Phillips 66 (PSX) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35349
Entity Registrant Name	Phillips 66
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Blvd
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	281
Local Phone Number	293-6600
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity common stock, shares outstanding (in shares)	436,800,185
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and Other Income
Sales and other operating revenues	$ 15,929	$ 27,218	$ 47,720	$ 78,168
Equity in earnings of affiliates	349	499	871	1,663
Net gain on dispositions	1	18	87	19
Other income	20	36	48	97
Total Revenues and Other Income	16,299	27,771	48,726	79,947
Costs and Expenses
Purchased crude oil and products	14,509	23,806	42,557	69,415
Operating expenses	1,016	1,206	3,383	3,678
Selling, general and administrative expenses	384	416	1,112	1,190
Depreciation and amortization	352	336	1,037	1,001
Impairments	1,140	853	4,146	856
Taxes other than income taxes	106	105	377	330
Accretion on discounted liabilities	6	6	17	17
Interest and debt expense	132	109	360	343
Foreign currency transaction (gains) losses	4	(9)	10	5
Total Costs and Expenses	17,649	26,828	52,999	76,835
Income (loss) before income taxes	(1,350)	943	(4,273)	3,112
Income tax expense (benefit)	(624)	150	(1,053)	545
Net Income (Loss)	(726)	793	(3,220)	2,567
Less: net income attributable to noncontrolling interests	73	81	216	227
Net Income (Loss) Attributable to Phillips 66	$ (799)	$ 712	$ (3,436)	$ 2,340
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ (1.82)	$ 1.58	$ (7.83)	$ 5.15
Diluted (in usd per share)	$ (1.82)	$ 1.58	$ (7.83)	$ 5.13
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	438,916	449,005	439,670	453,398
Diluted (in shares)	438,916	451,001	439,670	455,810

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (726)	$ 793	$ (3,220)	$ 2,567
Defined benefit plans
Actuarial loss arising during the period	0	0	(300)	0
Amortization to income of net actuarial loss, prior service credit and settlements	34	17	112	51
Plans sponsored by equity affiliates	4	2	9	7
Income taxes on defined benefit plans	(10)	(4)	44	(13)
Defined benefit plans, net of income taxes	28	15	(135)	45
Foreign currency translation adjustments	155	(119)	(41)	(124)
Income taxes on foreign currency translation adjustments	(4)	1	(3)	0
Foreign currency translation adjustments, net of income taxes	151	(118)	(44)	(124)
Cash flow hedges	2	(2)	(7)	(13)
Income taxes on hedging activities	0	1	2	2
Hedging activities, net of income taxes	2	(1)	(5)	(11)
Other Comprehensive Income (Loss), Net of Income Taxes	181	(104)	(184)	(90)
Comprehensive Income (Loss)	(545)	689	(3,404)	2,477
Less: comprehensive income attributable to noncontrolling interests	73	81	216	227
Comprehensive Income (Loss) Attributable to Phillips 66	$ (618)	$ 608	$ (3,620)	$ 2,250

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,462	$ 1,614
Accounts and notes receivable (net of allowances of $37 million in 2020 and $41 million in 2019)	5,195	7,376
Accounts and notes receivable—related parties	768	1,134
Inventories	4,897	3,776
Prepaid expenses and other current assets	500	495
Total Current Assets	12,822	14,395
Investments and long-term receivables	13,767	14,571
Net properties, plants and equipment	23,489	23,786
Goodwill	1,425	3,270
Intangibles	849	869
Other assets	1,929	1,829
Total Assets	54,281	58,720
Liabilities
Accounts payable	4,905	8,043
Accounts payable—related parties	552	532
Short-term debt	1,860	547
Accrued income and other taxes	1,229	979
Employee benefit obligations	443	710
Other accruals	1,524	835
Total Current Liabilities	10,513	11,646
Long-term debt	12,666	11,216
Asset retirement obligations and accrued environmental costs	644	638
Deferred income taxes	5,507	5,553
Employee benefit obligations	1,394	1,044
Other liabilities and deferred credits	1,252	1,454
Total Liabilities	31,976	31,551
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2020—648,468,487 shares; 2019—647,416,633 shares) Par value	6	6
Capital in excess of par	20,363	20,301
Treasury stock (at cost: 2020—211,771,827 shares; 2019—206,390,806 shares)	(17,116)	(16,673)
Retained earnings	17,436	22,064
Accumulated other comprehensive loss	(967)	(788)
Total Stockholders’ Equity	19,722	24,910
Noncontrolling interests	2,583	2,259
Total Equity	22,305	27,169
Total Liabilities and Equity	$ 54,281	$ 58,720
Treasury stock (in shares)	211,771,827	206,390,806

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 37	$ 41
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	648,572,012	647,416,633
Treasury stock (in shares)	211,771,827	206,390,806

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net income (loss)	$ (3,220)	$ 2,567
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	1,037	1,001
Impairments	4,146	856
Accretion on discounted liabilities	17	17
Deferred income taxes	2	115
Undistributed equity earnings	254	(25)
Net gain on dispositions	(87)	(19)
Other	52	(97)
Working capital adjustments
Accounts and notes receivable	2,684	(909)
Inventories	(1,134)	(2,004)
Prepaid expenses and other current assets	(40)	(269)
Accounts payable	(2,985)	1,778
Taxes and other accruals	746	103
Net Cash Provided by Operating Activities	1,472	3,114
Cash Flows From Investing Activities
Capital expenditures and investments	(2,414)	(2,595)
Return of investments in equity affiliates	139	55
Proceeds from asset dispositions	3	84
Advances/loans—related parties	(251)	(95)
Collection of advances/loans—related parties	44	95
Other	(87)	24
Net Cash Used in Investing Activities	(2,566)	(2,432)
Cash Flows From Financing Activities
Issuance of debt	3,305	1,758
Repayment of debt	(546)	(1,004)
Issuance of common stock	6	15
Repurchase of common stock	(443)	(1,238)
Dividends paid on common stock	(1,182)	(1,172)
Distributions to noncontrolling interests	(201)	(176)
Net proceeds from issuance of Phillips 66 Partners LP common units	2	133
Other	(22)	282
Net Cash Provided by (Used in) Financing Activities	919	(1,402)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	23	(31)
Net Change in Cash and Cash Equivalents	(152)	(751)
Cash and cash equivalents at beginning of period	1,614	3,019
Cash and Cash Equivalents at End of Period	$ 1,462	$ 2,268

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative effect of accounting changes	Par Value	Capital in Excess of Par	Treasury Stock	Retained Earnings	Retained EarningsCumulative effect of accounting changes	Accum. Other Comprehensive Loss	Accum. Other Comprehensive LossCumulative effect of accounting changes	Noncontrolling Interests	Noncontrolling InterestsCumulative effect of accounting changes
Beginning Balance at Dec. 31, 2018	$ 27,153	$ (9)	$ 6	$ 19,873	$ (15,023)	$ 20,489	$ 81	$ (692)	$ (89)	$ 2,500	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,567					2,340				227
Other comprehensive income	(90)							(90)
Dividends paid on common stock	(1,172)					(1,172)
Repurchase of common stock	(1,238)				(1,238)
Benefit plan activity	48			56		(8)
Issuance of Phillips 66 Partners LP common units	107			49						58
Impacts from Phillips 66 Partners GP/IDR restructuring transaction	(98)			275						(373)
Distributions to noncontrolling interests	(176)									(176)
Ending Balance at Sep. 30, 2019	$ 27,092		6	20,253	(16,261)	21,730		(871)		2,235
Beginning balance, common stock issued (in shares) at Dec. 31, 2018	645,691,761
Beginning balance, treasury stock (in shares) at Dec. 31, 2018	189,526,331
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	13,167,070
Shares issued - share-based compensation (in shares)	1,359,216
Ending balance, common stock issued (in shares) at Sep. 30, 2019	647,050,977
Ending balance, treasury stock (in shares) at Sep. 30, 2019	202,693,401
Beginning Balance at Jun. 30, 2019	$ 27,306		6	19,912	(15,822)	21,423		(767)		2,554
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	793					712				81
Other comprehensive income	(104)							(104)
Dividends paid on common stock	(402)					(402)
Repurchase of common stock	(439)				(439)
Benefit plan activity	19			22		(3)
Issuance of Phillips 66 Partners LP common units	76			44						32
Impacts from Phillips 66 Partners GP/IDR restructuring transaction	(98)			275						(373)
Distributions to noncontrolling interests	(59)									(59)
Ending Balance at Sep. 30, 2019	$ 27,092		6	20,253	(16,261)	21,730		(871)		2,235
Beginning balance, common stock issued (in shares) at Jun. 30, 2019	646,828,397
Beginning balance, treasury stock (in shares) at Jun. 30, 2019	198,286,700
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	4,406,701
Shares issued - share-based compensation (in shares)	222,580
Ending balance, common stock issued (in shares) at Sep. 30, 2019	647,050,977
Ending balance, treasury stock (in shares) at Sep. 30, 2019	202,693,401
Beginning Balance at Dec. 31, 2019	$ 27,169		6	20,301	(16,673)	22,064		(788)		2,259
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,220)					(3,436)				216
Other comprehensive income	(184)							(184)
Dividends paid on common stock	(1,182)					(1,182)
Repurchase of common stock	(443)				(443)
Benefit plan activity	54			62		(8)
Transfer of equity interest	305									305
Net distributions to noncontrolling interests	(197)									(197)
Other	3					(2)		5
Ending Balance at Sep. 30, 2020	$ 22,305		6	20,363	(17,116)	17,436		(967)		2,583
Beginning balance, common stock issued (in shares) at Dec. 31, 2019	647,416,633
Beginning balance, treasury stock (in shares) at Dec. 31, 2019	206,390,806
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	5,381,021
Shares issued - share-based compensation (in shares)	1,155,379
Ending balance, common stock issued (in shares) at Sep. 30, 2020	648,572,012
Ending balance, treasury stock (in shares) at Sep. 30, 2020	211,771,827
Beginning Balance at Jun. 30, 2020	$ 23,295		6	20,342	(17,116)	18,631		(1,148)		2,580
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(726)					(799)				73
Other comprehensive income	181							181
Dividends paid on common stock	(393)					(393)
Benefit plan activity	18			21		(3)
Net distributions to noncontrolling interests	(70)									(70)
Ending Balance at Sep. 30, 2020	$ 22,305		$ 6	$ 20,363	$ (17,116)	$ 17,436		$ (967)		$ 2,583
Beginning balance, common stock issued (in shares) at Jun. 30, 2020	648,468,487
Beginning balance, treasury stock (in shares) at Jun. 30, 2020	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	0
Shares issued - share-based compensation (in shares)	103,525
Ending balance, common stock issued (in shares) at Sep. 30, 2020	648,572,012
Ending balance, treasury stock (in shares) at Sep. 30, 2020	211,771,827

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.90	$ 0.90	$ 2.70	$ 2.60

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2020
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial InformationThe unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2019 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of the results expected for the full year.

Sales and Other Operating Reven

Sales and Other Operating Revenues	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Product Line and Services Refined petroleum products $ 12,573 22,373 37,431 64,088 Crude oil resales 2,198 3,511 6,565 10,162 Natural gas liquids (NGL) 966 1,025 2,645 3,508 Services and other * 192 309 1,079 410 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 Geographic Location** United States $ 12,125 21,160 36,212 60,602 United Kingdom 1,850 2,375 5,131 7,318 Germany 805 1,025 2,276 3,074 Other foreign countries 1,149 2,658 4,101 7,174 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At September 30, 2020, and December 31, 2019, receivables from contracts with customers were $3,410 million and $6,902 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 September 30, 2020, and December 31, 2019, our asset balances related to such payments were $389 million and $336 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At September 30, 2020, and December 31, 2019, contract liabilities were not material.

