 2,287 5,208 6,234 Intersegment eliminations (482 ) (524 ) (1,526 ) (1,555 ) Total Midstream 1,120 1,763 3,682 4,679 Chemicals 1 1 3 4 Refining Total sales 19,591 21,949 56,839 61,707 Intersegment eliminations (11,452 ) (12,807 ) (34,008 ) (37,027 ) Total Refining 8,139 9,142 22,831 24,680 Marketing and Specialties Total sales 18,535 19,332 53,464 54,471 Intersegment eliminations (584 ) (457 ) (1,833 ) (1,492 ) Total Marketing and Specialties 17,951 18,875 51,631 52,979 Corporate and Other 7 7 21 21 Consolidated sales and other operating revenues $ 27,218 29,788 78,168 82,363 * 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 $ (460 ) 284 279 802 Chemicals 227 263 729 873 Refining 856 1,232 1,641 2,534 Marketing and Specialties 498 423 1,056 968 Corporate and Other (178 ) (227 ) (593 ) (650 ) Consolidated income before income taxes $ 943 1,975 3,112 4,527
Reconciliation of Assets from Segment to Consolidated	Millions of Dollars September 30 December 31 Total Assets Midstream $ 15,209 14,329 Chemicals 6,269 6,235 Refining 25,280 23,230 Marketing and Specialties 8,338 6,572 Corporate and Other 3,645 3,936 Consolidated total assets $ 58,741 54,302

