Phillips 66 (PSX) 10-K 18 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35349
Entity Registrant Name	Phillips 66
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Blvd
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	281
Local Phone Number	293-6600
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 37.5
Entity Common Stock, Shares Outstanding		438,461,584
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 11, 2022 (Part III).
Entity Central Index Key	0001534701
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues and Other Income
Sales and other operating revenues	$ 111,476	$ 64,129	$ 107,293
Equity in earnings of affiliates	2,904	1,191	2,127
Net gain on dispositions	18	108	20
Other income	454	66	119
Total Revenues and Other Income	114,852	65,494	109,559
Costs and Expenses
Purchased crude oil and products	102,102	57,707	95,529
Operating expenses	5,147	4,563	5,074
Selling, general and administrative expenses	1,744	1,544	1,681
Depreciation and amortization	1,605	1,395	1,341
Impairments	1,498	4,252	861
Taxes other than income taxes	410	464	409
Accretion on discounted liabilities	24	22	23
Interest and debt expense	581	499	458
Foreign currency transaction losses	1	12	5
Total Costs and Expenses	113,112	70,458	105,381
Income (loss) before income taxes	1,740	(4,964)	4,178
Income tax expense (benefit)	146	(1,250)	801
Net Income (Loss)	1,594	(3,714)	3,377
Less: net income attributable to noncontrolling interests	277	261	301
Net Income (Loss) Attributable to Phillips 66	$ 1,317	$ (3,975)	$ 3,076
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 2.97	$ (9.06)	$ 6.80
Diluted (in dollars per share)	$ 2.97	$ (9.06)	$ 6.77
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	440,028	439,530	451,364
Diluted (in shares)	440,364	439,530	453,888

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,594	$ (3,714)	$ 3,377
Defined benefit plans
Net actuarial gain (loss) arising during the period	320	(261)	(156)
Prior service credit arising during the period	0	0	2
Amortization of net actuarial loss, prior service credit and settlements	122	144	63
Plans sponsored by equity affiliates	96	(77)	(21)
Income taxes on defined benefit plans	(127)	41	21
Defined benefit plans, net of income taxes	411	(153)	(91)
Foreign currency translation adjustments	(74)	156	94
Income taxes on foreign currency translation adjustments	4	(5)	1
Foreign currency translation adjustments, net of income taxes	(70)	151	95
Cash flow hedges	3	(5)	(15)
Income taxes on hedging activities	0	1	4
Hedging activities, net of income taxes	3	(4)	(11)
Other Comprehensive Income (Loss), Net of Income Taxes	344	(6)	(7)
Comprehensive Income (Loss)	1,938	(3,720)	3,370
Less: comprehensive income attributable to noncontrolling interests	277	261	301
Comprehensive Income (Loss) Attributable to Phillips 66	$ 1,661	$ (3,981)	$ 3,069

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 3,147	$ 2,514
Accounts and notes receivable (net of allowances of $44 million in 2021 and $37 million in 2020)	6,138	5,688
Accounts and notes receivable—related parties	1,332	834
Inventories	3,394	3,893
Prepaid expenses and other current assets	686	347
Total Current Assets	14,697	13,276
Investments and long-term receivables	14,471	13,624
Net properties, plants and equipment	22,435	23,716
Goodwill	1,484	1,425
Intangibles	813	843
Other assets	1,694	1,837
Total Assets	55,594	54,721
Liabilities
Accounts payable	7,629	5,171
Accounts payable—related parties	832	378
Short-term debt	1,489	987
Accrued income and other taxes	1,254	1,351
Employee benefit obligations	638	573
Other accruals	959	1,058
Total Current Liabilities	12,801	9,518
Long-term debt	12,959	14,906
Asset retirement obligations and accrued environmental costs	727	657
Deferred income taxes	5,475	5,644
Employee benefit obligations	1,055	1,341
Other liabilities and deferred credits	940	1,132
Total Liabilities	33,957	33,198
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2020—648,572,012 shares; 2019—647,416,633 shares) Par value	7	6
Capital in excess of par	20,504	20,383
Treasury stock (at cost: 2021 and 2020—211,771,827 shares)	(17,116)	(17,116)
Retained earnings	16,216	16,500
Accumulated other comprehensive loss	(445)	(789)
Total Stockholders’ Equity	19,166	18,984
Noncontrolling interests	2,471	2,539
Total Equity	21,637	21,523
Total Liabilities and Equity	$ 55,594	$ 54,721

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 44	$ 37
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	650,026,318	648,643,223
Treasury Stock, shares repurchased (in shares)	211,771,827	211,771,827

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net Income (Loss)	$ 1,594	$ (3,714)	$ 3,377
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	1,605	1,395	1,341
Impairments	1,498	4,252	861
Accretion on discounted liabilities	24	22	23
Deferred income taxes	(272)	126	183
Undistributed equity earnings	(128)	334	(143)
Net gain on dispositions	(7)	(108)	(20)
Unrealized investment gain	(365)	0	0
Other	(51)	130	16
Working capital adjustments
Accounts and notes receivable	(922)	2,023	(2,308)
Inventories	511	(71)	(204)
Prepaid expenses and other current assets	(339)	92	(14)
Accounts payable	2,925	(2,887)	1,941
Taxes and other accruals	(56)	517	(245)
Net Cash Provided by Operating Activities	6,017	2,111	4,808
Cash Flows From Investing Activities
Capital expenditures and investments	(1,860)	(2,920)	(3,873)
Return of investments in equity affiliates	267	192	71
