Phillips 66 (PSX) 10-K 21 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 41.9
Entity Common Stock, Shares Outstanding		439,445,842
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 6, 2020 (Part III).
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Revenues and Other Income
Sales and other operating revenues	$ 102,354
Equity in earnings of affiliates	1,732
Net gain on dispositions	15
Other income	521
Total Revenues and Other Income	104,622
Costs and Expenses
Purchased crude oil and products	79,409
Operating expenses	4,699
Selling, general and administrative expenses	1,695
Depreciation and amortization	1,318
Impairments	24
Taxes other than income taxes	13,462
Accretion on discounted liabilities	22
Interest and debt expense	438
Foreign currency transaction (gains) losses	0
Total Costs and Expenses	101,067
Income before income taxes	3,555
Income tax expense (benefit)	(1,693)
Net Income	5,248
Less: net income attributable to noncontrolling interests	142
Net Income Attributable to Phillips 66	$ 5,106
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in dollars per share) | $ / shares	$ 9.90
Diluted (in dollars per share) | $ / shares	$ 9.85
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares) | shares	515,090
Diluted (in shares) | shares	518,508
Includes excise taxes on sales of refined petroleum products for the year ended December 31, 2017, prior to the adoption of Accounting Standards Update No. 2014-09 on January 1, 2018:	$ 13,054

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 3,377	$ 5,873	$ 5,248
Defined benefit plans
Net actuarial loss arising during the period	(156)	(16)	(1)
Prior service credit arising during the period	2	0	0
Amortization to income of net actuarial loss, net prior service cost (credit) and settlements	63	148	176
Curtailment gain	0	5	0
Plans sponsored by equity affiliates	(21)	22	10
Income taxes on defined benefit plans	21	(33)	(70)
Defined benefit plans, net of income taxes	(91)	126	115
Foreign currency translation adjustments	94	(205)	268
Income taxes on foreign currency translation adjustments	1	3	(9)
Foreign currency translation adjustments, net of income taxes	95	(202)	259
Cash flow hedges	(15)	1
Cash flow hedges			6
Income taxes on hedging activities	(4)	0
Income taxes on hedging activities			2
Hedging activities, net of income taxes	(11)	1
Hedging activities, net of income taxes			4
Other Comprehensive Income (Loss), Net of Income Taxes	(7)	(75)	378
Comprehensive Income	3,370	5,798	5,626
Less: comprehensive income attributable to noncontrolling interests	301	278	142
Comprehensive Income Attributable to Phillips 66	$ 3,069	$ 5,520	$ 5,484

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,614	$ 3,019
Accounts and notes receivable (net of allowances of $41 million in 2019 and $22 million in 2018)	7,376	5,414
Accounts and notes receivable—related parties	1,134	759
Inventories	3,776	3,543
Prepaid expenses and other current assets	495	474
Total Current Assets	14,395	13,209
Investments and long-term receivables	14,571	14,421
Net properties, plants and equipment	23,786
Net properties, plants and equipment		22,018
Goodwill	3,270	3,270
Intangibles	869	869
Other assets	1,829	515
Total Assets	58,720	54,302
Liabilities
Accounts payable	8,043	6,113
Accounts payable—related parties	532	473
Short-term debt	547	67
Accrued income and other taxes	979	1,116
Employee benefit obligations	710	724
Other accruals	835	442
Total Current Liabilities	11,646	8,935
Long-term debt	11,216	11,093
Asset retirement obligations and accrued environmental costs	638	624
Deferred income taxes	5,553	5,275
Employee benefit obligations	1,044	867
Other liabilities and deferred credits	1,454	355
Total Liabilities	31,551	27,149
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2019—647,416,633 shares; 2018—645,691,761 shares)	6	6
Capital in excess of par	20,301	19,873
Treasury stock (at cost: 2019—206,390,806 shares; 2018—189,526,331 shares)	(16,673)	(15,023)
Retained earnings	22,064	20,489
Accumulated other comprehensive loss	(788)	(692)
Total Stockholders’ Equity	24,910	24,653
Noncontrolling interests	2,259	2,500
Total Equity	27,169	27,153
Total Liabilities and Equity	$ 58,720	$ 54,302

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 41	$ 22
Common Stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common Stock, Par Value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares issued (in shares)	647,416,633	645,691,761
Treasury Stock, shares repurchased (in shares)	206,390,806	189,526,331

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities
Net Income		$ 3,377	$ 5,873	$ 5,248
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		1,341	1,356	1,318
Impairments		861	8	24
Accretion on discounted liabilities		23	23	22
Deferred income taxes		183	252	(1,886)
Undistributed equity earnings		(143)	221	(516)
Net gain on dispositions		(20)	(19)	(15)
Gain on consolidation of business		0	0	(423)
Other		16	132	(186)
Working capital adjustments
Accounts and notes receivable		(2,308)	1,320	(1,182)
Inventories		(204)	(202)	(176)
Prepaid expenses and other current assets		(14)	(113)	104
Accounts payable		1,941	(1,546)	1,153
Taxes and other accruals		(245)	268	163
Net Cash Provided by Operating Activities		4,808	7,573	3,648
Cash Flows From Investing Activities
Capital expenditures and investments		(3,873)	(2,639)	(1,832)
Proceeds from asset dispositions	[1]	157	57	86
Advances/loans—related parties		(98)	(1)	(10)
Collection of advances/loans—related parties		95	0	326
Restricted cash received from consolidation of business		0	0	318
Other		31	112	(34)
Net Cash Provided by (Used in) Investing Activities		(3,688)	(2,471)	(1,146)
Cash Flows From Financing Activities
Issuance of debt		1,783	2,184	3,508
Repayment of debt		(1,307)	(1,144)	(3,678)
Issuance of common stock		32	39	35
Repurchase of common stock		(1,650)	(4,645)	(1,590)
Dividends paid on common stock		(1,570)	(1,436)	(1,395)
Distributions to noncontrolling interests		(241)	(207)	(120)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units		173	128	1,205
Other		269	(86)	(76)
Net Cash Provided by (Used in) Financing Activities		(2,511)	(5,167)	(2,111)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(14)	(35)	17
Net Change in Cash, Cash Equivalents and Restricted Cash		(1,405)	(100)	408
Cash, cash equivalents and restricted cash at beginning of year		3,019	3,119	2,711
Cash, Cash Equivalents and Restricted Cash at End of Year		$ 1,614	$ 3,019	$ 3,119
[1]	Includes return of investments in equity affiliates.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests
Beginning Balance at Dec. 31, 2016	$ 23,725	$ 6	$ 19,559	$ (8,788)	$ 12,608	$ (995)	$ 1,335
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,248				5,106		142
Other comprehensive income (loss)	378					378
Dividends paid on common stock	(1,395)				(1,395)
Repurchase of common stock	(1,590)			(1,590)
Benefit plan activity	59		72		(13)
Issuance of Phillips 66 Partners LP common units	1,123		137				986
Distributions to noncontrolling interests	(120)						(120)
Ending Balance at Dec. 31, 2017	$ 27,428	6	19,768	(10,378)	16,306	(617)	2,343
Beginning Balance, Common shares (in shares) at Dec. 31, 2016	641,594,000
Beginning Balance, Treasury stock (in shares) at Dec. 31, 2016	122,827,000
Stockholders' Equity, Shares [Roll Forward]
Shares issued—share-based compensation (in shares)	2,241,000
Repurchase of common stock (in shares)	18,738,000
Ending Balance, Common shares (in shares) at Dec. 31, 2017	643,835,000
Ending Balance, Treasury stock (in shares) at Dec. 31, 2017	141,565,000
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 2.73
Net income	$ 5,873				5,595		278
Other comprehensive income (loss)	(75)					(75)
Dividends paid on common stock	(1,436)				(1,436)
Repurchase of common stock	(4,645)			(4,645)
Benefit plan activity	51		63		(12)
Issuance of Phillips 66 Partners LP common units	115		42				73
Distributions to noncontrolling interests	(207)						(207)
Ending Balance at Dec. 31, 2018	$ 27,153	6	19,873	(15,023)	20,489	(692)	2,500
Stockholders' Equity, Shares [Roll Forward]
Shares issued—share-based compensation (in shares)	1,857,000
Repurchase of common stock (in shares)	47,961,000
Ending Balance, Common shares (in shares) at Dec. 31, 2018	645,691,761
Ending Balance, Treasury stock (in shares) at Dec. 31, 2018	189,526,331
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.10
Net income	$ 3,377				3,076		301
Other comprehensive income (loss)	(7)					(7)
Dividends paid on common stock	(1,570)				(1,570)
Repurchase of common stock	(1,650)			(1,650)
Benefit plan activity	73		85		(12)
Issuance of Phillips 66 Partners LP common units	141		68				73
Impacts from Phillips 66 Partners LP GP/IDR restructuring transaction	(98)		275				(373)
Distributions to noncontrolling interests	(241)						(241)
Ending Balance at Dec. 31, 2019	$ 27,169	$ 6	$ 20,301	$ (16,673)	$ 22,064	$ (788)	$ 2,259
Stockholders' Equity, Shares [Roll Forward]
Shares issued—share-based compensation (in shares)	1,725,000
Repurchase of common stock (in shares)	16,865,000
Ending Balance, Common shares (in shares) at Dec. 31, 2019	647,416,633
Ending Balance, Treasury stock (in shares) at Dec. 31, 2019	206,390,806
Dividends, Common Stock [Abstract]
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.50

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies • Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP , for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion on our significant nonconsolidated VIEs. • Recast Financial Information —Certain prior period financial information has been recast to reflect the current year’s presentation. • Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. • Foreign Currency Translation —Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency. • Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest. • Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method. • Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. • Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings. • Loans and Long-Term Receivables —We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment. • Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. • Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). • Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset. • Impairment of Properties, Plants and Equipment —PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future pre-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are available (for example, at a refinery complex level). Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions including similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. • Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain (loss) on dispositions” line item on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. • Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill loss cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining, and Marketing and Specialties. • Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. • Asset Retirement Obligations and Environmental Costs —The fair values of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligations arise. When the liabilities are initially recorded, we capitalize these costs by increasing the carrying amount of the related PP&E. Over time, the liabilities are increased for the change in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liabilities and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures. • Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. • Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet. • Revenue Recognition —Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line item on our consolidated statement of income (i.e., these transactions are recorded net). • Taxes Collected from Customers and Remitted to Governmental Authorities —Effective for reporting periods ending after our adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” on January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined petroleum products payable to governmental authorities in the “Taxes other than income taxes” line item on our consolidated statement of income. For reporting periods ending prior to January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented in the “Sales and other operating revenues” line item on our consolidated statement of income, and excise taxes on sales of refined petroleum products payable to governmental authorities are presented in the “Taxes other than income taxes” line item on our consolidated statement of income. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line item on our consolidated statement of income. • Shipping and Handling Costs —We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.” • Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. • Share-Based Compensation —We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. • Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in interest expense, and penalties in operating expenses or selling, general and administrative expenses.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2019, we elected to adopt 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, reflecting an aggregate operating lease ROU asset and corresponding lease liability of $1,415 million and immaterial adjustments to retained earnings and noncontrolling interests, on our opening consolidated balance sheet as of January 1, 2019. See Note 18—Leases , for the new lease disclosures required by this ASU.

Sales and Other Operating Reven

Sales and Other Operating Revenues	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars 2019 2018 2017* Product Line and Services Refined petroleum products $ 87,902 87,967 85,405 Crude oil resales 14,125 16,419 11,808 NGL 4,814 6,161 4,670 Services and other** 452 914 471 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 Geographic Location*** United States $ 83,512 86,401 75,684 United Kingdom 9,863 11,054 10,626 Germany 4,053 4,352 6,692 Other foreign countries 9,865 9,654 9,352 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 * Sales and other operating revenues for the year ended December 31, 2017, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. ** Includes derivatives-related activities. See Note 15—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 December 31, 2019 and 2018 , receivables from contracts with customers were $6,902 million and $4,993 million , respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At December 31, 2019 and 2018 , our asset balances related to such payments were $336 million and $248 million , respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At December 31, 2019 and 2018 , contract liabilities were no t material. Remaining Performance Obligations Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing, which mostly expire by 2021. At December 31, 2019 , the remaining performance obligations related to these minimum volume commitment contracts were no t material.

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil and 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 reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. At December 31, 2019 , we reported $8,510 million of accounts and notes receivable, net of allowances of $41 million . Changes in the allowance were not material for the year ended December 31, 2019 . Based on an aging analysis at December 31, 2019 , 99% of our accounts receivable were outstanding less than 60 days. We are also exposed to credit losses from off-balance sheet exposures, such as guarantees of joint venture debt and standby letters of credit. See Note 13—Guarantees , and Note 14—Contingencies and Commitments , for more information on these off-balance sheet exposures.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2019 2018 Crude oil and petroleum products $ 3,452 3,238 Materials and supplies 324 305 $ 3,776 3,543 Inventories valued on the LIFO basis totaled $3,331 million and $3,123 million at December 31, 2019 and 2018 , respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $4.3 billion and $2.9 billion at December 31, 2019 and 2018 , respectively. LIFO inventory liquidations did no t have a material impact on net income for the years ended December 31, 2019, 2018 and 2017.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations Merey Sweeny LLC, successor to Merey Sweeny, L.P. (both referred to herein as Merey Sweeny), owns a delayed coker and related facilities at the Sweeny Refinery. In February 2017, we began accounting for Merey Sweeny as a consolidated subsidiary because the exercise of a call right triggered by certain defaults by the co-venturer, Petróleos de Venezuela S.A. (PDVSA), with respect to supply of crude oil to the Sweeny Refinery ceased to be subject to legal challenge. The purchase price for PDVSA’s 50% ownership interest was determined by a contractual formula. As the distributions PDVSA received from Merey Sweeny exceeded the amounts it contributed to Merey Sweeny, the contractual formula required no cash consideration for the acquisition. Based on a third-party appraisal of the fair value of Merey Sweeny’s net assets, utilizing discounted cash flows and replacement costs, the acquisition of PDVSA’s 50% interest resulted in the recognition of a pre-tax gain of $423 million in the first quarter of 2017. This gain was included in the “Other income” line item on our consolidated statement of income. The fair value of our original equity interest in Merey Sweeny immediately prior to the deemed acquisition was $145 million . As a result of the transaction, we recorded $318 million of restricted cash, $250 million of PP&E and $238 million of debt, as well as a net $93 million for the elimination of our equity investment in Merey Sweeny and net intercompany payables. The restrictions on cash were fully removed in May 2017. Our acquisition accounting was finalized in the first quarter of 2017. The results of Merey Sweeny were included in our Refining segment until October 2017, when we contributed our 100% interest in Merey Sweeny to Phillips 66 Partners LP (Phillips 66 Partners), which is included in our Midstream segment.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments and long-term receivables at December 31 were: Millions of Dollars 2019 2018 Equity investments $ 14,284 14,218 Other investments 130 106 Loans and long-term receivables 157 97 $ 14,571 14,421 Equity Investments Significant affiliated companies accounted for under the equity method, including nonconsolidated VIEs, at December 31, 2019 and 2018 , included: • Chevron Phillips Chemical Company LLC (CPChem) — 50 percent -owned joint venture that manufactures and markets petrochemicals and plastics. We have multiple supply and purchase agreements in place with CPChem, ranging in initial terms from one to 99 years, with extension options. These agreements cover sales and purchases of refined petroleum products, solvents, and petrochemical and NGL feedstocks, as well as fuel oils and gases. All products are purchased and sold under specified pricing formulas based on various published pricing indices. At December 31, 2019 and 2018 , the book value of our investment in CPChem was $6,229 million and $6,233 million , respectively. • WRB Refining LP (WRB) — 50 percent -owned joint venture that owns the Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. We have a basis difference for our investment in WRB because the carrying value of our investment is lower than our share of WRB’s recorded net assets. This basis difference was primarily the result of our contribution of these refineries to WRB. On the contribution closing date, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded our historical book value. The contribution-related basis difference is primarily being amortized and recognized as a benefit to equity earnings over a period of 26 years, which was the estimated remaining useful life of the refineries’ PP&E at the contribution closing date. At December 31, 2019, the aggregate remaining basis difference for this investment was $2,428 million . Equity earnings for the years ended December 31, 2019 , 2018 and 2017 , were increased by $182 million , $177 million and $186 million , respectively, due to the amortization of our aggregate basis difference. At December 31, 2019 and 2018 , the book value of our investment in WRB was $2,183 million and $2,108 million , respectively. • DCP Midstream, LLC (DCP Midstream) — 50 percent -owned joint venture that owns and operates NGL and gas pipelines, gas plants, gathering systems, storage facilities and fractionation plants, through its subsidiary DCP Midstream, LP (DCP Partners). DCP Midstream markets a portion of its NGL to us and our equity affiliates. At September 30, 2019, we estimated the fair value of our investment in DCP Midstream was below our book value, and we concluded the decline in fair value was not temporary due to the duration and magnitude of the decline. At that time, the fair value of our investment in DCP Midstream depended on the market value of DCP Midstream’s general partner interest in DCP Partners and the market value of DCP Partners’ common units. Accordingly, we recorded an $853 million impairment in the third quarter of 2019 . The impairment is included in the “Impairments” line item on our consolidated statement of income. See Note 16— Fair Value Measurements , for additional information on the techniques used to determine the fair value of our investment in DCP Midstream. The impairment resulted in a basis difference for our investment in DCP Midstream because the carrying value of our investment is lower than our share of DCP Midstream’s recorded net assets. The basis difference is being amortized and recognized as a benefit to equity earnings over a period of 22 years, which was the estimated remaining useful life of DCP Midstream’s PP&E at September 30, 2019. Equity earnings for the year ended December 31, 2019 , were increased by $10 million due to the amortization of the basis difference in the fourth quarter of 2019 . At December 31, 2019 , the aggregate remaining basis difference for this investment was $877 million . On November 6, 2019, DCP Partners completed a transaction to eliminate all general partner economic interests in DCP Partners and incentive distribution rights (IDRs) in exchange for 65 million newly issued DCP Partners common units. With completion of the transaction, DCP Midstream held a noneconomic general partner interest and approximately 118 million common units, representing approximately 57% of DCP Partners’ outstanding common units. At December 31, 2019 and 2018 , the book value of our investment in DCP Midstream was $1,374 million and $2,240 million , respectively. • Gray Oak Pipeline, LLC —Phillips 66 Partners’ consolidated subsidiary, Gray Oak Holdings LLC (Holdings LLC), owns a 65% interest in a joint venture formed to develop and construct the Gray Oak Pipeline system that will transport crude oil from the Permian and Eagle Ford to Texas Gulf Coast destinations that include Corpus Christi, the Sweeny area, including our Sweeny Refinery, as well as access to the Houston market. The pipeline system is expected to reach full service in the second quarter of 2020. In February 2019, Holdings LLC transferred a 10% ownership interest in Gray Oak Pipeline, LLC 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 Pipeline, LLC 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 item on our consolidated statement of cash flows. At December 31, 2019 , Phillips 66 Partners’ effective ownership interest in the Gray Oak Pipeline was 42.25% . See Note 27—Phillips 66 Partners LP , for additional information regarding Phillips 66 Partners’ ownership in Holdings LLC and Gray Oak Pipeline, LLC. Phillips 66 Partners accounts for the investment in Gray Oak Pipeline, LLC under the equity method because it does not have sufficient voting rights over key governance provisions to assert control over Gray Oak Pipeline, LLC. Gray Oak Pipeline, LLC is considered a VIE because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. Phillips 66 Partners has determined it is not the primary beneficiary because it and its co-venturers jointly direct the activities of Gray Oak Pipeline, LLC that most significantly impact Gray Oak Pipeline, LLC’s economic performance. In June 2019 , Gray Oak Pipeline, LLC entered into a third-party term loan facility with an initial borrowing capacity of $1,230 million , which was increased to $1,317 million in July 2019, and $1,379 million in January 2020, inclusive of accrued interest. 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 Pipeline, LLC up to the total outstanding loan amount. Under the agreement, Phillips 66 Partners’ maximum potential amount of future obligations is $583 million , plus any additional accrued interest and associated fees, which would be required if the term loan facility is fully utilized and Gray Oak Pipeline, LLC defaults on certain of its obligations thereunder. At December 31, 2019 , Gray Oak Pipeline, LLC had outstanding borrowings of $1,170 million , and Phillips 66 Partners’ 42.25% proportionate exposure under the equity contribution agreement was $494 million . The net proceeds from the term loan were used by Gray Oak Pipeline, LLC 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 Pipeline, LLC in June 2019. The total related party loan to and repayment from Gray Oak Pipeline, LLC was $95 million . These cash flows are included in the “Advances/loans—related parties” and “Collection of advances/loans—related parties” line items on our consolidated statement of cash flows. At December 31, 2019 , Phillips 66 Partners’ maximum exposure to loss was $1,253 million , which represented the book value of the investment in Gray Oak Pipeline, LLC of $759 million and the term loan guarantee of $494 million . At December 31, 2018, the book value of Phillips 66 Partners’ investment in Gray Oak Pipeline, LLC was $288 million . • DCP Sand Hills Pipeline, LLC (Sand Hills) —Phillips 66 Partners’ 33 percent -owned joint venture that owns an NGL pipeline system that extends from the Permian Basin and Eagle Ford to facilities on the Texas Gulf Coast and to the Mont Belvieu, Texas market hub. The Sand Hills Pipeline system is operated by DCP Partners. At December 31, 2019 and 2018 , the book value of Phillips 66 Partners’ investment in Sand Hills was $595 million and $601 million , respectively. • Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) — Two Phillips 66 Partners 25 percent -owned joint ventures. Dakota Access owns a pipeline system that transports crude oil from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCO owns a connecting crude oil pipeline system from Patoka, Illinois, to Nederland, Texas. These two pipeline systems collectively form the Bakken Pipeline system, which is operated by a co-venturer. The Bakken Pipeline system went into service in June 2017. In March 2019, a wholly owned subsidiary of Dakota Access closed on an offering of $2,500 million aggregate principal amount of unsecured senior notes. The net proceeds from the issuance of these notes were used to repay amounts outstanding under existing credit facilities of Dakota Access and ETCO. Dakota Access and ETCO have guaranteed repayment of the notes. In addition, Phillips 66 Partners 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 . At December 31, 2019 and 2018 , the aggregate book value of Phillips 66 Partners’ investments in Dakota Access and ETCO was $592 million and $608 million , respectively. • Rockies Express Pipeline LLC (REX) — 25 percent -owned joint venture that owns a natural gas pipeline system that extends from Wyoming and Colorado to Ohio with a bidirectional section that extends from Ohio to Illinois. The REX Pipeline system is operated by our co-venturer. In July 2018, we contributed $138 million to REX to cover our 25% share of a $550 million debt repayment. Our capital contribution was included in the “Capital expenditures and investments” line item on our consolidated statement of cash flows. We have a basis difference for our investment in REX because the carrying value of our investment is lower than our share of REX’s recorded net assets. This basis difference was created by historical impairment charges we recorded for this investment and is being amortized and recognized as a benefit to equity earnings over a period of 25 years, which was the estimated remaining useful life of REX’s PP&E when the impairment charges were recorded. At December 31, 2019, the remaining basis difference for this investment was $338 million . Equity earnings for each of the years ended December 31, 2019, 2018 and 2017, were increased by $19 million due to the amortization of our basis difference. At December 31, 2019 and 2018 , the book value of our investment in REX was $590 million and $600 million , respectively. • Bayou Bridge Pipeline, LLC (Bayou Bridge) —Phillips 66 Partners’ 40 percent -owned joint venture that owns a pipeline that transports crude oil from Nederland, Texas, to St. James, Louisiana. A segment of the pipeline from Lake Charles to St. James, Louisiana, was completed on April 1, 2019. The Bayou Bridge Pipeline is operated by our co-venturer. At December 31, 2019 and 2018 , the book value of Phillips 66 Partners’ investment in Bayou Bridge was $294 million and $277 million , respectively. • CF United LLC (United) —In the fourth quarter of 2019, we acquired a 50% voting interest and a 48% economic interest in United, a retail marketing joint venture with operations primarily on the U.S. West Coast. United is considered a VIE, because our co-venturer has an option to sell its interest to us based on a fixed multiple. The put option is viewed as a variable interest as the purchase price on the exercise date may not represent the then-current fair value of United. We have determined that we are not the primary beneficiary because we and our co-venturer jointly direct the activities of United that most significantly impact economic performance. At December 31, 2019 , our maximum exposure was comprised of our $265 million investment in United and any potential loss resulting from the put option. • DCP Southern Hills Pipeline, LLC (Southern Hills) —Phillips 66 Partners’ 33 percent -owned joint venture that owns an NGL pipeline system that extends from the Midcontinent region to the Mont Belvieu, Texas market hub. The Southern Hills Pipeline system is operated by DCP Partners. At December 31, 2019 and 2018 , the book value of Phillips 66 Partners’ investment in Southern Hills was $215 million and $206 million , respectively. • OnCue Holdings, LLC (OnCue) — 50 percent -owned joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue, and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At December 31, 2019 , our maximum exposure to loss was $144 million , which represented the book value of our investment in OnCue of $77 million and guaranteed debt obligations of $67 million . At December 31, 2018, the book value of our investment in OnCue was $69 million . • Liberty Pipeline LLC (Liberty) —We hold a 50% interest in a joint venture formed to develop and construct the Liberty Pipeline system which, upon completion, will transport crude oil from the Rockies and Bakken production areas to Cushing, Oklahoma. Liberty is supported by long-term shipper commitments, and service is expected in the first half of 2021. Liberty is considered a VIE because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of Liberty that most significantly impact economic performance. At December 31, 2019 , our maximum exposure to loss was $184 million , which represented the book value of our investment in Liberty of $33 million and a vendor guarantee of $151 million . • Red Oak Pipeline LLC (Red Oak) —We hold a 50% interest in a joint venture formed to develop and construct the Red Oak Pipeline system which, upon completion, will transport crude oil from Cushing, Oklahoma, and the Permian to multiple destinations along the Texas Gulf Coast, including Corpus Christi, Ingleside, Houston, and Beaumont, Texas. Red Oak is supported by long-term shipper commitments, and initial service is expected in the first half of 2021. Red Oak is considered a VIE because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of Red Oak that most significantly impact economic performance. At December 31, 2019 , our maximum exposure to loss was $23 million , which represented the book value of our investment in Red Oak of $20 million and a member loan of $3 million . Total distributions received from affiliates were $2,055 million , $2,942 million , and $1,270 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. In addition, at December 31, 2019 , retained earnings included approximately $2,360 million related to the undistributed earnings of affiliated companies. In 2017, we received payment of the $250 million outstanding sponsor loans to the Dakota Access and ETCO joint ventures. We also received payment of the $75 million partner loan we made to WRB in 2016. These cash inflows, totaling $325 million , are included in the “Collection of advances/loans—related parties” line item on our consolidated statement of cash flows. Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2019 2018 2017 Revenues $ 38,156 43,627 35,523 Income before income taxes 4,976 6,066 3,956 Net income 4,787 5,926 3,764 Current assets 6,654 6,791 7,325 Noncurrent assets 56,163 52,649 49,950 Current liabilities 6,094 8,047 5,248 Noncurrent liabilities 15,740 10,695 13,743 Noncontrolling interests 2,145 2,550 2,549