Credit Losses

Credit Losses	9 Months Ended
	Sep. 30, 2020
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. The negative economic impacts associated with Coronavirus Disease 2019 (COVID-19) increase the probability that certain of our counterparties may not be able to completely fulfill their obligations in a timely manner. In response, we have enhanced our credit monitoring, sought collateral to support some transactions, and required prepayments from higher-risk counterparties. At September 30, 2020, and December 31, 2019, we reported $5,963 million and $8,510 million of accounts and notes receivable, net of allowances of $37 million and $41 million, respectively. Based on an aging analysis at September 30, 2020, more than 98% 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 11—Guarantees, and Note 12—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 4,561 3,452 Materials and supplies 336 324 $ 4,897 3,776

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Gray Oak Pipeline, LLC Phillips 66 Partners LP (Phillips 66 Partners) has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. Phillips 66 Partners has an effective ownership interest of 42.25% in Gray Oak Pipeline, LLC, after considering a co-venturer’s 35% interest in the consolidated holding company. In September 2020, Gray Oak Pipeline, LLC closed its offering of $1.4 billion aggregate principal amount of senior unsecured notes with maturities ranging from 2023 to 2027. These senior notes are not guaranteed by Phillips 66 Partners or any of its co-venturers. Net proceeds from the offering were used to repay a third-party term loan of $1,379 million, and for general company purposes. Concurrent with the full repayment of the third-party term loan facility, the associated equity contribution agreement was terminated. During its development phase, Gray Oak Pipeline, LLC was considered a variable interest entity (VIE) because it did not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. We determined we were not the primary beneficiary because we and our co-venturers jointly directed the activities of Gray Oak Pipeline, LLC that most significantly impacted economic performance. The Gray Oak Pipeline commenced full operations in the second quarter of 2020 and ceased being a VIE. At September 30, 2020, Phillips 66 Partners’ investment in the Gray Oak Pipeline had a book value of $896 million. See Note 20—Phillips 66 Partners LP, for additional information regarding Phillips 66 Partners’ ownership in Gray Oak Pipeline, LLC. Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In March 2019, a wholly owned subsidiary of Dakota Access closed an offering of $2.5 billion aggregate principal amount of senior unsecured notes, consisting of: • $650 million aggregate principal amount of 3.625% Senior Notes due 2022. • $1.0 billion aggregate principal amount of 3.900% Senior Notes due 2024. • $850 million aggregate principal amount of 4.625% Senior Notes due 2029. 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, the co-venturers may be severally required to make proportionate equity contributions to Dakota Access if there is an unfavorable final judgment in the ongoing litigation related to an easement granted by the U.S. Army Corps of Engineers (USACE) to allow the pipeline to be constructed under Lake Oahe in North Dakota. Contributions may be required if Dakota Access determines that the issues included in any such final judgment cannot be remediated and Dakota Access has or is projected to have insufficient funds to satisfy repayment of the notes. If Dakota Access undertakes remediation to cure issues raised in a final judgment, contributions may be required if any series of the notes become due, whether by acceleration or at maturity, during such time, to the extent Dakota Access has or is projected to have insufficient funds to pay such amounts. At September 30, 2020, Phillips 66 Partners’ share of the maximum potential equity contributions under the CECU was approximately $631 million. In March 2020, the trial court presiding over this litigation ordered the USACE to prepare an Environmental Impact Statement (EIS), and requested additional information to enable a decision on whether the Dakota Access Pipeline should be shut down while the EIS is being prepared. On July 6, 2020, the trial court ordered the Dakota Access Pipeline to be shut down and emptied of crude oil within 30 days, and that the pipeline should remain shut down pending the preparation of the EIS by the USACE, which the USACE has indicated is expected to take approximately 13 months. Dakota Access filed an appeal and a request for a stay of the order, which was granted. The case is now on an expedited appellate track and oral arguments regarding whether the pipeline easement is valid and whether the USACE must prepare an EIS are set for early November 2020, with a decision expected in late 2020 or early 2021. In addition to the proceedings in the appellate court, the trial court has been asked to issue an injunction to shut down the pipeline until the USACE completes the EIS, which could be ruled on as early as late December 2020. If the pipeline is required to cease operations pending the preparation of the EIS, and should Dakota Access and ETCO not have sufficient funds to pay ongoing expenses, Phillips 66 Partners also could be asked to support its share of the ongoing expenses, including scheduled interest payments on the notes of approximately $25 million annually, in addition to the potential obligations under the CECU. CF United LLC (CF United) We hold a 50% voting interest and a 48% economic interest in CF United, a retail marketing joint venture with operations primarily on the U.S. West Coast. CF 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 becomes effective July 1, 2023, and expires on March 31, 2024. 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 CF United. We have determined that we are not the primary beneficiary because we and our co-venturer jointly direct the activities of CF United that most significantly impact economic performance. At September 30, 2020, our maximum exposure to loss was comprised of our $326 million investment in CF United and any potential future loss resulting from the put option, if the purchase price based on a fixed multiple exceeds the then-current fair value of CF United. DCP Midstream, LLC (DCP Midstream) At September 30, 2019, we estimated the fair value of our investment in DCP Midstream was below our book value due to a decline in the market values of DCP Midstream, LP (DCP Partners) common units and its then general partner interest. Accordingly, we recorded an $853 million before-tax impairment in the third quarter of 2019. After the elimination of its general partner’s economic interests in November 2019, the fair value of our investment in DCP Midstream depends solely on the market value of DCP Partners common units. In the first quarter of 2020, the market value of DCP Partners common units further declined by approximately 85%. As a result, at March 31, 2020, the fair value of our investment in DCP Midstream was significantly lower than its book value. We concluded the difference between its fair value and book value was not temporary primarily due to the magnitude of the difference. Accordingly, we recorded a $1.2 billion before-tax impairment of our investment in the first quarter of 2020. These charges are included in the “Impairments” line item on our consolidated statement of operations. These impairments increased the basis difference for our investment in DCP Midstream to $1.8 billion at March 31, 2020, which indicated the carrying value of our investment was lower than our share of DCP Midstream’s recorded net assets at March 31, 2020. 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 properties, plants and equipment (PP&E) at March 31, 2020. Equity earnings for the three and nine months ended September 30, 2020, were increased by approximately $20 million and $50 million, respectively, due to the amortization of the basis difference. See Note 14—Fair Value Measurements, for additional information on the techniques used to determine the fair value of our investment in DCP Midstream. At September 30, 2020, our investment in DCP Midstream had a book value of $281 million. Liberty Pipeline LLC (Liberty) Phillips 66 Partners holds a 50% interest in Liberty, 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 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. The development and construction of the Liberty Pipeline system have been deferred as a result of the current challenging business environment. At September 30, 2020, our maximum exposure to loss was $252 million, which represented the book value of Phillips 66 Partners’ investment in Liberty of $239 million and our outstanding proportionate vendor guarantees of $13 million. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact OnCue’s economic performance. At September 30, 2020, our maximum exposure to loss was $165 million, which represented the book value of our investment in OnCue of $92 million and guaranteed debt obligations of $73 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. In the third quarter of 2020, the Red Oak Pipeline project was canceled. As a result, we assessed our investment for impairment and concluded that the carrying value of our investment at September 30, 2020, was greater than its fair value. Accordingly, we recorded a before-tax impairment of $84 million in the Midstream segment, which is included in the “Impairments” line item on our consolidated statement of operations for the three and nine months ended September 30, 2020. See Note 14—Fair Value Measurements, for additional information on the techniques used to determine the fair value of our investment in Red Oak. At September 30, 2020, the remaining book value of our investment in Red Oak was $20 million. Related Party Loan In the second and third quarters of 2020, we and our co-venturer provided a short-term member loan to WRB Refining LP (WRB). At September 30, 2020, the outstanding loan balance to WRB was approximately $420 million, of which our share was approximately $210 million.

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars September 30, 2020 December 31, 2019 Gross Accum. Net Gross Accum. Net Midstream $ 12,154 2,727 9,427 11,221 2,391 8,830 Chemicals — — — — — — Refining 24,330 11,819 12,511 23,692 10,336 13,356 Marketing and Specialties (M&S) 1,762 988 774 1,847 959 888 Corporate and Other 1,434 657 777 1,311 599 712 $ 39,680 16,191 23,489 38,071 14,285 23,786 In the third quarter of 2020, we announced a plan to reconfigure our San Francisco Refinery to produce renewable fuels at the Rodeo refining facility in Rodeo, California, starting in early 2024. Consequently, we plan to cease operation of the Santa Maria refining facility in Arroyo Grande, California, certain assets at the Rodeo refining facility, and associated Midstream assets in 2023. We assessed the San Francisco Refinery asset group for impairment and concluded that the carrying value of the asset group was not recoverable. As a result, we recorded a $1,030 million before-tax impairment to reduce the carrying value of the net PP&E and intangible assets in this asset group to its fair value of $940 million. The impairment charge resulted in a reduction of net PP&E totaling $1,009 million, consisting of $889 million in the Refining segment and $120 million in the Midstream segment, as well as a reduction of the Refining segment’s intangible assets of $21 million. This impairment charge is included within the “Impairments” line item on our consolidated statement of operations for the three and nine months ended September 30, 2020. See Note 14—Fair Value Measurements for additional information on the techniques used to determine the fair value of the asset group.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Our stock price declined significantly in the first quarter of 2020 due to the disruption in global commodity and equity markets related to the COVID-19 pandemic and other factors. We assessed our goodwill for impairment due to the decline in our market capitalization and concluded that the carrying value of our Refining reporting unit at March 31, 2020, was greater than its fair value by an amount in excess of its goodwill balance. Accordingly, we recorded a before-tax goodwill impairment charge of $1,845 million in our Refining segment during the first quarter of 2020. This charge is included in the “Impairments” line item on our consolidated statement of operations for the nine months ended September 30, 2020. See Note 14—Fair Value Measurements for additional information on the techniques used to determine the fair value of our Refining reporting unit. The carrying amount of goodwill by segment at September 30, 2020, was: Millions of Dollars Midstream Refining M&S Total Balance at January 1, 2020 $ 626 1,845 799 3,270 Impairments — (1,845) — (1,845) Balance at September 30, 2020 $ 626 — 799 1,425

Impairments

Impairments	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Impairments	Impairments Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Midstream $ 204 853 1,365 856 Refining 911 — 2,756 — Corporate and Other 25 — 25 — Total impairments $ 1,140 853 4,146 856 These impairment charges are included within the “Impairments” line item on our consolidated statement of operations. See Note 5—Investments, Loans and Long-Term Receivables, Note 6—Properties, Plants and Equipment, Note 7—Goodwill, and Note 14—Fair Value Measurements for additional information regarding our impairment charges. The COVID-19 pandemic continues to result in economic disruption globally. Reduced demand for petroleum products has resulted in low crude oil prices and refining margins, as well as decreased volumes through logistics infrastructure. We continue to assess our long-lived assets and equity investments for impairment in this challenging business environment. The depth and duration of the economic consequences of the COVID-19 pandemic remain unknown. Additional impairments may be required in the future if there is a further deterioration in our projected cash flows.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for 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 (loss) 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 (losses) of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ (799) (799) 712 712 (3,436) (3,436) 2,340 2,340 Income allocated to participating securities (2) (2) (2) (1) (6) (6) (5) (1) Net income (loss) available to common stockholders $ (801) (801) 710 711 (3,442) (3,442) 2,335 2,339 Weighted-average common shares outstanding (thousands) : 436,783 438,916 446,498 449,005 437,492 439,670 450,836 453,398 Effect of share-based compensation 2,133 — 2,507 1,996 2,178 — 2,562 2,412 Weighted-average common shares outstanding—EPS 438,916 438,916 449,005 451,001 439,670 439,670 453,398 455,810 Earnings (Loss) Per Share of Common Stock (dollars) $ (1.82) (1.82) 1.58 1.58 (7.83) (7.83) 5.15 5.13

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt Issuances On June 10, 2020, Phillips 66 closed its public offering of $1 billion aggregate principal amount of senior unsecured notes consisting of: • $150 million aggregate principal amount of 3.850% Senior Notes due 2025. • $850 million aggregate principal amount of 2.150% Senior Notes due 2030. On April 9, 2020, Phillips 66 closed its public offering of $1 billion aggregate principal amount of senior unsecured notes consisting of: • $500 million aggregate principal amount of 3.700% Senior Notes due 2023. • $500 million aggregate principal amount of 3.850% Senior Notes due 2025. Interest on the Senior Notes due 2023 is payable semiannually on April 6 and October 6 of each year, commencing on October 6, 2020. The Senior Notes due 2025 issued on June 10, 2020, constitute a further issuance of the Senior Notes due 2025 originally issued on April 9, 2020. The $650 million in aggregate principal amount of Senior Notes due 2025 is treated as a single class of debt securities. Interest on the Senior Notes due 2025 is payable semiannually on April 9 and October 9 of each year, commencing on October 9, 2020. Interest on the Senior Notes due 2030 is payable semiannually on June 15 and December 15 of each year, commencing on December 15, 2020. Proceeds received from the public offerings of senior unsecured notes on June 10, 2020, and April 9, 2020, were $1,008 million and $993 million, respectively, net of underwriters’ discounts or premiums and commissions, as well as debt issuance costs. These proceeds are being used for general corporate purposes. On March 19, 2020, Phillips 66 entered into a $1 billion 364-day delayed draw term loan agreement (the Facility) and borrowed $1 billion under the Facility shortly thereafter. On April 6, 2020, Phillips 66 increased the size of the Facility to $2 billion, and in June 2020, the Facility was amended to extend the commitment period to September 19, 2020. We did not draw additional amounts under the Facility before the end of the commitment period or further extend the commitment period. Accordingly, the additional borrowing capacity under the Facility expired prior to September 30, 2020. Borrowings under the Facility bear interest at a floating rate based on either the Eurodollar rate or the reference rate, plus a margin determined by the credit rating of Phillips 66’s senior unsecured long-term debt. Phillips 66 is using the proceeds from the debt issuance for general corporate purposes. At September 30, 2020, borrowings of $290 million were outstanding and $3 million in letters of credit had been drawn under Phillips 66 Partners’ $750 million revolving credit facility. Debt Repayments