Proceeds from asset dispositions	27	51	86
Advances/loans—related parties	(310)	(316)	(98)
Collection of advances/loans—related parties	2	44	95
Other	2	(130)	31
Net Cash Provided by (Used in) Investing Activities	(1,872)	(3,079)	(3,688)
Cash Flows From Financing Activities
Issuance of debt	1,443	5,178	1,783
Repayment of debt	(2,954)	(1,051)	(1,307)
Issuance of common stock	26	8	32
Repurchase of common stock	0	(443)	(1,650)
Dividends paid on common stock	(1,585)	(1,575)	(1,570)
Distributions to noncontrolling interests	(324)	(289)	(241)
Repurchase of noncontrolling interests	(24)	0	0
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	0	2	173
Other	(52)	(39)	269
Net Cash Provided by (Used in) Financing Activities	(3,470)	1,791	(2,511)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(42)	77	(14)
Net Change in Cash and Cash Equivalents	633	900	(1,405)
Cash and cash equivalents at beginning of year	2,514	1,614	3,019
Cash and Cash Equivalents at End of Year	$ 3,147	$ 2,514	$ 1,614

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative effect of accounting changes	Common Stock	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	3,377					3,076				301
Other comprehensive loss	(7)							(7)
Dividends paid on common stock	(1,570)					(1,570)
Repurchase of common stock	(1,650)				(1,650)
Benefit plan activity	73			85		(12)
Issuance of Phillips 66 Partners LP common units	141			68						73
Impacts from Phillips 66 Partners LP GP/IDR restructuring transaction	(98)			275						(373)
Distributions to noncontrolling interests	(241)									(241)
Ending Balance at Dec. 31, 2019	$ 27,169		6	20,301	(16,673)	22,064		(788)		2,259
Beginning Balance, Common shares (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)	16,864,475
Shares issued—share-based compensation (in shares)	1,724,872
Ending Balance, Common shares (in shares) at Dec. 31, 2019	647,416,633
Ending Balance, Treasury stock (in shares) at Dec. 31, 2019	206,390,806
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.50
Net income	$ (3,714)					(3,975)				261
Other comprehensive loss	(6)							(6)
Dividends paid on common stock	(1,575)					(1,575)
Repurchase of common stock	(443)				(443)
Benefit plan activity	68			80		(12)
Transfer of equity interest	307			2						305
Distributions to noncontrolling interests	(285)									(285)
Other	2					(2)		5		(1)
Ending Balance at Dec. 31, 2020	$ 21,523		6	20,383	(17,116)	16,500		(789)		2,539
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	5,381,021
Shares issued—share-based compensation (in shares)	1,226,590
Ending Balance, Common shares (in shares) at Dec. 31, 2020	648,643,223
Ending Balance, Treasury stock (in shares) at Dec. 31, 2020	211,771,827
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.60
Net income	$ 1,594					1,317				277
Other comprehensive loss	344							344
Dividends paid on common stock	(1,585)					(1,585)
Benefit plan activity	108		1	121		(14)
Distributions to noncontrolling interests	(324)									(324)
Repurchase of noncontrolling interests	(23)					(2)				(21)
Ending Balance at Dec. 31, 2021	$ 21,637		$ 7	$ 20,504	$ (17,116)	$ 16,216		$ (445)		$ 2,471
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	0
Shares issued—share-based compensation (in shares)	1,383,095
Ending Balance, Common shares (in shares) at Dec. 31, 2021	650,026,318
Ending Balance, Treasury stock (in shares) at Dec. 31, 2021	211,771,827
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.62

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Consolidation Principles and Investments Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP, for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 6—Investments, Loans and Long-Term Receivables, for further discussion on our significant unconsolidated VIEs. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Foreign Currency Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings (loss). Most of our foreign operations use their local currency as the functional currency. Cash Equivalents Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest. Inventories We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and refined petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method. Fair Value Measurements We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. Derivative Instruments Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of operations. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings. Loans and Long-Term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment. Impairment of Investments in Nonconsolidated Entities Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Depreciation and Amortization Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). Capitalized Interest A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset. Impairment of Properties, Plants and Equipment PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future before-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of operations in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are available. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; historical market transactions including similar assets, adjusted using principal market participant assumptions when necessary; or replacement cost adjusted for physical deterioration and economic obsolescence. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. Property Dispositions When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line item on our consolidated statement of operations. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is assessed for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment assessment requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill impairment cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of assessing goodwill for impairment, we have two reporting units with goodwill balances at the 2021 testing date: Transportation and Marketing and Specialties (M&S). Intangible Assets Other Than Goodwill Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. Asset Retirement Obligations When we have a legal obligation to incur costs to retire an asset, we record a liability in the period in which the obligation was incurred provided that a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made at the time the obligation arises, we record the liability when sufficient information is available to estimate its fair value. When a liability is initially recorded, we capitalize the costs by increasing the carrying amount of the related PP&E. Over time, the liability is increased for changes in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E. Our practice is to keep our refining and other processing assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected retirement dates for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. We will recognize liabilities for these obligations in the period when sufficient information becomes available to estimate a date or range of potential retirement dates. Environmental Costs Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures. Guarantees The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related statement of operations line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. Treasury Stock We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet. Revenue Recognition Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line item on our consolidated statement of operations (i.e., these transactions are recorded net). Taxes Collected from Customers and Remitted to Governmental Authorities Excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined petroleum products payable to governmental authorities in the “Taxes other than income taxes” line item on our consolidated statement of operations. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line item on our consolidated statement of operations. Shipping and Handling Costs We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of operations. Freight costs billed to customers are recorded in “Sales and other operating revenues.” Maintenance and Repairs Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. Share-Based Compensation We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in the “Interest and debt expense” line item, and penalties in the “Operating expenses” or “Selling, general and administrative expenses” line items on our consolidated statement of operations.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective October 1, 2021, we adopted ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” These pronouncements provide temporary optional expedients and exceptions to the current guidance on contracts, hedge relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Amendments in ASU 2021-01 further clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These pronouncements were effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The adoption of these pronouncements did not impact our consolidated financial statements. Effective January 1, 2019, we elected to adopt ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This ASU permits the deferred income tax effects stranded in accumulated other comprehensive income (AOCI) resulting from the U.S. Tax Cuts and Jobs Act (the Tax Act) enacted in December 2017 to be reclassified to retained earnings. As of January 1, 2019, we recorded a cumulative effect adjustment to our opening consolidated balance sheet to reclassify an aggregate income tax benefit of $89 million, primarily related to our pension plans, from accumulated other comprehensive loss to retained earnings. Effective January 1, 2019, we early adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. We recorded a noncash cumulative effect adjustment to retained earnings of $9 million, net of $3 million of income taxes, on our opening consolidated balance sheet as of January 1, 2019. See Note 4—Credit Losses, for more information on our presentation of credit losses. Effective January 1, 2019, we adopted ASU No. 2016-02, “Leases (Topic 842),” using the modified retrospective transition method. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the consolidated balance sheet for all leases with terms longer than 12 months. Leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statement of operations. We elected the package of practical expedients that allowed us to carry forward our determination of whether an arrangement contained a lease and lease classification, as well as our accounting for initial direct costs for existing contracts. We recorded a noncash cumulative effect adjustment, reflecting an aggregate operating lease ROU asset and corresponding lease liability of $1,415 million and immaterial adjustments to retained earnings and noncontrolling interests, on our opening consolidated balance sheet as of January 1, 2019. See Note 18—Leases, for the new lease disclosures required by this ASU.