Properties, Plants and Equipmen

Properties, Plants and Equipment	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining and processing facilities are generally depreciated on a straight-line basis over a 25 -year life, pipeline assets over a 45 -year life and terminal assets over a 33 -year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2019 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 11,221 2,391 8,830 9,663 2,100 7,563 Chemicals — — — — — — Refining 23,692 10,336 13,356 22,640 9,531 13,109 Marketing and Specialties 1,847 959 888 1,671 926 745 Corporate and Other 1,311 599 712 1,223 622 601 $ 38,071 14,285 23,786 35,197 13,179 22,018

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2018 $ 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2018 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2019 $ 626 1,805 839 3,270 Intangible Assets The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2019 2018 Trade names and trademarks $ 503 503 Refinery air and operating permits 249 250 $ 752 753 The net book value of our amortized intangible assets was $117 million and $116 million at December 31, 2019 and 2018 , respectively. Acquisitions of amortized intangible assets were not material in 2019 and 2018 . For the years ended December 31, 2019 , 2018 and 2017 , amortization expense was $17 million , $14 million and $21 million , respectively, and is expected to be less than $20 million per year in future years.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2019 2018 Asset retirement obligations $ 280 261 Accrued environmental costs 441 447 Total asset retirement obligations and accrued environmental costs 721 708 Asset retirement obligations and accrued environmental costs due within one year* (83 ) (84 ) Long-term asset retirement obligations and accrued environmental costs $ 638 624 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset retirement obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. Our largest individual obligations involve asbestos abatement at refineries. During the years ended December 31, 2019 and 2018 , our overall asset retirement obligation changed as follows: Millions of Dollars 2019 2018 Balance at January 1 $ 261 268 Accretion of discount 10 10 Changes in estimates of existing obligations 31 3 Spending on existing obligations (22 ) (15 ) Foreign currency translation — (5 ) Balance at December 31 $ 280 261 Accrued Environmental Costs For the year ended December 31, 2019 , the $6 million decrease in total accrued environmental costs was due to payments and settlements during the year, which exceeded new accruals, accrual adjustments and accretion. Of our total accrued environmental costs at December 31, 2019 , $240 million was primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $147 million was associated with nonoperator sites; and $54 million was related to sites at which we have been named a potentially responsible party under federal or state laws. A large portion of our expected environmental expenditures have been discounted as these obligations were acquired in various business combinations. Expected expenditures for acquired environmental obligations were discounted using a weighted-average discount rate of approximately 5% . At December 31, 2019 , the accrued balance for acquired environmental liabilities was $246 million . The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $26 million in 2020 , $24 million in 2021 , $23 million in 2022 , $19 million in 2023 , $16 million in 2024 , and $206 million in the aggregate for all years after 2024 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. 2019 2018 2017 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 3,076 3,076 5,595 5,595 5,106 5,106 Income allocated to participating securities (6 ) (2 ) (6 ) — (6 ) — Net income available to common stockholders $ 3,070 3,074 5,589 5,595 5,100 5,106 Weighted-average common shares outstanding (thousands) : 448,787 451,364 467,483 470,708 511,268 515,090 Effect of share-based compensation 2,577 2,524 3,225 3,339 3,822 3,418 Weighted-average common shares outstanding—EPS 451,364 453,888 470,708 474,047 515,090 518,508 Earnings Per Share of Common Stock (dollars) $ 6.80 6.77 11.87 11.80 9.90 9.85

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Short-term and long-term debt at December 31 was: Millions of Dollars 2019 2018 Phillips 66 4.300% Senior Notes due April 2022 $ 2,000 2,000 3.900% Senior Notes due March 2028 800 800 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,700 Floating-rate notes due April 2020 at 2.751% and 3.186% at year-end 2019 and 2018, respectively 300 300 Term loan due April 2020 at 2.699% and 3.422% at year-end 2019 and 2018, respectively 200 200 Floating-rate Senior Notes due February 2021 at 2.517% and 3.289% at year-end 2019 and 2018, respectively 500 500 Floating-rate Advance Term Loan due December 2034 at 2.392%—related party 25 — Other 1 1 Phillips 66 Partners 2.646% Senior Notes due February 2020 — 300 2.450% Senior Notes due December 2024 300 — 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 3.150% Senior Notes due December 2029 600 — 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Tax-exempt bonds due April 2020 and April 2021 at 1.850% and 1.885% at year-end 2019 and 2018, respectively 75 75 Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 — 125 Debt at face value 11,576 11,076 Finance leases 277 184 Software obligations 10 — Net unamortized discounts and debt issuance costs (100 ) (100 ) Total debt 11,763 11,160 Short-term debt (547 ) (67 ) Long-term debt $ 11,216 11,093 Maturities of borrowings outstanding at December 31, 2019 , inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2020 through 2024 are $547 million , $568 million , $2,012 million , $17 million and $312 million , respectively. During the year ended December 31, 2019, our debt at face value increased $500 million due to: • Phillips 66 Partners’ issuance of $900 million of Senior Notes due December 2024 and December 2029. • Phillips 66 Partners’ repayment of the $300 million outstanding principal balance of its 2.646% Senior Notes due February 2020. • Phillips 66 Partners’ repayment of the $125 million outstanding under its revolving credit facility. • Borrowing of $25 million under our floating-rate Advance Term Loan due December 2034. 2019 Debt Issuances and Repayments On October 15, 2019, Phillips 66 Partners repaid the aggregate $300 million outstanding principal balance of its 2.646% Senior Notes due February 2020. On September 13, 2019, Phillips 66 Partners repaid the aggregate $400 million outstanding principal balance of the senior unsecured term loan facility that was drawn during the first half of 2019. 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 semiannually in arrears on June 15 and December 15 of each year, commencing on June 15, 2020. Net proceeds from the Senior Notes offering were used for the September 13, 2019 and October 15, 2019 debt repayments noted above and general business purposes. On March 22, 2019, Phillips 66 Partners entered into a senior unsecured term loan facility with a borrowing capacity of $400 million due March 20, 2020. Phillips 66 Partners borrowed an aggregate amount of $400 million under the facility during the first half of 2019. Net proceeds from the term loan facility were used for the repayment of the outstanding balance under the Phillips 66 Partners’ revolving credit facility and general business purposes. 2018 Debt Issuances and Repayments In December 2018, Phillips 66 repaid the $300 million floating-rate notes due April 2019. In June 2018, Phillips 66 repaid $250 million of the $450 million outstanding under its three-year term loan facility due April 2020. On March 1, 2018, Phillips 66 closed on a public offering of $1,500 million aggregate principal amount of unsecured notes consisting of: • $500 million of floating-rate Senior Notes due February 2021. Interest on these notes is equal to the three-month London Interbank Offered Rate (LIBOR) plus 0.60% per annum and is payable quarterly in arrears on February 26, May 26, August 26 and November 26, beginning on May 29, 2018. • $800 million of 3.900% Senior Notes due March 2028. Interest on these notes is payable semiannually on March 15 and September 15 of each year, beginning on September 15, 2018. • An additional $200 million of our 4.875% Senior Notes due November 2044. Interest on these notes is payable semiannually on May 15 and November 15 of each year, beginning on May 15, 2018. These notes are guaranteed by Phillips 66 Company, a wholly owned subsidiary. Phillips 66 used the net proceeds from the issuance of these notes and cash on hand to repay commercial paper borrowings during the three months ended March 31, 2018, and for general corporate purposes. The commercial paper borrowings during the three months ended March 31, 2018, were primarily used to repurchase shares of our common stock. See Note 17—Equity , for additional information. Credit Facilities and Commercial Paper Phillips 66 has a revolving credit facility that may be used for direct bank borrowings, as support for issuances of letters of credit, or as support for our commercial paper program. On July 30, 2019, this revolving credit agreement was amended and restated to extend 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. The facility is with a broad syndicate of financial institutions and contains covenants that are usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated net debt-to-capitalization ratio of 65% . The agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; violation of covenants; cross-payment default and cross-acceleration (in each case, to indebtedness in excess of a threshold amount); and a change of control. Borrowings under the facility will incur interest at the LIBOR plus a margin based on the credit rating of our senior unsecured long-term debt as determined from time to time by Standard & Poor’s Financial Services LLC and Moody’s Investors Service, Inc. The facility also provides for customary fees, including administrative agent fees and commitment fees. At December 31, 2019 and 2018 , no amount had been drawn under this revolving credit agreement. Phillips 66 has a $5 billion commercial paper program for short-term working capital needs that is supported by our revolving credit facility. Commercial paper maturities are generally limited to 90 days. At December 31, 2019 and 2018 , no borrowings were outstanding under the commercial paper program. At February 21, 2020, there was approximately $650 million in borrowings outstanding under the program. Phillips 66 Partners has a revolving credit facility with a broad syndicate of financial institutions. The revolving credit facility contains covenants that are usual and customary for an agreement of this type for comparable commercial borrowers. At Phillips 66 Partners’ option, outstanding borrowings under this facility bear interest at either i) the Eurodollar rate plus a margin based on its credit rating; or ii) the base rate (as described in the facility agreement) plus a margin based on its credit rating. Eurodollar rate borrowings are due on the facility’s termination date, while base rate borrowings are due the earlier of the facility’s termination date or the fourteenth business day after such borrowings were made. 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. At December 31, 2019 , Phillips 66 Partners had no borrowings outstanding under this facility; however, $1 million in letters of credit had been issued that were supported by this facility. There was $125 million outstanding under this facility at December 31, 2018 . We had approximately $5.7 billion and $5.6 billion of total committed capacity available under our revolving credit facilities at December 31, 2019 and 2018

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2019
Guarantees [Abstract]
Guarantees	Guarantees At December 31, 2019 , we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. Lease 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 December 31, 2019 . The operating lease term ends in June 2021 and provides us the option, at the end of the lease term, to request to renew the lease, purchase the facility or assist the lessor in marketing it for resale. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future payments totaling $372 million . These leases have remaining terms of up to four years . For the years ended December 31, 2019 , 2018 and 2017 , we recognized incremental operating lease rental expense of $1 million , $20 million and $45 million , respectively, for residual value deficiencies for certain aircraft and railcar leases based on third‑party appraisals of expected fair value at the end of the lease terms. The railcar leases were amended in November 2018 and October 2017 resulting in residual value deficiency settlement payments of $40 million and $53 million , respectively. At December 31, 2019 and 2018 , we did not have any liabilities recorded for residual value deficiencies under our railcar leases. Contingent Equity Contribution Undertaking In March 2019, Phillips 66 Partners and its co-venturers in Dakota Access provided a Contingent Equity Contribution Undertaking in conjunction with an unsecured senior notes offering. See Note 7—Investments, Loans and Long-Term Receivables , for additional information on Dakota Access. Guarantees of Joint Venture Obligations In June 2019 , Phillips 66 Partners issued a guarantee through an equity contribution agreement for 42.25% of Gray Oak Pipeline, LLC’s third-party term loan facility. See Note 7—Investments, Loans and Long-Term Receivables , for additional information on Gray Oak Pipeline, LLC. In addition, at December 31, 2019 , we had other guarantees outstanding for our portion of certain joint venture debt obligations and purchase obligations that have remaining terms of up to six years . The maximum potential amount of future payments to third parties under these guarantees was approximately $263 million . Payment would be required if a joint venture defaults on its obligations. Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to indemnification. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses and employee claims, as well as real estate indemnity against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At December 31, 2019 and 2018 , the carrying amount of recorded indemnifications was $153 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 the reversal. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. At December 31, 2019 and 2018 , environmental accruals for known contamination of $105 million and $101 million , respectively, were included in the carrying amount of the recorded indemnifications noted above. These environmental accruals were primarily included in the “Asset retirement obligations and accrued environmental costs” line item on our consolidated balance sheet. For additional information about environmental liabilities, see Note 14—Contingencies and Commitments . Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips (the Separation), we entered into the Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 21—Income Taxes , for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10—Asset Retirement Obligations and Accrued Environmental Costs , for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2019 , we had performance obligations secured by letters of credit and bank guarantees of $1,111 million related to various purchase and other commitments incident to the ordinary conduct of business. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. At December 31, 2019 , the estimated aggregate future payments under these agreements were $321 million per year for each year from 2020 through 2024 and $1,983 million in aggregate for all years after 2024 . For the years ended December 31, 2019 , 2018 and 2017 , total payments under these agreements were $321 million , $323 million and $323 million , respectively.

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Financial Instruments	Derivatives and Financial Instruments Derivative Instruments We use financial and commodity-based derivative contracts to manage exposures to fluctuations in commodity prices, interest rates and foreign currency exchange rates, or to capture market opportunities. Because we do not apply hedge accounting for commodity derivative contracts, all realized and unrealized gains and losses from commodity derivative contracts are recognized in our consolidated statement of income. Gains and losses from derivative contracts held for trading not directly related to our physical business are reported net in the “Other income” line item on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section on our consolidated statement of cash flows. Purchase and sales contracts with firm minimum notional volumes for commodities that are readily convertible to cash are recorded on our consolidated balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception, whereby the contracts are recorded on an accrual basis. We generally apply the normal purchases and normal sales exception to eligible crude oil, refined petroleum product, NGL, natural gas and power commodity contracts to purchase or sell quantities we expect to use or sell in the normal course of business. All other derivative instruments are recorded at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 16—Fair Value Measurements . Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined petroleum product, NGL, natural gas and electric power markets, exposing our revenues, purchases, cost of operating activities and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars December 31, 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 $ 23 — — 23 1,257 (1,070 ) (89 ) 98 Other assets 3 — — 3 2 — — 2 Liabilities Other accruals 1,188 (1,281 ) 80 (13 ) — (23 ) — (23 ) Other liabilities and deferred credits — (1 ) — (1 ) 5 (7 ) — (2 ) Total $ 1,214 (1,282 ) 80 12 1,264 (1,100 ) (89 ) 75 At December 31, 2019 and 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 2019 2018 2017 Sales and other operating revenues $ (150 ) 192 (247 ) Other income 33 (15 ) 27 Purchased crude oil and products (161 ) (64 ) (18 ) Net gain (loss) from commodity derivative activity $ (278 ) 113 (238 ) 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 nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98% at December 31, 2019 and 2018 . Open Position Long / (Short) 2019 2018 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (16 ) (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” line items on our consolidated balance sheet, totaled $1 million and $15 million at December 31, 2019 and 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 years ended December 31, 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 Financial instruments potentially exposed to concentrations of credit risk consist primarily of trade receivables and derivative contracts. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less . We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on a probability assessment of credit loss. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments or master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us to others to be offset against amounts owed to us. The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at December 31, 2019 and 2018 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: • Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. • Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. • Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the significance of its observable or unobservable inputs to the measurement. However, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. 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 nonexchange 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 midmarket pricing convention (the midpoint between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. We determine the fair value of our interest rate swaps based on observed market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 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 $ 820 368 — 1,188 (1,188 ) — — — Physical forward contracts — 26 — 26 — — — 26 Interest rate derivatives — 1 — 1 — — — 1 Rabbi trust assets 127 — — 127 N/A N/A — 127 $ 947 395 — 1,342 (1,188 ) — — 154 Commodity Derivative Liabilities Exchange-cleared instruments $ 884 385 — 1,269 (1,188 ) (80 ) — 1 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 12 — 12 — — — 12 Floating-rate debt — 1,100 — 1,100 N/A N/A — 1,100 Fixed-rate debt, excluding finance leases — 11,813 — 11,813 N/A N/A (1,438 ) 10,375 $ 884 13,311 — 14,195 (1,188 ) (80 ) (1,438 ) 11,489 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 finance 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 item, and floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” line items on our consolidated balance sheet. See Note 15—Derivatives and Financial Instruments , for information regarding where the assets and liabilities related to our commodity and interest rate derivatives are recorded on our consolidated balance sheet. Nonrecurring Fair Value Measurements The nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment in 2019 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 distributions from DCP Partners attributable to the IDRs, 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 7—Investments, Loans and Long-Term Receivables , for additional information on the impairment. For the year ended December 31, 2018

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued. Treasury Stock Since July 2012, our Board of Directors has, at various times, authorized repurchases of our outstanding common stock under our share repurchase programs. The shares are repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. We are not obligated to acquire any particular amount of common stock and may commence, suspend or discontinue purchases at any time or from time to time without prior notice. 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 . Since the inception of our share repurchase programs in 2012 through December 31, 2019 , we have repurchased a total of 153,968,191 shares at an aggregate cost of $12 billion . In February 2018, we entered into a Stock Purchase and Sale Agreement (Purchase Agreement) with Berkshire Hathaway Inc. and National Indemnity Company, a wholly owned subsidiary of Berkshire Hathaway, to repurchase 35,000,000 shares of Phillips 66 common stock for an aggregate purchase price of $3,280 million . Pursuant to the Purchase Agreement, the purchase price per share of $93.725 was based on the volume-weighted-average price of our common stock on the New York Stock Exchange on February 13, 2018. The transaction closed in February 2018. We funded the repurchase with cash of $1,880 million and borrowings of $1,400 million under our commercial paper program. These borrowings were subsequently refinanced through a public offering of senior notes. This specific share repurchase transaction was separately authorized by our Board of Directors and therefore did not impact previously announced authorizations under our share repurchase programs. In 2014, we completed the exchange of our flow improver business for shares of Phillips 66 common stock owned by the other party to the transaction. We received 17,422,615 shares of our common stock with a fair value at the time of the exchange of $1,350 million . This specific share repurchase transaction was also separately authorized by our Board of Directors and therefore did not impact previously announced authorizations under our share repurchase programs. Common Stock Dividends On February 5, 2020, our Board of Directors declared a quarterly cash dividend of $0.90 per common share, payable March 2, 2020, to holders of record at the close of business on February 18, 2020. Noncontrolling Interests Our noncontrolling interests primarily represent issuances of common and preferred units to the public by Phillips 66 Partners. See Note 27—Phillips 66 Partners LP , for information on Phillips 66 Partners.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lessee	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 third-party participation or vendor substitution rights limit our control. 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 December 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 284 — Other assets — 1,312 Total right-of-use assets $ 284 1,312 Lease Liabilities Short-term debt $ 18 — Other accruals — 455 Long-term debt 259 — Other liabilities and deferred credits — 806 Total lease liabilities $ 277 1,261 Future minimum lease payments at December 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases 2020 $ 26 488 2021 25 260 2022 23 167 2023 23 111 2024 23 84 Remaining years 243 299 Future minimum lease payments 363 1,409 Amount representing interest or discounts (86 ) (148 ) Total lease liabilities $ 277 1,261 Our finance lease liabilities relate primarily to consignment agreements with United and an oil terminal in the United Kingdom. The lease liability for the oil terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the year ended December 31, 2019, were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 20 Interest on lease liabilities 6 Total finance lease cost 26 Operating lease cost 531 Short-term lease cost 118 Variable lease cost 12 Sublease income (16 ) Total net lease cost $ 671 Cash paid for amounts included in the measurement of our lease liabilities for the year ended December 31, 2019 , was: Millions of Dollars Operating cash outflows—finance leases $ 6 Operating cash outflows—operating leases 553 Financing cash outflows—finance leases 21 During the year ended December 31, 2019 , we recorded additional noncash ROU assets and corresponding operating lease liabilities totaling $342 million related to new and modified lease agreements. At December 31, 2019 , the weighted-average remaining lease terms and discount rates for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 11.1 Weighted-average remaining lease term—operating leases (years) 5.6 Weighted-average discount rate—finance leases 3.1 % Weighted-average discount rate—operating leases 3.8 %
Lessee	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 third-party participation or vendor substitution rights limit our control. 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 December 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 284 — Other assets — 1,312 Total right-of-use assets $ 284 1,312 Lease Liabilities Short-term debt $ 18 — Other accruals — 455 Long-term debt 259 — Other liabilities and deferred credits — 806 Total lease liabilities $ 277 1,261 Future minimum lease payments at December 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases 2020 $ 26 488 2021 25 260 2022 23 167 2023 23 111 2024 23 84 Remaining years 243 299 Future minimum lease payments 363 1,409 Amount representing interest or discounts (86 ) (148 ) Total lease liabilities $ 277 1,261 Our finance lease liabilities relate primarily to consignment agreements with United and an oil terminal in the United Kingdom. The lease liability for the oil terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the year ended December 31, 2019, were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 20 Interest on lease liabilities 6 Total finance lease cost 26 Operating lease cost 531 Short-term lease cost 118 Variable lease cost 12 Sublease income (16 ) Total net lease cost $ 671 Cash paid for amounts included in the measurement of our lease liabilities for the year ended December 31, 2019 , was: Millions of Dollars Operating cash outflows—finance leases $ 6 Operating cash outflows—operating leases 553 Financing cash outflows—finance leases 21 During the year ended December 31, 2019 , we recorded additional noncash ROU assets and corresponding operating lease liabilities totaling $342 million related to new and modified lease agreements. At December 31, 2019 , the weighted-average remaining lease terms and discount rates for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 11.1 Weighted-average remaining lease term—operating leases (years) 5.6 Weighted-average discount rate—finance leases 3.1 % Weighted-average discount rate—operating leases 3.8 %