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2020
Guarantees [Abstract]
Guarantees	Guarantees At September 30, 2020, 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 had 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. In September 2020, we amended and extended the lease term to September 2025. We have a residual value guarantee associated with the operating lease agreement with a maximum potential future exposure of $514 million at September 30, 2020. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future payments totaling $396 million. These leases have remaining terms of up to ten years. Guarantees of Joint Venture and Other Obligations In March 2019, Phillips 66 Partners and its co-venturers in Dakota Access provided a CECU in conjunction with a senior unsecured notes offering. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. In September 2020, concurrent with the full repayment of a third-party term loan facility by Gray Oak Pipeline, LLC, the associated guarantee issued by Phillips 66 Partners through an equity contribution agreement was terminated. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on Gray Oak Pipeline, LLC. In addition, at September 30, 2020, we had other guarantees outstanding for our portion of certain joint venture debt obligations and purchase obligations, which have remaining terms of up to eight years. The maximum potential amount of future payments to third parties under these guarantees was approximately $216 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 indemnities against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At September 30, 2020, and December 31, 2019, the carrying amount of recorded indemnifications was $147 million and $153 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 September 30, 2020, and December 31, 2019, environmental accruals for known contamination of $105 million were included in the carrying amount of 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 12—Contingencies and Commitments.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites for which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At September 30, 2020, our total environmental accruals were $428 million, compared with $441 million at December 31, 2019. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At September 30, 2020, we had performance obligations secured by letters of credit and bank guarantees of $519 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 2020
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 operations. 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 operations. 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 14—Fair Value Measurements. Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined petroleum product, NGL, natural gas and electric power markets, exposing our revenues, purchases, cost of operating activities and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 2020 December 31, 2019 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 $ 838 (730) (20) 88 23 — — 23 Other assets — — — — 3 — — 3 Liabilities Other accruals 109 (137) 20 (8) 1,188 (1,281) 80 (13) Other liabilities and deferred credits 10 (12) — (2) — (1) — (1) Total $ 957 (879) — 78 1,214 (1,282) 80 12 At September 30, 2020, and December 31, 2019, 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 operations, were: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Sales and other operating revenues $ 20 71 519 (89) Other income — 20 9 33 Purchased crude oil and products (16) 60 301 (41) Net gain (loss) from commodity derivative activity $ 4 151 829 (97) 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 97% at September 30, 2020, and December 31, 2019. Open Position September 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (36) (16) 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 London Inter-Bank Offered Rate (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 was immaterial at September 30, 2020, and December 31, 2019. We report the mark-to-market gains or losses on our interest rate swaps designated as highly effective cash flow hedges as a component of other comprehensive income (loss), and reclassify such gains and losses into earnings in the same period during which the hedged transaction affects earnings. Net realized gains and losses from settlements of the swaps were immaterial for the three and nine months ended September 30, 2020 and 2019. We currently estimate that before-tax losses of $5 million will be reclassified from accumulated other comprehensive loss into general and administrative expenses during the next 12 months as the hedged transactions settle; however, the actual amounts that will be reclassified will vary based on changes in interest rates. Credit Risk from Derivative Instruments The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at September 30, 2020, and December 31, 2019.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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 observable market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars September 30, 2020 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 $ 735 203 — 938 (849) (20) — 69 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 17 1 18 — — — 18 Rabbi trust assets 133 — — 133 N/A N/A — 133 $ 868 221 1 1,090 (849) (20) — 221 Commodity Derivative Liabilities Exchange-cleared instruments $ 653 218 — 871 (849) (20) — 2 Physical forward contracts — 8 — 8 — — — 8 Interest rate derivatives — 5 — 5 — — — 5 Floating-rate debt — 1,863 — 1,863 N/A N/A — 1,863 Fixed-rate debt, excluding finance leases — 13,803 — 13,803 N/A N/A (1,421) 12,382 $ 653 15,897 — 16,550 (849) (20) (1,421) 14,260 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 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 13—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 Equity Investments In the first quarter of 2020, the nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment was the fair value of our share of DCP Midstream’s limited partner interest in DCP Partners, which was estimated based on average market prices of DCP Partners common units for a multi-day trading period encompassing March 31, 2020. This valuation resulted in a Level 2 nonrecurring fair value measurement. In the third quarter of 2019, the nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment consisted of: • 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 multi-day trading period encompassing September 30, 2019. • The fair value of our share of DCP Midstream’s general partner interest in DCP Partners was estimated using two primary inputs: 1) estimated future cash flows of distributions attributable to the incentive distribution rights from DCP Partners, and 2) a multiple of those cash flows based on internal estimates and observation of incentive distribution right (IDR) conversion transactions by other master limited partnerships. Overall, we concluded the valuation above resulted in a Level 3 nonrecurring fair value measurement. In the third quarter of 2020, the nonrecurring fair value measurement used to record an impairment of our Red Oak investment was the estimated salvage value of the joint venture’s assets. This valuation resulted in a Level 3 nonrecurring fair value measurement. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on these impairments. PP&E and Intangible Assets In the third quarter of 2020, we remeasured the carrying value of the net PP&E and intangible assets of our San Francisco Refinery asset group to fair value. The estimated fair value of the plants, equipment and intangible assets was determined using a replacement cost approach adjusted, as applicable, for physical deterioration, functional obsolescence and economic obsolescence. The estimated fair value of the properties was determined using a sales comparison approach. This valuation resulted in a Level 3 nonrecurring fair value measurement. See Note 6—Properties, Plants and Equipment, for additional information on this impairment. Goodwill

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019, were as follows: Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 35 7 32 5 1 1 Interest cost 21 5 27 6 2 2 Expected return on plan assets (38) (12) (36) (10) — — Amortization of prior service credit — — — — (1) — Recognized net actuarial loss 21 4 14 2 — — Settlements 17 — 1 — — — Net periodic benefit cost* $ 56 4 38 3 2 3 Nine Months Ended September 30 Service cost $ 102 21 95 17 4 4 Interest cost 70 16 81 19 5 6 Expected return on plan assets (121) (37) (107) (33) — — Amortization of prior service credit — — — — (2) (1) Recognized net actuarial loss 50 12 40 5 — — Settlements 56 — 7 — — — Net periodic benefit cost* $ 157 12 116 8 7 9 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. During the nine months ended September 30, 2020, we contributed $28 million to our U.S. pension and other postretirement benefit plans and $20 million to our international pension plans. We currently expect to make additional contributions of approximately $6 million to our U.S. pension and other postretirement benefit plans and $7 million to our international pension plans during the remainder of 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2020
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, 2019 $ (656) (131) (1) (788) Other comprehensive loss before reclassifications (221) (44) (8) (273) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 86 — — 86 Foreign currency translation — — — — Hedging — — 3 3 Net current period other comprehensive loss (135) (44) (5) (184) Other — 5 — 5 September 30, 2020 $ (791) (170) (6) (967) December 31, 2018 $ (472) (228) 8 (692) Other comprehensive income (loss) before reclassifications 5 (124) (6) (125) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 40 — — 40 Foreign currency translation — — — — Hedging — — (5) (5) Net current period other comprehensive income (loss) 45 (124) (11) (90) Income taxes reclassified to retained earnings** (93) 2 2 (89) September 30, 2019 $ (520) (350) (1) (871) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information. ** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Cuts and Jobs Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating revenues and other income (a) $ 450 756 1,337 2,235 Purchases (b) 1,612 2,842 4,868 8,770 Operating expenses and selling, general and administrative expenses (c) 65 8 171 25 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF 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 equity 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 equity 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 equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.

Segment Disclosures and Related

Segment Disclosures and Related Information	9 Months Ended
	Sep. 30, 2020
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 Three Months Ended Nine Months Ended 2020 2019 2020 2019 Sales and Other Operating Revenues * Midstream Total sales $ 1,458 1,602 4,096 5,208 Intersegment eliminations (446) (482) (1,323) (1,526) Total Midstream 1,012 1,120 2,773 3,682 Chemicals 1 1 3 3 Refining Total sales 10,434 19,591 31,567 56,839 Intersegment eliminations (6,286) (11,452) (18,356) (34,008) Total Refining 4,148 8,139 13,211 22,831 Marketing and Specialties Total sales 11,038 18,535 32,780 53,464 Intersegment eliminations (278) (584) (1,068) (1,833) Total Marketing and Specialties 10,760 17,951 31,712 51,631 Corporate and Other 8 7 21 21 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 * See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 146 (460) (232) 279 Chemicals 231 227 442 729 Refining (1,903) 856 (5,042) 1,641 Marketing and Specialties 415 498 1,214 1,056 Corporate and Other (239) (178) (655) (593) Consolidated income (loss) before income taxes $ (1,350) 943 (4,273) 3,112 Millions of Dollars September 30 December 31 Total Assets Midstream $ 15,605 15,716 Chemicals 6,284 6,249 Refining 20,898 25,150 Marketing and Specialties 7,322 8,659 Corporate and Other 4,172 2,946 Consolidated total assets $ 54,281 58,720

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Historically, we have calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income (loss) for the interim period. In the second quarter of 2020, and again in the third quarter, we concluded that we could not calculate a reliable estimate of our annual effective tax rate due to the range of potential impacts the COVID-19 pandemic may have on our business and results of operations. Accordingly, we computed the effective tax rate for the nine-month period ending September 30, 2020, using actual results. Our effective income tax rate for the three and nine months ended September 30, 2020, was 46% and 25%, respectively, compared with 16% and 18% for the corresponding periods of 2019. The increase in our effective tax rate for the three months ended September 30, 2020, was primarily due to the ability provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to carry back a 2020 net operating loss to a year with a 35% income tax rate, state income tax, foreign operations and income attributable to noncontrolling interests. The increase in our effective tax rate for the nine months ended September 30, 2020, was primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate, foreign operations and income attributable to noncontrolling interests, partially offset by the impact of the nondeductible goodwill impairment. The effective income tax rate for the three months ended September 30, 2020, varied from the U.S. federal statutory income tax rate of 21%, primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate and state income tax. The effective income tax rate for the nine months ended September 30, 2020, varied from the U.S. federal statutory rate of 21%, primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate and state income tax, partially offset by the impact of the nondeductible goodwill impairment.