Sales and Other Operating Reven

Sales and Other Operating Revenues	12 Months Ended
	Dec. 31, 2021
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 2021 2020 2019 Product Line and Services Refined petroleum products $ 89,020 49,768 87,902 Crude oil resales 12,801 9,114 14,125 NGL 9,074 4,084 4,814 Services and other* 581 1,163 452 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 Geographic Location** United States $ 87,973 48,711 83,512 United Kingdom 11,132 7,031 9,863 Germany 4,290 3,034 4,053 Other foreign countries 8,081 5,353 9,865 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 * Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At December 31, 2021 and 2020, receivables from contracts with customers were $6,140 million and $3,911 million, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At December 31, 2021 and 2020, our asset balances related to such payments were $466 million and $404 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At December 31, 2021 and 2020, contract liabilities were not material. Remaining Performance Obligations Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing, which mostly expire by 2022. At December 31, 2021, the remaining performance obligations related to these minimum volume commitment contracts were not material.

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020, we reported $7,470 million and $6,522 million of accounts and notes receivable, net of allowances of $44 million and $37 million, respectively. Based on an aging analysis at December 31, 2021, more than 95% of our accounts receivable were outstanding less than 60 days. We are also exposed to credit losses from off-balance sheet exposures, such as guarantees of joint venture debt and standby letters of credit. See Note 13—Guarantees, and Note 14—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2021 2020 Crude oil and petroleum products $ 3,024 3,536 Materials and supplies 370 357 $ 3,394 3,893 Inventories valued on the LIFO basis totaled $2,792 million and $3,368 million at December 31, 2021 and 2020, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $5.7 billion and $2.7 billion at December 31, 2021 and 2020, respectively. During each of the three years ended December 31, 2021, certain volume reductions in inventory caused liquidations of LIFO inventory values. For the year ended December 31, 2021, LIFO inventory liquidations decreased net income by $101 million. These liquidations did not have a material impact on our results for the years ended December 31, 2020 and 2019.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments and long-term receivables at December 31 were: Millions of Dollars 2021 2020 Equity investments $ 12,832 13,037 Other investments 680 145 Loans and long-term receivables 959 442 $ 14,471 13,624 Equity Investments Significant affiliated companies accounted for under the equity method, including nonconsolidated VIEs, at December 31, 2021 and 2020, included: • Chevron Phillips Chemical Company LLC (CPChem) —50 percent-owned joint venture that manufactures and markets petrochemicals and plastics. We have multiple long-term supply and purchase agreements in place with CPChem with extension options. These agreements cover sales and purchases of refined petroleum products, solvents, fuel gas, natural gas, NGL, and other petrochemical feedstocks. All products are purchased and sold under specified pricing formulas based on various published pricing indices. At December 31, 2021 and 2020, the book value of our investment in CPChem was $6,369 million and $6,126 million, respectively. • WRB Refining LP (WRB) —50 percent-owned joint venture that owns the Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. We have a basis difference for our investment in WRB because the carrying value of our investment is lower than our share of WRB’s recorded net assets. This basis difference was primarily the result of our contribution of these refineries to WRB. On the contribution closing date, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded our historical book value. The contribution-related basis difference is primarily being amortized and recognized as a benefit to equity earnings over a period of 26 years, which was the estimated remaining useful life of the refineries’ PP&E at the contribution closing date. At December 31, 2021, the aggregate remaining basis difference for this investment was $2,062 million. Equity earnings for the years ended December 31, 2021, 2020 and 2019, were increased by $186 million, $180 million and $182 million, respectively, due to the amortization of our aggregate basis difference. At December 31, 2021 and 2020, the book value of our investment in WRB was $1,652 million and $1,819 million, respectively. We and our co-venturer