Pension and Postretirement Plan

Pension and Postretirement Plans	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 2,730 1,007 3,043 1,209 220 232 Service cost 127 23 136 29 5 6 Interest cost 109 26 104 28 9 7 Plan participant contributions — 2 — 2 5 4 Plan amendments — — — — (2 ) — Net actuarial loss (gain) 380 186 (167 ) (165 ) 6 (9 ) Benefits paid (198 ) (31 ) (386 ) (27 ) (17 ) (20 ) Curtailment gain — — — (5 ) — — Foreign currency exchange rate change — 15 — (64 ) — — Benefit obligations at December 31 $ 3,148 1,228 2,730 1,007 226 220 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,377 902 2,751 972 — — Actual return on plan assets 478 121 (122 ) (29 ) — — Company contributions 45 28 134 34 12 16 Plan participant contributions — 2 — 2 5 4 Benefits paid (198 ) (31 ) (386 ) (27 ) (17 ) (20 ) Foreign currency exchange rate change — 24 — (50 ) — — Fair value of plan assets at December 31 $ 2,702 1,046 2,377 902 — — Funded Status at December 31 $ (446 ) (182 ) (353 ) (105 ) (226 ) (220 ) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 29 — 78 — — Current liabilities (25 ) — (25 ) — (15 ) (16 ) Noncurrent liabilities (421 ) (211 ) (328 ) (183 ) (211 ) (204 ) Total recognized $ (446 ) (182 ) (353 ) (105 ) (226 ) (220 ) Included in accumulated other comprehensive loss at December 31 were the following pre-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 523 164 539 64 — (8 ) Unrecognized prior service credit — (2 ) — (3 ) (6 ) (6 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the period $ (45 ) (106 ) (125 ) 102 (7 ) 9 Curtailment gain — — — 5 — — Amortization of net actuarial loss (gain) and settlements 61 6 131 19 (1 ) — Prior service credit arising during the period — — — — 2 — Amortization of prior service credit — (1 ) — (1 ) (2 ) (1 ) Total recognized in other comprehensive income (loss) $ 16 (101 ) 6 125 (8 ) 8 The accumulated benefit obligations for all U.S. and international pension plans were $2,855 million and $1,068 million , respectively, at December 31, 2019 , and $2,466 million and $878 million , respectively, at December 31, 2018 . Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 2,855 396 123 345 Fair value of plan assets 2,702 207 — 182 Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 3,148 419 2,730 365 Fair value of plan assets 2,702 207 2,377 182 Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 127 23 136 29 132 32 5 6 6 Interest cost 109 26 104 28 108 27 9 7 8 Expected return on plan assets (143 ) (44 ) (169 ) (46 ) (146 ) (40 ) — — — Amortization of prior service cost (credit) — (1 ) — (1 ) 3 (1 ) (2 ) (1 ) (2 ) Amortization of net actuarial loss (gain) 53 6 59 19 70 23 (1 ) — — Settlements 8 — 72 — 83 — — — — Total net periodic benefit cost* $ 154 10 202 29 250 41 11 12 12 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income. In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10% of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 3.30 % 1.81 4.30 2.59 3.05 4.15 Rate of compensation increase 4.00 3.34 4.00 3.34 — — Interest crediting rate on cash balance plan 2.70 — 3.25 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 4.30 % 2.59 3.60 2.36 4.15 3.35 Expected return on plan assets 6.50 4.93 6.50 4.78 — — Rate of compensation increase 4.00 3.34 4.00 3.74 — — Interest crediting rate on cash balance plan 3.25 — 3.00 — — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. For the year ended December 31, 2019 , actuarial losses resulted in increases in our U.S. and international pension benefit obligations of $380 million and $186 million , respectively. The primary drivers for the actuarial losses were decreases in the discount rates and changes to the census data demographics. For the year ended December 31, 2018 , actuarial gains resulted in decreases in our U.S. and international pension benefit obligations of $167 million and $165 million , respectively. The primary drivers for the actuarial gains were increases in the discount rates and changes to the census data demographics. For the year ended December 31, 2019 , the weighted-average actual return on plan assets for our U.S. pension plans was 20% , which resulted in a $478 million increase in plan assets. For the year ended December 31, 2018 , the weighted-average actual return on plan assets for our U.S. pension plans was negative 4% , which resulted in a $122 million reduction in plan assets. The primary driver of the return on plan assets in 2019 and 2018 was fluctuations in the equity and fixed income markets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical plans. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance through the company. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 6.75% in 2020 that declines to 5.00% by 2027 . Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate, infrastructure and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 43% equity securities, 41% debt securities, 8% real estate investments and 8% in all other types of investments as of December 31, 2019. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities are based on quoted market prices. • Fair values of corporate debt securities are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. • Cash and cash equivalents are valued at cost, which approximates fair value. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of investments in common/collective trusts and real estate funds are valued at the net asset value (NAV) as a practical expedient. The NAV is based on the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. These investments valued at NAV are not classified within the fair value hierarchy, but are presented in the fair value table to permit reconciliation of total plan assets to the amounts presented in the notes to consolidated financial statements. The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2019 Equity securities $ 437 — — 437 — — — — Government debt securities 475 — — 475 — — — — Corporate debt securities — 134 — 134 — — — — Cash and cash equivalents 136 — — 136 4 — — 4 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,048 134 — 1,182 4 — 14 18 Common/collective trusts measured at NAV 1,364 938 Real estate funds measured at NAV 156 90 Total $ 1,048 134 — 2,702 4 — 14 1,046 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities $ 421 — — 421 — — — — Government debt securities 610 — — 610 — — — — Corporate debt securities — 129 — 129 — — — — Cash and cash equivalents 50 — — 50 7 — — 7 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,081 129 — 1,210 7 — 14 21 Common/collective trusts measured at NAV 1,048 873 Real estate funds measured at NAV 119 8 Total $ 1,081 129 — 2,377 7 — 14 902 Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2020 , we expect to contribute approximately $50 million to our U.S. pension plans and other postretirement benefit plans and $25 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2020 $ 538 21 26 2021 309 23 27 2022 320 25 27 2023 284 27 26 2024 289 29 24 2025-2029 1,198 176 96 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75% of their eligible pay, subject to certain statutory limits, in the Savings Plan to a choice of investment funds. Phillips 66 provides a company match of participant contributions up to 6% of eligible pay. Prior to January 1, 2019, the match was up to 5% of eligible pay. In addition, eligible participants receive an additional discretionary Success Share contribution from the company. The target for the Success Share contribution is 2% of eligible pay, but the Success Share contribution can range from 0% to 6% based on management discretion. For the years ended December 31, 2019 , 2018 and 2017 , we recorded expense of $192 million , $178 million and $101 million , respectively, related to our contributions to the Savings Plan.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Plans	Share-Based Compensation Plans In accordance with the Employee Matters Agreement related to the Separation, compensation awards based on ConocoPhillips stock and granted before April 30, 2012 (the Separation Date) were converted to compensation awards based on both ConocoPhillips and Phillips 66 stock if, on the Separation Date, the awards were: (1) options outstanding and exercisable; or (2) restricted stock or restricted stock units (RSUs) awarded for completed performance periods under the ConocoPhillips Performance Share Program. Phillips 66 restricted stock, RSUs and options issued in this conversion became subject to the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan) on the Separation Date, whether held by grantees working for Phillips 66 or grantees that remained employees of ConocoPhillips. Some of these awards based on Phillips 66 stock and held by employees of ConocoPhillips are outstanding and appear in the activity tables for the Stock Option and the Performance Share Programs presented later in this footnote. In May 2013, shareholders approved the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan). Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan, which authorizes the Human Resources and Compensation Committee (HRCC) of our Board of Directors to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, nonemployee directors and other plan participants. The number of new shares that may be issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million . We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2019 2018 2017 Share-based compensation expense $ 169 100 142 Income tax benefit (53 ) (45 ) (74 ) Stock Options Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchases of our common stock at exercise prices equivalent to the average of the high and low market price of our stock on the date the options were granted. The options have terms of 10 years and vest ratably, with one-third of the options becoming exercisable on each anniversary date for the three years following the date of grant. Options awarded to employees eligible for retirement are not subject to forfeiture six months after the grant date. The following table summarizes our stock option activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2019 4,752,808 $ 63.11 Granted 830,900 94.97 $ 17.58 Forfeited (553 ) 94.85 Exercised (803,751 ) 39.90 $ 51 Outstanding at December 31, 2019 4,779,404 $ 72.55 Vested at December 31, 2019 3,603,296 $ 65.69 $ 162 Exercisable at December 31, 2019 3,267,111 $ 63.57 $ 154 The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2019 , were 4.83 years and 4.49 years, respectively. During 2019 , we received $32 million in cash and realized an income tax benefit of $6 million from the exercise of options. At December 31, 2019 , the remaining unrecognized compensation expense from unvested options was $6 million , which will be recognized over a weighted-average period of 21 months, the longest period being 25 months. The calculations of realized income tax benefits and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2018 and 2017 , we granted options with a weighted-average grant-date fair value of $20.69 and $16.95 , respectively. During 2018 and 2017 , employees exercised options with an aggregate intrinsic value of $37 million and $62 million , respectively. The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2019 2018 2017 Risk-free interest rate 2.68 % 2.81 2.28 Dividend yield 3.70 % 2.80 2.90 Volatility factor 25.61 % 25.41 26.91 Expected life (years) 7.06 7.18 7.22 We calculate the volatility factor using historical Phillips 66 end-of-week closing stock prices since the Separation Date. We periodically calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Restricted Stock Units Generally, RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years . The grant date fair value is equal to the average of the high and low market price of our stock on the grant date. The recipients receive a quarterly dividend equivalent cash payment until the RSU is settled by issuing one share of our common stock for each RSU at the end of the service period. RSUs granted to retirement-eligible employees are not subject to forfeiture six months after the grant date. Special RSUs are granted to attract or retain key personnel and the terms and conditions may vary by award. The following table summarizes our RSU activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2019 2,259,829 $ 84.52 Granted 1,001,899 95.16 Forfeited (50,192 ) 95.21 Issued (836,952 ) 79.73 $ 80 Outstanding at December 31, 2019 2,374,584 $ 90.47 Not Vested at December 31, 2019 1,619,720 $ 91.04 At December 31, 2019 , the remaining unrecognized compensation cost from unvested RSU awards was $64 million , which will be recognized over a weighted-average period of 22 months, the longest period being 35 months. During 2018 and 2017 , we granted RSUs with a weighted-average grant-date fair value of $96.16 and $78.49 , respectively. During 2018 and 2017 , we issued shares with an aggregate fair value of $102 million and $85 million , respectively, to settle RSUs. Performance Share Units Under the P66 Omnibus Plan, we annually grant to senior management restricted performance share units (PSUs) with three -year performance periods that vest when the HRCC approves the three-year performance results on the grant date. PSUs granted under the P66 Omnibus Plan are classified as liability awards and compensation expense is recognized beginning on the authorization date and ending on the vesting date. PSUs granted under the P66 Omnibus Plan are settled by cash payments equal to the fair value of the awards, which is based on the market prices of our stock near the end of the performance periods. The HRCC must approve the three -year performance results prior to payout. Dividend equivalents are not paid on these awards. PSUs granted under prior incentive compensation plans were classified as equity awards. These equity awards are settled upon an employee’s retirement by issuing one share of our common stock for each PSU held. Dividend equivalents are paid on these awards. The following table summarizes our PSU activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2019 1,902,502 $ 49.52 Granted 287,914 87.42 Forfeited — — Issued (461,942 ) 59.12 $ 44 Cash settled (287,914 ) 87.42 25 Outstanding at December 31, 2019 1,440,560 $ 46.44 Not Vested at December 31, 2019 73,271 $ 69.63 At December 31, 2019 , the remaining unrecognized compensation cost from unvested PSU awards was $0.1 million , which will be recognized over a weighted-average period of 13 months, with the longest period being 3 years. The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2018 and 2017 , we granted PSUs with a weighted-average grant-date fair value of $99.74 and $86.88 , respectively. During 2018 and 2017 , we issued shares with an aggregate fair value of $70 million and $54 million , respectively, to settle PSUs. During 2018 and 2017 , we cash settled PSUs with an aggregate fair value of $49 million and $56 million

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In December 2017, the U.S. government enacted comprehensive income tax legislation, referred to as the Tax Cuts and Jobs Act (the Tax Act). The material provisions of the Tax Act i) reduced the U.S. federal corporate income tax rate from 35% to 21% beginning January 1, 2018, ii) required companies to reflect on their 2017 corporate income tax return a liability for a one-time deemed repatriation tax on foreign-sourced earnings that were previously tax deferred, and iii) created a new tax regime for post-2017 foreign-sourced earnings. To account for the reduction in the U.S. federal corporate income tax rate, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, generally 21% , which resulted in the recognition of a provisional deferred tax benefit of $2,870 million in the year ended December 31, 2017. To account for the one-time deemed repatriation income tax, we calculated our provisional liability in accordance with the Tax Act and considered previously accrued current and deferred tax liabilities on undistributed earnings of our foreign subsidiaries and foreign joint ventures. The effects of the one-time deemed repatriation tax resulted in the recognition of a provisional income tax expense of $149 million in the year ended December 31, 2017. During the year ended December 31, 2018, we recorded adjustments to finalize our accounting for the income tax effects of the Tax Act, which increased our income tax expense by $36 million . The adjustments were primarily due to the revision of our estimated deferred income tax balances in conjunction with the filing of our 2017 income tax return and the issuance of additional guidance by the U.S. Internal Revenue Service related to the calculation of the one-time deemed repatriation tax. During the year ended December 31, 2019, we recorded adjustments to the one-time deemed repatriation tax, which decreased our income tax expense by $42 million . The adjustments were due to the issuance of additional guidance by the U.S. Internal Revenue Service. Components of income tax expense (benefit) were: Millions of Dollars 2019 2018 2017 Income Tax Expense (Benefit) Federal Current $ 354 739 9 Deferred 177 257 (1,960 ) Foreign Current 204 326 126 Deferred (50 ) 53 3 State and local Current 61 255 61 Deferred 55 (58 ) 68 $ 801 1,572 (1,693 ) Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2019 2018 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,297 3,074 Investment in joint ventures 2,137 2,041 Investment in subsidiaries 794 602 Inventory — 66 Other 263 14 Total deferred tax liabilities 6,491 5,797 Deferred Tax Assets Benefit plan accruals 460 395 Asset retirement obligations and accrued environmental costs 115 109 Loss and credit carryforwards 54 59 Other financial accruals and deferrals 70 16 Inventory 28 — Other 281 — Total deferred tax assets 1,008 579 Less: valuation allowance 22 8 Net deferred tax assets 986 571 Net deferred tax liabilities $ 5,505 5,226 At December 31, 2019 , the loss and credit carryforward deferred tax assets were primarily related to a German interest deduction carryforward of $33 million , a foreign tax credit carryforward in the United States of $15 million , and capital loss and net operating loss carryforwards in the United Kingdom of $5 million . Foreign tax credit carryforwards, which have a full valuation allowance against them, expire in 2029. The other loss and credit carryforwards, all of which relate to foreign operations, have indefinite lives. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During the year ended December 31, 2019 , our total valuation allowance balance increased by $14 million . Based on our historical taxable income, expectations for the future and available tax planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. At December 31, 2017 , all undistributed earnings of our foreign subsidiaries and foreign joint ventures were included in our computation of the one-time deemed repatriation tax associated with the enactment of the Tax Act. Earnings of our foreign subsidiaries and foreign joint ventures after December 31, 2017, are generally not subject to incremental income taxes in the United States or withholding taxes in foreign countries upon repatriation. As such, we only assert that the earnings of one of our foreign subsidiaries are permanently reinvested. At December 31, 2019 and 2018 , the unrecorded deferred tax liability related to the undistributed earnings of this foreign subsidiary was not material. As a result of the Separation and pursuant to the Tax Sharing Agreement with ConocoPhillips, the unrecognized income tax benefits related to our operations for the periods for which ConocoPhillips was the taxpayer remain the responsibility of ConocoPhillips, and we have indemnified ConocoPhillips for such amounts. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Unrecognized tax benefits reflect the difference between positions taken on income tax returns and the amounts recognized in the financial statements. The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2019 2018 2017 Balance at January 1 $ 23 34 70 Additions for tax positions of current year 2 — — Additions for tax positions of prior years 29 1 1 Reductions for tax positions of prior years (14 ) (2 ) (5 ) Settlements — (10 ) (32 ) Balance at December 31 $ 40 23 34 Included in the balance of unrecognized income tax benefits at December 31, 2019 , 2018 and 2017 were $15 million , $1 million and $5 million , respectively, which, if recognized, would affect our effective income tax rate. With respect to various unrecognized income tax benefits and the related accrued liabilities, we do not expect any to be recognized or paid within the next twelve months. At December 31, 2019 , 2018 and 2017 , accrued liabilities for interest and penalties, net of accrued income taxes, totaled $10 million , $5 million and $8 million , respectively. As a result of these accruals, net income decreased by $3 million for the year ended December 31, 2019, and increased by $1 million for the year ended December 31, 2017 . Audits in significant jurisdictions are generally complete as follows: United Kingdom (2017), Germany (2014) and United States (2013). Certain issues remain in dispute for audited years, and unrecognized income tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized income tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized income tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of Income Before Income Taxes 2019 2018 2017 2019 2018 2017 Income before income taxes United States $ 3,267 5,716 2,799 78.2 % 76.8 78.7 Foreign 911 1,729 756 21.8 23.2 21.3 $ 4,178 7,445 3,555 100.0 % 100.0 100.0 Federal statutory income tax $ 877 1,563 1,244 21.0 % 21.0 35.0 State income tax, net of federal benefit 92 155 79 2.2 2.1 2.2 Tax Cuts and Jobs Act (42 ) 36 (2,721 ) (1.0 ) 0.5 (76.5 ) Foreign rate differential (31 ) (3 ) (137 ) (0.7 ) — (3.9 ) Noncontrolling interests (61 ) (58 ) (46 ) (1.5 ) (0.8 ) (1.3 ) Change in valuation allowance 14 (20 ) (4 ) 0.3 (0.3 ) (0.1 ) Other* (48 ) (101 ) (108 ) (1.1 ) (1.4 ) (3.0 ) $ 801 1,572 (1,693 ) 19.2 % 21.1 (47.6 ) * Other includes individually immaterial items but is primarily attributable to foreign operations. Income tax expense of $123 million , $13 million and $81 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, is reflected in the “Capital in Excess of Par” column on our consolidated statement of changes in equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 259 4 266 Amounts reclassified from accumulated other comprehensive loss* Defined benefit plans** Amortization of net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Net current period other comprehensive income 115 259 4 378 December 31, 2017 (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 14 (192 ) 4 (174 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans** Amortization of net actuarial loss, prior service credit and settlements 112 — — 112 Foreign currency translation — (10 ) — (10 ) Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 126 (202 ) 1 (75 ) December 31, 2018 (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications (140 ) 95 (5 ) (50 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans** Amortization of net actuarial loss, prior service credit and settlements 49 — — 49 Foreign currency translation — — — — Hedging — — (6 ) (6 ) Net current period other comprehensive income (loss) (91 ) 95 (11 ) (7 ) Income taxes reclassified to retained earnings*** (93 ) 2 2 (89 ) December 31, 2019 $ (656 ) (131 ) (1 ) (788 ) * There were no significant reclassifications related to foreign currency translation or hedging in the year ended December 31, 2017 . ** Included in the computation of net periodic benefit cost. See Note 19—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.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Supplemental Cash Flow Information Millions of Dollars 2019 2018 2017 Cash Payments (Receipts) Interest $ 426 465 421 Income taxes* 955 984 (257 ) * 2017 reflected a net cash refund position; cash payments for income taxes were $102 million in 2017. Restricted Cash At December 31, 2019 , 2018 and 2017 , the company did no t have any restricted cash. The restrictions on the cash acquired in February 2017, as a result of the consolidation of Merey Sweeny, were fully removed in May 2017 when Merey Sweeny’s outstanding debt that contained lender restrictions on the use of cash was paid in full. See Note 6—Business Combinations , for additional information regarding our consolidation of Merey Sweeny.

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2019 2018 2017 Interest and Debt Expense Incurred Debt $ 504 493 432 Other 31 28 21 535 521 453 Capitalized (77 ) (17 ) (15 ) Expensed $ 458 504 438 Other Income Interest income $ 43 45 31 Gain on consolidation of business* — — 423 Other, net** 76 16 67 $ 119 61 521 * See Note 6—Business Combinations, for more information regarding the gain recognized in 2017. ** Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 54 55 60 Advertising Expenses $ 63 68 76 Foreign Currency Transaction (Gains) Losses Midstream $ — — — Chemicals — — — Refining — (24 ) (2 ) Marketing and Specialties — 1 1 Corporate and Other 5 (8 ) 1 $ 5 (31 ) —

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2019 2018 2017 Operating revenues and other income (a) $ 2,977 3,514 2,596 Purchases (b) 11,726 12,755 10,468 Operating expenses and selling, general and administrative expenses (c) 96 59 79 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), refined petroleum products to OnCue and United. 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 consignment fees to United, and utility and processing fees to various affiliates. As discussed more fully in Note 6— Business Combinations , in February 2017, we began accounting for Merey Sweeny as a consolidated subsidiary. Accordingly, the table above only includes processing fees paid to Merey Sweeny through the consolidation date.

Segment Disclosures and Related

Segment Disclosures and Related Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information 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, fractionation, 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. 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 2019 2018 2017* Sales and Other Operating Revenues** Midstream Total sales $ 7,103 8,293 6,620 Intersegment eliminations (2,122 ) (2,176 ) (1,842 ) Total Midstream 4,981 6,117 4,778 Chemicals 3 5 5 Refining Total sales 76,792 83,140 65,494 Intersegment eliminations (45,871 ) (49,343 ) (40,284 ) Total Refining 30,921 33,797 25,210 Marketing and Specialties Total sales 73,616 73,414 73,565 Intersegment eliminations (2,256 ) (1,899 ) (1,233 ) Total Marketing and Specialties 71,360 71,515 72,332 Corporate and Other 28 27 29 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 * Sales and other operating revenues for the year ended December 31, 2017, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 1—Summary of Significant Accounting Policies, for further discussion regarding our adoption of ASU No. 2014-09. ** See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings of Affiliates Midstream $ 754 676 454 Chemicals 870 1,025 713 Refining 318 796 322 Marketing and Specialties 185 164 243 Corporate and Other — 15 — Consolidated equity in earnings of affiliates $ 2,127 2,676 1,732 Depreciation, Amortization and Impairments Midstream $ 1,162 326 299 Chemicals — — — Refining 857 841 838 Marketing and Specialties 103 114 116 Corporate and Other 80 83 89 Consolidated depreciation, amortization and impairments $ 2,202 1,364 1,342 Millions of Dollars 2019 2018 2017 Interest Income and Expense Interest income Midstream $ — — 1 Chemicals — — — Refining — — — Marketing and Specialties — — — Corporate and Other 43 45 30 Consolidated interest income $ 43 45 31 Interest and debt expense Corporate and Other $ 458 504 438 Income (Loss) Before Income Taxes Midstream $ 684 1,181 638 Chemicals 879 1,025 716 Refining 1,986 4,535 2,076 Marketing and Specialties 1,433 1,557 1,020 Corporate and Other (804 ) (853 ) (895 ) Consolidated income before income taxes $ 4,178 7,445 3,555 Investments In and Advances To Affiliates Midstream $ 5,131 5,423 4,734 Chemicals 6,229 6,233 6,222 Refining 2,290 2,226 2,398 Marketing and Specialties 650 349 390 Corporate and Other — — — Consolidated investments in and advances to affiliates $ 14,300 14,231 13,744 Total Assets* Midstream $ 15,716 14,329 13,231 Chemicals 6,249 6,235 6,226 Refining 25,150 23,230 23,780 Marketing and Specialties 8,659 6,572 7,052 Corporate and Other 2,946 3,936 4,082 Consolidated total assets $ 58,720 54,302 54,371 * 2017 segment information has been recast to include all income tax-related assets in Corporate and Other. Millions of Dollars 2019 2018 2017 Capital Expenditures and Investments Midstream $ 2,292 1,548 771 Chemicals — — — Refining 1,001 826 853 Marketing and Specialties 374 125 108 Corporate and Other 206 140 100 Consolidated capital expenditures and investments $ 3,873 2,639 1,832 Geographic Information Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2019 2018 2017 United States $ 36,407 34,587 33,457 United Kingdom 1,256 1,191 1,254 Germany 601 570 593 Other foreign countries 93 91 97 Worldwide consolidated $ 38,357 36,439 35,401