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	9 Months Ended
	Sep. 30, 2019
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Schedule of Variable Interest Entities	Millions of Dollars September 30 December 31 Cash and cash equivalents $ 655 1 Equity investments* 2,921 2,448 Net properties, plants and equipment 3,258 3,052 Short-term debt 325 50 Long-term debt 3,490 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)	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended September 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 $ — 20,947 6,271 — 27,218 Equity in earnings of affiliates 781 214 147 (643 ) 499 Net gain on dispositions — 1 17 — 18 Other income — 25 11 — 36 Intercompany revenues — 837 3,704 (4,541 ) — Total Revenues and Other Income 781 22,024 10,150 (5,184 ) 27,771 Costs and Expenses Purchased crude oil and products — 19,383 8,866 (4,443 ) 23,806 Operating expenses — 959 264 (17 ) 1,206 Selling, general and administrative expenses 1 324 94 (3 ) 416 Depreciation and amortization — 230 106 — 336 Impairments — — 853 — 853 Taxes other than income taxes — 77 28 — 105 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 85 35 67 (78 ) 109 Foreign currency transaction gains — — (9 ) — (9 ) Total Costs and Expenses 86 21,012 10,271 (4,541 ) 26,828 Income (loss) before income taxes 695 1,012 (121 ) (643 ) 943 Income tax expense (benefit) (17 ) 231 (64 ) — 150 Net Income (Loss) 712 781 (57 ) (643 ) 793 Less: net income attributable to noncontrolling interests — — 81 — 81 Net Income (Loss) Attributable to Phillips 66 $ 712 781 (138 ) (643 ) 712 Comprehensive Income (Loss) $ 608 677 (170 ) (426 ) 689 Millions of Dollars Three Months Ended September 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 $ — 22,866 6,922 — 29,788 Equity in earnings of affiliates 1,573 1,160 186 (2,140 ) 779 Net gain on dispositions — — 1 — 1 Other income — 23 1 — 24 Intercompany revenues — 1,091 4,371 (5,462 ) — Total Revenues and Other Income 1,573 25,140 11,481 (7,602 ) 30,592 Costs and Expenses Purchased crude oil and products — 21,656 10,095 (5,366 ) 26,385 Operating expenses — 946 280 (20 ) 1,206 Selling, general and administrative expenses 2 338 103 (3 ) 440 Depreciation and amortization — 232 114 — 346 Impairments — 1 — — 1 Taxes other than income taxes — 84 25 — 109 Accretion on discounted liabilities — 4 1 — 5 Interest and debt expense 100 36 62 (73 ) 125 Total Costs and Expenses 102 23,297 10,680 (5,462 ) 28,617 Income before income taxes 1,471 1,843 801 (2,140 ) 1,975 Income tax expense (benefit) (21 ) 270 158 — 407 Net Income 1,492 1,573 643 (2,140 ) 1,568 Less: net income attributable to noncontrolling interests — — 76 — 76 Net Income Attributable to Phillips 66 $ 1,492 1,573 567 (2,140 ) 1,492 Comprehensive Income $ 1,533 1,614 635 (2,173 ) 1,609 Millions of Dollars Nine Months Ended September 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 $ — 60,060 18,108 — 78,168 Equity in earnings of affiliates 2,557 1,645 514 (3,053 ) 1,663 Net gain on dispositions — 1 18 — 19 Other income — 67 30 — 97 Intercompany revenues — 2,720 11,014 (13,734 ) — Total Revenues and Other Income 2,557 64,493 29,684 (16,787 ) 79,947 Costs and Expenses Purchased crude oil and products — 56,648 26,202 (13,435 ) 69,415 Operating expenses — 2,876 861 (59 ) 3,678 Selling, general and administrative expenses 5 898 295 (8 ) 1,190 Depreciation and amortization — 686 315 — 1,001 Impairments — 1 855 — 856 Taxes other than income taxes — 242 88 — 330 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 267 108 200 (232 ) 343 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 272 61,472 28,825 (13,734 ) 76,835 Income before income taxes 2,285 3,021 859 (3,053 ) 3,112 Income tax expense (benefit) (55 ) 464 136 — 545 Net Income 2,340 2,557 723 (3,053 ) 2,567 Less: net income attributable to noncontrolling interests — — 227 — 227 Net Income Attributable to Phillips 66 $ 2,340 2,557 496 (3,053 ) 2,340 Comprehensive Income $ 2,250 2,467 615 (2,855 ) 2,477 Millions of Dollars Nine Months Ended September 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 $ — 63,703 18,660 — 82,363 Equity in earnings of affiliates 3,600 2,638 566 (4,858 ) 1,946 Net gain on dispositions — 7 11 — 18 Other income — 25 22 — 47 Intercompany revenues — 2,456 11,386 (13,842 ) — Total Revenues and Other Income 3,600 68,829 30,645 (18,700 ) 84,374 Costs and Expenses Purchased crude oil and products — 59,724 27,113 (13,567 ) 73,270 Operating expenses — 2,771 875 (51 ) 3,595 Selling, general and administrative expenses 6 966 294 (8 ) 1,258 Depreciation and amortization — 691 328 — 1,019 Impairments — 2 5 — 7 Taxes other than income taxes — 248 80 — 328 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 304 108 187 (216 ) 383 Foreign currency transaction gains — — (30 ) — (30 ) Total Costs and Expenses 310 64,523 28,856 (13,842 ) 79,847 Income before income taxes 3,290 4,306 1,789 (4,858 ) 4,527 Income tax expense (benefit) (65 ) 706 329 — 970 Net Income 3,355 3,600 1,460 (4,858 ) 3,557 Less: net income attributable to noncontrolling interests — — 202 — 202 Net Income Attributable to Phillips 66 $ 3,355 3,600 1,258 (4,858 ) 3,355 Comprehensive Income $ 3,333 3,578 1,357 (4,733 ) 3,535
Condensed Consolidating Balance Sheet	Millions of Dollars September 30, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 576 1,692 — 2,268 Accounts and notes receivable — 5,316 4,106 (2,336 ) 7,086 Inventories — 3,673 1,848 — 5,521 Prepaid expenses and other current assets — 525 217 — 742 Total Current Assets — 10,090 7,863 (2,336 ) 15,617 Investments and long-term receivables 33,126 24,034 9,884 (52,897 ) 14,147 Net properties, plants and equipment — 13,350 9,604 — 22,954 Goodwill — 2,853 417 — 3,270 Intangibles — 732 140 — 872 Other assets 12 5,882 729 (4,742 ) 1,881 Total Assets $ 33,138 56,941 28,637 (59,975 ) 58,741 Liabilities and Equity Accounts payable $ — 6,944 3,765 (2,336 ) 8,373 Short-term debt 500 11 331 — 842 Accrued income and other taxes — 672 456 — 1,128 Employee benefit obligations — 569 55 — 624 Other accruals 133 1,310 262 (589 ) 1,116 Total Current Liabilities 633 9,506 4,869 (2,925 ) 12,083 Long-term debt 7,433 55 3,595 — 11,083 Asset retirement obligations and accrued environmental costs — 453 164 — 617 Deferred income taxes — 3,761 1,743 (1 ) 5,503 Employee benefit obligations — 725 180 — 905 Other liabilities and deferred credits 185 9,448 5,351 (13,526 ) 1,458 Total Liabilities 8,251 23,948 15,902 (16,452 ) 31,649 Common stock 3,998 25,802 9,239 (35,041 ) 3,998 Retained earnings 21,760 8,062 1,662 (9,754 ) 21,730 Accumulated other comprehensive loss (871 ) (871 ) (401 ) 1,272 (871 ) Noncontrolling interests — — 2,235 — 2,235 Total Liabilities and Equity $ 33,138 56,941 28,637 (59,975 ) 58,741 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 Nine Months Ended September 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 $ (143 ) 1,645 1,730 (118 ) 3,114 Cash Flows From Investing Activities Capital expenditures and investments — (803 ) (1,792 ) — (2,595 ) Proceeds from asset dispositions* — 352 137 (350 ) 139 Intercompany lending activities 2,587 (2,245 ) (342 ) — — Advances/loans—related parties — — (95 ) — (95 ) Collection of advances/loans—related parties — — 95 — 95 Other — (3 ) 27 — 24 Net Cash Provided by (Used in) Investing Activities 2,587 (2,699 ) (1,970 ) (350 ) (2,432 ) Cash Flows From Financing Activities Issuance of debt — — 1,758 — 1,758 Repayment of debt — (14 ) (990 ) — (1,004 ) Issuance of common stock 15 — — — 15 Repurchase of common stock (1,238 ) — — — (1,238 ) Dividends paid on common stock (1,172 ) — (118 ) 118 (1,172 ) Distributions to noncontrolling interests — — (176 ) — (176 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 133 — 133 Other (49 ) (4 ) (15 ) 350 282 Net Cash Provided by (Used in) Financing Activities (2,444 ) (18 ) 592 468 (1,402 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (31 ) — (31 ) Net Change in Cash and Cash Equivalents — (1,072 ) 321 — (751 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 576 1,692 — 2,268 * Includes return of investments in equity affiliates. Millions of Dollars Nine Months Ended September 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 $ 3,094 3,070 1,425 (4,155 ) 3,434 Cash Flows From Investing Activities Capital expenditures and investments — (633 ) (1,012 ) — (1,645 ) Proceeds from asset dispositions* — 328 36 (325 ) 39 Intercompany lending activities 904 (510 ) (394 ) — — Advances/loans—related parties — (1 ) — — (1 ) Other — (6 ) 73 — 67 Net Cash Provided by (Used in) Investing Activities 904 (822 ) (1,297 ) (325 ) (1,540 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 85 — 1,594 Repayment of debt (250 ) (9 ) (115 ) — (374 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,148 ) — — — (4,148 ) Dividends paid on common stock (1,069 ) (3,174 ) (981 ) 4,155 (1,069 ) Distributions to noncontrolling interests — — (146 ) — (146 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 114 — 114 Other (79 ) — (325 ) 325 (79 ) Net Cash Used in Financing Activities (3,998 ) (3,183 ) (1,368 ) 4,480 (4,069 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (20 ) — (20 ) Net Change in Cash and Cash Equivalents — (935 ) (1,260 ) — (2,195 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 476 448 — 924 * Includes return of investments in equity affiliates.