provided member loans to WRB. At December 31, 2021 and 2020, our 50% share of the outstanding member loan balance, including accrued interest, was $595 million and $277 million, respectively. • 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’ effective ownership interest in Gray Oak Pipeline, LLC is 42.25%, after considering a co-venturer’s 35% interest in the consolidated holding company. The Gray Oak Pipeline, which commenced full operations in the second quarter of 2020, transports crude oil from the Permian and Eagle Ford to Texas Gulf Coast destinations that include Corpus Christi, Texas, and the Sweeny area, including our Sweeny Refinery. At December 31, 2021 and 2020, Phillips 66 Partners’ investment in the Gray Oak Pipeline had a book value of $812 million and $860 million, respectively. See Note 27—Phillips 66 Partners LP, for additional information regarding Phillips 66 Partners’ ownership in the consolidated holding company and Gray Oak Pipeline, LLC. • DCP Sand Hills Pipeline, LLC (Sand Hills) —Phillips 66 Partners’ 33 percent-owned joint venture that owns an NGL pipeline system that extends from the Permian Basin and Eagle Ford to facilities on the Texas Gulf Coast and to the Mont Belvieu, Texas, market hub. The Sand Hills Pipeline system is operated by DCP Midstream, LP (DCP Partners). At December 31, 2021 and 2020, the book value of Phillips 66 Partners’ investment in Sand Hills was $577 million and $582 million, respectively. • Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) —Two Phillips 66 Partners 25 percent-owned joint ventures. Dakota Access owns a pipeline system that transports crude oil from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCO owns a connecting crude oil pipeline system from Patoka to Nederland, Texas. These two pipeline systems collectively form the Bakken Pipeline system, which is operated by a co-venturer. In 2020, the trial court presiding over litigation regarding the Dakota Access Pipeline ordered the U.S. Army Corps of Engineers (USACE) to prepare an Environmental Impact Statement (EIS) relating to an easement under Lake Oahe in North Dakota and later vacated the easement. Although the easement has been vacated, the USACE has indicated that it will not take action to stop pipeline operations while it proceeds with the EIS, which is expected to be completed in the second half of 2022. In May 2021, the court denied a request for an injunction to shut down the pipeline while the EIS is being prepared and, in June 2021, dismissed the litigation. It is possible that the litigation could be reopened or new litigation challenging the EIS, once completed, could be filed. In September 2021, Dakota Access filed a writ of certiorari, requesting the U.S. Supreme Court to review the lower court’s judgment that ordered the EIS and vacated the easement. 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 above mentioned ongoing litigation. 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 December 31, 2021, Phillips 66 Partners’ share of the maximum potential equity contributions under the CECU was approximately $631 million. If the pipeline is required to cease operations, and should Dakota Access and ETCO not have sufficient funds to pay ongoing expenses, Phillips 66 Partners also could be required 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. At December 31, 2021 and 2020, the aggregate book value of Phillips 66 Partners’ investments in Dakota Access and ETCO was $574 million and $577 million, respectively. • Rockies Express Pipeline LLC (REX) —25 percent-owned joint venture that owns a natural gas pipeline system that extends from Wyoming and Colorado to Ohio with a bidirectional section that extends from Ohio to Illinois. The REX Pipeline system is operated by our co-venturer. We have a basis difference for our investment in REX because the carrying value of our investment is lower than our share of REX’s recorded net assets. This basis difference was created by historical impairment charges we recorded for this investment and is being amortized and recognized as a benefit to equity earnings over a period of 25 years, which was the estimated remaining useful life of REX’s PP&E when the impairment charges were recorded. At December 31, 2021, the remaining basis difference for this investment was $300 million. Equity earnings for each of the years ended December 31, 2021, 2020 and 2019, were increased by $19 million due to the amortization of our basis difference. At December 31, 2021 and 2020, the book value of our investment in REX was $510 million and $547 million, respectively. • DCP Midstream, LLC (DCP Midstream) —50 percent-owned joint venture that owns and operates NGL and gas pipelines, gas plants, gathering systems, storage facilities