Phillips 66 Partners LP

Phillips 66 Partners LP	9 Months Ended
	Sep. 30, 2020
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. We consolidate Phillips 66 Partners because we determined it is a VIE of which we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests in our financial statements. At September 30, 2020, 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. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars September 30 December 31 Cash and cash equivalents $ 2 286 Equity investments* 3,373 2,961 Net properties, plants and equipment 3,575 3,349 Short-term debt 340 25 Long-term debt 3,443 3,491 * Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. For the nine months ended September 30, 2020, on a settlement-date basis, Phillips 66 Partners generated net proceeds of $2 million from common units issued under its continuous offering of common units, or at-the-market (ATM) programs, with no issuances in the second and third quarters of 2020. For the three and nine months ended September 30, 2019, Phillips 66 Partners generated net proceeds of $91 million and $133 million, respectively, under its ATM programs. Gray Oak Pipeline, LLC was formed to develop and construct the Gray Oak Pipeline, which transports crude oil from the Permian and Eagle Ford to Texas Gulf Coast destinations that include Corpus Christi and the Sweeny area, including the Phillips 66 Sweeny Refinery, as well as access to the Houston market. Phillips 66 Partners has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. In December 2018, a third party exercised its option to acquire a 35% interest in the holding company. Because the holding company’s sole asset was its ownership interest in Gray Oak Pipeline, LLC, which was considered a financial asset, and because certain restrictions were placed on the third party’s ability to transfer or sell its interest in the holding company during the construction of the Gray Oak Pipeline, the legal sale of the 35% interest did not qualify as a sale under GAAP at that time. The Gray Oak Pipeline commenced full operations in the second quarter of 2020, and the restrictions placed on the co-venturer were lifted on June 30, 2020, resulting in the recognition of the sale under GAAP. Accordingly, at June 30, 2020, the co-venturer’s 35% interest in the holding company was recharacterized from a long-term obligation to a noncontrolling interest on our consolidated balance sheet, and the premium of $84 million previously paid by the co-venturer in 2019 was recharacterized from a long-term obligation to a gain in our consolidated statement of operations. For the nine months ended September 30, 2020, the co-venturer contributed an aggregate of $64 million to the holding company to fund its portion of Gray Oak Pipeline, LLC’s cash calls. Phillips 66 Partners has an effective ownership interest of 42.25% in Gray Oak Pipeline, LLC, after considering a co-venturer’s 35% interest in the consolidated holding company. See Note 5—Investments, Loans and Long-Term Receivables, for further discussion regarding Phillips 66 Partners’ investment in Gray Oak Pipeline, LLC, Dakota Access and ETCO, and Liberty.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Phillips 66 has senior notes outstanding, the payment obligations of which are fully and unconditionally guaranteed by Phillips 66 Company, a 100 percent-owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: • Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). • All other nonguarantor subsidiaries. • The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Millions of Dollars Three Months Ended September 30, 2020 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income (Loss) Sales and other operating revenues $ — 11,907 4,022 — 15,929 Equity in earnings (losses) of affiliates (725) 173 220 681 349 Net gain on dispositions — 1 — — 1 Other income — 11 9 — 20 Intercompany revenues 1 1,000 2,332 (3,333) — Total Revenues and Other Income (Loss) (724) 13,092 6,583 (2,652) 16,299 Costs and Expenses Purchased crude oil and products — 12,056 5,685 (3,232) 14,509 Operating expenses — 795 253 (32) 1,016 Selling, general and administrative expenses 1 295 91 (3) 384 Depreciation and amortization — 237 115 — 352 Impairments — 962 178 — 1,140 Taxes other than income taxes — 78 28 — 106 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 98 15 85 (66) 132 Foreign currency transaction losses — — 4 — 4 Total Costs and Expenses 99 14,442 6,441 (3,333) 17,649 Income (loss) before income taxes (823) (1,350) 142 681 (1,350) Income tax expense (benefit) (24) (625) 25 — (624) Net Income (Loss) (799) (725) 117 681 (726) Less: net income attributable to noncontrolling interests — — 73 — 73 Net Income (Loss) Attributable to Phillips 66 $ (799) (725) 44 681 (799) Comprehensive Income (Loss) $ (618) (544) 254 363 (545) Millions of Dollars Three Months Ended September 30, 2019 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 20,947 6,271 — 27,218 Equity in earnings of affiliates 781 214 147 (643) 499 Net gain on dispositions — 1 17 — 18 Other income — 25 11 — 36 Intercompany revenues — 837 3,704 (4,541) — Total Revenues and Other Income 781 22,024 10,150 (5,184) 27,771 Costs and Expenses Purchased crude oil and products — 19,383 8,866 (4,443) 23,806 Operating expenses — 959 264 (17) 1,206 Selling, general and administrative expenses 1 324 94 (3) 416 Depreciation and amortization — 230 106 — 336 Impairments — — 853 — 853 Taxes other than income taxes — 77 28 — 105 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 85 35 67 (78) 109 Foreign currency transaction gains — — (9) — (9) Total Costs and Expenses 86 21,012 10,271 (4,541) 26,828 Income (loss) before income taxes 695 1,012 (121) (643) 943 Income tax expense (benefit) (17) 231 (64) — 150 Net Income (Loss) 712 781 (57) (643) 793 Less: net income attributable to noncontrolling interests — — 81 — 81 Net Income (Loss) Attributable to Phillips 66 $ 712 781 (138) (643) 712 Comprehensive Income (Loss) $ 608 677 (170) (426) 689 Millions of Dollars Nine Months Ended September 30, 2020 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income (Loss) Sales and other operating revenues $ — 35,653 12,067 — 47,720 Equity in earnings (losses) of affiliates (3,231) 42 633 3,427 871 Net gain on dispositions — 2 85 — 87 Other income — 28 20 — 48 Intercompany revenues 2 2,534 6,303 (8,839) — Total Revenues and Other Income (Loss) (3,229) 38,259 19,108 (5,412) 48,726 Costs and Expenses Purchased crude oil and products — 35,032 16,039 (8,514) 42,557 Operating expenses — 2,722 755 (94) 3,383 Selling, general and administrative expenses 5 825 290 (8) 1,112 Depreciation and amortization — 707 330 — 1,037 Impairments — 2,767 1,379 — 4,146 Taxes other than income taxes — 287 90 — 377 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 268 73 242 (223) 360 Foreign currency transaction losses — — 10 — 10 Total Costs and Expenses 273 42,426 19,139 (8,839) 52,999 Loss before income taxes (3,502) (4,167) (31) 3,427 (4,273) Income tax benefit (66) (936) (51) — (1,053) Net Income (Loss) (3,436) (3,231) 20 3,427 (3,220) Less: net income attributable to noncontrolling interests — — 216 — 216 Net Loss Attributable to Phillips 66 $ (3,436) (3,231) (196) 3,427 (3,436) Comprehensive Loss $ (3,620) (3,415) (30) 3,661 (3,404) Millions of Dollars Nine Months Ended September 30, 2019 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 60,060 18,108 — 78,168 Equity in earnings of affiliates 2,557 1,645 514 (3,053) 1,663 Net gain on dispositions — 1 18 — 19 Other income — 67 30 — 97 Intercompany revenues — 2,720 11,014 (13,734) — Total Revenues and Other Income 2,557 64,493 29,684 (16,787) 79,947 Costs and Expenses Purchased crude oil and products — 56,648 26,202 (13,435) 69,415 Operating expenses — 2,876 861 (59) 3,678 Selling, general and administrative expenses 5 898 295 (8) 1,190 Depreciation and amortization — 686 315 — 1,001 Impairments — 1 855 — 856 Taxes other than income taxes — 242 88 — 330 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 267 108 200 (232) 343 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 272 61,472 28,825 (13,734) 76,835 Income before income taxes 2,285 3,021 859 (3,053) 3,112 Income tax expense (benefit) (55) 464 136 — 545 Net Income 2,340 2,557 723 (3,053) 2,567 Less: net income attributable to noncontrolling interests — — 227 — 227 Net Income Attributable to Phillips 66 $ 2,340 2,557 496 (3,053) 2,340 Comprehensive Income $ 2,250 2,467 615 (2,855) 2,477 Millions of Dollars September 30, 2020 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 665 797 — 1,462 Accounts and notes receivable — 4,477 3,905 (2,419) 5,963 Inventories — 3,421 1,476 — 4,897 Prepaid expenses and other current assets — 255 245 — 500 Total Current Assets — 8,818 6,423 (2,419) 12,822 Investments and long-term receivables 30,358 25,272 10,990 (52,853) 13,767 Net properties, plants and equipment — 12,783 10,706 — 23,489 Goodwill — 1,047 378 — 1,425 Intangibles — 717 132 — 849 Other assets 12 4,207 713 (3,003) 1,929 Total Assets $ 30,370 52,844 29,342 (58,275) 54,281 Liabilities and Equity Accounts payable $ — 5,282 2,594 (2,419) 5,457 Short-term debt 1,498 15 347 — 1,860 Accrued income and other taxes — 480 749 — 1,229 Employee benefit obligations — 392 51 — 443 Other accruals 159 1,304 425 (364) 1,524 Total Current Liabilities 1,657 7,473 4,166 (2,783) 10,513 Long-term debt 8,939 156 3,571 — 12,666 Asset retirement obligations and accrued environmental costs — 463 181 — 644 Deferred income taxes — 3,566 1,944 (3) 5,507 Employee benefit obligations — 1,166 228 — 1,394 Other liabilities and deferred credits 22 10,990 5,664 (15,424) 1,252 Total Liabilities 10,618 23,814 15,754 (18,210) 31,976 Common stock 3,253 25,886 9,582 (35,468) 3,253 Retained earnings 17,466 4,111 1,743 (5,884) 17,436 Accumulated other comprehensive loss (967) (967) (320) 1,287 (967) Noncontrolling interests — — 2,583 — 2,583 Total Liabilities and Equity $ 30,370 52,844 29,342 (58,275) 54,281 Millions of Dollars 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 Nine Months Ended September 30, 2020 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 520 (225) 1,733 (556) 1,472 Cash Flows From Investing Activities Capital expenditures and investments — (746) (1,710) 42 (2,414) Return of investments in equity affiliates — 12 127 — 139 Proceeds from asset dispositions — 2 1 — 3 Intercompany lending activities (1,352) 2,309 (957) — — Advances/loans—related parties — (230) (21) — (251) Collection of advances/loans—related parties — 20 24 — 44 Other — (40) (47) — (87) Net Cash Provided by (Used in) Investing Activities (1,352) 1,327 (2,583) 42 (2,566) Cash Flows From Financing Activities Issuance of debt 3,015 — 290 — 3,305 Repayment of debt (500) (17) (29) — (546) Issuance of common stock 6 — — — 6 Repurchase of common stock (443) — — — (443) Dividends paid on common stock (1,182) (556) — 556 (1,182) Distributions to noncontrolling interests — — (201) — (201) Net proceeds from issuance of Phillips 66 Partners LP common units — — 2 — 2 Other (64) — 84 (42) (22) Net Cash Provided by (Used in) Financing Activities 832 (573) 146 514 919 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 23 — 23 Net Change in Cash and Cash Equivalents — 529 (681) — (152) Cash and cash equivalents at beginning of period — 136 1,478 — 1,614 Cash and Cash Equivalents at End of Period $ — 665 797 — 1,462 Millions of Dollars Nine Months Ended September 30, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (143) 1,645 1,730 (118) 3,114 Cash Flows From Investing Activities Capital expenditures and investments — (803) (1,792) — (2,595) Return of investments in equity affiliates — 352 53 (350) 55 Proceeds from asset dispositions — — 84 — 84 Intercompany lending activities 2,587 (2,245) (342) — — Advances/loans—related parties — — (95) — (95) Collection of advances/loans—related parties — — 95 — 95 Other — (3) 27 — 24 Net Cash Provided by (Used in) Investing Activities 2,587 (2,699) (1,970) (350) (2,432) Cash Flows From Financing Activities Issuance of debt — — 1,758 — 1,758 Repayment of debt — (14) (990) — (1,004) Issuance of common stock 15 — — — 15 Repurchase of common stock (1,238) — — — (1,238) Dividends paid on common stock (1,172) — (118) 118 (1,172) Distributions to noncontrolling interests — — (176) — (176) Net proceeds from issuance of Phillips 66 Partners LP common units — — 133 — 133 Other (49) (4) (15) 350 282 Net Cash Provided by (Used in) Financing Activities (2,444) (18) 592 468 (1,402) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (31) — (31) Net Change in Cash and Cash Equivalents — (1,072) 321 — (751) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 576 1,692 — 2,268

Earnings (Loss) Per Share (Poli

Earnings (Loss) Per Share (Policies)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for 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 (loss) 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 (losses) of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Contingencies and Commitments	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.
Recurring 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 observable market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Product Line and Services Refined petroleum products $ 12,573 22,373 37,431 64,088 Crude oil resales 2,198 3,511 6,565 10,162 Natural gas liquids (NGL) 966 1,025 2,645 3,508 Services and other * 192 309 1,079 410 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 Geographic Location** United States $ 12,125 21,160 36,212 60,602 United Kingdom 1,850 2,375 5,131 7,318 Germany 805 1,025 2,276 3,074 Other foreign countries 1,149 2,658 4,101 7,174 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 4,561 3,452 Materials and supplies 336 324 $ 4,897 3,776

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars September 30, 2020 December 31, 2019 Gross Accum. Net Gross Accum. Net Midstream $ 12,154 2,727 9,427 11,221 2,391 8,830 Chemicals — — — — — — Refining 24,330 11,819 12,511 23,692 10,336 13,356 Marketing and Specialties (M&S) 1,762 988 774 1,847 959 888 Corporate and Other 1,434 657 777 1,311 599 712 $ 39,680 16,191 23,489 38,071 14,285 23,786

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill by segment at September 30, 2020, was: Millions of Dollars Midstream Refining M&S Total Balance at January 1, 2020 $ 626 1,845 799 3,270 Impairments — (1,845) — (1,845) Balance at September 30, 2020 $ 626 — 799 1,425

Impairments (Tables)

Impairments (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impairments	Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Midstream $ 204 853 1,365 856 Refining 911 — 2,756 — Corporate and Other 25 — 25 — Total impairments $ 1,140 853 4,146 856

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ (799) (799) 712 712 (3,436) (3,436) 2,340 2,340 Income allocated to participating securities (2) (2) (2) (1) (6) (6) (5) (1) Net income (loss) available to common stockholders $ (801) (801) 710 711 (3,442) (3,442) 2,335 2,339 Weighted-average common shares outstanding (thousands) : 436,783 438,916 446,498 449,005 437,492 439,670 450,836 453,398 Effect of share-based compensation 2,133 — 2,507 1,996 2,178 — 2,562 2,412 Weighted-average common shares outstanding—EPS 438,916 438,916 449,005 451,001 439,670 439,670 453,398 455,810 Earnings (Loss) Per Share of Common Stock (dollars) $ (1.82) (1.82) 1.58 1.58 (7.83) (7.83) 5.15 5.13

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Offsetting Liabilities	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 2020 December 31, 2019 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 $ 838 (730) (20) 88 23 — — 23 Other assets — — — — 3 — — 3 Liabilities Other accruals 109 (137) 20 (8) 1,188 (1,281) 80 (13) Other liabilities and deferred credits 10 (12) — (2) — (1) — (1) Total $ 957 (879) — 78 1,214 (1,282) 80 12
Offsetting Assets	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 2020 December 31, 2019 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 $ 838 (730) (20) 88 23 — — 23 Other assets — — — — 3 — — 3 Liabilities Other accruals 109 (137) 20 (8) 1,188 (1,281) 80 (13) Other liabilities and deferred credits 10 (12) — (2) — (1) — (1) Total $ 957 (879) — 78 1,214 (1,282) 80 12
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 operations, were: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Sales and other operating revenues $ 20 71 519 (89) Other income — 20 9 33 Purchased crude oil and products (16) 60 301 (41) Net gain (loss) from commodity derivative activity $ 4 151 829 (97)
Summary of Material Net Exposures and Notional Amount of 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 97% at September 30, 2020, and December 31, 2019. Open Position September 30 December 31 Commodity Crude oil, refined petroleum products and NGL (millions of barrels) (36) (16)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of 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 September 30, 2020 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 $ 735 203 — 938 (849) (20) — 69 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 17 1 18 — — — 18 Rabbi trust assets 133 — — 133 N/A N/A — 133 $ 868 221 1 1,090 (849) (20) — 221 Commodity Derivative Liabilities Exchange-cleared instruments $ 653 218 — 871 (849) (20) — 2 Physical forward contracts — 8 — 8 — — — 8 Interest rate derivatives — 5 — 5 — — — 5 Floating-rate debt — 1,863 — 1,863 N/A N/A — 1,863 Fixed-rate debt, excluding finance leases — 13,803 — 13,803 N/A N/A (1,421) 12,382 $ 653 15,897 — 16,550 (849) (20) (1,421) 14,260 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

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019, were as follows: Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 35 7 32 5 1 1 Interest cost 21 5 27 6 2 2 Expected return on plan assets (38) (12) (36) (10) — — Amortization of prior service credit — — — — (1) — Recognized net actuarial loss 21 4 14 2 — — Settlements 17 — 1 — — — Net periodic benefit cost* $ 56 4 38 3 2 3 Nine Months Ended September 30 Service cost $ 102 21 95 17 4 4 Interest cost 70 16 81 19 5 6 Expected return on plan assets (121) (37) (107) (33) — — Amortization of prior service credit — — — — (2) (1) Recognized net actuarial loss 50 12 40 5 — — Settlements 56 — 7 — — — Net periodic benefit cost* $ 157 12 116 8 7 9 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2019 $ (656) (131) (1) (788) Other comprehensive loss before reclassifications (221) (44) (8) (273) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 86 — — 86 Foreign currency translation — — — — Hedging — — 3 3 Net current period other comprehensive loss (135) (44) (5) (184) Other — 5 — 5 September 30, 2020 $ (791) (170) (6) (967) December 31, 2018 $ (472) (228) 8 (692) Other comprehensive income (loss) before reclassifications 5 (124) (6) (125) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 40 — — 40 Foreign currency translation — — — — Hedging — — (5) (5) Net current period other comprehensive income (loss) 45 (124) (11) (90) Income taxes reclassified to retained earnings** (93) 2 2 (89) September 30, 2019 $ (520) (350) (1) (871) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information. ** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Cuts and Jobs Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Operating revenues and other income (a) $ 450 756 1,337 2,235 Purchases (b) 1,612 2,842 4,868 8,770 Operating expenses and selling, general and administrative expenses (c) 65 8 171 25 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF 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 equity 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 equity 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 equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended 2020 2019 2020 2019 Sales and Other Operating Revenues * Midstream Total sales $ 1,458 1,602 4,096 5,208 Intersegment eliminations (446) (482) (1,323) (1,526) Total Midstream 1,012 1,120 2,773 3,682 Chemicals 1 1 3 3 Refining Total sales 10,434 19,591 31,567 56,839 Intersegment eliminations (6,286) (11,452) (18,356) (34,008) Total Refining 4,148 8,139 13,211 22,831 Marketing and Specialties Total sales 11,038 18,535 32,780 53,464 Intersegment eliminations (278) (584) (1,068) (1,833) Total Marketing and Specialties 10,760 17,951 31,712 51,631 Corporate and Other 8 7 21 21 Consolidated sales and other operating revenues $ 15,929 27,218 47,720 78,168 * See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 146 (460) (232) 279 Chemicals 231 227 442 729 Refining (1,903) 856 (5,042) 1,641 Marketing and Specialties 415 498 1,214 1,056 Corporate and Other (239) (178) (655) (593) Consolidated income (loss) before income taxes $ (1,350) 943 (4,273) 3,112
Schedule of Reconciliation of Assets from Segment to Consolidated	Millions of Dollars September 30 December 31 Total Assets Midstream $ 15,605 15,716 Chemicals 6,284 6,249 Refining 20,898 25,150 Marketing and Specialties 7,322 8,659 Corporate and Other 4,172 2,946 Consolidated total assets $ 54,281 58,720