Changes in Accounting Princip_3

Changes in Accounting Principles (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2018
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		$ 150	$ 407	545	$ 970
Right-of-use assets	1,415	1,338		1,338
Lease liability	1,415	$ 1,288		$ 1,288
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 27,218	$ 29,788	$ 78,168	$ 82,363
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	21,160	23,068	60,602	64,481
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,375	3,085	7,318	7,623
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,025	1,135	3,074	3,174
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,658	2,500	7,174	7,085
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	22,373	23,184	64,088	64,975
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,511	4,747	10,162	12,316
Natural gas liquids (NGL)
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,025	1,782	3,508	4,751
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 309	$ 75	$ 410	$ 321

Sales and Other Operating Rev_4

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 5,585	$ 4,993
Receivables from contracts with customers	311	248
Contract with customer, liability	$ 218	$ 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) $ in Millions	Sep. 30, 2019USD ($)
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 7,086
Accounts and notes receivable, percent outstanding less than 60 days	99.00%

Inventories (Inventory, Net) (D

Inventories (Inventory, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Summary of inventories
Crude oil and petroleum products	$ 5,208	$ 3,238
Materials and supplies	313	305
Inventories	$ 5,521	$ 3,543

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 5,103	$ 3,123
Excess over stated LIFO value	$ 4,400	$ 2,900

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables (Summary of Equity Method Investments) (Details) - CPChem - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of financial information
Revenues	$ 2,369	$ 3,195	$ 7,209	$ 8,773
Income before income taxes	475	552	1,522	1,819
Net income	$ 456	$ 531	$ 1,464	$ 1,766

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (DCP Midstream, LLC) (Details) - DCP Midstream $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Noncash impairment, before-tax	$ 853
Equity investments	$ 1,358

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables (Dakota Access, LLC and Energy Transfer Crude Oil, Company, LLC) (Details) - USD ($)	Sep. 30, 2019	Sep. 06, 2019	Mar. 31, 2019	Mar. 01, 2018
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted, co-venturers	$ 2,525,000,000
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed				$ 1,500,000,000
Senior Notes | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed			$ 2,500,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted	$ 631,000,000
Variable Interest Entity, Primary Beneficiary | Senior Notes | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed		$ 900,000,000

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables (Gray Oak Pipeline, LLC) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 28, 2019	Sep. 30, 2019	Jul. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
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			$ 1,317,000,000	$ 1,230,000,000
Repayments of related party debt		$ 95,000,000
Variable Interest Entity, Primary Beneficiary | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, current carrying value		$ 904,000,000
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 | 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%
Maximum potential amount of future payments under the guarantees		$ 556,000,000
Guarantor obligations, current carrying value		382,000,000
Maximum loss exposure		1,130,000,000
Book value of investment		$ 748,000,000

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables (OnCue Holdings, LLC) (Details) - OnCue Holdings LLC $ in Millions	Sep. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	50.00%
Maximum loss exposure	$ 139
Equity investments	76
Maximum exposure, debt obligation	$ 63

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 36,913	$ 35,197
Accum. D&A	13,959	13,179
Net PP&E	22,954	22,018
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	10,759	9,663
Accum. D&A	2,316	2,100
Net PP&E	8,443	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	23,189	22,640
Accum. D&A	10,084	9,531
Net PP&E	13,105	13,109
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,656	1,671
Accum. D&A	927	926
Net PP&E	729	745
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,309	1,223
Accum. D&A	632	622
Net PP&E	$ 677	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic
Net income attributable to Phillips 66	$ 712	$ 1,492	$ 2,340	$ 3,355
Income allocated to participating securities	(2)	(1)	(5)	(4)
Net income available to common stockholders	$ 710	$ 1,491	$ 2,335	$ 3,351
Weighted-average common shares outstanding (in shares)	446,498	463,002	450,836	470,471
Effect of share-based compensation (in shares)	2,507	3,107	2,562	3,289
Weighted-average commons shares outstanding - EPS (in shares)	449,005	466,109	453,398	473,760
Diluted (in usd per share)	$ 1.58	$ 3.20	$ 5.15	$ 7.07
Diluted
Net income attributable to Phillips 66	$ 712	$ 1,492	$ 2,340	$ 3,355
Income allocated to participating securities	(1)	0	(1)	0
Net income available to common stockholders	$ 711	$ 1,492	$ 2,339	$ 3,355
Weighted-average common shares outstanding (in shares)	449,005	466,109	453,398	473,760
Effect of share-based compensation (in shares)	1,996	3,331	2,412	3,460
Weighted-average commons shares outstanding - EPS (in shares)	451,001	469,440	455,810	477,220
Earnings Per Share of Common Stock (in usd per share)	$ 1.58	$ 3.18	$ 5.13	$ 7.03

Debt (Details)

Debt (Details) - USD ($)	Mar. 01, 2018	Jun. 30, 2018	Oct. 15, 2019	Sep. 30, 2019	Sep. 13, 2019	Sep. 06, 2019	Jul. 30, 2019	Dec. 31, 2018
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding				$ 0				$ 0
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 5,000,000,000
Line of credit facility, optional overall capacity							6,000,000,000
Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 1,500,000,000
Senior Notes | Floating Rate Notes Due 2021
Debt Instrument [Line Items]
Senior notes	$ 500,000,000
Senior Notes | Floating Rate Notes Due 2021 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Senior notes	$ 800,000,000
Senior notes, interest percent	3.90%
Senior Notes | Senior Notes Due 2044
Debt Instrument [Line Items]
Senior notes	$ 200,000,000
Senior notes, interest percent	4.875%
Loans Payable
Debt Instrument [Line Items]
Repayments of long-term debt		$ 250,000,000
Loans Payable | Term Loan Due April 2020
Debt Instrument [Line Items]
Outstanding principal balance		$ 450,000,000
Debt term		3 years
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Short-term debt				325,000,000				50,000,000
Outstanding principal balance				3,490,000,000				2,998,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding				$ 0				$ 125,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							750,000,000
Line of credit facility, optional overall capacity							$ 1,000,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Senior Notes | 2.646% Senior Notes Due February 2020 | Subsequent Event
Debt Instrument [Line Items]
Senior notes, interest percent			2.646%
Short-term debt			$ 300,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Senior Notes | Term Loan Due March 2020
Debt Instrument [Line Items]
Short-term debt					$ 400,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Senior Notes
Debt Instrument [Line Items]
Senior notes						$ 900,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Senior Notes | 2.450% Senior Notes due December 15, 2024
Debt Instrument [Line Items]
Senior notes						$ 300,000,000
Senior notes, interest percent						2.45%
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Senior Notes | 3.150% Senior Notes Due December 15, 2029
Debt Instrument [Line Items]
Senior notes						$ 600,000,000
Senior notes, interest percent						3.15%