and fractionation plants, through its subsidiary DCP Partners. DCP Midstream markets a portion of its NGL to us and our equity affiliates. We have a basis difference for our investment in DCP Midstream because the carrying value of our investment is lower than our share of DCP Midstream’s recorded net assets. This basis difference was the result of impairment charges recorded on our investment in 2020 and 2019. This basis difference is being amortized and recognized as a benefit to equity earnings over a period of 22 years, which was the estimated remaining useful life of DCP Midstream’s PP&E when the impairment charges were recorded. At December 31, 2021, the aggregate remaining basis difference for this investment was $1,646 million. Equity earnings for the years ended December 31, 2021, 2020 and 2019, were increased by $82 million, $71 million and $10 million, respectively, due to the amortization of our basis difference. See Note 9—Impairments, and Note 16—Fair Value Measurements for additional information regarding the impairments and the techniques used to determine the fair value of our investment in DCP Midstream. At December 31, 2021 and 2020, the book value of our investment in DCP Midstream was $391 million and $297 million, respectively. • Bayou Bridge Pipeline, LLC (Bayou Bridge) —Phillips 66 Partners’ 40 percent-owned joint venture that owns a pipeline that transports crude oil from Nederland, Texas, to St. James, Louisiana. The Bayou Bridge Pipeline is operated by Phillips 66 Partners’ co-venturer. At December 31, 2021 and 2020, the book value of Phillips 66 Partners’ investment in Bayou Bridge was $277 million and $288 million, respectively. • CF United LLC (CF United) —A retail marketing joint venture with operations primarily on the U.S. West Coast. We own a 50% voting interest and a 48% economic interest in this joint venture. CF United is considered a VIE, because our co-venturer has an option to require us to purchase its interest 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 December 31, 2021, our maximum exposure to loss was comprised of our $277 million investment in CF United, and any potential future loss resulting from the put option, should the purchase price based on a fixed multiple exceed the then-current fair value of CF United. At December 31, 2020, the book value of our investment in CF United was $332 million. • DCP Southern Hills Pipeline, LLC (Southern Hills) —Phillips 66 Partners’ 33 percent-owned joint venture that owns an NGL pipeline system that extends from the Midcontinent region to the Mont Belvieu, Texas, market hub. The Southern Hills Pipeline system is operated by DCP Partners. At both December 31, 2021 and 2020, the book value of Phillips 66 Partners’ investment in Southern Hills was $217 million. • OnCue Holdings, LLC (OnCue) —50 percent-owned joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue, and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At December 31, 2021, our maximum exposure to loss was $183 million, which represented the book value of our investment in OnCue of $114 million and guaranteed debt obligations of $69 million. At December 31, 2020, the book value of our investment in OnCue was $96 million. • Liberty Pipeline LLC (Liberty) —In the first quarter of 2021, Phillips 66 Partners’ decision to exit the Liberty Pipeline project resulted in a $198 million before-tax impairment of its investment in Liberty. The impairment is included in the “Impairments” line item on our consolidated statement of operations for the year ended December 31, 2021. In April 2021, Phillips 66 Partners transferred its ownership interest in Liberty to its co-venturer for cash and certain pipeline assets with a value that approximated its book value of $46 million at March 31, 2021. At December 31, 2020, the book value of Phillips 66 Partners’ investment in Liberty was $241 million. See Note 9—Impairments, and Note 16—Fair Value Measurements, for additional information regarding the impairment and the techniques used to determine the fair value of Phillips 66 Partners’ investment in Liberty. Other Investments In September 2021, we acquired 78 million ordinary shares in NOVONIX Limited (NOVONIX), representing a 16% ownership interest, for $150 million. These ordinary shares are traded on the Australian Securities Exchange. NOVONIX is a Brisbane, Australia-based company that develops technology and supplies materials for lithium-ion batteries. Since we do not have significant influence over the operating and financial policies of NOVONIX and the shares we own have a readily determinable fair value, our investment is recorded at fair value at the end of each reporting period. The fair value of our investment is recorded in the “Investments and long-term