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30 December 31 Cash and cash equivalents $ 2 286 Equity investments* 3,373 2,961 Net properties, plants and equipment 3,575 3,349 Short-term debt 340 25 Long-term debt 3,443 3,491 * Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statement of Income	Millions of Dollars Three Months Ended September 30, 2020 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income (Loss) Sales and other operating revenues $ — 11,907 4,022 — 15,929 Equity in earnings (losses) of affiliates (725) 173 220 681 349 Net gain on dispositions — 1 — — 1 Other income — 11 9 — 20 Intercompany revenues 1 1,000 2,332 (3,333) — Total Revenues and Other Income (Loss) (724) 13,092 6,583 (2,652) 16,299 Costs and Expenses Purchased crude oil and products — 12,056 5,685 (3,232) 14,509 Operating expenses — 795 253 (32) 1,016 Selling, general and administrative expenses 1 295 91 (3) 384 Depreciation and amortization — 237 115 — 352 Impairments — 962 178 — 1,140 Taxes other than income taxes — 78 28 — 106 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 98 15 85 (66) 132 Foreign currency transaction losses — — 4 — 4 Total Costs and Expenses 99 14,442 6,441 (3,333) 17,649 Income (loss) before income taxes (823) (1,350) 142 681 (1,350) Income tax expense (benefit) (24) (625) 25 — (624) Net Income (Loss) (799) (725) 117 681 (726) Less: net income attributable to noncontrolling interests — — 73 — 73 Net Income (Loss) Attributable to Phillips 66 $ (799) (725) 44 681 (799) Comprehensive Income (Loss) $ (618) (544) 254 363 (545) Millions of Dollars Three Months Ended September 30, 2019 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 20,947 6,271 — 27,218 Equity in earnings of affiliates 781 214 147 (643) 499 Net gain on dispositions — 1 17 — 18 Other income — 25 11 — 36 Intercompany revenues — 837 3,704 (4,541) — Total Revenues and Other Income 781 22,024 10,150 (5,184) 27,771 Costs and Expenses Purchased crude oil and products — 19,383 8,866 (4,443) 23,806 Operating expenses — 959 264 (17) 1,206 Selling, general and administrative expenses 1 324 94 (3) 416 Depreciation and amortization — 230 106 — 336 Impairments — — 853 — 853 Taxes other than income taxes — 77 28 — 105 Accretion on discounted liabilities — 4 2 — 6 Interest and debt expense 85 35 67 (78) 109 Foreign currency transaction gains — — (9) — (9) Total Costs and Expenses 86 21,012 10,271 (4,541) 26,828 Income (loss) before income taxes 695 1,012 (121) (643) 943 Income tax expense (benefit) (17) 231 (64) — 150 Net Income (Loss) 712 781 (57) (643) 793 Less: net income attributable to noncontrolling interests — — 81 — 81 Net Income (Loss) Attributable to Phillips 66 $ 712 781 (138) (643) 712 Comprehensive Income (Loss) $ 608 677 (170) (426) 689 Millions of Dollars Nine Months Ended September 30, 2020 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income (Loss) Sales and other operating revenues $ — 35,653 12,067 — 47,720 Equity in earnings (losses) of affiliates (3,231) 42 633 3,427 871 Net gain on dispositions — 2 85 — 87 Other income — 28 20 — 48 Intercompany revenues 2 2,534 6,303 (8,839) — Total Revenues and Other Income (Loss) (3,229) 38,259 19,108 (5,412) 48,726 Costs and Expenses Purchased crude oil and products — 35,032 16,039 (8,514) 42,557 Operating expenses — 2,722 755 (94) 3,383 Selling, general and administrative expenses 5 825 290 (8) 1,112 Depreciation and amortization — 707 330 — 1,037 Impairments — 2,767 1,379 — 4,146 Taxes other than income taxes — 287 90 — 377 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 268 73 242 (223) 360 Foreign currency transaction losses — — 10 — 10 Total Costs and Expenses 273 42,426 19,139 (8,839) 52,999 Loss before income taxes (3,502) (4,167) (31) 3,427 (4,273) Income tax benefit (66) (936) (51) — (1,053) Net Income (Loss) (3,436) (3,231) 20 3,427 (3,220) Less: net income attributable to noncontrolling interests — — 216 — 216 Net Loss Attributable to Phillips 66 $ (3,436) (3,231) (196) 3,427 (3,436) Comprehensive Loss $ (3,620) (3,415) (30) 3,661 (3,404) Millions of Dollars Nine Months Ended September 30, 2019 Statement of Operations Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Revenues and Other Income Sales and other operating revenues $ — 60,060 18,108 — 78,168 Equity in earnings of affiliates 2,557 1,645 514 (3,053) 1,663 Net gain on dispositions — 1 18 — 19 Other income — 67 30 — 97 Intercompany revenues — 2,720 11,014 (13,734) — Total Revenues and Other Income 2,557 64,493 29,684 (16,787) 79,947 Costs and Expenses Purchased crude oil and products — 56,648 26,202 (13,435) 69,415 Operating expenses — 2,876 861 (59) 3,678 Selling, general and administrative expenses 5 898 295 (8) 1,190 Depreciation and amortization — 686 315 — 1,001 Impairments — 1 855 — 856 Taxes other than income taxes — 242 88 — 330 Accretion on discounted liabilities — 13 4 — 17 Interest and debt expense 267 108 200 (232) 343 Foreign currency transaction losses — — 5 — 5 Total Costs and Expenses 272 61,472 28,825 (13,734) 76,835 Income before income taxes 2,285 3,021 859 (3,053) 3,112 Income tax expense (benefit) (55) 464 136 — 545 Net Income 2,340 2,557 723 (3,053) 2,567 Less: net income attributable to noncontrolling interests — — 227 — 227 Net Income Attributable to Phillips 66 $ 2,340 2,557 496 (3,053) 2,340 Comprehensive Income $ 2,250 2,467 615 (2,855) 2,477
Condensed Consolidating Balance Sheet	Millions of Dollars September 30, 2020 Balance Sheet Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Assets Cash and cash equivalents $ — 665 797 — 1,462 Accounts and notes receivable — 4,477 3,905 (2,419) 5,963 Inventories — 3,421 1,476 — 4,897 Prepaid expenses and other current assets — 255 245 — 500 Total Current Assets — 8,818 6,423 (2,419) 12,822 Investments and long-term receivables 30,358 25,272 10,990 (52,853) 13,767 Net properties, plants and equipment — 12,783 10,706 — 23,489 Goodwill — 1,047 378 — 1,425 Intangibles — 717 132 — 849 Other assets 12 4,207 713 (3,003) 1,929 Total Assets $ 30,370 52,844 29,342 (58,275) 54,281 Liabilities and Equity Accounts payable $ — 5,282 2,594 (2,419) 5,457 Short-term debt 1,498 15 347 — 1,860 Accrued income and other taxes — 480 749 — 1,229 Employee benefit obligations — 392 51 — 443 Other accruals 159 1,304 425 (364) 1,524 Total Current Liabilities 1,657 7,473 4,166 (2,783) 10,513 Long-term debt 8,939 156 3,571 — 12,666 Asset retirement obligations and accrued environmental costs — 463 181 — 644 Deferred income taxes — 3,566 1,944 (3) 5,507 Employee benefit obligations — 1,166 228 — 1,394 Other liabilities and deferred credits 22 10,990 5,664 (15,424) 1,252 Total Liabilities 10,618 23,814 15,754 (18,210) 31,976 Common stock 3,253 25,886 9,582 (35,468) 3,253 Retained earnings 17,466 4,111 1,743 (5,884) 17,436 Accumulated other comprehensive loss (967) (967) (320) 1,287 (967) Noncontrolling interests — — 2,583 — 2,583 Total Liabilities and Equity $ 30,370 52,844 29,342 (58,275) 54,281 Millions of Dollars 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
Condensed Consolidating Statement of Cash Flows	Millions of Dollars Nine Months Ended September 30, 2020 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ 520 (225) 1,733 (556) 1,472 Cash Flows From Investing Activities Capital expenditures and investments — (746) (1,710) 42 (2,414) Return of investments in equity affiliates — 12 127 — 139 Proceeds from asset dispositions — 2 1 — 3 Intercompany lending activities (1,352) 2,309 (957) — — Advances/loans—related parties — (230) (21) — (251) Collection of advances/loans—related parties — 20 24 — 44 Other — (40) (47) — (87) Net Cash Provided by (Used in) Investing Activities (1,352) 1,327 (2,583) 42 (2,566) Cash Flows From Financing Activities Issuance of debt 3,015 — 290 — 3,305 Repayment of debt (500) (17) (29) — (546) Issuance of common stock 6 — — — 6 Repurchase of common stock (443) — — — (443) Dividends paid on common stock (1,182) (556) — 556 (1,182) Distributions to noncontrolling interests — — (201) — (201) Net proceeds from issuance of Phillips 66 Partners LP common units — — 2 — 2 Other (64) — 84 (42) (22) Net Cash Provided by (Used in) Financing Activities 832 (573) 146 514 919 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 23 — 23 Net Change in Cash and Cash Equivalents — 529 (681) — (152) Cash and cash equivalents at beginning of period — 136 1,478 — 1,614 Cash and Cash Equivalents at End of Period $ — 665 797 — 1,462 Millions of Dollars Nine Months Ended September 30, 2019 Statement of Cash Flows Phillips 66 Phillips 66 Company All Other Subsidiaries Consolidating Adjustments Total Consolidated Cash Flows From Operating Activities Net Cash Provided by (Used in) Operating Activities $ (143) 1,645 1,730 (118) 3,114 Cash Flows From Investing Activities Capital expenditures and investments — (803) (1,792) — (2,595) Return of investments in equity affiliates — 352 53 (350) 55 Proceeds from asset dispositions — — 84 — 84 Intercompany lending activities 2,587 (2,245) (342) — — Advances/loans—related parties — — (95) — (95) Collection of advances/loans—related parties — — 95 — 95 Other — (3) 27 — 24 Net Cash Provided by (Used in) Investing Activities 2,587 (2,699) (1,970) (350) (2,432) Cash Flows From Financing Activities Issuance of debt — — 1,758 — 1,758 Repayment of debt — (14) (990) — (1,004) Issuance of common stock 15 — — — 15 Repurchase of common stock (1,238) — — — (1,238) Dividends paid on common stock (1,172) — (118) 118 (1,172) Distributions to noncontrolling interests — — (176) — (176) Net proceeds from issuance of Phillips 66 Partners LP common units — — 133 — 133 Other (49) (4) (15) 350 282 Net Cash Provided by (Used in) Financing Activities (2,444) (18) 592 468 (1,402) Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (31) — (31) Net Change in Cash and Cash Equivalents — (1,072) 321 — (751) Cash and cash equivalents at beginning of period — 1,648 1,371 — 3,019 Cash and Cash Equivalents at End of Period $ — 576 1,692 — 2,268

Sales and Other Operating Rev_3

Sales and Other Operating Revenues (Disaggregated) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 15,929	$ 27,218	$ 47,720	$ 78,168
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	12,125	21,160	36,212	60,602
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,850	2,375	5,131	7,318
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	805	1,025	2,276	3,074
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,149	2,658	4,101	7,174
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	12,573	22,373	37,431	64,088
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,198	3,511	6,565	10,162
Natural gas liquids (NGL)
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	966	1,025	2,645	3,508
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 192	$ 309	$ 1,079	$ 410

Sales and Other Operating Rev_4

Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 3,410	$ 6,902
Receivables from contracts with customers	$ 389	$ 336
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Customer contracts, term	15 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 5,963	$ 8,510
Allowance for doubtful accounts	$ 37	$ 41
Accounts and notes receivable, percent outstanding less than 60 days (more than)	98.00%

Inventories (Inventory, Net) (D

Inventories (Inventory, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 4,561	$ 3,452
Materials and supplies	336	324
Inventories	$ 4,897	$ 3,776

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 4,436	$ 3,331
Estimated excess of current replacement cost over LIFO cost of inventories	$ 1,600	$ 4,300