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	$ 447	$ 447
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	159	171
Asset Retirement Obligations And Accrued Environmental Cost | Indemnifications
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	110	$ 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	$ 344
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	$ 135
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	$ 904
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	$ 382

Contingencies and Commitments_2

Contingencies and Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total environmental accrual	$ 447	$ 447
Performance Guarantee
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 644
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	Sep. 30, 2019	Dec. 31, 2018
Assets
Liabilities	$ (1,346)	$ (1,075)
Net Carrying Value Presented on the Balance Sheet	70	0
Liabilities
Assets	1,346	1,075
Net Carrying Value Presented on the Balance Sheet	(5)	(89)
Not Designated as Hedging Instrument | Commodity
Assets
Effect of Collateral Netting		(89)
Liabilities
Effect of Collateral Netting	65
Total
Assets	1,511	1,264
Liabilities	(1,436)	(1,100)
Effect of Collateral Netting	65
Net Carrying Value Presented on the Balance Sheet	140	75
Not Designated as Hedging Instrument | Commodity | Prepaid expenses and other current assets
Assets
Assets	1,018	1,257
Liabilities	(856)	(1,070)
Effect of Collateral Netting	(5)	(89)
Net Carrying Value Presented on the Balance Sheet	157	98
Not Designated as Hedging Instrument | Commodity | Other assets
Assets
Assets	4	2
Liabilities	(1)	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	3	2
Not Designated as Hedging Instrument | Commodity | Other accruals
Liabilities
Assets	454	0
Liabilities	(542)	(23)
Effect of Collateral Netting	70	0
Net Carrying Value Presented on the Balance Sheet	(18)	(23)
Total
Effect of Collateral Netting	70	0
Not Designated as Hedging Instrument | Commodity | Other liabilities and deferred credits
Liabilities
Assets	35	5
Liabilities	(37)	(7)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	(2)	(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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 151	$ (233)	$ (97)	$ (555)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	71	(98)	(89)	(227)
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	20	3	33	(17)
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ 60	$ (138)	$ (41)	$ (311)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Financial instruments and derivative contracts (Textual) [Abstract]
Percentage of derivative contract volume expiring within twelve months (at least)	97.00%	97.00%
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	1,000,000	$ 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	$ 1,000,000
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	Sep. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Crude oil, refined petroleum products and NGL (millions of barrels)	(35)	(17)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Sep. 30, 2019USD ($)d
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset value transferred into Level 1, as measured from the beginning of the reporting period	$ 117
Liability value transferred into Level 1, as measured from the beginning of the reporting period	$ 82
DCP Partners | Fair Value, Nonrecurring | Trading Period | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input | d	20

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	Sep. 30, 2019	Dec. 31, 2018
Assets
Effect of Counterparty Netting	$ (1,346)	$ (1,075)
Effect of Collateral Netting	(5)	(89)
Liabilities
Effect of Counterparty Netting	(1,346)	(1,075)
Effect of Collateral Netting	(70)	0
Difference in Carrying Value and Fair Value	(1,377)	49
Fixed-rate debt, excluding capital leases
Liabilities
Difference in Carrying Value and Fair Value	(1,377)	49
Total Fair Value of Gross Assets & Liabilities
Assets
Assets, fair value disclosure	1,634	1,383
Liabilities
Total liabilities, fair value disclosure gross	14,561	12,027
Total Fair Value of Gross Assets & Liabilities | Floating-rate debt
Liabilities
Debt, fair value gross	1,075	1,200
Total Fair Value of Gross Assets & Liabilities | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	12,050	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	283	219
Liabilities
Total liabilities, fair value disclosure gross	11,768	11,001
Net Carrying Value Presented on the Balance Sheet | Floating-rate debt
Liabilities
Debt, fair value gross	1,075	1,200
Net Carrying Value Presented on the Balance Sheet | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	10,673	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	1	15
Interest rate derivatives | Net Carrying Value Presented on the Balance Sheet
Assets
Interest rate derivatives	1	15
Exchange-cleared instruments
Assets
Effect of Counterparty Netting	(1,346)	(1,075)
Effect of Collateral Netting	(5)	(89)
Liabilities
Effect of Counterparty Netting	(1,346)	(1,075)
Effect of Collateral Netting	(70)
Exchange-cleared instruments | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	1,445	1,221
Liabilities
Commodity derivative liabilities, fair value gross	1,417	1,077
Exchange-cleared instruments | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	94	57
Liabilities
Commodity derivative liabilities, fair value gross	1	2
OTC instruments | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	1
Liabilities
Commodity derivative liabilities, fair value gross	3	3
OTC instruments | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	1
Liabilities
Commodity derivative liabilities, fair value gross	3	3
Physical forward contracts | Total Fair Value of Gross Assets & Liabilities
Assets
Commodity derivative assets, fair value gross	65	43
Liabilities
Commodity derivative liabilities, fair value gross	16	20
Physical forward contracts | Net Carrying Value Presented on the Balance Sheet
Assets
Commodity derivative assets, fair value gross	65	43
Liabilities
Commodity derivative liabilities, fair value gross	16	20
Level 1
Assets
Assets, fair value disclosure	910	778
Liabilities
Total liabilities, fair value disclosure gross	748	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	788	674
Liabilities
Commodity derivative liabilities, fair value gross	748	605
Level 1 | OTC instruments
Assets
Commodity derivative assets, fair value gross	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Level 1 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	0	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Level 2
Assets
Assets, fair value disclosure	723	601
Liabilities
Total liabilities, fair value disclosure gross	13,813	11,422
Level 2 | Floating-rate debt
Liabilities
Debt, fair value gross	1,075	1,200
Level 2 | Fixed-rate debt, excluding capital leases
Liabilities
Debt, fair value gross	12,050	9,727
Level 2 | Rabbi trust assets
Assets
Rabbi trust assets	0	0
Level 2 | Interest rate derivatives
Assets
Interest rate derivatives	1	15
Level 2 | Exchange-cleared instruments
Assets
Commodity derivative assets, fair value gross	657	547
Liabilities
Commodity derivative liabilities, fair value gross	669	472
Level 2 | OTC instruments
Assets
Commodity derivative assets, fair value gross	1
Liabilities
Commodity derivative liabilities, fair value gross	3	3
Level 2 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	64	39
Liabilities
Commodity derivative liabilities, fair value gross	16	20
Level 3
Assets
Assets, fair value disclosure	1	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 | OTC instruments
Assets
Commodity derivative assets, fair value gross	0
Liabilities
Commodity derivative liabilities, fair value gross	0	0
Level 3 | Physical forward contracts
Assets
Commodity derivative assets, fair value gross	1	4
Liabilities
Commodity derivative liabilities, fair value gross	$ 0	$ 0