receivables” line item on our consolidated balance sheet, and the change in the fair value of our investment, or unrealized gain (loss), is recorded in the “Other income” line item on our consolidated statement of operations. The fair value of our investment in NOVONIX was $520 million at December 31, 2021. The unrealized investment gain, including foreign exchange impacts, was $370 million for the year ended December 31, 2021. See Note 16—Fair Value Measurements, for additional information regarding the recurring fair value measurement of our investment in NOVONIX. Total distributions received from affiliates were $3,043 million, $1,717 million, and $2,055 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition, at December 31, 2021, retained earnings included approximately $2.5 billion related to the undistributed earnings of affiliated companies. Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2021 2020 2019 Revenues $ 49,339 30,531 38,156 Income before income taxes 6,346 2,104 4,976 Net income 6,125 1,990 4,787 Current assets 7,866 6,210 6,654 Noncurrent assets 56,040 55,806 56,163 Current liabilities 7,952 5,391 6,094 Noncurrent liabilities 16,906 16,887 15,740 Noncontrolling interests 3,003 2,997 2,145

Properties, Plants and Equipmen

Properties, Plants and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining and processing facilities are generally depreciated on a straight-line basis over a 25-year life, pipeline assets over a 45-year life and terminal assets over a 33-year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2021 2020 Gross Accum. Net Gross Accum. Net Midstream $ 12,524 3,064 9,460 12,313 2,815 9,498 Chemicals — — — — — — Refining 23,878 12,517 11,361 24,647 12,019 12,628 Marketing and Specialties 1,819 1,035 784 1,815 1,007 808 Corporate and Other 1,576 746 830 1,448 666 782 $ 39,797 17,362 22,435 40,223 16,507 23,716 In the fourth quarter of 2021, we announced the shutdown of our Alliance Refinery in connection with plans to convert it to a terminal. We performed an evaluation of assets associated with our Alliance Refinery, and determined that certain Refining and Midstream PP&E had no further utility to us. As a result, we retired these PP&E and recorded depreciation and amortization of $155 million before-tax, of which $85 million was recorded in our Refining segment and $70 million was recorded in our Midstream segment. See Note 9—Impairments, for information regarding PP&E impairments associated with our Alliance Refinery and San Francisco Refinery asset groups.

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at December 31, 2019 $ 626 1,805 839 3,270 Asset transfer — 40 (40) — Impairments* — (1,845) — (1,845) Balance at December 31, 2020 626 — 799 1,425 Goodwill assigned to acquisitions — — 59 59 Balance at December 31, 2021 $ 626 — 858 1,484 *Represents accumulated impairments at December 31, 2021. In December 2021, we acquired a commercial fleet fueling business on the West Coast in our M&S segment and recognized goodwill of $59 million associated with this acquisition. See Note 9—Impairments, for information regarding the goodwill impairment in the Refining reporting unit during 2020. Intangible Assets The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2021 2020 Trade names and trademarks $ 503 503 Refinery air and operating permits 212 222 $ 715 725 The net book value of our amortized intangible assets was $98 million and $118 million at December 31, 2021 and 2020, respectively. Acquisitions of amortized intangible assets were not material in 2021 and 2020. For the years ended December 31, 2021, 2020 and 2019, amortization expense was $26 million, $27 million and $17 million, respectively, and is expected to be less than $20 million per year in future years. See Note 9—Impairments, for information regarding the impairment of intangible assets related to our San Francisco Refinery.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairments	Impairments Millions of Dollars 2021 2020 2019 Midstream $ 209 1,464 858 Refining 1,288 2,763 3 Marketing and Specialties 1 — — Corporate and Other — 25 — Total impairments $ 1,498 4,252 861 Equity Investments Liberty In the first quarter of 2021, Phillips 66 Partners decided to exit the Liberty Pipeline project, which had previously been deferred due to the challenging business environment caused by the COVID-19 pandemic. As a result, Phillips 66 Partners recorded a $198 million before-tax impairment to reduce the book value of its investment in Liberty at March 31, 2021, to estimated fair value. Red Oak Pipeline LLC (Red Oak) In the third quarter of 2020, the Red Oak Pipeline project was canceled. As a result, we recorded an $84 million before-tax impairment to reduce the carrying value of our investment to our share of the estimated salvage value of the joint venture’s assets at September 30, 2020. Other In the fourth quarter of 2020, Phillips 66 Partners assessed for impairment its equity method investments in two crude oil transportation and terminaling joint ventures, and concluded that the carrying values of these investments at December 31, 2020, were greater than their fair values. Phillips 66 Partners concluded these differences were not temporary, based on its projections of future crude oil production. As a result, Phillips 66 Partners recorded before-tax impairments totaling $96 million. 