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Gray Oak Pipeline, LLC) (Details) - USD ($)	Sep. 15, 2020	Sep. 30, 2020	Jun. 30, 2020	Jun. 10, 2020	Apr. 09, 2020	Dec. 31, 2019
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed				$ 1,000,000,000	$ 1,000,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 3,373,000,000				$ 2,961,000,000
Gray Oak Holdings LLC | Third Party
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		35.00%	35.00%
Gray Oak Pipeline LLC | Term Loan Facility
Schedule of Equity Method Investments [Line Items]
Repayments of debt	$ 1,379,000,000
Gray Oak Pipeline LLC | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed	$ 1,400,000,000
Gray Oak Pipeline LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Effective ownership percent		42.25%
Equity investments		$ 896,000,000
Gray Oak Pipeline LLC | Gray Oak Holdings LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		65.00%

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables (Dakota Access, LLC and Energy Transfer Crude Oil, Company, LLC) (Details) - USD ($)	Sep. 30, 2020	Jul. 06, 2020	Jun. 10, 2020	Apr. 09, 2020	Mar. 11, 2019
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Estimated period of time to prepare Environmental Impact Statement		13 months
Scheduled interest payments annually	$ 25,000,000
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted	$ 631,000,000
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed			$ 1,000,000,000	$ 1,000,000,000
Senior Notes | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed					$ 2,500,000,000
Senior Notes | 3.625% Senior Notes Due March 31 2022 | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed					$ 650,000,000
Debt interest rate					3.625%
Senior Notes | 3.900% Senior Notes Due March 31 2024 | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed					$ 1,000,000,000
Debt interest rate					3.90%
Senior Notes | 4.625% Senior Notes Due March 31 2029 | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed					$ 850,000,000
Debt interest rate					4.625%

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables (CF United LLC) (Details) - CF United LLC $ in Millions	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50.00%
Economic interest acquired	48.00%
Equity investments	$ 326

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables (DCP Midstream, LLC) (Details) - DCP Midstream - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investment impairment		$ 1,200	$ 853
Difference between fair value and book value		$ 1,800
Amortization period				22 years
Equity investment, amortization of basis difference	$ 20			$ 50
Equity investments	$ 281			$ 281
DCP Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, decline in market value, percent		85.00%

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables (Liberty Pipeline LLC (Liberty)) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 3,373	$ 2,961
Liberty Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Maximum loss exposure	252
Maximum potential amount of future payments under the guarantees	$ 13
Liberty Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 239

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables (OnCue Holdings, LLC) (Details) - OnCue Holdings, LLC $ in Millions	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Maximum loss exposure	$ 165
Equity investments	92
Maximum potential amount of future payments under the guarantees	$ 73

Investments, Loans and Long-T_8

Investments, Loans and Long-Term Receivables (Red Oak Pipeline LLC (Red Oak)) (Details) - Red Oak Pipeline LLC $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%	50.00%
Equity method investment impairment	$ 84	$ 84
Equity investments	$ 20	$ 20

Investments, Loans and Long-T_9

Investments, Loans and Long-Term Receivables (Related Party Loan) (Details) - WRB Refining LP $ in Millions	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Outstanding related party loan balance	$ 210
Phillips 66 And Co-Venturer
Schedule of Equity Method Investments [Line Items]
Outstanding related party loan balance	$ 420

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Schedule of Property Plant And Equipment) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 39,680	$ 38,071
Accum. D&A	16,191	14,285
Net PP&E	23,489	23,786
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,434	1,311
Accum. D&A	657	599
Net PP&E	777	712
Midstream
Property, Plant and Equipment [Line Items]
Gross PP&E	12,154	11,221
Accum. D&A	2,727	2,391
Net PP&E	9,427	8,830
Chemicals
Property, Plant and Equipment [Line Items]
Gross PP&E	0	0
Accum. D&A	0	0
Net PP&E	0	0
Refining
Property, Plant and Equipment [Line Items]
Gross PP&E	24,330	23,692
Accum. D&A	11,819	10,336
Net PP&E	12,511	13,356
Marketing and Specialties (M&S)
Property, Plant and Equipment [Line Items]
Gross PP&E	1,762	1,847
Accum. D&A	988	959
Net PP&E	$ 774	$ 888

Properties, Plants and Equipm_4

Properties, Plants and Equipment (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Impairments	$ 1,140	$ 853	$ 4,146	$ 856
San Francisco Refinery Asset Group
Property, Plant and Equipment [Line Items]
Impairments	1,030
Fair value of PP&E	940		$ 940
PP&E	1,009
Refining | San Francisco Refinery Asset Group
Property, Plant and Equipment [Line Items]
PP&E	889
Intangible assets	21
Midstream
Property, Plant and Equipment [Line Items]
Impairments	204
Midstream | San Francisco Refinery Asset Group
Property, Plant and Equipment [Line Items]
PP&E	$ 120

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Goodwill [Line Items]
Goodwill		$ 1,845
Refining
Goodwill [Line Items]
Goodwill	$ 1,845	$ 1,845

Goodwill (Carrying Amount of Go

Goodwill (Carrying Amount of Goodwill by Segment) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Goodwill [Roll Forward]
Balance at January 1, 2020	$ 3,270,000,000	$ 3,270,000,000
Impairments		(1,845,000,000)
Balance at September 30, 2020		1,425,000,000
Midstream
Goodwill [Roll Forward]
Balance at January 1, 2020	626,000,000	626,000,000
Impairments		0
Balance at September 30, 2020		626,000,000
Refining
Goodwill [Roll Forward]
Balance at January 1, 2020	1,845,000,000	1,845,000,000
Impairments	(1,845,000,000)	(1,845,000,000)
Balance at September 30, 2020	0	0
M&S
Goodwill [Roll Forward]
Balance at January 1, 2020	$ 799,000,000	799,000,000
Impairments		0
Balance at September 30, 2020		$ 799,000,000

Impairments (Schedule of Impair

Impairments (Schedule of Impairments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Line Items]
Impairments	$ 1,140	$ 853	$ 4,146	$ 856
Corporate and Other
Goodwill [Line Items]
Impairments	25	0	25	0
Midstream
Goodwill [Line Items]
Impairments	204
Midstream | Operating Segments
Goodwill [Line Items]
Impairments	204	853	1,365	856
Refining | Operating Segments
Goodwill [Line Items]
Impairments	$ 911	$ 0	$ 2,756	$ 0

Earnings (Loss) Per Share (Summ

Earnings (Loss) Per Share (Summary of Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic
Net income (loss) attributable to Phillips 66	$ (799)	$ 712	$ (3,436)	$ 2,340
Income allocated to participating securities	(2)	(2)	(6)	(5)
Net income (loss) available to common stockholders	$ (801)	$ 710	$ (3,442)	$ 2,335
Weighted-average common shares outstanding (in shares)	436,783	446,498	437,492	450,836
Effect of share-based compensation (in shares)	2,133	2,507	2,178	2,562
Weighted-average commons shares outstanding - EPS (in shares)	438,916	449,005	439,670	453,398
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ (1.82)	$ 1.58	$ (7.83)	$ 5.15
Diluted
Net income (loss) attributable to Phillips 66	$ (799)	$ 712	$ (3,436)	$ 2,340
Income allocated to participating securities	(2)	(1)	(6)	(1)
Net income (loss) available to common stockholders	$ (801)	$ 711	$ (3,442)	$ 2,339
Weighted-average common shares outstanding (in shares)	438,916	449,005	439,670	453,398
Effect of share-based compensation (in shares)	0	1,996	0	2,412
Weighted-average commons shares outstanding - EPS (in shares)	438,916	451,001	439,670	455,810
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ (1.82)	$ 1.58	$ (7.83)	$ 5.13

Debt (Details)

Debt (Details) - USD ($)	Jun. 10, 2020	Apr. 09, 2020	Mar. 19, 2020	Apr. 30, 2020	Sep. 30, 2020	Apr. 06, 2020
Senior Notes
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 1,000,000,000	$ 1,000,000,000
Senior Notes | 2.150% Senior Notes due June 8, 2030
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 850,000,000
Debt interest rate	2.15%
Senior Notes | 3.70% Senior Notes due April 6, 2023
Debt Instrument [Line Items]
Debt issued and guaranteed		$ 500,000,000
Debt interest rate		3.70%
Senior Notes | 3.850% Senior Notes due April 9, 2025
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 650,000,000	$ 650,000,000
Debt interest rate	3.85%	3.85%
Senior Notes | 3.850% Senior Notes Due April 9, 2025, Portion Issued June 10, 2020
Debt Instrument [Line Items]
Debt issued and guaranteed	$ 150,000,000
Senior Notes | 3.850% Senior Notes Due April 9, 2025, Portion Issued April 9, 2020
Debt Instrument [Line Items]
Debt issued and guaranteed		$ 500,000,000
Senior Notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from borrowings	$ 1,008,000,000	$ 993,000,000
Line of Credit | Term Loan
Debt Instrument [Line Items]
Proceeds from borrowings			$ 1,000,000,000
Line of credit facility, maximum borrowing capacity			$ 1,000,000,000			$ 2,000,000,000
Delayed term			364 days
Line of Credit | Revolving Credit Facility | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 750,000,000
Amount borrowed					290,000,000
Line of Credit | Letter of Credit | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Amount borrowed					$ 3,000,000
Loans Payable | Floating Rate Notes Due April 2020
Debt Instrument [Line Items]
Repayments of debt				$ 300,000,000
Loans Payable | Term Loan Due April 2020
Debt Instrument [Line Items]
Repayments of debt				200,000,000
Tax-Exempt Bonds | Tax Exempt Bonds Due 2020 | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Repayments of debt				$ 25,000,000

Guarantees (Details)

Guarantees (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	$ 428,000,000	$ 441,000,000
Other joint ventures and entities
Guarantor Obligations [Line Items]
Joint venture debt obligations, period (up to)	8 years
Other Guarantees | Other joint ventures and entities
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 216,000,000
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	147,000,000	153,000,000
Indemnifications | Asset Retirement Obligations And Accrued Environmental Cost
Guarantor Obligations [Line Items]
Environmental accruals included in recorded carrying amount	105,000,000	$ 105,000,000
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	514,000,000
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 396,000,000
Lessee operating lease remaining lease term (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total environmental accrual	$ 428	$ 441
Performance Guarantee
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 519
Reserve for Environmental Costs
Debt Instrument [Line Items]
Expected years to incur a substantial amount of expenditures	30 years

Derivatives and Financial Ins_3

Derivatives and Financial Instruments (Summary of Commodity Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Liabilities	$ (849)	$ (1,188)
Effect of Collateral Netting	(20)	0
Liabilities
Assets	849	1,188
Effect of Collateral Netting	20	80
Total
Effect of Collateral Netting	20	80
Not Designated as Hedging Instrument | Commodity
Liabilities
Effect of Collateral Netting	0	80
Total
Assets	957	1,214
Liabilities	(879)	(1,282)
Effect of Collateral Netting	0	80
Net Carrying Value Presented on the Balance Sheet	78	12
Not Designated as Hedging Instrument | Commodity | Prepaid expenses and other current assets
Assets
Assets	838	23
Liabilities	(730)	0
Effect of Collateral Netting	(20)	0
Net Carrying Value Presented on the Balance Sheet	88	23
Not Designated as Hedging Instrument | Commodity | Other assets
Assets
Assets	0	3
Liabilities	0	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	0	3
Not Designated as Hedging Instrument | Commodity | Other accruals
Liabilities
Assets	109	1,188
Liabilities	(137)	(1,281)
Effect of Collateral Netting	20	80
Net Carrying Value Presented on the Balance Sheet	(8)	(13)
Total
Effect of Collateral Netting	20	80
Not Designated as Hedging Instrument | Commodity | Other liabilities and deferred credits
Liabilities
Assets	10	0
Liabilities	(12)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	(2)	(1)
Total
Effect of Collateral Netting	$ 0	$ 0

Derivatives and Financial Ins_4

Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ 4	$ 151	$ 829	$ (97)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	20	71	519	(89)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	0	20	9	33
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (16)	$ 60	$ 301	$ (41)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments (Narrative) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Percentage of derivative contract volume expiring within twelve months (at least)	97.00%	97.00%
Cash Flow Hedging | Interest rate derivatives
Derivative [Line Items]
Derivative, notional amount	$ 650,000,000
General and Administrative Expenses | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate derivatives
Derivative [Line Items]
Losses reclassified from AOCI into income	$ 5,000,000
Facilities | Maximum
Derivative [Line Items]
Lessee leasing arrangements, operating leases, term of contract	5 years

Derivatives and Financial Ins_6

Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - bbl bbl in Millions	Sep. 30, 2020	Dec. 31, 2019
Short | Commodity Contract [Member]
Derivative [Line Items]
Crude oil, refined petroleum products and NGL (in barrels)	(36)	(16)