Leases (Balance Sheet) (Details

Leases (Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Finance leases, Total right-of-use assets	$ 177
Short-term debt	13
Long-term debt	153
Finance leases, Total lease liabilities	166
Operating leases, Total right-of-use assets	1,338	$ 1,415
Other accruals	468
Other liabilities and deferred credits	820
Operating leases, Total lease liabilities	$ 1,288	$ 1,415

(Summary of Leases) (Details)

(Summary of Leases) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Finance Leases
Remainder of 2019	$ 4
2020	19
2021	18
2022	15
2023	15
Remaining years	135
Future minimum lease payments	206
Amount representing interest or discounts	(40)
Total lease liabilities	166
Operating Leases
Remainder of 2019	126
2020	469
2021	245
2022	157
2023	102
Remaining years	355
Future minimum lease payments	1,454
Amount representing interest or discounts	(166)
Total lease liabilities	$ 1,288	$ 1,415

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Amortization of right-of-use assets	$ 5	$ 15
Interest on lease liabilities	2	5
Total finance lease cost	7	20
Operating lease cost	126	386
Short-term lease cost	29	93
Variable lease cost	6	18
Sublease income	(4)	(14)
Total net lease cost	$ 164	$ 503

Leases (Cash Paid for Leases) (

Leases (Cash Paid for Leases) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash outflows—finance leases	$ 5
Operating cash outflows—operating leases	397
Financing cash outflows—finance leases	$ 18

Leases (Additional Information)

Leases (Additional Information) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Right-of-use asset obtained in exchange for operating lease liability	$ 259

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	12 years 8 months 12 days
Weighted-average remaining lease term—operating leases (years)	5 years 6 months
Weighted-average discount rate—finance leases (percent)	3.70%
Weighted-average discount rate—operating leases (percent)	3.90%

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	$ 1	$ 2	$ 4	$ 5
Interest cost	2	1	6	5
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	0	0	(1)	(1)
Recognized net actuarial loss	0	0	0	0
Settlements	0	0	0	0
Net periodic benefit cost	3	3	9	9
U.S. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	32	34	95	102
Interest cost	27	26	81	78
Expected return on plan assets	(36)	(42)	(107)	(127)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	14	14	40	44
Settlements	1	49	7	54
Net periodic benefit cost	38	81	116	151
Int’l. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	5	5	17	22
Interest cost	6	6	19	21
Expected return on plan assets	(10)	(11)	(33)	(35)
Amortization of prior service credit	0	0	0	(1)
Recognized net actuarial loss	2	5	5	15
Settlements	0	0	0	0
Net periodic benefit cost	$ 3	$ 5	$ 8	$ 22

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Narrative) (Details) - Pension Benefits $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
United States
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	$ 50
Additional contributions expected to be made during remainder of fiscal year	8
Int’l.
Employee Benefit Plans (Textual) [Abstract]
Company contributions to plans	21
Additional contributions expected to be made during remainder of fiscal year	$ 7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ 27,153	$ 27,306	$ 24,960	$ 27,153	$ 27,428
Other comprehensive income (loss) before reclassifications				(125)
Other Comprehensive Income (Loss), Net of Income Taxes		(104)	41	(90)	(22)
Income taxes reclassified to retained earnings	(89)			(89)
Ending Balance		27,092	25,795	27,092	25,795
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(472)			(472)	(598)
Other comprehensive income (loss) before reclassifications				5	10
Amounts reclassified from accumulated other comprehensive loss				40	84
Other Comprehensive Income (Loss), Net of Income Taxes				45	94
Income taxes reclassified to retained earnings				(93)
Ending Balance		(520)	(504)	(520)	(504)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(228)			(228)	(26)
Other comprehensive income (loss) before reclassifications				(124)	(113)
Amounts reclassified from accumulated other comprehensive loss				0	(10)
Other Comprehensive Income (Loss), Net of Income Taxes				(124)	(123)
Income taxes reclassified to retained earnings				2
Ending Balance		(350)	(149)	(350)	(149)
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	8			8	7
Other comprehensive income (loss) before reclassifications				(6)	9
Amounts reclassified from accumulated other comprehensive loss				(5)	(2)
Other Comprehensive Income (Loss), Net of Income Taxes				(11)	7
Income taxes reclassified to retained earnings				2
Ending Balance		(1)	14	(1)	14
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ (692)	(767)	(680)	(692)	(617)
Other comprehensive income (loss) before reclassifications					(94)
Other Comprehensive Income (Loss), Net of Income Taxes		(104)	41	(90)	(22)
Ending Balance		$ (871)	$ (639)	$ (871)	$ (639)

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	Feb. 13, 2018	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Oct. 04, 2019
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	$ 1,238,000,000	$ 4,148,000,000
Accelerated share repurchases, initial price paid per share (in usd per share)	$ 93.725
Subsequent Event
Class of Stock [Line Items]
Authorized amount					$ 3,000,000,000
Aggregate authorized amount					$ 15,000,000,000
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Significant transactions with related parties
Operating revenues and other income	$ 756	$ 955	$ 2,235	$ 2,717
Purchases	2,842	3,667	8,770	9,534
Operating expenses and selling, general and administrative expenses	$ 8	$ 12	$ 25	$ 44