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2019
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP Phillips 66 Partners, headquartered in Houston, Texas, is a publicly traded MLP formed in 2013 to own, operate, develop and acquire primarily fee-based midstream assets. Phillips 66 Partners’ operations currently consist of crude oil, refined petroleum product and NGL transportation, fractionation, processing, terminaling and storage assets. 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 noneconomic 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” in 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 were made for the general partner interest after August 1, 2019. At December 31, 2019 , we owned 170 million Phillips 66 Partners common units, representing a 74% limited partner interest in Phillips 66 Partners, while the public owned a 26% limited partner interest and 13.8 million perpetual convertible preferred units. Holders of the preferred units are entitled to receive cumulative quarterly distributions equal to $0.678375 per unit. Beginning in October 2020, holders will be entitled to receive quarterly distributions equal to the greater of $0.678375 per unit or the per-unit distribution paid to common unitholders. We consolidate Phillips 66 Partners because we determined it is a VIE of which we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests of $2,228 million and $2,469 million on our consolidated balance sheet at December 31, 2019 and 2018 , respectively. Generally, drop down transactions with Phillips 66 Partners will eliminate in consolidation, except for third-party debt and third-party equity offerings made by Phillips 66 Partners to finance such transactions. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars December 31 December 31 Cash and cash equivalents $ 286 1 Equity investments* 2,961 2,448 Net properties, plants and equipment 3,349 3,052 Short-term debt 25 50 Long-term debt 3,491 2,998 * Included in “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. Phillips 66 Partners has authorized an aggregate of $750 million under three $250 million continuous offerings of common units, or at-the-market (ATM) programs. The first two programs concluded in June 2018 and December 2019, respectively, leaving $250 million available under the third program. For the years ended December 31, 2019 , 2018 and 2017 , on a settlement-date basis, Phillips 66 Partners generated net proceeds of $173 million , $128 million and $173 million , respectively, from common units issued under the ATM programs. Since inception in June 2016 and through December 31, 2019 , the ATM programs have generated net proceeds of $492 million . Phillips 66 Partners’ investment in the Gray Oak Pipeline development is held through Holdings LLC. In December 2018, a third party exercised its option to acquire a 35% interest in Holdings LLC. Because Holdings LLC’s sole asset was its ownership interest in Gray Oak Pipeline, LLC, 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 will be reflected as a long-term obligation in the “Other liabilities and deferred credits” line item on our consolidated balance sheet and financing cash inflows in the “Other” line item 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 in 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 year ended December 31, 2019, the third party contributed an aggregate of $342 million to Holdings LLC, and Holdings LLC used these contributions to fund its portion of Gray Oak Pipeline, LLC’s cash calls. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion regarding Phillip 66 Partners’ investment in Gray Oak Pipeline, LLC.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Information	Phillips 66 has senior notes outstanding, the payment obligations of which are fully and unconditionally guaranteed by Phillips 66 Company, a 100 percent -owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Year Ended December 31, 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 $ — 82,857 24,436 — 107,293 Equity in earnings of affiliates 3,342 2,163 738 (4,116 ) 2,127 Net gain on dispositions — — 20 — 20 Other income — 76 43 — 119 Intercompany revenues — 3,804 14,370 (18,174 ) — Total Revenues and Other Income 3,342 88,900 39,607 (22,290 ) 109,559 Costs and Expenses Purchased crude oil and products — 78,244 35,067 (17,782 ) 95,529 Operating expenses — 4,005 1,141 (72 ) 5,074 Selling, general and administrative expenses 6 1,299 386 (10 ) 1,681 Depreciation and amortization — 918 423 — 1,341 Impairments — 3 858 — 861 Taxes other than income taxes — 293 116 — 409 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 347 145 276 (310 ) 458 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 353 84,925 38,277 (18,174 ) 105,381 Income before income taxes 2,989 3,975 1,330 (4,116 ) 4,178 Income tax expense (benefit) (87 ) 633 255 — 801 Net Income 3,076 3,342 1,075 (4,116 ) 3,377 Less: net income attributable to noncontrolling interests — — 301 — 301 Net Income Attributable to Phillips 66 $ 3,076 3,342 774 (4,116 ) 3,076 Comprehensive Income $ 3,069 3,335 1,098 (4,132 ) 3,370 Millions of Dollars Year Ended December 31, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 85,486 25,975 — 111,461 Equity in earnings of affiliates 5,918 4,030 747 (8,019 ) 2,676 Net gain on dispositions — 8 11 — 19 Other income — 33 28 — 61 Intercompany revenues — 3,493 14,085 (17,578 ) — Total Revenues and Other Income 5,918 93,050 40,846 (25,597 ) 114,217 Costs and Expenses Purchased crude oil and products — 79,559 35,563 (17,192 ) 97,930 Operating expenses — 3,769 1,193 (82 ) 4,880 Selling, general and administrative expenses 7 1,297 383 (10 ) 1,677 Depreciation and amortization — 926 430 — 1,356 Impairments — 3 5 — 8 Taxes other than income taxes — 321 104 — 425 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 402 146 250 (294 ) 504 Foreign currency transaction gains — — (31 ) — (31 ) Total Costs and Expenses 409 86,039 37,902 (17,578 ) 106,772 Income before income taxes 5,509 7,011 2,944 (8,019 ) 7,445 Income tax expense (benefit) (86 ) 1,093 565 — 1,572 Net Income 5,595 5,918 2,379 (8,019 ) 5,873 Less: net income attributable to noncontrolling interests — — 278 — 278 Net Income Attributable to Phillips 66 $ 5,595 5,918 2,101 (8,019 ) 5,595 Comprehensive Income $ 5,520 5,843 2,291 (7,856 ) 5,798 Millions of Dollars Year Ended December 31, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 74,640 27,714 — 102,354 Equity in earnings of affiliates 5,336 3,256 559 (7,419 ) 1,732 Net gain on dispositions — 1 14 — 15 Other income 3 471 47 — 521 Intercompany revenues — 1,610 13,457 (15,067 ) — Total Revenues and Other Income 5,339 79,978 41,791 (22,486 ) 104,622 Costs and Expenses Purchased crude oil and products — 63,812 30,379 (14,782 ) 79,409 Operating expenses — 3,672 1,085 (58 ) 4,699 Selling, general and administrative expenses 7 1,300 399 (11 ) 1,695 Depreciation and amortization — 892 426 — 1,318 Impairments — 20 4 — 24 Taxes other than income taxes — 5,784 7,678 — 13,462 Accretion on discounted liabilities — 17 5 — 22 Interest and debt expense 348 70 236 (216 ) 438 Total Costs and Expenses 355 75,567 40,212 (15,067 ) 101,067 Income before income taxes 4,984 4,411 1,579 (7,419 ) 3,555 Income tax benefit (122 ) (925 ) (646 ) — (1,693 ) Net Income 5,106 5,336 2,225 (7,419 ) 5,248 Less: net income attributable to noncontrolling interests — — 142 — 142 Net Income Attributable to Phillips 66 $ 5,106 5,336 2,083 (7,419 ) 5,106 Comprehensive Income $ 5,484 5,714 2,498 (8,070 ) 5,626 Millions of Dollars Year Ended December 31, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 136 1,478 — 1,614 Accounts and notes receivable 86 6,334 4,148 (2,058 ) 8,510 Inventories — 2,594 1,182 — 3,776 Prepaid expenses and other current assets 2 362 131 — 495 Total Current Assets 88 9,426 6,939 (2,058 ) 14,395 Investments and long-term receivables 33,082 25,039 10,989 (54,539 ) 14,571 Net properties, plants and equipment — 13,676 10,110 — 23,786 Goodwill — 2,853 417 — 3,270 Intangibles — 732 137 — 869 Other assets 14 4,290 714 (3,189 ) 1,829 Total Assets $ 33,184 56,016 29,306 (59,786 ) 58,720 Liabilities and Equity Accounts payable $ — 7,024 3,609 (2,058 ) 8,575 Short-term debt 500 16 31 — 547 Accrued income and other taxes — 386 593 — 979 Employee benefit obligations — 648 62 — 710 Other accruals 65 850 249 (329 ) 835 Total Current Liabilities 565 8,924 4,544 (2,387 ) 11,646 Long-term debt 7,434 155 3,627 — 11,216 Asset retirement obligations and accrued environmental costs — 460 178 — 638 Deferred income taxes — 3,727 1,828 (2 ) 5,553 Employee benefit obligations — 825 219 — 1,044 Other liabilities and deferred credits 245 8,975 5,465 (13,231 ) 1,454 Total Liabilities 8,244 23,066 15,861 (15,620 ) 31,551 Common stock 3,634 25,838 9,516 (35,354 ) 3,634 Retained earnings 22,094 7,900 1,940 (9,870 ) 22,064 Accumulated other comprehensive loss (788 ) (788 ) (270 ) 1,058 (788 ) Noncontrolling interests — — 2,259 — 2,259 Total Liabilities and Equity $ 33,184 56,016 29,306 (59,786 ) 58,720 Millions of Dollars Year Ended December 31, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,648 1,371 — 3,019 Accounts and notes receivable 9 4,255 3,202 (1,293 ) 6,173 Inventories — 2,489 1,054 — 3,543 Prepaid expenses and other current assets 2 373 99 — 474 Total Current Assets 11 8,765 5,726 (1,293 ) 13,209 Investments and long-term receivables 32,712 22,799 9,829 (50,919 ) 14,421 Net properties, plants and equipment — 13,218 8,800 — 22,018 Goodwill — 2,853 417 — 3,270 Intangibles — 726 143 — 869 Other assets 9 335 173 (2 ) 515 Total Assets $ 32,732 48,696 25,088 (52,214 ) 54,302 Liabilities and Equity Accounts payable $ — 5,415 2,464 (1,293 ) 6,586 Short-term debt — 11 56 — 67 Accrued income and other taxes — 458 658 — 1,116 Employee benefit obligations — 663 61 — 724 Other accruals 66 227 149 — 442 Total Current Liabilities 66 6,774 3,388 (1,293 ) 8,935 Long-term debt 7,928 54 3,111 — 11,093 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 Year Ended December 31, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,541 2,923 2,298 (3,954 ) 4,808 Cash Flows From Investing Activities Capital expenditures and investments* — (1,493 ) (2,640 ) 260 (3,873 ) Proceeds from asset dispositions** — 354 153 (350 ) 157 Intercompany lending activities (297 ) 567 (270 ) — — Advances/loans—related parties — — (98 ) — (98 ) Collection of advances/loans—related parties — — 95 — 95 Other — (8 ) 39 — 31 Net Cash Used in Investing Activities (297 ) (580 ) (2,721 ) (90 ) (3,688 ) Cash Flows From Financing Activities Issuance of debt — — 1,783 — 1,783 Repayment of debt — (15 ) (1,292 ) — (1,307 ) Issuance of common stock 32 — — — 32 Repurchase of common stock (1,650 ) — — — (1,650 ) Dividends paid on common stock (1,570 ) (3,836 ) (118 ) 3,954 (1,570 ) Distributions to noncontrolling interests — — (241 ) — (241 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 173 — 173 Other* (56 ) (4 ) 239 90 269 Net Cash Provided by (Used in) Financing Activities (3,244 ) (3,855 ) 544 4,044 (2,511 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (14 ) — (14 ) Net Change in Cash and Cash Equivalents — (1,512 ) 107 — (1,405 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 136 1,478 — 1,614 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2018 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,955 6,962 2,642 (4,986 ) 7,573 Cash Flows From Investing Activities Capital expenditures and investments — (998 ) (1,641 ) — (2,639 ) Proceeds from asset dispositions* — 462 50 (455 ) 57 Intercompany lending activities 2,214 (3,031 ) 817 — — Advances/loans—related parties — — (1 ) — (1 ) Other — 27 85 — 112 Net Cash Provided by (Used in) Investing Activities 2,214 (3,540 ) (690 ) (455 ) (2,471 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 675 — 2,184 Repayment of debt (550 ) (11 ) (583 ) — (1,144 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,645 ) — — — (4,645 ) Dividends paid on common stock (1,436 ) (3,174 ) (1,812 ) 4,986 (1,436 ) Distributions to noncontrolling interests — — (207 ) — (207 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 128 — 128 Other (86 ) — (455 ) 455 (86 ) Net Cash Used in Financing Activities (5,169 ) (3,185 ) (2,254 ) 5,441 (5,167 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (35 ) — (35 ) Net Change in Cash and Cash Equivalents — 237 (337 ) — (100 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 1,648 1,371 — 3,019 * Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2017 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,619 2,702 1,747 (3,420 ) 3,648 Cash Flows From Investing Activities Capital expenditures and investments* — (1,133 ) (839 ) 140 (1,832 ) Proceeds from asset dispositions** — 265 84 (263 ) 86 Intercompany lending activities 401 1,453 (1,854 ) — — Advances/loans—related parties — (10 ) — — (10 ) Collection of advances/loans—related parties — 75 251 — 326 Restricted cash from consolidation of business — — 318 — 318 Other — (26 ) (8 ) — (34 ) Net Cash Provided by (Used in) Investing Activities 401 624 (2,048 ) (123 ) (1,146 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 2,008 — 3,508 Repayment of debt (1,500 ) (17 ) (2,161 ) — (3,678 ) Issuance of common stock 35 — — — 35 Repurchase of common stock (1,590 ) — — — (1,590 ) Dividends paid on common stock (1,395 ) (2,752 ) (668 ) 3,420 (1,395 ) Distributions to noncontrolling interests — — (120 ) — (120 ) Net proceeds from issuance of Phillips 66 Partners LP common and preferred units — — 1,205 — 1,205 Other* (70 ) — (129 ) 123 (76 ) Net Cash Provided by (Used in) Financing Activities (3,020 ) (2,769 ) 135 3,543 (2,111 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 17 — 17 Net Change in Cash, Cash Equivalents and Restricted Cash — 557 (149 ) — 408 Cash, cash equivalents and restricted cash at beginning of period — 854 1,857 — 2,711 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 1,411 1,708 — 3,119 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2019 First $ 23,103 340 270 204 0.44 0.44 Second 27,847 1,829 1,504 1,424 3.13 3.12 Third 27,218 943 793 712 1.58 1.58 Fourth 29,125 1,066 810 736 1.65 1.64 2018 First $ 23,595 717 585 524 1.07 1.07 Second 28,980 1,835 1,404 1,339 2.86 2.84 Third 29,788 1,975 1,568 1,492 3.20 3.18 Fourth 29,098 2,918 2,316 2,240 4.85 4.82

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP , for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 7—Investments, Loans and Long-Term Receivables , for further discussion on our significant nonconsolidated VIEs.
Recast Financial Information	Recast Financial Information —Certain prior period financial information has been recast to reflect the current year’s presentation.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Foreign Currency Translation	Foreign Currency Translation —Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings. Most of our foreign operations use their local currency as the functional currency.
Cash Equivalents	Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest.
Inventories	Inventories
Fair Value Measurements	Fair Value Measurements —We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. 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. 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 nonexchange 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 midmarket pricing convention (the midpoint 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.
Derivative Instruments	Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings.
Loans and Long-Term Receivables	Loans and Long-Term Receivables —We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies.
Depreciation and Amortization	Depreciation and Amortization —Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Capitalized Interest	Capitalized Interest —A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset.
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment —PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future pre-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are available (for example, at a refinery complex level). Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions including similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Property Dispositions	Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain (loss) on dispositions” line item on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill loss cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of testing goodwill for impairment, we have three reporting units with goodwill balances: Transportation, Refining, and Marketing and Specialties.
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill —Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs —The fair values of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligations arise. When the liabilities are initially recorded, we capitalize these costs by increasing the carrying amount of the related PP&E. Over time, the liabilities are increased for the change in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liabilities and PP&E. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures.
Guarantees	Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Treasury Stock	Treasury Stock —We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet.
Revenue Recognition	Revenue Recognition —Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line item on our consolidated statement of income (i.e., these transactions are recorded net).
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities —Effective for reporting periods ending after our adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” on January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined petroleum products payable to governmental authorities in the “Taxes other than income taxes” line item on our consolidated statement of income. For reporting periods ending prior to January 1, 2018, excise taxes on sales of refined petroleum products charged to our customers are presented in the “Sales and other operating revenues” line item on our consolidated statement of income, and excise taxes on sales of refined petroleum products payable to governmental authorities are presented in the “Taxes other than income taxes” line item on our consolidated statement of income. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line item on our consolidated statement of income.
Shipping and Handling Costs	Shipping and Handling Costs —We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.”
Maintenance and Repairs	Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Stock-Based Compensation	Share-Based Compensation —We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur.
Income Taxes	Income Taxes —Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in interest expense, and penalties in operating expenses or selling, general and administrative expenses.
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Commitments and Contingencies	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 21—Income Taxes , for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars 2019 2018 2017* Product Line and Services Refined petroleum products $ 87,902 87,967 85,405 Crude oil resales 14,125 16,419 11,808 NGL 4,814 6,161 4,670 Services and other** 452 914 471 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 Geographic Location*** United States $ 83,512 86,401 75,684 United Kingdom 9,863 11,054 10,626 Germany 4,053 4,352 6,692 Other foreign countries 9,865 9,654 9,352 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 * Sales and other operating revenues for the year ended December 31, 2017, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. ** Includes derivatives-related activities. See Note 15—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)	12 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2019 2018 Crude oil and petroleum products $ 3,452 3,238 Materials and supplies 324 305 $ 3,776 3,543

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments and long-term receivables at December 31 were: Millions of Dollars 2019 2018 Equity investments $ 14,284 14,218 Other investments 130 106 Loans and long-term receivables 157 97 $ 14,571 14,421
Summarized Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2019 2018 2017 Revenues $ 38,156 43,627 35,523 Income before income taxes 4,976 6,066 3,956 Net income 4,787 5,926 3,764 Current assets 6,654 6,791 7,325 Noncurrent assets 56,163 52,649 49,950 Current liabilities 6,094 8,047 5,248 Noncurrent liabilities 15,740 10,695 13,743 Noncontrolling interests 2,145 2,550 2,549

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment with the Associated Accumulated Depreciation and Amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2019 2018 Gross PP&E Accum. D&A Net PP&E Gross PP&E Accum. D&A Net PP&E Midstream $ 11,221 2,391 8,830 9,663 2,100 7,563 Chemicals — — — — — — Refining 23,692 10,336 13,356 22,640 9,531 13,109 Marketing and Specialties 1,847 959 888 1,671 926 745 Corporate and Other 1,311 599 712 1,223 622 601 $ 38,071 14,285 23,786 35,197 13,179 22,018

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at January 1, 2018 $ 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2018 626 1,805 839 3,270 Adjustments — — — — Balance at December 31, 2019 $ 626 1,805 839 3,270
Schedule of Changes in Carrying Value of Intangible Assets	The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2019 2018 Trade names and trademarks $ 503 503 Refinery air and operating permits 249 250 $ 752 753

Asset Retirement Obligations _2

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2019 2018 Asset retirement obligations $ 280 261 Accrued environmental costs 441 447 Total asset retirement obligations and accrued environmental costs 721 708 Asset retirement obligations and accrued environmental costs due within one year* (83 ) (84 ) Long-term asset retirement obligations and accrued environmental costs $ 638 624 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	During the years ended December 31, 2019 and 2018 , our overall asset retirement obligation changed as follows: Millions of Dollars 2019 2018 Balance at January 1 $ 261 268 Accretion of discount 10 10 Changes in estimates of existing obligations 31 3 Spending on existing obligations (22 ) (15 ) Foreign currency translation — (5 ) Balance at December 31 $ 280 261

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	2019 2018 2017 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income attributable to Phillips 66 $ 3,076 3,076 5,595 5,595 5,106 5,106 Income allocated to participating securities (6 ) (2 ) (6 ) — (6 ) — Net income available to common stockholders $ 3,070 3,074 5,589 5,595 5,100 5,106 Weighted-average common shares outstanding (thousands) : 448,787 451,364 467,483 470,708 511,268 515,090 Effect of share-based compensation 2,577 2,524 3,225 3,339 3,822 3,418 Weighted-average common shares outstanding—EPS 451,364 453,888 470,708 474,047 515,090 518,508 Earnings Per Share of Common Stock (dollars) $ 6.80 6.77 11.87 11.80 9.90 9.85

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Long Term Debt	Short-term and long-term debt at December 31 was: Millions of Dollars 2019 2018 Phillips 66 4.300% Senior Notes due April 2022 $ 2,000 2,000 3.900% Senior Notes due March 2028 800 800 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,700 Floating-rate notes due April 2020 at 2.751% and 3.186% at year-end 2019 and 2018, respectively 300 300 Term loan due April 2020 at 2.699% and 3.422% at year-end 2019 and 2018, respectively 200 200 Floating-rate Senior Notes due February 2021 at 2.517% and 3.289% at year-end 2019 and 2018, respectively 500 500 Floating-rate Advance Term Loan due December 2034 at 2.392%—related party 25 — Other 1 1 Phillips 66 Partners 2.646% Senior Notes due February 2020 — 300 2.450% Senior Notes due December 2024 300 — 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 3.150% Senior Notes due December 2029 600 — 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Tax-exempt bonds due April 2020 and April 2021 at 1.850% and 1.885% at year-end 2019 and 2018, respectively 75 75 Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 — 125 Debt at face value 11,576 11,076 Finance leases 277 184 Software obligations 10 — Net unamortized discounts and debt issuance costs (100 ) (100 ) Total debt 11,763 11,160 Short-term debt (547 ) (67 ) Long-term debt $ 11,216 11,093

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value, by Balance Sheet Grouping	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars December 31, 2019 December 31, 2018 Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Commodity Derivatives Effect of Collateral Netting Net Carrying Value Presented on the Balance Sheet Assets Liabilities Assets Liabilities Assets Prepaid expenses and other current assets $ 23 — — 23 1,257 (1,070 ) (89 ) 98 Other assets 3 — — 3 2 — — 2 Liabilities Other accruals 1,188 (1,281 ) 80 (13 ) — (23 ) — (23 ) Other liabilities and deferred credits — (1 ) — (1 ) 5 (7 ) — (2 ) Total $ 1,214 (1,282 ) 80 12 1,264 (1,100 ) (89 ) 75
Fair Value by Balance Sheet Grouping	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars December 31, 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 $ 23 — — 23 1,257 (1,070 ) (89 ) 98 Other assets 3 — — 3 2 — — 2 Liabilities Other accruals 1,188 (1,281 ) 80 (13 ) — (23 ) — (23 ) Other liabilities and deferred credits — (1 ) — (1 ) 5 (7 ) — (2 ) Total $ 1,214 (1,282 ) 80 12 1,264 (1,100 ) (89 ) 75
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) From Derivative Contracts	The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars 2019 2018 2017 Sales and other operating revenues $ (150 ) 192 (247 ) Other income 33 (15 ) 27 Purchased crude oil and products (161 ) (64 ) (18 ) Net gain (loss) from commodity derivative activity $ (278 ) 113 (238 )
Summary of Material Net Exposures from Outstanding Commodity Derivative Contracts	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 nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98% at December 31, 2019 and 2018 . Open Position Long / (Short) 2019 2018 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (16 ) (17 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 2019 Fair Value Hierarchy Total Fair Value of Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Presented on the Balance Sheet Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 820 368 — 1,188 (1,188 ) — — — Physical forward contracts — 26 — 26 — — — 26 Interest rate derivatives — 1 — 1 — — — 1 Rabbi trust assets 127 — — 127 N/A N/A — 127 $ 947 395 — 1,342 (1,188 ) — — 154 Commodity Derivative Liabilities Exchange-cleared instruments $ 884 385 — 1,269 (1,188 ) (80 ) — 1 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 12 — 12 — — — 12 Floating-rate debt — 1,100 — 1,100 N/A N/A — 1,100 Fixed-rate debt, excluding finance leases — 11,813 — 11,813 N/A N/A (1,438 ) 10,375 $ 884 13,311 — 14,195 (1,188 ) (80 ) (1,438 ) 11,489 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 finance 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)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of ROU assets and lease liabilities	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 December 31, 2019 Finance Leases Operating Leases Right-of-Use Assets Net properties, plants and equipment $ 284 — Other assets — 1,312 Total right-of-use assets $ 284 1,312 Lease Liabilities Short-term debt $ 18 — Other accruals — 455 Long-term debt 259 — Other liabilities and deferred credits — 806 Total lease liabilities $ 277 1,261
Schedule of finance lease liability	Future minimum lease payments at December 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases 2020 $ 26 488 2021 25 260 2022 23 167 2023 23 111 2024 23 84 Remaining years 243 299 Future minimum lease payments 363 1,409 Amount representing interest or discounts (86 ) (148 ) Total lease liabilities $ 277 1,261
Schedule of operating lease liability	Future minimum lease payments at December 31, 2019 , for finance and operating lease liabilities were: Millions of Dollars Finance Leases Operating Leases 2020 $ 26 488 2021 25 260 2022 23 167 2023 23 111 2024 23 84 Remaining years 243 299 Future minimum lease payments 363 1,409 Amount representing interest or discounts (86 ) (148 ) Total lease liabilities $ 277 1,261
Schedule of Lease Cost	Components of net lease cost for the year ended December 31, 2019, were: Millions of Dollars Finance lease cost Amortization of right-of-use assets $ 20 Interest on lease liabilities 6 Total finance lease cost 26 Operating lease cost 531 Short-term lease cost 118 Variable lease cost 12 Sublease income (16 ) Total net lease cost $ 671 Cash paid for amounts included in the measurement of our lease liabilities for the year ended December 31, 2019 , was: Millions of Dollars Operating cash outflows—finance leases $ 6 Operating cash outflows—operating leases 553 Financing cash outflows—finance leases 21 At December 31, 2019 , the weighted-average remaining lease terms and discount rates for our lease liabilities were: Weighted-average remaining lease term—finance leases (years) 11.1 Weighted-average remaining lease term—operating leases (years) 5.6 Weighted-average discount rate—finance leases 3.1 % Weighted-average discount rate—operating leases 3.8 %

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 2,730 1,007 3,043 1,209 220 232 Service cost 127 23 136 29 5 6 Interest cost 109 26 104 28 9 7 Plan participant contributions — 2 — 2 5 4 Plan amendments — — — — (2 ) — Net actuarial loss (gain) 380 186 (167 ) (165 ) 6 (9 ) Benefits paid (198 ) (31 ) (386 ) (27 ) (17 ) (20 ) Curtailment gain — — — (5 ) — — Foreign currency exchange rate change — 15 — (64 ) — — Benefit obligations at December 31 $ 3,148 1,228 2,730 1,007 226 220 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,377 902 2,751 972 — — Actual return on plan assets 478 121 (122 ) (29 ) — — Company contributions 45 28 134 34 12 16 Plan participant contributions — 2 — 2 5 4 Benefits paid (198 ) (31 ) (386 ) (27 ) (17 ) (20 ) Foreign currency exchange rate change — 24 — (50 ) — — Fair value of plan assets at December 31 $ 2,702 1,046 2,377 902 — — Funded Status at December 31 $ (446 ) (182 ) (353 ) (105 ) (226 ) (220 )
Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 29 — 78 — — Current liabilities (25 ) — (25 ) — (15 ) (16 ) Noncurrent liabilities (421 ) (211 ) (328 ) (183 ) (211 ) (204 ) Total recognized $ (446 ) (182 ) (353 ) (105 ) (226 ) (220 )
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive loss at December 31 were the following pre-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 523 164 539 64 — (8 ) Unrecognized prior service credit — (2 ) — (3 ) (6 ) (6 )
Sources of Change in Other Comprehensive Income	Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the period $ (45 ) (106 ) (125 ) 102 (7 ) 9 Curtailment gain — — — 5 — — Amortization of net actuarial loss (gain) and settlements 61 6 131 19 (1 ) — Prior service credit arising during the period — — — — 2 — Amortization of prior service credit — (1 ) — (1 ) (2 ) (1 ) Total recognized in other comprehensive income (loss) $ 16 (101 ) 6 125 (8 ) 8
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 2,855 396 123 345 Fair value of plan assets 2,702 207 — 182
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 were: Millions of Dollars Pension Benefits 2019 2018 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 3,148 419 2,730 365 Fair value of plan assets 2,702 207 2,377 182
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 127 23 136 29 132 32 5 6 6 Interest cost 109 26 104 28 108 27 9 7 8 Expected return on plan assets (143 ) (44 ) (169 ) (46 ) (146 ) (40 ) — — — Amortization of prior service cost (credit) — (1 ) — (1 ) 3 (1 ) (2 ) (1 ) (2 ) Amortization of net actuarial loss (gain) 53 6 59 19 70 23 (1 ) — — Settlements 8 — 72 — 83 — — — — Total net periodic benefit cost* $ 154 10 202 29 250 41 11 12 12 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2019 2018 2019 2018 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 3.30 % 1.81 4.30 2.59 3.05 4.15 Rate of compensation increase 4.00 3.34 4.00 3.34 — — Interest crediting rate on cash balance plan 2.70 — 3.25 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 4.30 % 2.59 3.60 2.36 4.15 3.35 Expected return on plan assets 6.50 4.93 6.50 4.78 — — Rate of compensation increase 4.00 3.34 4.00 3.74 — — Interest crediting rate on cash balance plan 3.25 — 3.00 — — —
Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2019 Equity securities $ 437 — — 437 — — — — Government debt securities 475 — — 475 — — — — Corporate debt securities — 134 — 134 — — — — Cash and cash equivalents 136 — — 136 4 — — 4 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,048 134 — 1,182 4 — 14 18 Common/collective trusts measured at NAV 1,364 938 Real estate funds measured at NAV 156 90 Total $ 1,048 134 — 2,702 4 — 14 1,046 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2018 Equity securities $ 421 — — 421 — — — — Government debt securities 610 — — 610 — — — — Corporate debt securities — 129 — 129 — — — — Cash and cash equivalents 50 — — 50 7 — — 7 Insurance contracts — — — — — — 14 14 Total assets in the fair value hierarchy 1,081 129 — 1,210 7 — 14 21 Common/collective trusts measured at NAV 1,048 873 Real estate funds measured at NAV 119 8 Total $ 1,081 129 — 2,377 7 — 14 902
Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2020 $ 538 21 26 2021 309 23 27 2022 320 25 27 2023 284 27 26 2024 289 29 24 2025-2029 1,198 176 96