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Total Fair Value of Gross Assets	$ 1,090	$ 1,342
Effect of Counterparty Netting	(849)	(1,188)
Effect of Collateral Netting	(20)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	221	154
Liabilities
Total Fair Value Gross Liabilities	16,550	14,195
Effect of Counterparty Netting	(849)	(1,188)
Effect of Collateral Netting	(20)	(80)
Difference in Carrying Value and Fair Value	(1,421)	(1,438)
Net Carrying Value Presented on the Balance Sheet	14,260	11,489
Level 1
Assets
Total Fair Value of Gross Assets	868	947
Liabilities
Total Fair Value Gross Liabilities	653	884
Level 2
Assets
Total Fair Value of Gross Assets	221	395
Liabilities
Total Fair Value Gross Liabilities	15,897	13,311
Level 3
Assets
Total Fair Value of Gross Assets	1	0
Liabilities
Total Fair Value Gross Liabilities	0	0
Commodity Derivatives | Exchange-cleared instruments
Assets
Commodity Derivative Assets	938	1,188
Effect of Counterparty Netting	(849)	(1,188)
Effect of Collateral Netting	(20)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	69	0
Liabilities
Commodity Derivative Liabilities	871	1,269
Effect of Counterparty Netting	(849)	(1,188)
Effect of Collateral Netting	(20)	(80)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	2	1
Commodity Derivatives | OTC instruments
Assets
Commodity Derivative Assets	1
Effect of Counterparty Netting	0
Effect of Collateral Netting	0
Difference in Carrying Value and Fair Value	0
Net Carrying Value Presented on the Balance Sheet	1
Liabilities
Commodity Derivative Liabilities		1
Effect of Counterparty Netting		0
Effect of Collateral Netting		0
Difference in Carrying Value and Fair Value		0
Net Carrying Value Presented on the Balance Sheet		1
Commodity Derivatives | Physical forward contracts
Assets
Commodity Derivative Assets	18	26
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	18	26
Liabilities
Commodity Derivative Liabilities	8	12
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	8	12
Commodity Derivatives | Level 1 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	735	820
Liabilities
Commodity Derivative Liabilities	653	884
Commodity Derivatives | Level 1 | OTC instruments
Assets
Commodity Derivative Assets	0
Liabilities
Commodity Derivative Liabilities		0
Commodity Derivatives | Level 1 | Physical forward contracts
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivatives | Level 2 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	203	368
Liabilities
Commodity Derivative Liabilities	218	385
Commodity Derivatives | Level 2 | OTC instruments
Assets
Commodity Derivative Assets	1
Liabilities
Commodity Derivative Liabilities		1
Commodity Derivatives | Level 2 | Physical forward contracts
Assets
Commodity Derivative Assets	17	26
Liabilities
Commodity Derivative Liabilities	8	12
Commodity Derivatives | Level 3 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivatives | Level 3 | OTC instruments
Assets
Commodity Derivative Assets	0
Liabilities
Commodity Derivative Liabilities		0
Commodity Derivatives | Level 3 | Physical forward contracts
Assets
Commodity Derivative Assets	1	0
Liabilities
Commodity Derivative Liabilities	0	0
Interest rate derivatives
Assets
Interest rate derivatives		1
Effect of Counterparty Netting		0
Effect of Collateral Netting		0
Difference in Carrying Value and Fair Value		0
Net Carrying Value Presented on the Balance Sheet		1
Liabilities
Interest rate derivatives	5
Effect of Counterparty Netting	0
Effect of Collateral Netting	0
Difference in Carrying Value and Fair Value	0
Net Carrying Value Presented on the Balance Sheet	5
Interest rate derivatives | Level 1
Assets
Interest rate derivatives		0
Liabilities
Interest rate derivatives	0
Interest rate derivatives | Level 2
Assets
Interest rate derivatives		1
Liabilities
Interest rate derivatives	5
Interest rate derivatives | Level 3
Assets
Interest rate derivatives		0
Liabilities
Interest rate derivatives	0
Rabbi trust assets
Assets
Rabbi trust assets	133	127
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	133	127
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	1,863	1,100
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	1,863	1,100
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	1,863	1,100
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases
Liabilities
Debt	13,803	11,813
Difference in Carrying Value and Fair Value	(1,421)	(1,438)
Fixed-rate debt, excluding finance leases | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	12,382	10,375
Fixed-rate debt, excluding finance leases | Level 1
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases | Level 2
Liabilities
Debt	13,803	11,813
Fixed-rate debt, excluding finance leases | Level 3
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 1,425,000,000		$ 3,270,000,000
Refining
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 0	$ 0	$ 1,845,000,000

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Summary of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	$ 1	$ 1	$ 4	$ 4
Interest cost	2	2	5	6
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(1)	0	(2)	(1)
Recognized net actuarial loss	0	0	0	0
Settlements	0	0	0	0
Net periodic benefit cost	2	3	7	9
U.S. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	35	32	102	95
Interest cost	21	27	70	81
Expected return on plan assets	(38)	(36)	(121)	(107)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	21	14	50	40
Settlements	17	1	56	7
Net periodic benefit cost	56	38	157	116
Int’l. | Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	7	5	21	17
Interest cost	5	6	16	19
Expected return on plan assets	(12)	(10)	(37)	(33)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	4	2	12	5
Settlements	0	0	0	0
Net periodic benefit cost	$ 4	$ 3	$ 12	$ 8

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans			$ 28
Additional contributions expected to be made during remainder of fiscal year	$ 6		6
United States | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension settlement expense	17	$ 1	56	$ 7
Int’l. | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans			20
Additional contributions expected to be made during remainder of fiscal year	7		7
Pension settlement expense	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2020	Jan. 01, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ 27,169	$ 27,153	$ 23,295	$ 27,306	$ 27,169	$ 27,153
Other comprehensive income (loss) before reclassifications					(273)
Other Comprehensive Income (Loss), Net of Income Taxes			181	(104)	(184)	(90)
Income taxes reclassified to retained earnings	5	(89)
Ending Balance			22,305	27,092	22,305	27,092
Defined Benefit Plans
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(656)	(472)			(656)	(472)
Other comprehensive income (loss) before reclassifications					(221)	5
Amounts reclassified from accumulated other comprehensive loss					86	40
Other Comprehensive Income (Loss), Net of Income Taxes					(135)	45
Income taxes reclassified to retained earnings		(93)
Ending Balance			(791)	(520)	(791)	(520)
Foreign Currency Translation
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(131)	(228)			(131)	(228)
Other comprehensive income (loss) before reclassifications					(44)	(124)
Amounts reclassified from accumulated other comprehensive loss					0	0
Other Comprehensive Income (Loss), Net of Income Taxes					(44)	(124)
Income taxes reclassified to retained earnings	5	2
Ending Balance			(170)	(350)	(170)	(350)
Hedging
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	(1)	8			(1)	8
Other comprehensive income (loss) before reclassifications					(8)	(6)
Amounts reclassified from accumulated other comprehensive loss					3	(5)
Other Comprehensive Income (Loss), Net of Income Taxes					(5)	(11)
Income taxes reclassified to retained earnings		2
Ending Balance			(6)	(1)	(6)	(1)
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss)
Beginning Balance	$ (788)	$ (692)	(1,148)	(767)	(788)	(692)
Other comprehensive income (loss) before reclassifications						(125)
Other Comprehensive Income (Loss), Net of Income Taxes			181	(104)	(184)	(90)
Ending Balance			$ (967)	$ (871)	$ (967)	$ (871)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions [Abstract]
Operating revenues and other income	$ 450	$ 756	$ 1,337	$ 2,235
Purchases	1,612	2,842	4,868	8,770
Operating expenses and selling, general and administrative expenses	$ 65	$ 8	$ 171	$ 25

Segment Disclosures and Relat_3

Segment Disclosures and Related Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2020refinery
Midstream | DCP Midstream
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%
Refining | Mainly United States And Europe
Segment Reporting Information [Line Items]
Number of refineries	13

Segment Disclosures and Relat_4

Segment Disclosures and Related Information (Summary of Sales and Other Operating Revenues, Net Income (Loss) Attributable to Phillips 66 and Total Assets by Operating Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 15,929	$ 27,218	$ 47,720	$ 78,168
Consolidated income (loss) before income taxes	(1,350)	943	(4,273)	3,112
Total Assets	54,281		54,281		$ 58,720
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,012	1,120	2,773	3,682
Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,148	8,139	13,211	22,831
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,760	17,951	31,712	51,631
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,458	1,602	4,096	5,208
Consolidated income (loss) before income taxes	146	(460)	(232)	279
Total Assets	15,605		15,605		15,716
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues	1	1	3	3
Consolidated income (loss) before income taxes	231	227	442	729
Total Assets	6,284		6,284		6,249
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,434	19,591	31,567	56,839
Consolidated income (loss) before income taxes	(1,903)	856	(5,042)	1,641
Total Assets	20,898		20,898		25,150
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,038	18,535	32,780	53,464
Consolidated income (loss) before income taxes	415	498	1,214	1,056
Total Assets	7,322		7,322		8,659
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	(446)	(482)	(1,323)	(1,526)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	(6,286)	(11,452)	(18,356)	(34,008)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	(278)	(584)	(1,068)	(1,833)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	8	7	21	21
Consolidated income (loss) before income taxes	(239)	$ (178)	(655)	$ (593)
Total Assets	$ 4,172		$ 4,172		$ 2,946

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Effective tax rate, percent	46.00%	16.00%	25.00%	18.00%
Accounts and notes receivable
Income Tax Contingency [Line Items]
Income tax receivable	$ 1.3		$ 1.3

Phillips 66 Partners LP (Narrat

Phillips 66 Partners LP (Narrative) (Details) - USD ($) shares in Millions	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Subsidiary or Equity Method Investee [Line Items]
Net gain on dispositions			$ 1,000,000		$ 18,000,000	$ 87,000,000	$ 19,000,000
Other						(22,000,000)	282,000,000
Gray Oak Pipeline LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Other						$ 64,000,000
Variable Interest Entity, Primary Beneficiary | Gray Oak Pipeline LLC | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Effective ownership percent	42.25%		42.25%			42.25%
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 | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Limited partnership interest in Phillips 66 Partners, percentage	74.00%
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Net gain on dispositions		$ 84,000,000
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	35.00%	35.00%	35.00%	35.00%		35.00%
Gray Oak Holdings LLC | Variable Interest Entity, Primary Beneficiary | Gray Oak Pipeline LLC | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	65.00%		65.00%			65.00%
Common Units | At The Market Offering Program | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, public sale of units net of offering costs			$ 0	$ 0	$ 91,000,000	$ 2,000,000	$ 133,000,000
Common Units | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Ownership interest (in shares)	170		170			170
Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Ownership interest (in shares)	13.8		13.8			13.8

Phillips 66 Partners LP (Schedu

Phillips 66 Partners LP (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 1,462	$ 1,614
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	2	286
Equity investments	3,373	2,961
Net properties, plants and equipment	3,575	3,349
Short-term debt	340	25
Long-term debt	$ 3,443	$ 3,491

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2020
Phillips 66 Company | Phillips 66 Company
Condensed Financial Statements, Captions [Line Items]
Ownership interest percentage	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and Other Income (Loss)
Sales and other operating revenues	$ 15,929	$ 27,218	$ 47,720	$ 78,168
Equity in earnings (losses) of affiliates	349	499	871	1,663
Net gain on dispositions	1	18	87	19
Other income	20	36	48	97
Total Revenues and Other Income	16,299	27,771	48,726	79,947
Costs and Expenses
Purchased crude oil and products	14,509	23,806	42,557	69,415
Operating expenses	1,016	1,206	3,383	3,678
Selling, general and administrative expenses	384	416	1,112	1,190
Depreciation and amortization	352	336	1,037	1,001
Impairments	1,140	853	4,146	856
Taxes other than income taxes	106	105	377	330
Accretion on discounted liabilities	6	6	17	17
Interest and debt expense	132	109	360	343
Foreign currency transaction losses	4	(9)	10	5
Total Costs and Expenses	17,649	26,828	52,999	76,835
Income (loss) before income taxes	(1,350)	943	(4,273)	3,112
Income tax expense (benefit)	(624)	150	(1,053)	545
Net Income (Loss)	(726)	793	(3,220)	2,567
Less: net income attributable to noncontrolling interests	73	81	216	227
Net Income (Loss) Attributable to Phillips 66	(799)	712	(3,436)	2,340
Comprehensive Income (Loss)	(545)	689	(3,404)	2,477
Phillips 66
Revenues and Other Income (Loss)
Total Revenues and Other Income	(724)	781	(3,229)	2,557
Phillips 66 Company
Revenues and Other Income (Loss)
Total Revenues and Other Income	13,092	22,024	38,259	64,493
All Other Subsidiaries
Revenues and Other Income (Loss)
Total Revenues and Other Income	6,583	10,150	19,108	29,684
Reportable Legal Entities | Phillips 66
Revenues and Other Income (Loss)
Sales and other operating revenues	0	0	0	0
Equity in earnings (losses) of affiliates	(725)	781	(3,231)	2,557
Net gain on dispositions	0	0	0	0
Other income	0	0	0	0
Costs and Expenses
Purchased crude oil and products	0	0	0	0
Operating expenses	0	0	0	0
Selling, general and administrative expenses	1	1	5	5
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	0	0	0	0
Interest and debt expense	98	85	268	267
Foreign currency transaction losses	0	0	0	0
Total Costs and Expenses	99	86	273	272
Income (loss) before income taxes	(823)	695	(3,502)	2,285
Income tax expense (benefit)	(24)	(17)	(66)	(55)
Net Income (Loss)	(799)	712	(3,436)	2,340
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income (Loss) Attributable to Phillips 66	(799)	712	(3,436)	2,340
Comprehensive Income (Loss)	(618)	608	(3,620)	2,250
Reportable Legal Entities | Phillips 66 Company
Revenues and Other Income (Loss)
Sales and other operating revenues	11,907	20,947	35,653	60,060
Equity in earnings (losses) of affiliates	173	214	42	1,645
Net gain on dispositions	1	1	2	1
Other income	11	25	28	67
Costs and Expenses
Purchased crude oil and products	12,056	19,383	35,032	56,648
Operating expenses	795	959	2,722	2,876
Selling, general and administrative expenses	295	324	825	898
Depreciation and amortization	237	230	707	686
Impairments	962	0	2,767	1
Taxes other than income taxes	78	77	287	242
Accretion on discounted liabilities	4	4	13	13
Interest and debt expense	15	35	73	108
Foreign currency transaction losses	0	0	0	0
Total Costs and Expenses	14,442	21,012	42,426	61,472
Income (loss) before income taxes	(1,350)	1,012	(4,167)	3,021
Income tax expense (benefit)	(625)	231	(936)	464
Net Income (Loss)	(725)	781	(3,231)	2,557
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income (Loss) Attributable to Phillips 66	(725)	781	(3,231)	2,557
Comprehensive Income (Loss)	(544)	677	(3,415)	2,467
Reportable Legal Entities | All Other Subsidiaries
Revenues and Other Income (Loss)
Sales and other operating revenues	4,022	6,271	12,067	18,108
Equity in earnings (losses) of affiliates	220	147	633	514
Net gain on dispositions	0	17	85	18
Other income	9	11	20	30
Costs and Expenses
Purchased crude oil and products	5,685	8,866	16,039	26,202
Operating expenses	253	264	755	861
Selling, general and administrative expenses	91	94	290	295
Depreciation and amortization	115	106	330	315
Impairments	178	853	1,379	855
Taxes other than income taxes	28	28	90	88
Accretion on discounted liabilities	2	2	4	4
Interest and debt expense	85	67	242	200
Foreign currency transaction losses	4	(9)	10	5
Total Costs and Expenses	6,441	10,271	19,139	28,825
Income (loss) before income taxes	142	(121)	(31)	859
Income tax expense (benefit)	25	(64)	(51)	136
Net Income (Loss)	117	(57)	20	723
Less: net income attributable to noncontrolling interests	73	81	216	227
Net Income (Loss) Attributable to Phillips 66	44	(138)	(196)	496
Comprehensive Income (Loss)	254	(170)	(30)	615
Consolidating Adjustments
Revenues and Other Income (Loss)
Sales and other operating revenues	(3,333)	(4,541)	(8,839)	(13,734)
Equity in earnings (losses) of affiliates	681	(643)	3,427	(3,053)
Net gain on dispositions	0	0	0	0
Other income	0	0	0	0
Total Revenues and Other Income	(2,652)	(5,184)	(5,412)	(16,787)
Costs and Expenses
Purchased crude oil and products	(3,232)	(4,443)	(8,514)	(13,435)
Operating expenses	(32)	(17)	(94)	(59)
Selling, general and administrative expenses	(3)	(3)	(8)	(8)
Depreciation and amortization	0	0	0	0
Impairments	0	0	0	0
Taxes other than income taxes	0	0	0	0
Accretion on discounted liabilities	0	0	0	0
Interest and debt expense	(66)	(78)	(223)	(232)
Foreign currency transaction losses	0	0	0	0
Total Costs and Expenses	(3,333)	(4,541)	(8,839)	(13,734)
Income (loss) before income taxes	681	(643)	3,427	(3,053)
Income tax expense (benefit)	0	0	0	0
Net Income (Loss)	681	(643)	3,427	(3,053)
Less: net income attributable to noncontrolling interests	0	0	0	0
Net Income (Loss) Attributable to Phillips 66	681	(643)	3,427	(3,053)
Comprehensive Income (Loss)	363	(426)	3,661	(2,855)
Consolidating Adjustments | Phillips 66
Revenues and Other Income (Loss)
Sales and other operating revenues	1	0	2	0
Consolidating Adjustments | Phillips 66 Company
Revenues and Other Income (Loss)
Sales and other operating revenues	1,000	837	2,534	2,720
Consolidating Adjustments | All Other Subsidiaries
Revenues and Other Income (Loss)
Sales and other operating revenues	$ 2,332	$ 3,704	$ 6,303	$ 11,014