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Analysis of results by operating segment
Sales and other operating revenues	$ 27,218	$ 29,788	$ 78,168	$ 82,363
Consolidated income before income taxes	943	1,975	3,112	4,527
Analysis of results of assets by operating segment
Total Assets	58,741		58,741		$ 54,302
Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,120	1,763	3,682	4,679
Consolidated income before income taxes	(460)	284	279	802
Analysis of results of assets by operating segment
Total Assets	15,209		15,209		14,329
Chemicals
Analysis of results by operating segment
Consolidated income before income taxes	227	263	729	873
Analysis of results of assets by operating segment
Total Assets	6,269		6,269		6,235
Refining
Analysis of results by operating segment
Sales and other operating revenues	8,139	9,142	22,831	24,680
Consolidated income before income taxes	856	1,232	1,641	2,534
Analysis of results of assets by operating segment
Total Assets	25,280		25,280		23,230
Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	17,951	18,875	51,631	52,979
Consolidated income before income taxes	498	423	1,056	968
Analysis of results of assets by operating segment
Total Assets	8,338		8,338		6,572
Operating Segments | Midstream
Analysis of results by operating segment
Sales and other operating revenues	1,602	2,287	5,208	6,234
Operating Segments | Chemicals
Analysis of results by operating segment
Sales and other operating revenues	1	1	3	4
Operating Segments | Refining
Analysis of results by operating segment
Sales and other operating revenues	19,591	21,949	56,839	61,707
Operating Segments | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	18,535	19,332	53,464	54,471
Intersegment eliminations | Midstream
Analysis of results by operating segment
Sales and other operating revenues	(482)	(524)	(1,526)	(1,555)
Intersegment eliminations | Refining
Analysis of results by operating segment
Sales and other operating revenues	(11,452)	(12,807)	(34,008)	(37,027)
Intersegment eliminations | Marketing and Specialties
Analysis of results by operating segment
Sales and other operating revenues	(584)	(457)	(1,833)	(1,492)
Corporate and Other
Analysis of results by operating segment
Sales and other operating revenues	7	7	21	21
Consolidated income before income taxes	(178)	$ (227)	(593)	$ (650)
Analysis of results of assets by operating segment
Total Assets	$ 3,645		$ 3,645		$ 3,936

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate, percent	16.00%		21.00%	18.00%	21.00%
Income tax benefit related with one-time deemed repatriation tax on foreign-source earnings		$ 45
Statutory income tax rate	21.00%			21.00%

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) - USD ($) $ in Millions	Aug. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Other				$ 282	$ (79)
Partners capital restructuring transaction		$ (98)		(98)
Restructuring Transaction on Partner's Capital Accounts
Subsidiary or Equity Method Investee [Line Items]
Increase in deferred income taxes	$ 91
Transaction costs included in liability	$ 7
Common Units | At The Market Offering Program | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, public sale of units net of offering costs		$ 91	$ 47	$ 133	$ 114
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage				25.00%
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage				75.00%
General partnership interest in Phillips 66 Partners, percentage	2.00%
Percentage of ownership		75.00%		75.00%
Phillips 66 Partners LP | Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Ownership interest (in shares)		13,800,000		13,800,000
Phillips 66 Partners LP | Common Units | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Shares, issued (in shares)	101,000,000
Ownership interest (in shares)		170,000,000		170,000,000
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Other				$ 341
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership						35.00%
Noncontrolling Interest [Member]
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction		$ (373)		(373)
Noncontrolling Interest [Member] | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction				$ 373

Phillips 66 Partners LP (Schedu

Phillips 66 Partners LP (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,268	$ 3,019
Net properties, plants and equipment	22,954	22,018
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	655	1
Equity investments	2,921	2,448
Net properties, plants and equipment	3,258	3,052
Short-term debt	325	50
Long-term debt	$ 3,490	$ 2,998