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2019 2018 2017 Share-based compensation expense $ 169 100 142 Income tax benefit (53 ) (45 ) (74 )
Stock Option Activity	The following table summarizes our stock option activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Options Weighted- Average Exercise Price Weighted-Average Grant-Date Fair Value Aggregate Outstanding at January 1, 2019 4,752,808 $ 63.11 Granted 830,900 94.97 $ 17.58 Forfeited (553 ) 94.85 Exercised (803,751 ) 39.90 $ 51 Outstanding at December 31, 2019 4,779,404 $ 72.55 Vested at December 31, 2019 3,603,296 $ 65.69 $ 162 Exercisable at December 31, 2019 3,267,111 $ 63.57 $ 154
Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2019 2018 2017 Risk-free interest rate 2.68 % 2.81 2.28 Dividend yield 3.70 % 2.80 2.90 Volatility factor 25.61 % 25.41 26.91 Expected life (years) 7.06 7.18 7.22
Summary of Stock Unit Activity	The following table summarizes our RSU activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Stock Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2019 2,259,829 $ 84.52 Granted 1,001,899 95.16 Forfeited (50,192 ) 95.21 Issued (836,952 ) 79.73 $ 80 Outstanding at December 31, 2019 2,374,584 $ 90.47 Not Vested at December 31, 2019 1,619,720 $ 91.04
Summary of Performance Share Program Activity	The following table summarizes our PSU activity from January 1, 2019 , to December 31, 2019 : Millions of Dollars Performance Share Units Weighted-Average Grant-Date Fair Value Total Fair Value Outstanding at January 1, 2019 1,902,502 $ 49.52 Granted 287,914 87.42 Forfeited — — Issued (461,942 ) 59.12 $ 44 Cash settled (287,914 ) 87.42 25 Outstanding at December 31, 2019 1,440,560 $ 46.44 Not Vested at December 31, 2019 73,271 $ 69.63

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Components of income tax expense (benefit) were: Millions of Dollars 2019 2018 2017 Income Tax Expense (Benefit) Federal Current $ 354 739 9 Deferred 177 257 (1,960 ) Foreign Current 204 326 126 Deferred (50 ) 53 3 State and local Current 61 255 61 Deferred 55 (58 ) 68 $ 801 1,572 (1,693 )
Schedule of Deferred Tax Assets and Liabilities	Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2019 2018 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,297 3,074 Investment in joint ventures 2,137 2,041 Investment in subsidiaries 794 602 Inventory — 66 Other 263 14 Total deferred tax liabilities 6,491 5,797 Deferred Tax Assets Benefit plan accruals 460 395 Asset retirement obligations and accrued environmental costs 115 109 Loss and credit carryforwards 54 59 Other financial accruals and deferrals 70 16 Inventory 28 — Other 281 — Total deferred tax assets 1,008 579 Less: valuation allowance 22 8 Net deferred tax assets 986 571 Net deferred tax liabilities $ 5,505 5,226
Schedule of Unrecognized Tax Benefits Roll Forward	The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2019 2018 2017 Balance at January 1 $ 23 34 70 Additions for tax positions of current year 2 — — Additions for tax positions of prior years 29 1 1 Reductions for tax positions of prior years (14 ) (2 ) (5 ) Settlements — (10 ) (32 ) Balance at December 31 $ 40 23 34
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of Income Before Income Taxes 2019 2018 2017 2019 2018 2017 Income before income taxes United States $ 3,267 5,716 2,799 78.2 % 76.8 78.7 Foreign 911 1,729 756 21.8 23.2 21.3 $ 4,178 7,445 3,555 100.0 % 100.0 100.0 Federal statutory income tax $ 877 1,563 1,244 21.0 % 21.0 35.0 State income tax, net of federal benefit 92 155 79 2.2 2.1 2.2 Tax Cuts and Jobs Act (42 ) 36 (2,721 ) (1.0 ) 0.5 (76.5 ) Foreign rate differential (31 ) (3 ) (137 ) (0.7 ) — (3.9 ) Noncontrolling interests (61 ) (58 ) (46 ) (1.5 ) (0.8 ) (1.3 ) Change in valuation allowance 14 (20 ) (4 ) 0.3 (0.3 ) (0.1 ) Other* (48 ) (101 ) (108 ) (1.1 ) (1.4 ) (3.0 ) $ 801 1,572 (1,693 ) 19.2 % 21.1 (47.6 ) * Other includes individually immaterial items but is primarily attributable to foreign operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2016 $ (713 ) (285 ) 3 (995 ) Other comprehensive income before reclassifications 3 259 4 266 Amounts reclassified from accumulated other comprehensive loss* Defined benefit plans** Amortization of net actuarial loss, prior service cost (credit) and settlements 112 — — 112 Net current period other comprehensive income 115 259 4 378 December 31, 2017 (598 ) (26 ) 7 (617 ) Other comprehensive income (loss) before reclassifications 14 (192 ) 4 (174 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans** Amortization of net actuarial loss, prior service credit and settlements 112 — — 112 Foreign currency translation — (10 ) — (10 ) Hedging — — (3 ) (3 ) Net current period other comprehensive income (loss) 126 (202 ) 1 (75 ) December 31, 2018 (472 ) (228 ) 8 (692 ) Other comprehensive income (loss) before reclassifications (140 ) 95 (5 ) (50 ) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans** Amortization of net actuarial loss, prior service credit and settlements 49 — — 49 Foreign currency translation — — — — Hedging — — (6 ) (6 ) Net current period other comprehensive income (loss) (91 ) 95 (11 ) (7 ) Income taxes reclassified to retained earnings*** (93 ) 2 2 (89 ) December 31, 2019 $ (656 ) (131 ) (1 ) (788 ) * There were no significant reclassifications related to foreign currency translation or hedging in the year ended December 31, 2017 . ** Included in the computation of net periodic benefit cost. See Note 19—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.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Information	Supplemental Cash Flow Information Millions of Dollars 2019 2018 2017 Cash Payments (Receipts) Interest $ 426 465 421 Income taxes* 955 984 (257 ) * 2017 reflected a net cash refund position; cash payments for income taxes were $102 million in 2017.

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Schedule of Other Financial Information	Millions of Dollars 2019 2018 2017 Interest and Debt Expense Incurred Debt $ 504 493 432 Other 31 28 21 535 521 453 Capitalized (77 ) (17 ) (15 ) Expensed $ 458 504 438 Other Income Interest income $ 43 45 31 Gain on consolidation of business* — — 423 Other, net** 76 16 67 $ 119 61 521 * See Note 6—Business Combinations, for more information regarding the gain recognized in 2017. ** Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 54 55 60 Advertising Expenses $ 63 68 76 Foreign Currency Transaction (Gains) Losses Midstream $ — — — Chemicals — — — Refining — (24 ) (2 ) Marketing and Specialties — 1 1 Corporate and Other 5 (8 ) 1 $ 5 (31 ) —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars 2019 2018 2017 Operating revenues and other income (a) $ 2,977 3,514 2,596 Purchases (b) 11,726 12,755 10,468 Operating expenses and selling, general and administrative expenses (c) 96 59 79 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), refined petroleum products to OnCue and United. 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 consignment fees to United, and utility and processing fees to various affiliates.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars 2019 2018 2017 Interest Income and Expense Interest income Midstream $ — — 1 Chemicals — — — Refining — — — Marketing and Specialties — — — Corporate and Other 43 45 30 Consolidated interest income $ 43 45 31 Interest and debt expense Corporate and Other $ 458 504 438 Income (Loss) Before Income Taxes Midstream $ 684 1,181 638 Chemicals 879 1,025 716 Refining 1,986 4,535 2,076 Marketing and Specialties 1,433 1,557 1,020 Corporate and Other (804 ) (853 ) (895 ) Consolidated income before income taxes $ 4,178 7,445 3,555 Investments In and Advances To Affiliates Midstream $ 5,131 5,423 4,734 Chemicals 6,229 6,233 6,222 Refining 2,290 2,226 2,398 Marketing and Specialties 650 349 390 Corporate and Other — — — Consolidated investments in and advances to affiliates $ 14,300 14,231 13,744 Total Assets* Midstream $ 15,716 14,329 13,231 Chemicals 6,249 6,235 6,226 Refining 25,150 23,230 23,780 Marketing and Specialties 8,659 6,572 7,052 Corporate and Other 2,946 3,936 4,082 Consolidated total assets $ 58,720 54,302 54,371 * 2017 segment information has been recast to include all income tax-related assets in Corporate and Other. Millions of Dollars 2019 2018 2017 Capital Expenditures and Investments Midstream $ 2,292 1,548 771 Chemicals — — — Refining 1,001 826 853 Marketing and Specialties 374 125 108 Corporate and Other 206 140 100 Consolidated capital expenditures and investments $ 3,873 2,639 1,832 Millions of Dollars 2019 2018 2017* Sales and Other Operating Revenues** Midstream Total sales $ 7,103 8,293 6,620 Intersegment eliminations (2,122 ) (2,176 ) (1,842 ) Total Midstream 4,981 6,117 4,778 Chemicals 3 5 5 Refining Total sales 76,792 83,140 65,494 Intersegment eliminations (45,871 ) (49,343 ) (40,284 ) Total Refining 30,921 33,797 25,210 Marketing and Specialties Total sales 73,616 73,414 73,565 Intersegment eliminations (2,256 ) (1,899 ) (1,233 ) Total Marketing and Specialties 71,360 71,515 72,332 Corporate and Other 28 27 29 Consolidated sales and other operating revenues $ 107,293 111,461 102,354 * Sales and other operating revenues for the year ended December 31, 2017, are presented in accordance with accounting standards in effect prior to our adoption of ASU No. 2014-09 on January 1, 2018. See Note 1—Summary of Significant Accounting Policies, for further discussion regarding our adoption of ASU No. 2014-09. ** See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings of Affiliates Midstream $ 754 676 454 Chemicals 870 1,025 713 Refining 318 796 322 Marketing and Specialties 185 164 243 Corporate and Other — 15 — Consolidated equity in earnings of affiliates $ 2,127 2,676 1,732 Depreciation, Amortization and Impairments Midstream $ 1,162 326 299 Chemicals — — — Refining 857 841 838 Marketing and Specialties 103 114 116 Corporate and Other 80 83 89 Consolidated depreciation, amortization and impairments $ 2,202 1,364 1,342
Reconciliation of Assets from Segment to Consolidated	Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2019 2018 2017 United States $ 36,407 34,587 33,457 United Kingdom 1,256 1,191 1,254 Germany 601 570 593 Other foreign countries 93 91 97 Worldwide consolidated $ 38,357 36,439 35,401

Phillps 66 Partners LP (Tables

Phillps 66 Partners LP (Tables)	12 Months Ended
	Dec. 31, 2019
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Schedule of Variable Interest Entities	The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars December 31 December 31 Cash and cash equivalents $ 286 1 Equity investments* 2,961 2,448 Net properties, plants and equipment 3,349 3,052 Short-term debt 25 50 Long-term debt 3,491 2,998 * Included in “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidated Income Statement	This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Year Ended December 31, 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 $ — 82,857 24,436 — 107,293 Equity in earnings of affiliates 3,342 2,163 738 (4,116 ) 2,127 Net gain on dispositions — — 20 — 20 Other income — 76 43 — 119 Intercompany revenues — 3,804 14,370 (18,174 ) — Total Revenues and Other Income 3,342 88,900 39,607 (22,290 ) 109,559 Costs and Expenses Purchased crude oil and products — 78,244 35,067 (17,782 ) 95,529 Operating expenses — 4,005 1,141 (72 ) 5,074 Selling, general and administrative expenses 6 1,299 386 (10 ) 1,681 Depreciation and amortization — 918 423 — 1,341 Impairments — 3 858 — 861 Taxes other than income taxes — 293 116 — 409 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 347 145 276 (310 ) 458 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 353 84,925 38,277 (18,174 ) 105,381 Income before income taxes 2,989 3,975 1,330 (4,116 ) 4,178 Income tax expense (benefit) (87 ) 633 255 — 801 Net Income 3,076 3,342 1,075 (4,116 ) 3,377 Less: net income attributable to noncontrolling interests — — 301 — 301 Net Income Attributable to Phillips 66 $ 3,076 3,342 774 (4,116 ) 3,076 Comprehensive Income $ 3,069 3,335 1,098 (4,132 ) 3,370 Millions of Dollars Year Ended December 31, 2018 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 85,486 25,975 — 111,461 Equity in earnings of affiliates 5,918 4,030 747 (8,019 ) 2,676 Net gain on dispositions — 8 11 — 19 Other income — 33 28 — 61 Intercompany revenues — 3,493 14,085 (17,578 ) — Total Revenues and Other Income 5,918 93,050 40,846 (25,597 ) 114,217 Costs and Expenses Purchased crude oil and products — 79,559 35,563 (17,192 ) 97,930 Operating expenses — 3,769 1,193 (82 ) 4,880 Selling, general and administrative expenses 7 1,297 383 (10 ) 1,677 Depreciation and amortization — 926 430 — 1,356 Impairments — 3 5 — 8 Taxes other than income taxes — 321 104 — 425 Accretion on discounted liabilities — 18 5 — 23 Interest and debt expense 402 146 250 (294 ) 504 Foreign currency transaction gains — — (31 ) — (31 ) Total Costs and Expenses 409 86,039 37,902 (17,578 ) 106,772 Income before income taxes 5,509 7,011 2,944 (8,019 ) 7,445 Income tax expense (benefit) (86 ) 1,093 565 — 1,572 Net Income 5,595 5,918 2,379 (8,019 ) 5,873 Less: net income attributable to noncontrolling interests — — 278 — 278 Net Income Attributable to Phillips 66 $ 5,595 5,918 2,101 (8,019 ) 5,595 Comprehensive Income $ 5,520 5,843 2,291 (7,856 ) 5,798 Millions of Dollars Year Ended December 31, 2017 Statement of Income Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 74,640 27,714 — 102,354 Equity in earnings of affiliates 5,336 3,256 559 (7,419 ) 1,732 Net gain on dispositions — 1 14 — 15 Other income 3 471 47 — 521 Intercompany revenues — 1,610 13,457 (15,067 ) — Total Revenues and Other Income 5,339 79,978 41,791 (22,486 ) 104,622 Costs and Expenses Purchased crude oil and products — 63,812 30,379 (14,782 ) 79,409 Operating expenses — 3,672 1,085 (58 ) 4,699 Selling, general and administrative expenses 7 1,300 399 (11 ) 1,695 Depreciation and amortization — 892 426 — 1,318 Impairments — 20 4 — 24 Taxes other than income taxes — 5,784 7,678 — 13,462 Accretion on discounted liabilities — 17 5 — 22 Interest and debt expense 348 70 236 (216 ) 438 Total Costs and Expenses 355 75,567 40,212 (15,067 ) 101,067 Income before income taxes 4,984 4,411 1,579 (7,419 ) 3,555 Income tax benefit (122 ) (925 ) (646 ) — (1,693 ) Net Income 5,106 5,336 2,225 (7,419 ) 5,248 Less: net income attributable to noncontrolling interests — — 142 — 142 Net Income Attributable to Phillips 66 $ 5,106 5,336 2,083 (7,419 ) 5,106 Comprehensive Income $ 5,484 5,714 2,498 (8,070 ) 5,626
Condensed Consolidated Balance Sheet	Millions of Dollars Year Ended December 31, 2019 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 136 1,478 — 1,614 Accounts and notes receivable 86 6,334 4,148 (2,058 ) 8,510 Inventories — 2,594 1,182 — 3,776 Prepaid expenses and other current assets 2 362 131 — 495 Total Current Assets 88 9,426 6,939 (2,058 ) 14,395 Investments and long-term receivables 33,082 25,039 10,989 (54,539 ) 14,571 Net properties, plants and equipment — 13,676 10,110 — 23,786 Goodwill — 2,853 417 — 3,270 Intangibles — 732 137 — 869 Other assets 14 4,290 714 (3,189 ) 1,829 Total Assets $ 33,184 56,016 29,306 (59,786 ) 58,720 Liabilities and Equity Accounts payable $ — 7,024 3,609 (2,058 ) 8,575 Short-term debt 500 16 31 — 547 Accrued income and other taxes — 386 593 — 979 Employee benefit obligations — 648 62 — 710 Other accruals 65 850 249 (329 ) 835 Total Current Liabilities 565 8,924 4,544 (2,387 ) 11,646 Long-term debt 7,434 155 3,627 — 11,216 Asset retirement obligations and accrued environmental costs — 460 178 — 638 Deferred income taxes — 3,727 1,828 (2 ) 5,553 Employee benefit obligations — 825 219 — 1,044 Other liabilities and deferred credits 245 8,975 5,465 (13,231 ) 1,454 Total Liabilities 8,244 23,066 15,861 (15,620 ) 31,551 Common stock 3,634 25,838 9,516 (35,354 ) 3,634 Retained earnings 22,094 7,900 1,940 (9,870 ) 22,064 Accumulated other comprehensive loss (788 ) (788 ) (270 ) 1,058 (788 ) Noncontrolling interests — — 2,259 — 2,259 Total Liabilities and Equity $ 33,184 56,016 29,306 (59,786 ) 58,720 Millions of Dollars Year Ended December 31, 2018 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 1,648 1,371 — 3,019 Accounts and notes receivable 9 4,255 3,202 (1,293 ) 6,173 Inventories — 2,489 1,054 — 3,543 Prepaid expenses and other current assets 2 373 99 — 474 Total Current Assets 11 8,765 5,726 (1,293 ) 13,209 Investments and long-term receivables 32,712 22,799 9,829 (50,919 ) 14,421 Net properties, plants and equipment — 13,218 8,800 — 22,018 Goodwill — 2,853 417 — 3,270 Intangibles — 726 143 — 869 Other assets 9 335 173 (2 ) 515 Total Assets $ 32,732 48,696 25,088 (52,214 ) 54,302 Liabilities and Equity Accounts payable $ — 5,415 2,464 (1,293 ) 6,586 Short-term debt — 11 56 — 67 Accrued income and other taxes — 458 658 — 1,116 Employee benefit obligations — 663 61 — 724 Other accruals 66 227 149 — 442 Total Current Liabilities 66 6,774 3,388 (1,293 ) 8,935 Long-term debt 7,928 54 3,111 — 11,093 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 Consolidated Cash Flow	Millions of Dollars Year Ended December 31, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 3,541 2,923 2,298 (3,954 ) 4,808 Cash Flows From Investing Activities Capital expenditures and investments* — (1,493 ) (2,640 ) 260 (3,873 ) Proceeds from asset dispositions** — 354 153 (350 ) 157 Intercompany lending activities (297 ) 567 (270 ) — — Advances/loans—related parties — — (98 ) — (98 ) Collection of advances/loans—related parties — — 95 — 95 Other — (8 ) 39 — 31 Net Cash Used in Investing Activities (297 ) (580 ) (2,721 ) (90 ) (3,688 ) Cash Flows From Financing Activities Issuance of debt — — 1,783 — 1,783 Repayment of debt — (15 ) (1,292 ) — (1,307 ) Issuance of common stock 32 — — — 32 Repurchase of common stock (1,650 ) — — — (1,650 ) Dividends paid on common stock (1,570 ) (3,836 ) (118 ) 3,954 (1,570 ) Distributions to noncontrolling interests — — (241 ) — (241 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 173 — 173 Other* (56 ) (4 ) 239 90 269 Net Cash Provided by (Used in) Financing Activities (3,244 ) (3,855 ) 544 4,044 (2,511 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (14 ) — (14 ) Net Change in Cash and Cash Equivalents — (1,512 ) 107 — (1,405 ) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 136 1,478 — 1,614 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2018 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,955 6,962 2,642 (4,986 ) 7,573 Cash Flows From Investing Activities Capital expenditures and investments — (998 ) (1,641 ) — (2,639 ) Proceeds from asset dispositions* — 462 50 (455 ) 57 Intercompany lending activities 2,214 (3,031 ) 817 — — Advances/loans—related parties — — (1 ) — (1 ) Other — 27 85 — 112 Net Cash Provided by (Used in) Investing Activities 2,214 (3,540 ) (690 ) (455 ) (2,471 ) Cash Flows From Financing Activities Issuance of debt 1,509 — 675 — 2,184 Repayment of debt (550 ) (11 ) (583 ) — (1,144 ) Issuance of common stock 39 — — — 39 Repurchase of common stock (4,645 ) — — — (4,645 ) Dividends paid on common stock (1,436 ) (3,174 ) (1,812 ) 4,986 (1,436 ) Distributions to noncontrolling interests — — (207 ) — (207 ) Net proceeds from issuance of Phillips 66 Partners LP common units — — 128 — 128 Other (86 ) — (455 ) 455 (86 ) Net Cash Used in Financing Activities (5,169 ) (3,185 ) (2,254 ) 5,441 (5,167 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (35 ) — (35 ) Net Change in Cash and Cash Equivalents — 237 (337 ) — (100 ) Cash and cash equivalents at beginning of period — 1,411 1,708 — 3,119 Cash and Cash Equivalents at End of Period $ — 1,648 1,371 — 3,019 * Includes return of investments in equity affiliates. Millions of Dollars Year Ended December 31, 2017 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by Operating Activities $ 2,619 2,702 1,747 (3,420 ) 3,648 Cash Flows From Investing Activities Capital expenditures and investments* — (1,133 ) (839 ) 140 (1,832 ) Proceeds from asset dispositions** — 265 84 (263 ) 86 Intercompany lending activities 401 1,453 (1,854 ) — — Advances/loans—related parties — (10 ) — — (10 ) Collection of advances/loans—related parties — 75 251 — 326 Restricted cash from consolidation of business — — 318 — 318 Other — (26 ) (8 ) — (34 ) Net Cash Provided by (Used in) Investing Activities 401 624 (2,048 ) (123 ) (1,146 ) Cash Flows From Financing Activities Issuance of debt 1,500 — 2,008 — 3,508 Repayment of debt (1,500 ) (17 ) (2,161 ) — (3,678 ) Issuance of common stock 35 — — — 35 Repurchase of common stock (1,590 ) — — — (1,590 ) Dividends paid on common stock (1,395 ) (2,752 ) (668 ) 3,420 (1,395 ) Distributions to noncontrolling interests — — (120 ) — (120 ) Net proceeds from issuance of Phillips 66 Partners LP common and preferred units — — 1,205 — 1,205 Other* (70 ) — (129 ) 123 (76 ) Net Cash Provided by (Used in) Financing Activities (3,020 ) (2,769 ) 135 3,543 (2,111 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash — — 17 — 17 Net Change in Cash, Cash Equivalents and Restricted Cash — 557 (149 ) — 408 Cash, cash equivalents and restricted cash at beginning of period — 854 1,857 — 2,711 Cash, Cash Equivalents and Restricted Cash at End of Period $ — 1,411 1,708 — 3,119 * Includes intercompany capital contributions. ** Includes return of investments in equity affiliates.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Millions of Dollars Per Share of Common Stock Sales and Other Operating Revenues Income Before Income Taxes Net Income Net Income Attributable to Phillips 66 Net Income Attributable to Phillips 66 Basic Diluted 2019 First $ 23,103 340 270 204 0.44 0.44 Second 27,847 1,829 1,504 1,424 3.13 3.12 Third 27,218 943 793 712 1.58 1.58 Fourth 29,125 1,066 810 736 1.65 1.64 2018 First $ 23,595 717 585 524 1.07 1.07 Second 28,980 1,835 1,404 1,339 2.86 2.84 Third 29,788 1,975 1,568 1,492 3.20 3.18 Fourth 29,098 2,918 2,316 2,240 4.85 4.82

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2019reporting_unit
Summary of Significant Accounting Policies [Line Items]
Payment term	30 days
Number of reporting units for purposes of testing goodwill for impairment	3
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Summary of Significant Accounting Policies [Line Items]
Minimum time required for an award not to be subject to forfeiture	6 months
Eligible retirement age	55
Years of service	5 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Length of construction period for interest capitalization	1 year

Changes in Accounting Princip_2

Changes in Accounting Principles Changes in Accounting Principles (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes reclassified to retained earnings	$ 89
Cumulative effect of accounting changes	(9)				$ 49
Income tax expense		$ 801	$ 1,572	$ (1,693)
Right-of-use assets	1,415	1,312
Lease liability	1,415	$ 1,261
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes	81				$ 36
Accounting Standards Update 2016-13 | Retained Earnings
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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	$ 29,125	$ 27,218	$ 27,847	$ 23,103	$ 29,098	$ 29,788	$ 28,980	$ 23,595	$ 107,293	$ 111,461
Sales and other operating revenues											$ 102,354
United States
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									83,512	86,401
Sales and other operating revenues											75,684
United Kingdom
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									9,863	11,054
Sales and other operating revenues											10,626
Germany
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									4,053	4,352
Sales and other operating revenues											6,692
Other foreign countries
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									9,865	9,654
Sales and other operating revenues											9,352
Refined petroleum products
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									87,902	87,967
Sales and other operating revenues											85,405
Crude oil resales
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									14,125	16,419
Sales and other operating revenues											11,808
NGL
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									4,814	6,161
Sales and other operating revenues											4,670
Services and other
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues									$ 452	$ 914
Sales and other operating revenues											$ 471

Sales and Other Operating Rev_4

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from External Customer [Line Items]
Accounts receivable	$ 6,902	$ 4,993
Contract with customer	336	248
Contract liability	$ 0	$ 0
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term	15 years
Minimum Volume Commitment Contracts
Revenue from External Customer [Line Items]
Remaining performance obligations	$ 0

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 8,510
Allowance for accounts and notes receivable	$ 41	$ 22
Accounts and notes receivable, percent outstanding less than 60 days	99.00%

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Summary of inventories
Crude oil and petroleum products	$ 3,452	$ 3,238
Materials and supplies	324	305
Inventories	$ 3,776	$ 3,543

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 3,331	$ 3,123
Estimated excess of current replacement cost over LIFO cost of inventories	4,300	2,900
LIFO inventory liquidations	$ 0	$ 0	$ 0