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,462	$ 1,614
Accounts and notes receivable	5,963	8,510
Inventories	4,897	3,776
Prepaid expenses and other current assets	500	495
Total Current Assets	12,822	14,395
Investments and long-term receivables	13,767	14,571
Net properties, plants and equipment	23,489	23,786
Goodwill	1,425	3,270
Intangibles	849	869
Other assets	1,929	1,829
Total Assets	54,281	58,720
Liabilities and Equity
Accounts payable	5,457	8,575
Short-term debt	1,860	547
Accrued income and other taxes	1,229	979
Employee benefit obligations	443	710
Other accruals	1,524	835
Total Current Liabilities	10,513	11,646
Long-term debt	12,666	11,216
Asset retirement obligations and accrued environmental costs	644	638
Deferred income taxes	5,507	5,553
Employee benefit obligations	1,394	1,044
Other liabilities and deferred credits	1,252	1,454
Total Liabilities	31,976	31,551
Common stock	3,253	3,634
Retained earnings	17,436	22,064
Accumulated other comprehensive loss	(967)	(788)
Noncontrolling interests	2,583	2,259
Total Liabilities and Equity	54,281	58,720
Reportable Legal Entities | Phillips 66
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	0	86
Inventories	0	0
Prepaid expenses and other current assets	0	2
Total Current Assets	0	88
Investments and long-term receivables	30,358	33,082
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	12	14
Total Assets	30,370	33,184
Liabilities and Equity
Accounts payable	0	0
Short-term debt	1,498	500
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	159	65
Total Current Liabilities	1,657	565
Long-term debt	8,939	7,434
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	0	0
Employee benefit obligations	0	0
Other liabilities and deferred credits	22	245
Total Liabilities	10,618	8,244
Common stock	3,253	3,634
Retained earnings	17,466	22,094
Accumulated other comprehensive loss	(967)	(788)
Noncontrolling interests	0	0
Total Liabilities and Equity	30,370	33,184
Reportable Legal Entities | Phillips 66 Company
Assets
Cash and cash equivalents	665	136
Accounts and notes receivable	4,477	6,334
Inventories	3,421	2,594
Prepaid expenses and other current assets	255	362
Total Current Assets	8,818	9,426
Investments and long-term receivables	25,272	25,039
Net properties, plants and equipment	12,783	13,676
Goodwill	1,047	2,853
Intangibles	717	732
Other assets	4,207	4,290
Total Assets	52,844	56,016
Liabilities and Equity
Accounts payable	5,282	7,024
Short-term debt	15	16
Accrued income and other taxes	480	386
Employee benefit obligations	392	648
Other accruals	1,304	850
Total Current Liabilities	7,473	8,924
Long-term debt	156	155
Asset retirement obligations and accrued environmental costs	463	460
Deferred income taxes	3,566	3,727
Employee benefit obligations	1,166	825
Other liabilities and deferred credits	10,990	8,975
Total Liabilities	23,814	23,066
Common stock	25,886	25,838
Retained earnings	4,111	7,900
Accumulated other comprehensive loss	(967)	(788)
Noncontrolling interests	0	0
Total Liabilities and Equity	52,844	56,016
Reportable Legal Entities | All Other Subsidiaries
Assets
Cash and cash equivalents	797	1,478
Accounts and notes receivable	3,905	4,148
Inventories	1,476	1,182
Prepaid expenses and other current assets	245	131
Total Current Assets	6,423	6,939
Investments and long-term receivables	10,990	10,989
Net properties, plants and equipment	10,706	10,110
Goodwill	378	417
Intangibles	132	137
Other assets	713	714
Total Assets	29,342	29,306
Liabilities and Equity
Accounts payable	2,594	3,609
Short-term debt	347	31
Accrued income and other taxes	749	593
Employee benefit obligations	51	62
Other accruals	425	249
Total Current Liabilities	4,166	4,544
Long-term debt	3,571	3,627
Asset retirement obligations and accrued environmental costs	181	178
Deferred income taxes	1,944	1,828
Employee benefit obligations	228	219
Other liabilities and deferred credits	5,664	5,465
Total Liabilities	15,754	15,861
Common stock	9,582	9,516
Retained earnings	1,743	1,940
Accumulated other comprehensive loss	(320)	(270)
Noncontrolling interests	2,583	2,259
Total Liabilities and Equity	29,342	29,306
Consolidating Adjustments
Assets
Cash and cash equivalents	0	0
Accounts and notes receivable	(2,419)	(2,058)
Inventories	0	0
Prepaid expenses and other current assets	0	0
Total Current Assets	(2,419)	(2,058)
Investments and long-term receivables	(52,853)	(54,539)
Net properties, plants and equipment	0	0
Goodwill	0	0
Intangibles	0	0
Other assets	(3,003)	(3,189)
Total Assets	(58,275)	(59,786)
Liabilities and Equity
Accounts payable	(2,419)	(2,058)
Short-term debt	0	0
Accrued income and other taxes	0	0
Employee benefit obligations	0	0
Other accruals	(364)	(329)
Total Current Liabilities	(2,783)	(2,387)
Long-term debt	0	0
Asset retirement obligations and accrued environmental costs	0	0
Deferred income taxes	(3)	(2)
Employee benefit obligations	0	0
Other liabilities and deferred credits	(15,424)	(13,231)
Total Liabilities	(18,210)	(15,620)
Common stock	(35,468)	(35,354)
Retained earnings	(5,884)	(9,870)
Accumulated other comprehensive loss	1,287	1,058
Noncontrolling interests	0	0
Total Liabilities and Equity	$ (58,275)	$ (59,786)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities	$ 1,472	$ 3,114
Cash Flows From Investing Activities
Capital expenditures and investments	(2,414)	(2,595)
Return of investments in equity affiliates	139	55
Proceeds from asset dispositions	3	84
Intercompany lending activities	0	0
Advances/loans—related parties	(251)	(95)
Collection of advances/loans—related parties	44	95
Other	(87)	24
Net Cash Used in Investing Activities	(2,566)	(2,432)
Cash Flows From Financing Activities
Issuance of debt	3,305	1,758
Repayment of debt	(546)	(1,004)
Issuance of common stock	6	15
Repurchase of common stock	(443)	(1,238)
Dividends paid on common stock	(1,182)	(1,172)
Distributions to noncontrolling interests	(201)	(176)
Net proceeds from issuance of Phillips 66 Partners LP common units	2	133
Other	(22)	282
Net Cash Provided by (Used in) Financing Activities	919	(1,402)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	23	(31)
Net Change in Cash and Cash Equivalents	(152)	(751)
Cash and cash equivalents at beginning of period	1,614	3,019
Cash and Cash Equivalents at End of Period	1,462	2,268
Reportable Legal Entities | Phillips 66
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities	520	(143)
Cash Flows From Investing Activities
Capital expenditures and investments	0	0
Return of investments in equity affiliates	0	0
Proceeds from asset dispositions	0	0
Intercompany lending activities	(1,352)	2,587
Advances/loans—related parties	0	0
Collection of advances/loans—related parties	0	0
Other	0	0
Net Cash Used in Investing Activities	(1,352)	2,587
Cash Flows From Financing Activities
Issuance of debt	3,015	0
Repayment of debt	(500)	0
Issuance of common stock	6	15
Repurchase of common stock	(443)	(1,238)
Dividends paid on common stock	(1,182)	(1,172)
Distributions to noncontrolling interests	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units	0	0
Other	(64)	(49)
Net Cash Provided by (Used in) Financing Activities	832	(2,444)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and Cash Equivalents at End of Period	0	0
Reportable Legal Entities | Phillips 66 Company
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities	(225)	1,645
Cash Flows From Investing Activities
Capital expenditures and investments	(746)	(803)
Return of investments in equity affiliates	12	352
Proceeds from asset dispositions	2	0
Intercompany lending activities	2,309	(2,245)
Advances/loans—related parties	(230)	0
Collection of advances/loans—related parties	20	0
Other	(40)	(3)
Net Cash Used in Investing Activities	1,327	(2,699)
Cash Flows From Financing Activities
Issuance of debt	0	0
Repayment of debt	(17)	(14)
Issuance of common stock	0	0
Repurchase of common stock	0	0
Dividends paid on common stock	(556)	0
Distributions to noncontrolling interests	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units	0	0
Other	0	(4)
Net Cash Provided by (Used in) Financing Activities	(573)	(18)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	529	(1,072)
Cash and cash equivalents at beginning of period	136	1,648
Cash and Cash Equivalents at End of Period	665	576
Reportable Legal Entities | All Other Subsidiaries
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities	1,733	1,730
Cash Flows From Investing Activities
Capital expenditures and investments	(1,710)	(1,792)
Return of investments in equity affiliates	127	53
Proceeds from asset dispositions	1	84
Intercompany lending activities	(957)	(342)
Advances/loans—related parties	(21)	(95)
Collection of advances/loans—related parties	24	95
Other	(47)	27
Net Cash Used in Investing Activities	(2,583)	(1,970)
Cash Flows From Financing Activities
Issuance of debt	290	1,758
Repayment of debt	(29)	(990)
Issuance of common stock	0	0
Repurchase of common stock	0	0
Dividends paid on common stock	0	(118)
Distributions to noncontrolling interests	(201)	(176)
Net proceeds from issuance of Phillips 66 Partners LP common units	2	133
Other	84	(15)
Net Cash Provided by (Used in) Financing Activities	146	592
Effect of Exchange Rate Changes on Cash and Cash Equivalents	23	(31)
Net Change in Cash and Cash Equivalents	(681)	321
Cash and cash equivalents at beginning of period	1,478	1,371
Cash and Cash Equivalents at End of Period	797	1,692
Consolidating Adjustments
Cash Flows From Operating Activities
Net Cash Provided by (Used in) Operating Activities	(556)	(118)
Cash Flows From Investing Activities
Capital expenditures and investments	42	0
Return of investments in equity affiliates	0	(350)
Proceeds from asset dispositions	0	0
Intercompany lending activities	0	0
Advances/loans—related parties	0	0
Collection of advances/loans—related parties	0	0
Other	0	0
Net Cash Used in Investing Activities	42	(350)
Cash Flows From Financing Activities
Issuance of debt	0	0
Repayment of debt	0	0
Issuance of common stock	0	0
Repurchase of common stock	0	0
Dividends paid on common stock	556	118
Distributions to noncontrolling interests	0	0
Net proceeds from issuance of Phillips 66 Partners LP common units	0	0
Other	(42)	350
Net Cash Provided by (Used in) Financing Activities	514	468
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and Cash Equivalents at End of Period	$ 0	$ 0