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019
Phillips 66 Company
Condensed Financial Statements, Captions [Line Items]
Ownership interest percentage	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and Other Income
Sales and other operating revenues	$ 27,218	$ 29,788	$ 78,168	$ 82,363
Equity in earnings of affiliates	499	779	1,663	1,946
Net gain on dispositions	18	1	19	18
Other income	36	24	97	47
Total Revenues and Other Income	27,771	30,592	79,947	84,374
Costs and Expenses
Purchased crude oil and products	23,806	26,385	69,415	73,270
Operating expenses	1,206	1,206	3,678	3,595
Selling, general and administrative expenses	416	440	1,190	1,258
Depreciation and amortization	336	346	1,001	1,019
Impairments	853	1	856	7
Taxes other than income taxes	105	109	330	328
Accretion on discounted liabilities	6	5	17	17
Interest and debt expense	109	125	343	383
Foreign currency transaction gains (losses)	(9)	0	5	(30)
Total Costs and Expenses	26,828	28,617	76,835	79,847
Income before income taxes	943	1,975	3,112	4,527
Income tax expense (benefit)	150	407	545	970
Net Income	793	1,568	2,567	3,557
Less: net income attributable to noncontrolling interests	81	76	227	202
Net Income Attributable to Phillips 66	712	1,492	2,340	3,355
Comprehensive Income (Loss)	689	1,609	2,477	3,535
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and other operating revenues	0	0	0	0
Equity in earnings of affiliates	781	1,573	2,557	3,600
Net gain on dispositions	0	0	0	0
Other income	0	0	0	0
Total Revenues and Other Income	781	1,573	2,557	3,600
Costs and Expenses
Purchased crude oil and products	0	0	0	0
Operating expenses	0	0	0	0
Selling, general and administrative expenses	1	2	5	6
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	85	100	267	304
Foreign currency transaction gains (losses)	0		0	0
Total Costs and Expenses	86	102	272	310
Income before income taxes	695	1,471	2,285	3,290
Income tax expense (benefit)	(17)	(21)	(55)	(65)
Net Income	712	1,492	2,340	3,355
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	712	1,492	2,340	3,355
Comprehensive Income (Loss)	608	1,533	2,250	3,333
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and other operating revenues	20,947	22,866	60,060	63,703
Equity in earnings of affiliates	214	1,160	1,645	2,638
Net gain on dispositions	1	0	1	7
Other income	25	23	67	25
Total Revenues and Other Income	22,024	25,140	64,493	68,829
Costs and Expenses
Purchased crude oil and products	19,383	21,656	56,648	59,724
Operating expenses	959	946	2,876	2,771
Selling, general and administrative expenses	324	338	898	966
Depreciation and amortization	230	232	686	691
Impairments	0	1	1	2
Taxes other than income taxes	77	84	242	248
Accretion on discounted liabilities	4	4	13	13
Interest and debt expense	35	36	108	108
Foreign currency transaction gains (losses)	0		0	0
Total Costs and Expenses	21,012	23,297	61,472	64,523
Income before income taxes	1,012	1,843	3,021	4,306
Income tax expense (benefit)	231	270	464	706
Net Income	781	1,573	2,557	3,600
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	781	1,573	2,557	3,600
Comprehensive Income (Loss)	677	1,614	2,467	3,578
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	6,271	6,922	18,108	18,660
Equity in earnings of affiliates	147	186	514	566
Net gain on dispositions	17	1	18	11
Other income	11	1	30	22
Total Revenues and Other Income	10,150	11,481	29,684	30,645
Costs and Expenses
Purchased crude oil and products	8,866	10,095	26,202	27,113
Operating expenses	264	280	861	875
Selling, general and administrative expenses	94	103	295	294
Depreciation and amortization	106	114	315	328
Impairments	853	0	855	5
Taxes other than income taxes	28	25	88	80
Accretion on discounted liabilities	2	1	4	4
Interest and debt expense	67	62	200	187
Foreign currency transaction gains (losses)	(9)		5	(30)
Total Costs and Expenses	10,271	10,680	28,825	28,856
Income before income taxes	(121)	801	859	1,789
Income tax expense (benefit)	(64)	158	136	329
Net Income	(57)	643	723	1,460
Less: net income attributable to noncontrolling interests	81	76	227	202
Net Income Attributable to Phillips 66	(138)	567	496	1,258
Comprehensive Income (Loss)	(170)	635	615	1,357
Consolidating Adjustments
Revenues and Other Income
Sales and other operating revenues	(4,541)	(5,462)	(13,734)	(13,842)
Equity in earnings of affiliates	(643)	(2,140)	(3,053)	(4,858)
Net gain on dispositions	0	0	0	0
Other income	0	0	0	0
Total Revenues and Other Income	(5,184)	(7,602)	(16,787)	(18,700)
Costs and Expenses
Purchased crude oil and products	(4,443)	(5,366)	(13,435)	(13,567)
Operating expenses	(17)	(20)	(59)	(51)
Selling, general and administrative expenses	(3)	(3)	(8)	(8)
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	(78)	(73)	(232)	(216)
Foreign currency transaction gains (losses)	0		0	0
Total Costs and Expenses	(4,541)	(5,462)	(13,734)	(13,842)
Income before income taxes	(643)	(2,140)	(3,053)	(4,858)
Income tax expense (benefit)	0	0	0	0
Net Income	(643)	(2,140)	(3,053)	(4,858)
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income Attributable to Phillips 66	(643)	(2,140)	(3,053)	(4,858)
Comprehensive Income (Loss)	(426)	(2,173)	(2,855)	(4,733)
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	837	1,091	2,720	2,456
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and other operating revenues	$ 3,704	$ 4,371	$ 11,014	$ 11,386