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2017
Business Acquisition [Line Items]
Gain on consolidation of business			$ 0	$ 0	$ 423
Merey Sweeny L.P.
Business Acquisition [Line Items]
Additional equity method ownership interest acquired in MSLP, percent	50.00%
Gain on consolidation of business		$ 423
Step acquisition, equity interest in acquiree, fair value	$ 145
Restricted cash		318
PP&E provisionally recorded		250
Financial liabilities		238
Settlement adjustment		$ 93
Merey Sweeny L.P. | Phillips 66 Partners LP | Common Control Transaction
Business Acquisition [Line Items]
Percentage of ownership In subsidiary						100.00%

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables (Summary of Components of Investments, Loans, and Long-Term Receivables) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity investments	$ 14,284	$ 14,218
Other investments	130	106
Loans and long-term receivables	157	97
Total	$ 14,571	$ 14,421

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (Narrative) (Details) shares in Millions	Nov. 06, 2019shares	Feb. 28, 2019USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2019USD ($)joint_venture	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)pipelinejoint_venture	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 31, 2020USD ($)	Sep. 06, 2019USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 31, 2019	Mar. 01, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments				$ 14,284,000,000		$ 14,284,000,000	$ 14,218,000,000
Advances/loans—related parties						98,000,000	1,000,000	$ 10,000,000
Cash contribution						3,873,000,000	2,639,000,000	1,832,000,000
Dividends received from affiliates						2,055,000,000	2,942,000,000	1,270,000,000
Retained earnings related to undistributed earnings of affiliated companies				2,360,000,000		2,360,000,000
Collection of advances/loans—related parties						95,000,000	0	326,000,000
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed															$ 1,500,000,000
Dakota Access, LLC | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed													$ 2,500,000,000
DAPL and ETCOP
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted, co-venturers				$ 2,525,000,000		$ 2,525,000,000
Rockies Express Pipeline LLC (REX)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				25.00%		25.00%
Amount of debt repaid by REX			$ 550,000,000
Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments				$ 2,961,000,000		$ 2,961,000,000	2,448,000,000
Phillips 66 Partners | Phillips 66 Partners LP | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed										$ 900,000,000
Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Equity investments				$ 6,229,000,000		$ 6,229,000,000	6,233,000,000
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Equity investments				$ 2,183,000,000		$ 2,183,000,000	2,108,000,000
Amortization period						26 years
Equity investments, basis difference				$ 2,428,000,000		$ 2,428,000,000
Equity investment, amortization of basis difference						$ 182,000,000	177,000,000	186,000,000
Collection of advances/loans—related parties								75,000,000
DCP Midstream
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Equity investments				$ 1,374,000,000		$ 1,374,000,000	2,240,000,000
Amortization period						22 years
Equity investments, basis difference				877,000,000		$ 877,000,000
Equity investment, amortization of basis difference				10,000,000
Noncash impairment, before-tax					$ 853,000,000
DCP Partners
Schedule of Equity Method Investments [Line Items]
New issued common units (in shares) | shares	65
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Maximum loan				$ 1,170,000,000		1,170,000,000					$ 1,317,000,000	$ 1,230,000,000
Advances/loans—related parties						95,000,000
Collection of advances/loans—related parties						$ 95,000,000
Gray Oak Pipeline LLC | Third Party
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		10.00%
Gray Oak Pipeline LLC | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				65.00%		65.00%
Gray Oak Pipeline LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Maximum loan									$ 1,379,000,000
Gray Oak Pipeline LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		65.00%		42.25%		42.25%								75.00%
Equity investments				$ 759,000,000		$ 759,000,000	288,000,000
Proceeds from sale of equity method investments		$ 81,000,000
Carrying amount of indemnifications				494,000,000		494,000,000
Maximum loss exposure				$ 1,253,000,000		$ 1,253,000,000
Gray Oak Pipeline LLC | Phillips 66 Partners | Subsequent Event | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Maximum exposure									$ 583,000,000
DCP Southern Hills Pipeline, LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				33.00%		33.00%
Equity investments				$ 215,000,000		$ 215,000,000	206,000,000
DCP Sand Hills Pipeline, LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				33.00%		33.00%
Equity investments				$ 595,000,000		$ 595,000,000	601,000,000
Dakota Access, LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				25.00%		25.00%
DAPL and ETCOP
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties								250,000,000
DAPL and ETCOP | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments				$ 592,000,000		$ 592,000,000	608,000,000
Maximum exposure, undiscounted				631,000,000		631,000,000
Rockies Express Pipeline LLC (REX)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			25.00%
Equity investments				590,000,000		$ 590,000,000	600,000,000
Amortization period						25 years
Equity investments, basis difference				$ 338,000,000		$ 338,000,000
Equity investment, amortization of basis difference						$ 19,000,000	19,000,000	19,000,000
Cash contribution			$ 138,000,000
Bayou Bridge Pipeline LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				40.00%		40.00%
Equity investments				$ 294,000,000		$ 294,000,000	277,000,000
CF United LLC
Schedule of Equity Method Investments [Line Items]
Equity investments				$ 265,000,000		$ 265,000,000
Voting interest acquired				50.00%		50.00%
Economic interest rate				48.00%		48.00%
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Equity investments							$ 69,000,000
Maximum exposure				$ 67,000,000		$ 67,000,000
Maximum loss exposure				144,000,000		144,000,000
Maximum exposure, net book value of the investment				$ 77,000,000		$ 77,000,000
Liberty Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Maximum exposure				$ 151,000,000		$ 151,000,000
Maximum loss exposure				184,000,000		184,000,000
Maximum exposure, net book value of the investment				$ 33,000,000		$ 33,000,000
Red Oak Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				50.00%		50.00%
Equity investments				$ 20,000,000		$ 20,000,000
Maximum loss exposure				$ 23,000,000		23,000,000
Payments of advances to affiliates						$ 3,000,000
DAPL, ETCOP and WRB
Schedule of Equity Method Investments [Line Items]
Collection of advances/loans—related parties								$ 325,000,000
Dakota Access LLC and Energy Transfer Crude Oil Company, LLC | Phillips 66 Partners | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture				2		2
Number of pipelines | pipeline						2
Equity Method Investee | DCP Partners | DCP Midstream
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest | shares	118
Noncontrolling interest ownership percent	57.00%
Minimum | Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term						1 year
Maximum | Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Supply and purchase agreements, initial term						99 years

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables (Summary of Financial Information for Equity Method Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of financial information
Revenues	$ 38,156	$ 43,627	$ 35,523
Income before income taxes	4,976	6,066	3,956
Net income	4,787	5,926	3,764
Current assets	6,654	6,791	7,325
Noncurrent assets	56,163	52,649	49,950
Current liabilities	6,094	8,047	5,248
Noncurrent liabilities	15,740	10,695	13,743
Noncontrolling interests	$ 2,145	$ 2,550	$ 2,549

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019
Refining and Processing Facilities
Property, Plant and Equipment [Line Items]
Useful life	25 years
Pipeline Assets
Property, Plant and Equipment [Line Items]
Useful life	45 years
Terminal Assets
Property, Plant and Equipment [Line Items]
Useful life	33 years

Properties, Plants and Equipm_4

Properties, Plants and Equipment (By Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	$ 38,071
Accum. D&A	14,285
Net PP&E	23,786
Gross PP&E		$ 35,197
Accum. D&A		13,179
Net PP&E		22,018
Corporate and Other
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,311
Accum. D&A	599
Net PP&E	712
Gross PP&E		1,223
Accum. D&A		622
Net PP&E		601
Midstream
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	11,221
Accum. D&A	2,391
Net PP&E	8,830
Gross PP&E		9,663
Accum. D&A		2,100
Net PP&E		7,563
Chemicals
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	0
Accum. D&A	0
Gross PP&E		0
Accum. D&A		0
Refining
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	23,692
Accum. D&A	10,336
Net PP&E	13,356
Gross PP&E		22,640
Accum. D&A		9,531
Net PP&E		13,109
Marketing and Specialties
Properties, plants and equipment with the associated accumulated depreciation and amortization
Gross PP&E	1,847
Accum. D&A	959
Net PP&E	$ 888
Gross PP&E		1,671
Accum. D&A		926
Net PP&E		$ 745

Goodwill and Intangibles (Goodw

Goodwill and Intangibles (Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 3,270	$ 3,270
Adjustments	0	0
Ending balance	3,270	3,270
Midstream
Goodwill [Roll Forward]
Beginning balance	626	626
Adjustments	0	0
Ending balance	626	626
Refining
Goodwill [Roll Forward]
Beginning balance	1,805	1,805
Adjustments	0	0
Ending balance	1,805	1,805
Marketing and Specialties
Goodwill [Roll Forward]
Beginning balance	839	839
Adjustments	0	0
Ending balance	$ 839	$ 839

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 752	$ 753
Net amortized intangible asset balance	117	116
Acquisitions of amortized intangible assets	0	0
Amortization of intangible assets	17	14	$ 21
Estimated future amortization expense (less than)	20
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	503	503
Refinery air and operating permits
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 249	$ 250

Asset Retirement Obligations _3

Asset Retirement Obligations and Accrued Environmental Costs (Summary of Asset Retirement Obligations and Accrued Environmental Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Retirement Obligation and Accrual for Environmental Cost Disclosure [Abstract]
Asset retirement obligations	$ 280	$ 261	$ 268
Accrued environmental costs	441	447
Total asset retirement obligations and accrued environmental costs	721	708
Asset retirement obligations and accrued environmental costs due within one year	(83)	(84)
Long-term asset retirement obligations and accrued environmental costs	$ 638	$ 624

Asset Retirement Obligations _4

Asset Retirement Obligations and Accrued Environmental Costs (Schedule of Change in Overall Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1	$ 261	$ 268
Accretion of discount	10	10
Changes in estimates of existing obligations	31	3
Spending on existing obligations	(22)	(15)
Foreign currency translation	0	(5)
Balance at December 31	$ 280	$ 261

Asset Retirement Obligations _5

Asset Retirement Obligations and Accrued Environmental Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Site Contingency [Line Items]
Decrease in total accrued environmental	$ 6
Accrued environmental costs	441	$ 447
Domestic Refineries and Underground Sites
Site Contingency [Line Items]
Accrued environmental costs	240
Nonoperator sites
Site Contingency [Line Items]
Accrued environmental costs	147
Other sites
Site Contingency [Line Items]
Accrued environmental costs	54
Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs	246
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2020	26
Expected future undiscounted payments, due in 2021	24
Expected future undiscounted payments, due in 2022	23
Expected future undiscounted payments, due in 2023	19
Expected future undiscounted payments, due in 2024	16
Expected future undiscounted payments, due for all future years after 2024	$ 206
Weighted Average | Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs, discount rate, percent	5.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic
Net income attributable to Phillips 66									$ 3,076	$ 5,595	$ 5,106
Income allocated to participating securities									(6)	(6)	(6)
Net income available to common stockholders									$ 3,070	$ 5,589	$ 5,100
Weighted-average common shares outstanding (in shares)									448,787	467,483	511,268
Effect of share-based compensation (in shares)									2,577	3,225	3,822
Weighted-average commons shares outstanding (in shares)									451,364	470,708	515,090
Earnings Per Share of Common Stock (in dollars per share)	$ 1.65	$ 1.58	$ 3.13	$ 0.44	$ 4.85	$ 3.20	$ 2.86	$ 1.07	$ 6.80	$ 11.87	$ 9.90
Diluted
Net income attributable to Phillips 66									$ 3,076	$ 5,595	$ 5,106
Income allocated to participating securities									(2)	0	0
Net income available to common stockholders									$ 3,074	$ 5,595	$ 5,106
Weighted-average commons shares outstanding (in shares)									451,364	470,708	515,090
Effect of share-based compensation (in shares)									2,524	3,339	3,418
Weighted-average common shares outstanding—EPS (in shares)									453,888	474,047	518,508
Earnings Per Share of Common Stock (in dollars per share)	$ 1.64	$ 1.58	$ 3.12	$ 0.44	$ 4.82	$ 3.18	$ 2.84	$ 1.07	$ 6.77	$ 11.80	$ 9.85

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Mar. 01, 2018
Summary of long term debt
Debt at face value	$ 11,576,000,000	$ 11,076,000,000
Finance leases	277,000,000
Finance leases		184,000,000
Net unamortized discounts and debt issuance costs	(100,000,000)	(100,000,000)
Total debt	11,763,000,000	11,160,000,000
Short-term debt	(547,000,000)	(67,000,000)
Long-term debt	$ 11,216,000,000	$ 11,093,000,000
Floating-rate notes due April 2020 at 2.751% and 3.186% at year-end 2019 and 2018, respectively
Summary of long term debt
Long-term debt, percentage	2.751%	3.186%
Term loan due April 2020 at 2.699% and 3.422% at year-end 2019 and 2018, respectively
Summary of long term debt
Long-term debt, percentage	2.699%	3.422%
Floating-rate Advance Term Loan due December 2034 at 2.392%—related party
Summary of long term debt
Long-term debt, percentage	2.392%
Software obligations
Summary of long term debt
Finance leases	$ 10,000,000
Finance leases		$ 0
Senior Notes | 4.300% Senior Notes due April 2022
Summary of long term debt
Stated interest rate of debt, percent	4.30%
Debt	$ 2,000,000,000	2,000,000,000
Senior Notes | 3.900% Senior Notes due March 2028
Summary of long term debt
Stated interest rate of debt, percent	3.90%		3.90%
Debt	$ 800,000,000	800,000,000
Senior Notes | 4.650% Senior Notes due November 2034
Summary of long term debt
Stated interest rate of debt, percent	4.65%
Debt	$ 1,000,000,000	1,000,000,000
Senior Notes | 5.875% Senior Notes due May 2042
Summary of long term debt
Stated interest rate of debt, percent	5.875%
Debt	$ 1,500,000,000	1,500,000,000
Senior Notes | 4.875% Senior Notes due November 2044
Summary of long term debt
Stated interest rate of debt, percent	4.875%		4.875%
Debt	$ 1,700,000,000	$ 1,700,000,000
Senior Notes | Floating-rate Senior Notes due February 2021 at 2.517% and 3.289% at year-end 2019 and 2018, respectively
Summary of long term debt
Long-term debt, percentage	2.517%	3.289%
Debt	$ 500,000,000	$ 500,000,000
Loans Payable | Floating-rate notes due April 2020 at 2.751% and 3.186% at year-end 2019 and 2018, respectively
Summary of long term debt
Debt at face value	300,000,000	300,000,000
Loans Payable | Term loan due April 2020 at 2.699% and 3.422% at year-end 2019 and 2018, respectively
Summary of long term debt
Debt at face value	200,000,000	200,000,000
WRB Refining LP | Other
Summary of long term debt
Debt	1,000,000	1,000,000
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018
Summary of long term debt
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018	$ 0	0
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 2.646% Senior Notes due February 2020
Summary of long term debt
Stated interest rate of debt, percent	2.646%
Debt	$ 0	300,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 2.450% Senior Notes due December 2024
Summary of long term debt
Stated interest rate of debt, percent	2.45%
Debt	$ 300,000,000	0
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.605% Senior Notes due February 2025
Summary of long term debt
Stated interest rate of debt, percent	3.605%
Debt	$ 500,000,000	500,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.550% Senior Notes due October 2026
Summary of long term debt
Stated interest rate of debt, percent	3.55%
Debt	$ 500,000,000	500,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.750% Senior Notes due March 2028
Summary of long term debt
Stated interest rate of debt, percent	3.75%
Debt	$ 500,000,000	500,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 3.150% Senior Notes due December 2029
Summary of long term debt
Stated interest rate of debt, percent	3.15%
Debt	$ 600,000,000	0
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 4.680% Senior Notes due February 2045
Summary of long term debt
Stated interest rate of debt, percent	4.68%
Debt	$ 450,000,000	450,000,000
Phillips 66 Partners | Senior Notes | Phillips 66 Partners LP | 4.900% Senior Notes due October 2046
Summary of long term debt
Stated interest rate of debt, percent	4.90%
Debt	$ 625,000,000	$ 625,000,000
Phillips 66 Partners | Tax-Exempt Bonds | Phillips 66 Partners LP | Tax-exempt bonds due April 2020 and April 2021 at 1.850% and 1.885% at year-end 2019 and 2018, respectively
Summary of long term debt
Long-term debt, percentage	1.85%	1.885%
Debt at face value	$ 75,000,000	$ 75,000,000
Phillips 66 Partners | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 | Phillips 66 Partners LP
Summary of long term debt
Weighted-average interest rate		3.669%
Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018	0
Debt at face value	0	$ 125,000,000
Equity Method Investee | Loans Payable | Floating-rate Advance Term Loan due December 2034 at 2.392%—related party
Summary of long term debt
Debt	$ 25,000,000	$ 0

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)

Oct. 15, 2019

Sep. 13, 2019

Dec. 31, 2018

Jun. 30, 2018

Mar. 31, 2018

Jun. 30, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Feb. 21, 2020

Sep. 06, 2019

Mar. 22, 2019

Mar. 01, 2018

Long-term Debt, Fiscal Year Maturity [Abstract]

Long-term borrowing maturities, 2020

$ 547,000,000

Long-term borrowing maturities, 2021

568,000,000

Long-term borrowing maturities, 2022

2,012,000,000

Long-term borrowing maturities, 2023

17,000,000

Long-term borrowing maturities, 2024

312,000,000

Debt instrument, change during period

500,000,000

Debt at face value

$ 11,076,000,000

11,576,000,000

$ 11,076,000,000

Issuance of debt

1,783,000,000

2,184,000,000

$ 3,508,000,000

Borrowings under commercial paper program

0

0

0

Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018

Long-term Debt, Fiscal Year Maturity [Abstract]

Amount outstanding under facility

0

0

0

Maximum borrowing capacity

5,000,000,000

Line of credit facility, optional overall capacity

$ 6,000,000,000

Debt to capitalization ratio

65.00%

Line of Credit | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018

Long-term Debt, Fiscal Year Maturity [Abstract]

Borrowing capacity

5,600,000,000

$ 5,700,000,000

5,600,000,000

Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 1,500,000,000

Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Repayments of long-term debt

$ 250,000,000

Number of days maturities are generally limited to

3 years

Phillips 66 Partners LP | Phillips 66 Partners

Long-term Debt, Fiscal Year Maturity [Abstract]

Long-term debt

2,998,000,000

$ 3,491,000,000

2,998,000,000

Phillips 66 Partners LP | Phillips 66 Partners | Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt at face value

125,000,000

0

125,000,000

Amount outstanding under facility

0

Maximum borrowing capacity

750,000,000

Line of credit facility, optional overall capacity

1,000,000,000

Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 900,000,000

Commercial Paper

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

5,000,000,000

Commercial Paper | Subsequent Event

Long-term Debt, Fiscal Year Maturity [Abstract]

Amount outstanding under facility

$ 650,000,000

2.450% Senior Notes Due December 15, 2024 | Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 300,000,000

Senior notes, interest percent

2.45%

3.150% Senior Notes Due December 15, 2029 | Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 600,000,000

Senior notes, interest percent

3.15%

2.646% Senior Notes Due February 2020 | Phillips 66 Partners LP | Phillips 66 Partners | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Short-term debt

$ 300,000,000

Senior Unsecured Term Loan | Phillips 66 Partners LP | Phillips 66 Partners | Line of Credit

Long-term Debt, Fiscal Year Maturity [Abstract]

Short-term debt

$ 400,000,000

Proceeds from lines of credit

$ 400,000,000

Maximum borrowing capacity

$ 400,000,000

Revolving credit facility due January 2019 and October 2021 at weighted-average rate of 3.669% at year-end 2018 | Phillips 66 Partners LP | Phillips 66 Partners | Line of Credit

Long-term Debt, Fiscal Year Maturity [Abstract]

Short-term debt

125,000,000

Floating-rate Notes Due April 2019 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Repayments of long-term debt

300,000,000

Term loan due April 2020 at 2.699% and 3.422% at year-end 2019 and 2018, respectively | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt at face value

200,000,000

200,000,000

200,000,000

Long-term debt

$ 450,000,000

Floating-rate Senior Notes due February 2021 at 2.517% and 3.289% at year-end 2019 and 2018, respectively | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

500,000,000

Borrowing

500,000,000

500,000,000

500,000,000

3.900% Senior Notes due March 2028 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 800,000,000

Borrowing

800,000,000

$ 800,000,000

800,000,000

Senior notes, interest percent

3.90%

3.90%

4.875% Senior Notes due November 2044 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 200,000,000

Borrowing

1,700,000,000

$ 1,700,000,000

1,700,000,000

Senior notes, interest percent

4.875%

4.875%

Maximum | Commercial Paper

Long-term Debt, Fiscal Year Maturity [Abstract]

Number of days maturities are generally limited to

90 days

London Interbank Offered Rate (LIBOR) | Floating-rate Senior Notes due February 2021 at 2.517% and 3.289% at year-end 2019 and 2018, respectively | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Basis spread on variable rate

0.60%

Senior Notes | 2.646% Senior Notes Due February 2020 | Phillips 66 Partners LP | Phillips 66 Partners

Long-term Debt, Fiscal Year Maturity [Abstract]

Senior notes, interest percent

2.646%

2.646%

Equity Method Investee | Floating-rate Advance Term Loan due December 2034 at 2.392%—related party | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Issuance of debt

$ 25,000,000

Borrowing

$ 0

$ 25,000,000

$ 0

Guarantees (Details)

Guarantees (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Oct. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2019	Jan. 31, 2019
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations			$ 441,000,000	$ 447,000,000
Other Joint Ventures | Maximum
Guarantor Obligations [Line Items]
Joint venture debt obligations, period (up to)			6 years
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Gray Oak Pipeline LLC
Guarantor Obligations [Line Items]
Percentage of ownership interest			42.25%			65.00%	75.00%
Carrying amount of indemnifications			$ 494,000,000
Other Guarantees | Other Joint Ventures
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments			263,000,000
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications			153,000,000	171,000,000
Indemnifications | Asset Retirement Obligations And Accrued Environmental Cost
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations			$ 105,000,000	101,000,000
Facilities
Guarantor Obligations [Line Items]
Lessee leasing arrangements, operating leases (up to)			5 years
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments			$ 554,000,000
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments			$ 372,000,000
Lessee leasing arrangements, operating leases (up to)			4 years
Operating leases, expense			$ 1,000,000
Operating leases, expense				$ 20,000,000	$ 45,000,000
Railcars | Residual Value Guarantees
Guarantor Obligations [Line Items]
Residual value guarantee liability	$ 40,000,000	$ 53,000,000

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 1
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2020	321
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2021	321
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2022	321
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2023	321
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2024	321
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2024 and after	1,983
Total payments under long-term throughput and take-or-pay agreements	321	$ 323	$ 323
Performance Guarantee
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 1,111

Derivatives and Financial Ins_3

Derivatives and Financial Instruments (Summary of Commodity Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Liabilities	$ (1,188)	$ (1,075)
Effect of Collateral Netting	0	(89)
Liabilities
Assets	1,188	1,075
Effect of Collateral Netting	80	0
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	80	(89)
Total
Assets	1,214	1,264
Liabilities	(1,282)	(1,100)
Net Carrying Value Presented on the Balance Sheet	12	75
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	23	1,257
Liabilities	0	(1,070)
Effect of Collateral Netting	0	(89)
Net Carrying Value Presented on the Balance Sheet	23	98
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	3	2
Liabilities	0	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	3	2
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	1,188	0
Liabilities	(1,281)	(23)
Effect of Collateral Netting	80	0
Net Carrying Value Presented on the Balance Sheet	13	23
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	0	5
Liabilities	(1)	(7)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ 1	$ 2

Derivatives and Financial Ins_4

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ (278)	$ 113	$ (238)
Sales and other operating revenues
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	(150)	192	(247)
Other income
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	33	(15)	27
Purchased crude oil and products
Summary of gains (losses) from commodity derivatives
Net gain (loss) from commodity derivative activity	$ (161)	$ (64)	$ (18)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Estimated percentage of derivative contract volume expiring within twelve months	98.00%	98.00%
Payment terms of receivables	30 days or less
Cash Flow Hedging | Interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative, notional amount	$ 650,000,000
Cash Flow Hedging | Interest rate derivatives | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative, fair value	$ 1,000,000	$ 15,000,000
Facilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Lessee leasing arrangements, operating leases (up to)	5 years
Selling, General and Administrative Expenses [Member] | Cash Flow Hedging | Interest rate derivatives | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative instruments, gain reclassified from AOCI into income in next twelve months	$ 1,000,000

Derivatives and Financial Ins_6

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - MMBbls MMBbls in Millions	Dec. 31, 2019	Dec. 31, 2018
Commodity
Crude oil, refined petroleum products and NGL (millions of barrels)	(16)	(17)

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Total Fair Value of Gross Assets & Liabilities	$ 1,342	$ 1,383
Effect of Counterparty Netting	(1,188)	(1,075)
Effect of Collateral Netting	0	(89)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	154	219
Liabilities
Financial and Nonfinancial Liabilities, Fair Value Disclosure	14,195	12,027
Effect of Counterparty Netting	(1,188)	(1,075)
Effect of Collateral Netting	(80)	0
Difference in Carrying Value and Fair Value	(1,438)	49
Net Carrying Value Presented on the Balance Sheet	11,489	11,001
Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	947	778
Liabilities
Financial and Nonfinancial Liabilities, Fair Value Disclosure	884	605
Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	395	601
Liabilities
Financial and Nonfinancial Liabilities, Fair Value Disclosure	13,311	11,422
Level 3
Assets
Total Fair Value of Gross Assets & Liabilities		4
Liabilities
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Commodity Derivative Assets
Assets
Effect of Collateral Netting	0	0
Liabilities
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	1,188	1,221
Effect of Counterparty Netting	(1,188)	(1,075)
Effect of Collateral Netting	0	(89)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet		57
Liabilities
Total Fair Value of Gross Assets & Liabilities	1,269	1,077
Effect of Counterparty Netting	(1,188)	(1,075)
Effect of Collateral Netting	(80)	0
Net Carrying Value Presented on the Balance Sheet	1	2
Commodity Derivative Assets | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	1	3
Effect of Counterparty Netting	0	0
Net Carrying Value Presented on the Balance Sheet	1	3
Commodity Derivative Assets | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	26	43
Effect of Counterparty Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	26	43
Liabilities
Total Fair Value of Gross Assets & Liabilities	12	20
Effect of Counterparty Netting	0	0
Net Carrying Value Presented on the Balance Sheet	12	20
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	820	674
Liabilities
Total Fair Value of Gross Assets & Liabilities	884	605
Commodity Derivative Assets | Level 1 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 1 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 2 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	368	547
Liabilities
Total Fair Value of Gross Assets & Liabilities	385	472
Commodity Derivative Assets | Level 2 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	1	3
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	26	39
Liabilities
Total Fair Value of Gross Assets & Liabilities	12	20
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 3 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities		4
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Interest rate derivatives
Assets
Total Fair Value of Gross Assets & Liabilities	1	15
Effect of Counterparty Netting	0	0
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	1	15
Interest rate derivatives | Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Interest rate derivatives | Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	1	15
Interest rate derivatives | Level 3
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Rabbi trust assets
Assets
Rabbi trust assets	127	104
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	127	104
Rabbi trust assets | Level 2
Assets
Rabbi trust assets	0	0
Rabbi trust assets | Level 3
Assets
Rabbi trust assets	0	0
Floating-rate debt
Liabilities
Debt	1,100	1,200
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	1,100	1,200
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases
Liabilities
Debt	11,813	9,727
Difference in Carrying Value and Fair Value	(1,438)	49
Fixed-rate debt, excluding finance leases | Level 1
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases | Level 2
Liabilities
Debt	11,813	9,727
Fixed-rate debt, excluding finance leases | Level 3
Liabilities
Debt	0	0
Reported Value Measurement | Floating-rate debt
Liabilities
Debt	1,100	1,200
Reported Value Measurement | Fixed-rate debt, excluding finance leases
Liabilities
Debt	$ 10,375	$ 9,776

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	Sep. 30, 2019d
Fair Value, Nonrecurring | Level 3 | DCP Partners | Trading Period
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	20

Equity (Details)

Equity (Details) - USD ($)	Feb. 05, 2020	Feb. 13, 2018	Feb. 28, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2014	Dec. 31, 2019	Oct. 04, 2019
Class of Stock [Line Items]
Preferred stock authorized, shares (in shares)				500,000,000				500,000,000
Par value of preferred stock, per share (in dollars per share)				$ 0.01				$ 0.01
Preferred stock outstanding, shares (in shares)				0				0
Amount authorized for stock repurchase									$ 3,000,000,000
Cumulative authorized amount								$ 15,000,000,000
Repurchase of common stock, shares (in shares)				16,865,000	47,961,000	18,738,000		153,968,191
Cost of shares repurchased				$ 1,650,000,000	$ 4,645,000,000	$ 1,590,000,000		$ 12,000,000,000
Number of shares authorized to be repurchased (in shares)			35,000,000
Repurchase of common stock			$ 3,280,000,000	$ 1,650,000,000	$ 4,645,000,000	$ 1,590,000,000
Accelerated share repurchases, initial price paid per share (in dollars per share)		$ 93.725
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (in dollars per share)	$ 0.90
Share exchange—PSPI transaction
Class of Stock [Line Items]
Repurchase of common stock, shares (in shares)							17,422,615
Cost of shares repurchased							$ 1,350,000,000
Cash and cash equivalents
Class of Stock [Line Items]
Share repurchase settlement amount			1,880,000,000
Commercial Paper | Cash and cash equivalents
Class of Stock [Line Items]
Share repurchase settlement amount			$ 1,400,000,000

Leases Leases (Balance Sheet) (

Leases Leases (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Finance leases, Total right-of-use assets	$ 284
Short-term debt	18
Other accruals	259
Finance leases, Total lease liabilities	277
Operating leases, Total right-of-use assets	1,312	$ 1,415
Other accruals	455
Other liabilities and deferred credits	806
Operating leases, Total lease liabilities	$ 1,261	$ 1,415

Leases (Summary of Leases) (Det

Leases (Summary of Leases) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Finance Leases
2020	$ 26
2021	25
2022	23
2023	23
2024	23
Remaining years	243
Future minimum lease payments	363
Amount representing interest or discounts	(86)
Total lease liabilities	277
Operating Leases
2020	488
2021	260
2022	167
2023	111
2024	84
Remaining years	299
Future minimum lease payments	1,409
Amount representing interest or discounts	(148)
Total lease liabilities	$ 1,261	$ 1,415

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 20
Interest on lease liabilities	6
Total finance lease cost	26
Operating lease cost	531
Short-term lease cost	118
Variable lease cost	12
Sublease income	(16)
Total net lease cost	$ 671

Leases (Cash Paid for Leases) (

Leases (Cash Paid for Leases) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating cash outflows—finance leases	$ 6
Operating cash outflows—operating leases	553
Financing cash outflows—finance leases	$ 21

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Right-of-use asset obtained in exchange for operating lease liability	$ 342

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	11 years 1 month 6 days
Weighted-average remaining lease term—operating leases (years)	5 years 7 months 6 days
Weighted-average discount rate—finance leases	3.10%
Weighted-average discount rate—operating leases	3.80%

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Reconciliation of Projected Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits | United States
Change in Benefit Obligations
Benefit obligations at January 1	$ 2,730	$ 3,043
Service cost	127	136	$ 132
Interest cost	109	104	108
Plan participant contributions	0	0
Plan amendments	0	0
Net actuarial loss (gain)	380	(167)
Benefits paid	(198)	(386)
Curtailment gain	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	3,148	2,730	3,043
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	2,377	2,751
Actual return on plan assets	478	(122)
Company contributions	45	134
Plan participant contributions	0	0
Benefits paid	(198)	(386)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	2,702	2,377	2,751
Funded Status at December 31	(446)	(353)
Pension Benefits | Int’l.
Change in Benefit Obligations
Benefit obligations at January 1	1,007	1,209
Service cost	23	29	32
Interest cost	26	28	27
Plan participant contributions	2	2
Plan amendments	0	0
Net actuarial loss (gain)	186	(165)
Benefits paid	(31)	(27)
Curtailment gain	0	(5)
Foreign currency exchange rate change	15	(64)
Benefit obligations at December 31	1,228	1,007	1,209
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	902	972
Actual return on plan assets	121	(29)
Company contributions	28	34
Plan participant contributions	2	2
Benefits paid	(31)	(27)
Foreign currency exchange rate change	24	(50)
Fair value of plan assets at December 31	1,046	902	972
Funded Status at December 31	(182)	(105)
Other Benefits
Change in Benefit Obligations
Benefit obligations at January 1	220	232
Service cost	5	6	6
Interest cost	9	7	8
Plan participant contributions	5	4
Plan amendments	(2)	0
Net actuarial loss (gain)	6	(9)
Benefits paid	(17)	(20)
Curtailment gain	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	226	220	232
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Company contributions	12	16
Plan participant contributions	5	4
Benefits paid	(17)	(20)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31		0	$ 0
Funded Status at December 31	$ (226)	$ (220)

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (1,044)	$ (867)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(25)	(25)
Noncurrent liabilities	(421)	(328)
Total recognized	(446)	(353)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	29	78
Current liabilities	0	0
Noncurrent liabilities	(211)	(183)
Total recognized	(182)	(105)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(15)	(16)
Noncurrent liabilities	(211)	(204)
Total recognized	$ (226)	$ (220)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Summary of Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss) arising during the period	$ (156)	$ (16)	$ (1)
Prior service credit arising during the period	2	0	$ 0
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	523	539
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	(45)	(125)
Curtailment gain	0	0
Amortization of net actuarial loss (gain) and settlements	61	131
Prior service credit arising during the period	0	0
Amortization of prior service credit	0	0
Total recognized in other comprehensive income (loss)	16	6
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	164	64
Unrecognized prior service credit	(2)	(3)
Net actuarial gain (loss) arising during the period	(106)	102
Curtailment gain	0	5
Amortization of net actuarial loss (gain) and settlements	6	19
Prior service credit arising during the period	0	0
Amortization of prior service credit	(1)	(1)
Total recognized in other comprehensive income (loss)	(101)	125
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	0	(8)
Unrecognized prior service credit	(6)	(6)
Net actuarial gain (loss) arising during the period	(7)	9
Curtailment gain	0	0
Amortization of net actuarial loss (gain) and settlements	(1)	0
Prior service credit arising during the period	2	0
Amortization of prior service credit	(2)	(1)
Total recognized in other comprehensive income (loss)	$ (8)	$ 8

Pension and Postretirement Pl_6

Pension and Postretirement Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 2,855	$ 123
Fair value of plan assets	2,702	0
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	396	345
Fair value of plan assets	$ 207	$ 182

Pension and Postretirement Pl_7

Pension and Postretirement Plans (Projected Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 3,148	$ 2,730
Fair value of plan assets	2,702	2,377
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	419	365
Fair value of plan assets	$ 207	$ 182

Pension and Postretirement Pl_8

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 127	$ 136	$ 132
Interest cost	109	104	108
Expected return on plan assets	(143)	(169)	(146)
Amortization of prior service cost (credit)	0	0	3
Amortization of net actuarial loss (gain)	53	59	70
Settlements	8	72	83
Total net periodic benefit cost	154	202	250
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Service cost	23	29	32
Interest cost	26	28	27
Expected return on plan assets	(44)	(46)	(40)
Amortization of prior service cost (credit)	(1)	(1)	(1)
Amortization of net actuarial loss (gain)	6	19	23
Settlements	0	0	0
Total net periodic benefit cost	10	29	41
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	6	6
Interest cost	9	7	8
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(2)	(1)	(2)
Amortization of net actuarial loss (gain)	(1)	0	0
Settlements	0	0	0
Total net periodic benefit cost	$ 11	$ 12	$ 12

Pension and Postretirement Pl_9

Pension and Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Maximum employee contribution of eligible pay, percent	75.00%
Semi-annual discretionary company contribution target, percent	2.00%
Total expense related to participants in the savings plan	$ 192	$ 178	$ 101
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	43.00%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	41.00%
Real Estate Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	8.00%
Other Types of Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	8.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Company match of participant's contributions of eligible pay, percent		5.00%
Semi-annual discretionary company contribution target, percent	0.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Company match of participant's contributions of eligible pay, percent	6.00%
Semi-annual discretionary company contribution target, percent	6.00%
United States
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions next fiscal year	$ 50
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	2,855	$ 2,466
Net actuarial gain (loss)	$ (380)	$ 167
Weighted-average actual return on plan assets	20.00%	(4.00%)
Actual increase (reduction) in plan assets	$ 478	$ (122)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	1,068	878
Net actuarial gain (loss)	(186)	165
Actual increase (reduction) in plan assets	121	(29)
Expected future employer contributions next fiscal year	25
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	(6)	9
Actual increase (reduction) in plan assets	$ 0	$ 0
Health care cost trend rate, percentage	6.75%
Health care cost trend rate, ultimate, percentage	5.00%

Pension and Postretirement P_10

Pension and Postretirement Plans (Summary of Weighted-Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits | United States
Assumptions Used to Determine Benefit Obligations:
Discount rate	3.30%	4.30%
Rate of compensation increase	4.00%	4.00%
Interest crediting rate on cash balance plan	2.70%	3.25%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	4.30%	3.60%
Expected return on plan assets	6.50%	6.50%
Rate of compensation increase	4.00%	4.00%
Interest crediting rate on cash balance plan	3.25%	3.00%
Pension Benefits | Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate	1.81%	2.59%
Rate of compensation increase	3.34%	3.34%
Interest crediting rate on cash balance plan	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	2.59%	2.36%
Expected return on plan assets	4.93%	4.78%
Rate of compensation increase	3.34%	3.74%
Interest crediting rate on cash balance plan	0.00%	0.00%
Other Benefits
Assumptions Used to Determine Benefit Obligations:
Discount rate	3.05%	4.15%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	4.15%	3.35%
Expected return on plan assets	0.00%	0.00%
Interest crediting rate on cash balance plan	0.00%	0.00%

Pension and Postretirement P_11

Pension and Postretirement Plans (Summary of Pension Plan Asset Fair Values) (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,702	$ 2,377	$ 2,751
Subtotal	1,182	1,210
United States | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,048	1,081
Subtotal	1,048	1,081
United States | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	134	129
Subtotal	134	129
United States | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
United States | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	437	421
United States | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	437	421
United States | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	475	610
United States | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	475	610
United States | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	134	129
United States | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	134	129
United States | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	136	50
United States | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	136	50
United States | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Common/collective trusts measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Common/collective trusts measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,364	1,048
United States | Real estate funds measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
United States | Real estate funds measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	156	119
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,046	902	$ 972
Subtotal	18	21
Int’l. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	7
Subtotal	4	7
Int’l. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Subtotal	0	0
Int’l. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Subtotal	14	14
Int’l. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	7
Int’l. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	7
Int’l. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Int’l. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	14
Int’l. | Common/collective trusts measured at NAV | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Int’l. | Common/collective trusts measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	938	873
Int’l. | Real estate funds measured at NAV | Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 90	$ 8

Pension and Postretirement P_12

Pension and Postretirement Plans (Summary of Future Service Benefit Payments) (Details) $ in Millions	Dec. 31, 2019USD ($)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
2020	$ 538
2021	309
2022	320
2023	284
2024	289
2025-2029	1,198
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
2020	21
2021	23
2022	25
2023	27
2024	29
2025-2029	176
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2020	26
2021	27
2022	27
2023	26
2024	24
2025-2029	$ 96

Share-Based Compensation Plan_2

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 31, 2019USD ($)shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average grant date fair value of options granted (in dollars per share) | $ / shares		$ 17.58	$ 20.69	$ 16.95
Aggregate intrinsic value, exercised		$ 51	$ 37	$ 62
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option terms in years		10 years
Weighted-average remaining contractual terms of vested options	4 years 9 months 29 days
Weighted-average remaining contractual terms of exercisable options	4 years 5 months 26 days
Cash received from the exercise of options		$ 32
Tax benefit from the exercise of options		6
Unrecognized compensation expense from unvested awards held by employees	$ 6	6
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	21 months
Longest period for recognition of unrecognized compensation expense from unvested awards	25 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees	$ 64	$ 64
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		22 months
Longest period for recognition of unrecognized compensation expense from unvested awards		35 months
Number of shares of common stock to be issued per stock unit | shares		1
Units, granted (in dollars per share) | $ / shares		$ 95.16	$ 96.16	$ 78.49
Aggregate fair value, Issued shares		$ 80	$ 102	$ 85
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees	$ 0.1	$ 0.1
Weighted-average period for recognition of unrecognized compensation expense from unvested awards		13 months
Longest period for recognition of unrecognized compensation expense from unvested awards		3 years
Number of shares of common stock to be issued per stock unit | shares		1
Units, granted (in dollars per share) | $ / shares		$ 87.42	$ 99.74	$ 86.88
Aggregate fair value, Issued shares		$ 44	$ 70	$ 54
Performance measurement period					3 years
Fair value of cash settled units		$ 25	$ 49	$ 56
Employees Eligible for Retirement | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		6 months
Employees Eligible for Retirement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		6 months
Awards Vesting Ratably Over Three Years On Anniversary Of Grant Date | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable under P66 Omnibus Plan, maximum (in shares) | shares	45,000,000	45,000,000
Minimum time required for an award not to be subject to forfeiture		6 months
Eligible retirement age	55	55
Years of service		5 years
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Cliff Vesting | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years

Share-Based Compensation Plan_3

Share-Based Compensation Plans (Summary of Compensation Expense and Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 169	$ 100	$ 142
Income tax benefit	$ (53)	$ (45)	$ (74)

Share-Based Compensation Plan_4

Share-Based Compensation Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options
Outstanding at January 1, 2019 (in shares)	4,752,808
Granted (in shares)	830,900
Forfeited (in shares)	(553)
Exercised (in shares)	(803,751)
Outstanding at December 31, 2019 (in shares)	4,779,404	4,752,808
Vested at December 31, 2019 (in shares)	3,603,296
Exercisable at December 31, 2019 (in shares)	3,267,111
Weighted- Average Exercise Price
Outstanding at January 1, 2019 (in dollars per share)	$ 63.11
Granted (in dollars per share)	94.97
Forfeited (in dollars per share)	94.85
Exercised (in dollars per share)	39.90
Outstanding at December 31, 2019 (in dollars per share)	72.55	$ 63.11
Vested at December 31, 2019 (in dollars per share)	65.69
Exercisable at December 31, 2019 (in dollars per share)	63.57
Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 17.58	$ 20.69	$ 16.95
Aggregate Intrinsic Value, Exercised	$ 51	$ 37	$ 62
Aggregate Intrinsic Value, Exercisable	162
Aggregate Intrinsic Value, Vested	$ 154

Share-Based Compensation Plan_5

Share-Based Compensation Plans (Fair Value Assumptions) (Details) - Stock Options	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.68%	2.81%	2.28%
Dividend yield	3.70%	2.80%	2.90%
Volatility factor	25.61%	25.41%	26.91%
Expected life (years)	7 years 21 days	7 years 2 months 4 days	7 years 2 months 19 days

Share-Based Compensation Plan_6

Share-Based Compensation Plans (Summary of Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Units
Outstanding, beginning of period (in shares)	2,259,829
Granted (in shares)	1,001,899
Forfeited (in shares)	(50,192)
Issued (in shares)	(836,952)
Outstanding, end of period (in shares)	2,374,584	2,259,829
Not Vested, end of period (in shares)	1,619,720
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 84.52
Granted (in dollars per share)	95.16	$ 96.16	$ 78.49
Forfeited (in dollars per share)	95.21
Issued (in dollars per share)	79.73
Outstanding, end of period (in dollars per share)	90.47	$ 84.52
Not Vested, end of period (in dollars per share)	$ 91.04
Total Fair Value, Issued	$ 80	$ 102	$ 85

Share-Based Compensation Plan_7

Share-Based Compensation Plans (Summary of Performance Share Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Performance Share Units
Outstanding, beginning of period (in shares)	1,902,502
Granted (in shares)	287,914
Forfeited (in shares)	0
Issued (in shares)	(461,942)
Cash settled (in shares)	(287,914)
Outstanding, end of period (in shares)	1,440,560	1,902,502
Not Vested, end of period (in shares)	73,271
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 49.52
Granted (in dollars per share)	87.42	$ 99.74	$ 86.88
Forfeited (in dollars per share)	0
Issued (in dollars per share)	59.12
Cash settled (in dollars per share)	87.42
Outstanding, end of period (in dollars per share)	46.44	$ 49.52
Not Vested, end of period (in dollars per share)	$ 69.63
Total Fair Value, Issued	$ 44	$ 70	$ 54
Total Fair Value, Cash settled	$ 25	$ 49	$ 56

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Tax cuts and jobs act of 2017, provisional income tax benefit				$ 2,870
Deemed repatriation tax liability, provisional income tax expense				149
Aggregate income tax benefit	$ 89
Tax cuts and jobs act of 2017, income tax expense (benefit)			$ 36
Decrease in valuation allowance		$ (14)
Unrecognized tax benefits that if recognized would affect our effective tax rate		15	1	5
Accrued liabilities for interest and penalties		10	5	8
Increase (decrease) in income tax penalties and interest accrued		(3)		1
Income tax expense (benefits) reflected in the capital in excess of par column of the consolidated statement of equity		123	$ 13	$ 81
Repatriation tax adjustment, decrease in income tax expense		42
Germany
Deferred tax assets, operating loss carryforwards, foreign		33
United States
Tax credit carryforwards		15
United Kingdom
Deferred tax assets, operating loss carryforwards, foreign		$ 5

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense (Benefits)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal
Current	$ 354	$ 739	$ 9
Deferred	177	257	(1,960)
Foreign
Current	204	326	126
Deferred	(50)	53	3
State and local
Current	61	255	61
Deferred	55	(58)	68
Income tax expense	$ 801	$ 1,572	$ (1,693)

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Tax Liabilities and Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 3,297	$ 3,074
Investment in joint ventures	2,137	2,041
Investment in subsidiaries	794	602
Inventory	0	66
Other	263	14
Total deferred tax liabilities	6,491	5,797
Deferred Tax Assets
Benefit plan accruals	460	395
Asset retirement obligations and accrued environmental costs	115	109
Loss and credit carryforwards	54	59
Other financial accruals and deferrals	70	16
Inventory	28	0
Other	281	0
Total deferred tax assets	1,008	579
Less: valuation allowance	22	8
Net deferred tax assets	986	571
Net deferred tax liabilities	$ 5,505	$ 5,226

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 23	$ 34	$ 70
Additions for tax positions of current year	2	0	0
Additions for tax positions of prior years	29	1	1
Reductions for tax positions of prior years	(14)	(2)	(5)
Settlements	0	(10)	(32)
Balance at December 31	$ 40	$ 23	$ 34

Income Taxes (Income Tax Reconc

Income Taxes (Income Tax Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income before income taxes
United States									$ 3,267	$ 5,716	$ 2,799
Foreign									911	1,729	756
Income before income taxes	$ 1,066	$ 943	$ 1,829	$ 340	$ 2,918	$ 1,975	$ 1,835	$ 717	$ 4,178	$ 7,445	$ 3,555
Percentage of Income Before Income Taxes
United States									78.20%	76.80%	78.70%
Foreign									21.80%	23.20%	21.30%
Income before income taxes									100.00%	100.00%	100.00%
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax									$ 877	$ 1,563	$ 1,244
State income tax, net of federal benefit									92	155	79
Tax Cuts and Jobs Act									(42)	36	(2,721)
Foreign rate differential									(31)	(3)	(137)
Noncontrolling interests									(61)	(58)	(46)
Change in valuation allowance									14	(20)	(4)
Other									(48)	(101)	(108)
Income tax expense									$ 801	$ 1,572	$ (1,693)
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax									21.00%	21.00%	35.00%
State income tax, net of federal benefit									2.20%	2.10%	2.20%
Tax Cuts and Jobs Act									(1.00%)	0.50%	(76.50%)
Foreign rate differential									(0.70%)	0.00%	(3.90%)
Noncontrolling interests									(1.50%)	(0.80%)	(1.30%)
Change in valuation allowance									0.30%	(0.30%)	(0.10%)
Other									(1.10%)	(1.40%)	(3.00%)
Effective income tax rate									19.20%	21.10%	(47.60%)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss)
Beginning Balance	$ 27,153	$ 27,153	$ 27,428	$ 23,725
Other comprehensive income (loss) before reclassifications		(50)	(174)	266
Amounts reclassified from accumulated other comprehensive loss				112
Other Comprehensive Income (Loss), Net of Income Taxes		(7)	(75)	378
Ending Balance		27,169	27,153	27,428
Income taxes reclassified to retained earnings	(89)
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning Balance	(472)	(472)	(598)	(713)
Other comprehensive income (loss) before reclassifications		(140)	14	3
Amounts reclassified from accumulated other comprehensive loss		49	112	112
Other Comprehensive Income (Loss), Net of Income Taxes		(91)	126	115
Ending Balance		(656)	(472)	(598)
Income taxes reclassified to retained earnings	(93)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning Balance	(228)	(228)	(26)	(285)
Other comprehensive income (loss) before reclassifications		95	(192)	259
Amounts reclassified from accumulated other comprehensive loss		0	(10)
Other Comprehensive Income (Loss), Net of Income Taxes		95	(202)	259
Ending Balance		(131)	(228)	(26)
Income taxes reclassified to retained earnings	2
Hedging
Accumulated other comprehensive income (loss)
Beginning Balance	8	8	7	3
Other comprehensive income (loss) before reclassifications			4	4
Amounts reclassified from accumulated other comprehensive loss			(3)
Other Comprehensive Income (Loss), Net of Income Taxes			1	4
Ending Balance			8	7
Hedging
Accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications		(5)
Amounts reclassified from accumulated other comprehensive loss		(6)
Other Comprehensive Income (Loss), Net of Income Taxes		(11)
Ending Balance		(1)
Income taxes reclassified to retained earnings	2
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning Balance	$ (692)	(692)	(617)	(995)
Other Comprehensive Income (Loss), Net of Income Taxes		(7)	(75)	378
Ending Balance		$ (788)	$ (692)	$ (617)

Cash Flow Information (Cash Pay

Cash Flow Information (Cash Payments (Receipts)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Payments (Receipts)
Interest	$ 426	$ 465	$ 421
Income taxes	$ 955	$ 984	(257)
Income taxes paid			$ 102

Cash Flow Information Cash Flow

Cash Flow Information Cash Flow Information (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Restricted Cash	$ 0	$ 0	$ 0

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Incurred
Debt	$ 504	$ 493	$ 432
Other	31	28	21
Total incurred	535	521	453
Capitalized	(77)	(17)	(15)
Expensed	458	504	438
Other Income
Interest income	43	45	31
Gain on consolidation of business	0	0	423
Other, net	76	16	67
Other Income	119	61	521
Research and Development Expenses	54	55	60
Advertising Expenses	63	68	76
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	5	(31)	0
Midstream
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Chemicals
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Refining
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	(24)	(2)
Marketing and Specialties
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	1	1
Corporate and Other
Incurred
Expensed	458	504	438
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	$ 5	$ (8)	$ 1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Operating revenues and other income	$ 2,977	$ 3,514	$ 2,596
Purchases	11,726	12,755	10,468
Operating expenses and selling, general and administrative expenses	$ 96	$ 59	$ 79