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 2,268	$ 3,019
Accounts and notes receivable	7,086	6,173
Inventories	5,521	3,543
Prepaid expenses and other current assets	742	474
Total Current Assets	15,617	13,209
Investments and long-term receivables	14,147	14,421
Net properties, plants and equipment	22,954	22,018
Goodwill	3,270	3,270
Intangibles	872	869
Other assets	1,881	515
Total Assets	58,741	54,302
Liabilities and Equity
Accounts payable	8,373	6,586
Short-term debt	842	67
Accrued income and other taxes	1,128	1,116
Employee benefit obligations	624	724
Other accruals	1,116	442
Total Current Liabilities	12,083	8,935
Long-term debt	11,083	11,093
Asset retirement obligations and accrued environmental costs	617	624
Deferred income taxes	5,503	5,275
Employee benefit obligations	905	867
Other liabilities and deferred credits	1,458	355
Total Liabilities	31,649	27,149
Common stock	3,998	4,856
Retained earnings	21,730	20,489
Accumulated other comprehensive loss	(871)	(692)
Noncontrolling interests	2,235	2,500
Total Liabilities and Equity	58,741	54,302
Reportable Legal Entities | Phillips 66
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	0	9
Inventories	0	0
Prepaid expenses and other current assets	0	2
Total Current Assets	0	11
Investments and long-term receivables	33,126	32,712
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	12	9
Total Assets	33,138	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	133	66
Total Current Liabilities	633	66
Long-term debt	7,433	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	185	55
Total Liabilities	8,251	8,050
Common stock	3,998	4,856
Retained earnings	21,760	20,518
Accumulated other comprehensive loss	(871)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	33,138	32,732
Reportable Legal Entities | Phillips 66 Company
Assets
Cash and cash equivalents	576	1,648
Accounts and notes receivable	5,316	4,255
Inventories	3,673	2,489
Prepaid expenses and other current assets	525	373
Total Current Assets	10,090	8,765
Investments and long-term receivables	24,034	22,799
Net properties, plants and equipment	13,350	13,218
Goodwill	2,853	2,853
Intangibles	732	726
Other assets	5,882	335
Total Assets	56,941	48,696
Liabilities and Equity
Accounts payable	6,944	5,415
Short-term debt	11	11
Accrued income and other taxes	672	458
Employee benefit obligations	569	663
Other accruals	1,310	227
Total Current Liabilities	9,506	6,774
Long-term debt	55	54
Asset retirement obligations and accrued environmental costs	453	458
Deferred income taxes	3,761	3,541
Employee benefit obligations	725	676
Other liabilities and deferred credits	9,448	4,611
Total Liabilities	23,948	16,114
Common stock	25,802	24,960
Retained earnings	8,062	8,314
Accumulated other comprehensive loss	(871)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	56,941	48,696
Reportable Legal Entities | All Other Subsidiaries
Assets
Cash and cash equivalents	1,692	1,371
Accounts and notes receivable	4,106	3,202
Inventories	1,848	1,054
Prepaid expenses and other current assets	217	99
Total Current Assets	7,863	5,726
Investments and long-term receivables	9,884	9,829
Net properties, plants and equipment	9,604	8,800
Goodwill	417	417
Intangibles	140	143
Other assets	729	173
Total Assets	28,637	25,088
Liabilities and Equity
Accounts payable	3,765	2,464
Short-term debt	331	56
Accrued income and other taxes	456	658
Employee benefit obligations	55	61
Other accruals	262	149
Total Current Liabilities	4,869	3,388
Long-term debt	3,595	3,111
Asset retirement obligations and accrued environmental costs	164	166
Deferred income taxes	1,743	1,735
Employee benefit obligations	180	191
Other liabilities and deferred credits	5,351	4,287
Total Liabilities	15,902	12,878
Common stock	9,239	8,754
Retained earnings	1,662	1,249
Accumulated other comprehensive loss	(401)	(293)
Noncontrolling interests	2,235	2,500
Total Liabilities and Equity	28,637	25,088
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(2,336)	(1,293)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(2,336)	(1,293)
Investments and long-term receivables	(52,897)	(50,919)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(4,742)	(2)
Total Assets	(59,975)	(52,214)
Liabilities and Equity
Accounts payable	(2,336)	(1,293)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	(589)	0
Total Current Liabilities	(2,925)	(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	(13,526)	(8,598)
Total Liabilities	(16,452)	(9,893)
Common stock	(35,041)	(33,714)
Retained earnings	(9,754)	(9,592)
Accumulated other comprehensive loss	1,272	985
Noncontrolling interests	0	0
Total Liabilities and Equity	$ (59,975)	$ (52,214)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
		Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities			$ 3,114	$ 3,434
Cash Flows From Investing Activities
Capital expenditures and investments			(2,595)	(1,645)
Proceeds from asset dispositions	[1]		139	39
Intercompany lending activities			0	0
Advances/loans—related parties			(95)	(1)
Collection of advances/loans—related parties			95	0
Other			24	67
Net Cash Used in Investing Activities			(2,432)	(1,540)
Cash Flows From Financing Activities
Issuance of debt			1,758	1,594
Repayment of debt			(1,004)	(374)
Issuance of common stock			15	39
Repurchase of common stock		$ (3,280)	(1,238)	(4,148)
Dividends paid on common stock			(1,172)	(1,069)
Distributions to noncontrolling interests			(176)	(146)
Net proceeds from issuance of Phillips 66 Partners LP common units			133	114
Other			282	(79)
Net Cash Used in Financing Activities			(1,402)	(4,069)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(31)	(20)
Net Change in Cash and Cash Equivalents			(751)	(2,195)
Cash and cash equivalents at beginning of period			3,019	3,119
Cash and Cash Equivalents at End of Period			2,268	924
Reportable Legal Entities | Phillips 66
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities			(143)	3,094
Cash Flows From Investing Activities
Capital expenditures and investments			0	0
Proceeds from asset dispositions			0	0
Intercompany lending activities			2,587	904
Advances/loans—related parties			0	0
Collection of advances/loans—related parties			0
Other			0	0
Net Cash Used in Investing Activities			2,587	904
Cash Flows From Financing Activities
Issuance of debt			0	1,509
Repayment of debt			0	(250)
Issuance of common stock			15	39
Repurchase of common stock			(1,238)	(4,148)
Dividends paid on common stock			(1,172)	(1,069)
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			(49)	(79)
Net Cash Used in Financing Activities			(2,444)	(3,998)
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
Reportable Legal Entities | Phillips 66 Company
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities			1,645	3,070
Cash Flows From Investing Activities
Capital expenditures and investments			(803)	(633)
Proceeds from asset dispositions			352	328
Intercompany lending activities			(2,245)	(510)
Advances/loans—related parties			0	(1)
Collection of advances/loans—related parties			0
Other			(3)	(6)
Net Cash Used in Investing Activities			(2,699)	(822)
Cash Flows From Financing Activities
Issuance of debt			0	0
Repayment of debt			(14)	(9)
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			(4)	0
Net Cash Used in Financing Activities			(18)	(3,183)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0
Net Change in Cash and Cash Equivalents			(1,072)	(935)
Cash and cash equivalents at beginning of period			1,648	1,411
Cash and Cash Equivalents at End of Period			576	476
Reportable Legal Entities | All Other Subsidiaries
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities			1,730	1,425
Cash Flows From Investing Activities
Capital expenditures and investments			(1,792)	(1,012)
Proceeds from asset dispositions			137	36
Intercompany lending activities			(342)	(394)
Advances/loans—related parties			(95)	0
Collection of advances/loans—related parties			95
Other			27	73
Net Cash Used in Investing Activities			(1,970)	(1,297)
Cash Flows From Financing Activities
Issuance of debt			1,758	85
Repayment of debt			(990)	(115)
Issuance of common stock			0	0
Repurchase of common stock			0	0
Dividends paid on common stock			(118)	(981)
Distributions to noncontrolling interests			(176)	(146)
Net proceeds from issuance of Phillips 66 Partners LP common units			133	114
Other			(15)	(325)
Net Cash Used in Financing Activities			592	(1,368)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(31)	(20)
Net Change in Cash and Cash Equivalents			321	(1,260)
Cash and cash equivalents at beginning of period			1,371	1,708
Cash and Cash Equivalents at End of Period			1,692	448
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities			(118)	(4,155)
Cash Flows From Investing Activities
Capital expenditures and investments			0	0
Proceeds from asset dispositions			(350)	(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			(350)	(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	4,155
Distributions to noncontrolling interests			0	0
Net proceeds from issuance of Phillips 66 Partners LP common units			0	0
Other			350	325
Net Cash Used in Financing Activities			468	4,480
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
[1]	Includes return of investments in equity affiliates.

Uncategorized Items - psx-20199

Label	Element	Value
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	13,000,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (89,000,000)