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019refinery
Refining | Mainly United States And Europe
Segment Reporting Information [Line Items]
Refineries owned	13
DCP Midstream
Segment Reporting Information [Line Items]
Equity investment	50.00%
DCP Midstream | Midstream
Segment Reporting Information [Line Items]
Equity investment	50.00%
CP Chem | Chemicals
Segment Reporting Information [Line Items]
Equity investment	50.00%

Segment Disclosures and Relat_4

Segment Disclosures and Related Information (Analysis by Segment) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	$ 29,125	$ 27,218	$ 27,847	$ 23,103	$ 29,098	$ 29,788	$ 28,980	$ 23,595	$ 107,293	$ 111,461
Sales and Other Operating Revenues											$ 102,354
Equity in Earnings of Affiliates									2,127	2,676	1,732
Consolidated depreciation, amortization and impairments									2,202	1,364	1,342
Interest Income and Expense									43	45	31
Interest and debt expense									458	504	438
Income (Loss) Before Income Taxes									4,178	7,445	3,555
Investments In and Advances To Affiliates	14,300				14,231				14,300	14,231	13,744
Total Assets	58,720				54,302				58,720	54,302	54,371
Capital Expenditures and Investments									3,873	2,639	1,832
Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									4,981	6,117
Sales and Other Operating Revenues											4,778
Consolidated depreciation, amortization and impairments									1,162	326	299
Chemicals
Segment Reporting Information [Line Items]
Consolidated depreciation, amortization and impairments									0	0	0
Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									30,921	33,797
Sales and Other Operating Revenues											25,210
Consolidated depreciation, amortization and impairments									857	841	838
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									71,360	71,515
Sales and Other Operating Revenues											72,332
Consolidated depreciation, amortization and impairments									103	114	116
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									7,103	8,293
Sales and Other Operating Revenues											6,620
Equity in Earnings of Affiliates									754	676	454
Interest Income and Expense									0	0	1
Income (Loss) Before Income Taxes									684	1,181	638
Investments In and Advances To Affiliates	5,131				5,423				5,131	5,423	4,734
Total Assets	15,716				14,329				15,716	14,329	13,231
Capital Expenditures and Investments									2,292	1,548	771
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									3	5
Sales and Other Operating Revenues											5
Equity in Earnings of Affiliates									870	1,025	713
Interest Income and Expense									0	0	0
Income (Loss) Before Income Taxes									879	1,025	716
Investments In and Advances To Affiliates	6,229				6,233				6,229	6,233	6,222
Total Assets	6,249				6,235				6,249	6,235	6,226
Capital Expenditures and Investments									0	0	0
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									76,792	83,140
Sales and Other Operating Revenues											65,494
Equity in Earnings of Affiliates									318	796	322
Interest Income and Expense									0	0	0
Income (Loss) Before Income Taxes									1,986	4,535	2,076
Investments In and Advances To Affiliates	2,290				2,226				2,290	2,226	2,398
Total Assets	25,150				23,230				25,150	23,230	23,780
Capital Expenditures and Investments									1,001	826	853
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									73,616	73,414
Sales and Other Operating Revenues											73,565
Equity in Earnings of Affiliates									185	164	243
Interest Income and Expense									0	0	0
Income (Loss) Before Income Taxes									1,433	1,557	1,020
Investments In and Advances To Affiliates	650				349				650	349	390
Total Assets	8,659				6,572				8,659	6,572	7,052
Capital Expenditures and Investments									374	125	108
Intersegment Eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									(2,122)	(2,176)
Sales and Other Operating Revenues											(1,842)
Intersegment Eliminations | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									(45,871)	(49,343)
Sales and Other Operating Revenues											(40,284)
Intersegment Eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									(2,256)	(1,899)
Sales and Other Operating Revenues											(1,233)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues									28	27
Sales and Other Operating Revenues											29
Equity in Earnings of Affiliates									0	15	0
Consolidated depreciation, amortization and impairments									80	83	89
Interest Income and Expense									43	45	30
Interest and debt expense									458	504	438
Income (Loss) Before Income Taxes									(804)	(853)	(895)
Investments In and Advances To Affiliates	0				0				0	0	0
Total Assets	$ 2,946				$ 3,936				2,946	3,936	4,082
Capital Expenditures and Investments									$ 206	$ 140	$ 100

Segment Disclosures and Relat_5

Segment Disclosures and Related Information (Summary of Geographic Information) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Worldwide consolidated	$ 38,357	$ 36,439	$ 35,401
United States
Segment Reporting Information [Line Items]
Worldwide consolidated	36,407	34,587	33,457
United Kingdom
Segment Reporting Information [Line Items]
Worldwide consolidated	1,256	1,191	1,254
Germany
Segment Reporting Information [Line Items]
Worldwide consolidated	601	570	593
Other foreign countries
Segment Reporting Information [Line Items]
Worldwide consolidated	$ 93	$ 91	$ 97

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 31, 2019USD ($)offeringshares	Aug. 01, 2019USD ($)shares	Jun. 30, 2018USD ($)	Dec. 31, 2020$ / shares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)offering$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)offeringshares	Dec. 31, 2016USD ($)
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction						$ (98)
Third party contributed an aggregate amount						269	$ (86)	$ (76)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 27,169					27,169	27,153	27,428	$ 27,169	$ 23,725
Noncontrolling Interests
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction						(373)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,259					2,259	2,500	2,343	2,259	1,335
Additional Paid-in Capital
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction		$ 275				275
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	20,301					$ 20,301	19,873	19,768	20,301	$ 19,559
Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Preferred units, distribution, quarterly (in usd per share) | $ / shares						$ 0.678375
Phillips 66 Partners | Phillips 66 Partners LP | Noncontrolling Interests
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction		$ 373
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 2,228					$ 2,228	2,469		$ 2,228
At The Market Offering Program | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, amount authorized						$ 750
At The Market Offering Program | Common Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Number of continuous offerings | offering	3					3			3
Partners' capital account, amount authorized, per program						$ 250
Available under third program			$ 250		$ 250
Net proceeds						$ 173	$ 128	$ 173	$ 492
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage	26.00%
Phillips 66 Partners LP | Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public (in shares) | shares	13,800,000					13,800,000			13,800,000
Phillips 66 Partners LP | Phillips 66 Partners
Subsidiary or Equity Method Investee [Line Items]
General partnership interest in Phillips 66 Partners, percentage		2.00%
Limited partnership interest in Phillips 66 Partners, percentage	74.00%
Phillips 66 Partners LP | Phillips 66 Partners | Common Units
Subsidiary or Equity Method Investee [Line Items]
Shares, issued (in shares) | shares		101,000,000
Ownership interest (in shares) | shares	170,000,000					170,000,000			170,000,000
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Third party contributed an aggregate amount						$ 342
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership							35.00%
Forecast | Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Preferred units, distribution (in usd per share) | $ / shares				$ 0.678375
Restructuring Transaction
Subsidiary or Equity Method Investee [Line Items]
Increase in deferred income taxes		$ 91
Transaction costs included in liability		$ 7

Phillps 66 Partners LP (Schedu

Phillps 66 Partners LP (Schedule of assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 1,614	$ 3,019
Equity investments	14,284	14,218
Net properties, plants and equipment		22,018
Phillips 66 Partners LP | Phillips 66 Partners
Related Party Transaction [Line Items]
Cash and cash equivalents	286	1
Equity investments	2,961	2,448
Net properties, plants and equipment	3,349	3,052
Short-term debt	25	50
Long-term debt	$ 3,491	$ 2,998

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019
Phillips 66 Company | Phillips 66 Company
Restructuring Cost and Reserve [Line Items]
Ownership interest percentage	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues and Other Income
Sales and Other Operating Revenues	$ (29,125)	$ (27,218)	$ (27,847)	$ (23,103)	$ (29,098)	$ (29,788)	$ (28,980)	$ (23,595)	$ (107,293)	$ (111,461)
Sales and other operating revenues											$ (102,354)
Equity in earnings of affiliates									2,127	2,676	1,732
Net gain on dispositions									20	19	15
Other income									119	61	521
Total Revenues and Other Income									109,559	114,217	104,622
Costs and Expenses
Purchased crude oil and products									95,529	97,930	79,409
Operating expenses									5,074	4,880	4,699
Selling, general and administrative expenses									1,681	1,677	1,695
Depreciation and amortization									1,341	1,356	1,318
Impairments									861	8	24
Taxes other than income taxes									409	425
Taxes other than income taxes											13,462
Accretion on discounted liabilities									23	23	22
Interest and debt expense									458	504	438
Foreign currency transaction gains (losses)									5	(31)	0
Total Costs and Expenses									105,381	106,772	101,067
Income before income taxes									4,178	7,445	3,555
Income tax expense (benefit)									801	1,572	(1,693)
Net Income	810	793	1,504	270	2,316	1,568	1,404	585	3,377	5,873	5,248
Less: net income attributable to noncontrolling interests									301	278	142
Net Income Attributable to Phillips 66	$ 736	$ 712	$ 1,424	$ 204	$ 2,240	$ 1,492	$ 1,339	$ 524	3,076	5,595	5,106
Comprehensive Income									3,370	5,798	5,626
Reportable Legal Entities | Phillips 66
Revenues and Other Income
Sales and Other Operating Revenues									0	0
Sales and other operating revenues											0
Equity in earnings of affiliates									3,342	5,918	5,336
Net gain on dispositions									0	0	0
Other income									0	0	3
Total Revenues and Other Income									3,342	5,918	5,339
Costs and Expenses
Purchased crude oil and products									0	0	0
Operating expenses									0	0	0
Selling, general and administrative expenses									6	7	7
Depreciation and amortization									0	0	0
Impairments									0	0	0
Taxes other than income taxes									0	0
Taxes other than income taxes											0
Accretion on discounted liabilities									0	0	0
Interest and debt expense									347	402	348
Foreign currency transaction gains (losses)									0	0
Total Costs and Expenses									353	409	355
Income before income taxes									2,989	5,509	4,984
Income tax expense (benefit)									(87)	(86)	(122)
Net Income									3,076	5,595	5,106
Less: net income attributable to noncontrolling interests									0	0	0
Net Income Attributable to Phillips 66									3,076	5,595	5,106
Comprehensive Income									3,069	5,520	5,484
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income
Sales and Other Operating Revenues									(82,857)	(85,486)
Sales and other operating revenues											(74,640)
Equity in earnings of affiliates									2,163	4,030	3,256
Net gain on dispositions									0	8	1
Other income									76	33	471
Total Revenues and Other Income									88,900	93,050	79,978
Costs and Expenses
Purchased crude oil and products									78,244	79,559	63,812
Operating expenses									4,005	3,769	3,672
Selling, general and administrative expenses									1,299	1,297	1,300
Depreciation and amortization									918	926	892
Impairments									3	3	20
Taxes other than income taxes									293	321
Taxes other than income taxes											5,784
Accretion on discounted liabilities									18	18	17
Interest and debt expense									145	146	70
Foreign currency transaction gains (losses)									0	0
Total Costs and Expenses									84,925	86,039	75,567
Income before income taxes									3,975	7,011	4,411
Income tax expense (benefit)									633	1,093	(925)
Net Income									3,342	5,918	5,336
Less: net income attributable to noncontrolling interests									0	0	0
Net Income Attributable to Phillips 66									3,342	5,918	5,336
Comprehensive Income									3,335	5,843	5,714
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income
Sales and Other Operating Revenues									(24,436)	(25,975)
Sales and other operating revenues											(27,714)
Equity in earnings of affiliates									738	747	559
Net gain on dispositions									20	11	14
Other income									43	28	47
Total Revenues and Other Income									39,607	40,846	41,791
Costs and Expenses
Purchased crude oil and products									35,067	35,563	30,379
Operating expenses									1,141	1,193	1,085
Selling, general and administrative expenses									386	383	399
Depreciation and amortization									423	430	426
Impairments									858	5	4
Taxes other than income taxes									116	104
Taxes other than income taxes											7,678
Accretion on discounted liabilities									5	5	5
Interest and debt expense									276	250	236
Foreign currency transaction gains (losses)									5	(31)
Total Costs and Expenses									38,277	37,902	40,212
Income before income taxes									1,330	2,944	1,579
Income tax expense (benefit)									255	565	(646)
Net Income									1,075	2,379	2,225
Less: net income attributable to noncontrolling interests									301	278	142
Net Income Attributable to Phillips 66									774	2,101	2,083
Comprehensive Income									1,098	2,291	2,498
Consolidating Adjustments
Revenues and Other Income
Sales and Other Operating Revenues									(18,174)	(17,578)
Sales and other operating revenues											(15,067)
Equity in earnings of affiliates									(4,116)	(8,019)	(7,419)
Net gain on dispositions									0	0	0
Other income									0	0	0
Total Revenues and Other Income									(22,290)	(25,597)	(22,486)
Costs and Expenses
Purchased crude oil and products									(17,782)	(17,192)	(14,782)
Operating expenses									(72)	(82)	(58)
Selling, general and administrative expenses									(10)	(10)	(11)
Depreciation and amortization									0	0	0
Impairments									0	0	0
Taxes other than income taxes									0	0
Taxes other than income taxes											0
Accretion on discounted liabilities									0	0	0
Interest and debt expense									(310)	(294)	(216)
Foreign currency transaction gains (losses)									0	0
Total Costs and Expenses									(18,174)	(17,578)	(15,067)
Income before income taxes									(4,116)	(8,019)	(7,419)
Income tax expense (benefit)									0	0	0
Net Income									(4,116)	(8,019)	(7,419)
Less: net income attributable to noncontrolling interests									0	0	0
Net Income Attributable to Phillips 66									(4,116)	(8,019)	(7,419)
Comprehensive Income									(4,132)	(7,856)	(8,070)
Consolidating Adjustments | Phillips 66
Revenues and Other Income
Sales and Other Operating Revenues									0	0
Sales and other operating revenues											0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income
Sales and Other Operating Revenues									3,804	3,493
Sales and other operating revenues											1,610
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income
Sales and Other Operating Revenues									$ 14,370	$ 14,085
Sales and other operating revenues											$ 13,457

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 1,614	$ 3,019
Accounts and notes receivable	8,510	6,173
Inventories	3,776	3,543
Prepaid expenses and other current assets	495	474
Total Current Assets	14,395	13,209
Investments and long-term receivables	14,571	14,421
Net properties, plants and equipment	23,786
Net properties, plants and equipment		22,018
Goodwill	3,270	3,270	$ 3,270
Intangibles	869	869
Other assets	1,829	515
Total Assets	58,720	54,302	$ 54,371
Liabilities and Equity
Accounts payable	8,575	6,586
Short-term debt	547	67
Accrued income and other taxes	979	1,116
Employee benefit obligations	710	724
Other accruals	835	442
Total Current Liabilities	11,646	8,935
Long-term debt	11,216	11,093
Asset retirement obligations and accrued environmental costs	638	624
Deferred income taxes	5,553	5,275
Employee benefit obligations	1,044	867
Other liabilities and deferred credits	1,454	355
Total Liabilities	31,551	27,149
Common stock	3,634	4,856
Retained earnings	22,064	20,489
Accumulated other comprehensive loss	(788)	(692)
Noncontrolling interests	2,259	2,500
Total Liabilities and Equity	58,720	54,302
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(2,058)	(1,293)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(2,058)	(1,293)
Investments and long-term receivables	(54,539)	(50,919)
Net properties, plants and equipment	0
Net properties, plants and equipment		0
Goodwill	0	0
Intangibles	0	0
Other assets	(3,189)	(2)
Total Assets	(59,786)	(52,214)
Liabilities and Equity
Accounts payable	(2,058)	(1,293)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	(329)	0
Total Current Liabilities	(2,387)	(1,293)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(2)	(2)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(13,231)	(8,598)
Total Liabilities	(15,620)	(9,893)
Common stock	(35,354)	(33,714)
Retained earnings	(9,870)	(9,592)
Accumulated other comprehensive loss	1,058	985
Noncontrolling interests	0	0
Total Liabilities and Equity	(59,786)	(52,214)
Phillips 66 | Reportable Legal Entities
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	86	9
Inventories	0	0
Prepaid expenses and other current assets	2	2
Total Current Assets	88	11
Investments and long-term receivables	33,082	32,712
Net properties, plants and equipment	0
Net properties, plants and equipment		0
Goodwill	0	0
Intangibles	0	0
Other assets	14	9
Total Assets	33,184	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	65	66
Total Current Liabilities	565	66
Long-term debt	7,434	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	245	55
Total Liabilities	8,244	8,050
Common stock	3,634	4,856
Retained earnings	22,094	20,518
Accumulated other comprehensive loss	(788)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	33,184	32,732
Phillips 66 Company | Reportable Legal Entities
Assets
Cash and cash equivalents	136	1,648
Accounts and notes receivable	6,334	4,255
Inventories	2,594	2,489
Prepaid expenses and other current assets	362	373
Total Current Assets	9,426	8,765
Investments and long-term receivables	25,039	22,799
Net properties, plants and equipment	13,676
Net properties, plants and equipment		13,218
Goodwill	2,853	2,853
Intangibles	732	726
Other assets	4,290	335
Total Assets	56,016	48,696
Liabilities and Equity
Accounts payable	7,024	5,415
Short-term debt	16	11
Accrued income and other taxes	386	458
Employee benefit obligations	648	663
Other accruals	850	227
Total Current Liabilities	8,924	6,774
Long-term debt	155	54
Asset retirement obligations and accrued environmental costs	460	458
Deferred income taxes	3,727	3,541
Employee benefit obligations	825	676
Other liabilities and deferred credits	8,975	4,611
Total Liabilities	23,066	16,114
Common stock	25,838	24,960
Retained earnings	7,900	8,314
Accumulated other comprehensive loss	(788)	(692)
Noncontrolling interests	0	0
Total Liabilities and Equity	56,016	48,696
All Other Subsidiaries | Reportable Legal Entities
Assets
Cash and cash equivalents	1,478	1,371
Accounts and notes receivable	4,148	3,202
Inventories	1,182	1,054
Prepaid expenses and other current assets	131	99
Total Current Assets	6,939	5,726
Investments and long-term receivables	10,989	9,829
Net properties, plants and equipment	10,110
Net properties, plants and equipment		8,800
Goodwill	417	417
Intangibles	137	143
Other assets	714	173
Total Assets	29,306	25,088
Liabilities and Equity
Accounts payable	3,609	2,464
Short-term debt	31	56
Accrued income and other taxes	593	658
Employee benefit obligations	62	61
Other accruals	249	149
Total Current Liabilities	4,544	3,388
Long-term debt	3,627	3,111
Asset retirement obligations and accrued environmental costs	178	166
Deferred income taxes	1,828	1,735
Employee benefit obligations	219	191
Other liabilities and deferred credits	5,465	4,287
Total Liabilities	15,861	12,878
Common stock	9,516	8,754
Retained earnings	1,940	1,249
Accumulated other comprehensive loss	(270)	(293)
Noncontrolling interests	2,259	2,500
Total Liabilities and Equity	$ 29,306	$ 25,088

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
		Feb. 28, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			$ 4,808	$ 7,573	$ 3,648
Cash Flows From Investing Activities
Capital expenditures and investments			(3,873)	(2,639)	(1,832)
Proceeds from asset dispositions	[1]		157	57	86
Intercompany lending activities			0	0	0
Advances/loans—related parties			(98)	(1)	(10)
Collection of advances/loans—related parties			95	0	326
Restricted cash from consolidation of business					318
Other			31	112	(34)
Net Cash Provided by (Used in) Investing Activities			(3,688)	(2,471)	(1,146)
Cash Flows From Financing Activities
Issuance of debt			1,783	2,184	3,508
Repayment of debt			(1,307)	(1,144)	(3,678)
Issuance of common stock			32	39	35
Repurchase of common stock		$ (3,280)	(1,650)	(4,645)	(1,590)
Dividends paid on common stock			(1,570)	(1,436)	(1,395)
Distributions to noncontrolling interests			(241)	(207)	(120)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units			173	128	1,205
Other			269	(86)	(76)
Net Cash Provided by (Used in) Financing Activities			(2,511)	(5,167)	(2,111)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(14)	(35)	17
Net Change in Cash, Cash Equivalents and Restricted Cash			(1,405)	(100)	408
Cash, cash equivalents and restricted cash at beginning of year			3,019	3,119	2,711
Cash, Cash Equivalents and Restricted Cash at End of Year			1,614	3,019	3,119
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			(3,954)	(4,986)	(3,420)
Cash Flows From Investing Activities
Capital expenditures and investments			260	0	140
Proceeds from asset dispositions			(350)	(455)	(263)
Intercompany lending activities			0	0	0
Advances/loans—related parties			0	0	0
Collection of advances/loans—related parties			0		0
Restricted cash from consolidation of business					0
Other			0	0	0
Net Cash Provided by (Used in) Investing Activities			(90)	(455)	(123)
Cash Flows From Financing Activities
Issuance of debt			0	0	0
Repayment of debt			0	0	0
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Dividends paid on common stock			3,954	4,986	3,420
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units			0	0	0
Other			90	455	123
Net Cash Provided by (Used in) Financing Activities			4,044	5,441	3,543
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			0	0	0
Cash, cash equivalents and restricted cash at beginning of year			0	0	0
Cash, Cash Equivalents and Restricted Cash at End of Year			0	0	0
Phillips 66 | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			3,541	2,955	2,619
Cash Flows From Investing Activities
Capital expenditures and investments			0	0	0
Proceeds from asset dispositions			0	0	0
Intercompany lending activities			(297)	2,214	401
Advances/loans—related parties			0	0	0
Collection of advances/loans—related parties			0		0
Restricted cash from consolidation of business					0
Other			0	0	0
Net Cash Provided by (Used in) Investing Activities			(297)	2,214	401
Cash Flows From Financing Activities
Issuance of debt			0	1,509	1,500
Repayment of debt			0	(550)	(1,500)
Issuance of common stock			32	39	35
Repurchase of common stock			(1,650)	(4,645)	(1,590)
Dividends paid on common stock			(1,570)	(1,436)	(1,395)
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units			0	0	0
Other			(56)	(86)	(70)
Net Cash Provided by (Used in) Financing Activities			(3,244)	(5,169)	(3,020)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			0	0	0
Cash, cash equivalents and restricted cash at beginning of year			0	0	0
Cash, Cash Equivalents and Restricted Cash at End of Year			0	0	0
Phillips 66 Company | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			2,923	6,962	2,702
Cash Flows From Investing Activities
Capital expenditures and investments			(1,493)	(998)	(1,133)
Proceeds from asset dispositions			354	462	265
Intercompany lending activities			567	(3,031)	1,453
Advances/loans—related parties			0	0	(10)
Collection of advances/loans—related parties			0		75
Restricted cash from consolidation of business					0
Other			(8)	27	(26)
Net Cash Provided by (Used in) Investing Activities			(580)	(3,540)	624
Cash Flows From Financing Activities
Issuance of debt			0	0	0
Repayment of debt			(15)	(11)	(17)
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Dividends paid on common stock			(3,836)	(3,174)	(2,752)
Distributions to noncontrolling interests			0	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units			0	0	0
Other			(4)	0	0
Net Cash Provided by (Used in) Financing Activities			(3,855)	(3,185)	(2,769)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			0	0	0
Net Change in Cash, Cash Equivalents and Restricted Cash			(1,512)	237	557
Cash, cash equivalents and restricted cash at beginning of year			1,648	1,411	854
Cash, Cash Equivalents and Restricted Cash at End of Year			136	1,648	1,411
All Other Subsidiaries | Reportable Legal Entities
Cash Flows From Operating Activities
Net Cash Provided by Operating Activities			2,298	2,642	1,747
Cash Flows From Investing Activities
Capital expenditures and investments			(2,640)	(1,641)	(839)
Proceeds from asset dispositions			153	50	84
Intercompany lending activities			(270)	817	(1,854)
Advances/loans—related parties			(98)	(1)	0
Collection of advances/loans—related parties			95		251
Restricted cash from consolidation of business					318
Other			39	85	(8)
Net Cash Provided by (Used in) Investing Activities			(2,721)	(690)	(2,048)
Cash Flows From Financing Activities
Issuance of debt			1,783	675	2,008
Repayment of debt			(1,292)	(583)	(2,161)
Issuance of common stock			0	0	0
Repurchase of common stock			0	0	0
Dividends paid on common stock			(118)	(1,812)	(668)
Distributions to noncontrolling interests			(241)	(207)	(120)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units			173	128	1,205
Other			239	(455)	(129)
Net Cash Provided by (Used in) Financing Activities			544	(2,254)	135
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(14)	(35)	17
Net Change in Cash, Cash Equivalents and Restricted Cash			107	(337)	(149)
Cash, cash equivalents and restricted cash at beginning of year			1,371	1,708	1,857
Cash, Cash Equivalents and Restricted Cash at End of Year			$ 1,478	$ 1,371	$ 1,708
[1]	Includes return of investments in equity affiliates.

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Sales and Other Operating Revenues	$ 29,125	$ 27,218	$ 27,847	$ 23,103	$ 29,098	$ 29,788	$ 28,980	$ 23,595	$ 107,293	$ 111,461
Income Before Income Taxes	1,066	943	1,829	340	2,918	1,975	1,835	717	4,178	7,445	$ 3,555
Net Income	810	793	1,504	270	2,316	1,568	1,404	585	3,377	5,873	5,248
Net Income Attributable to Phillips 66	$ 736	$ 712	$ 1,424	$ 204	$ 2,240	$ 1,492	$ 1,339	$ 524	$ 3,076	$ 5,595	$ 5,106
Basic (in dollars per share)	$ 1.65	$ 1.58	$ 3.13	$ 0.44	$ 4.85	$ 3.20	$ 2.86	$ 1.07	$ 6.80	$ 11.87	$ 9.90
Diluted (in dollars per share)	$ 1.64	$ 1.58	$ 3.12	$ 0.44	$ 4.82	$ 3.18	$ 2.84	$ 1.07	$ 6.77	$ 11.80	$ 9.85

Uncategorized Items - psx-20191

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