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 Partners common units and its then general partner interest. We concluded this difference was not temporary due to its duration and magnitude, and we recorded an $853 million before-tax impairment in the third quarter of 2019. After the elimination of its general partner 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 this difference was not temporary primarily due to its magnitude, and we recorded a $1,161 million before-tax impairment of our investment in the first quarter of 2020. PP&E and Intangible Assets Alliance Refinery In the third quarter of 2021, we identified impairment indicators related to our Alliance Refinery as a result of damages sustained from Hurricane Ida and our reassessment of the role this refinery will play in our refining portfolio. Accordingly, we assessed the refinery asset group for impairment by performing an analysis that considered several usage scenarios, including selling or converting the asset group to an alternative use. Based on our analysis, we concluded that the carrying value of the asset group was not recoverable. As a result, we recorded a $1,298 million before-tax impairment to reduce the carrying value of net PP&E in this asset group to its fair value of approximately $200 million. $1,288 million of the impairment charge was recorded in our Refining segment and $10 million was recorded in our Midstream segment. In the fourth quarter of 2021, we announced the shutdown of our Alliance Refinery in connection with plans to convert it to a terminal. See Note 7—Properties, Plants and Equipment, for additional information related to our Alliance Refinery. San Francisco Refinery 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 resulted in a reduction of net PP&E totaling $1,009 million and intangible assets of $21 million. This impairment was primarily related to our Refining segment, with the exception of $120 million that was related to PP&E in our Midstream segment. Goodwill Our stock price declined significantly in the first quarter of 2020, mainly due to the disruption in global commodity and equity markets related to the COVID-19 pandemic. 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. These impairment charges are included within the “Impairments” line item on our consolidated statement of operations. See Note 16—Fair Value Measurements, for additional information on the determination of fair value used to record these impairments. Outlook During 2021, global refined petroleum product demand steadily recovered due to the easing of COVID-19 pandemic restrictions and the administration of COVID-19 vaccines. Consequently, sales of refined petroleum products, refining margins and volumes through our refineries and logistics systems have improved. However, as some uncertainty remains regarding the impact of the COVID-19 pandemic on global economic activities, we continue to monitor our asset and investment portfolio for indicators of impairment. The consequences of a sustained disruption of economic activities by the pandemic may include additional asset impairments and portfolio rationalization in the future.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2021 2020 Asset retirement obligations $ 395 309 Accrued environmental costs 436 427 Total asset retirement obligations and accrued environmental costs 831 736 Asset retirement obligations and accrued environmental costs due within one year* (104) (79) Long-term asset retirement obligations and accrued environmental costs $ 727 657 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset retirement obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Our recognized asset retirement obligations primarily involve asbestos abatement at our refineries; decommissioning, removal or dismantlement of certain assets at refineries that have or will be shut down; and dismantlement or removal of assets at certain leased international marketing sites. Most of our asset retirement obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. During the years ended December 31, 2021 and 2020, our overall asset retirement obligation changed as follows: Millions of Dollars 2021 2020 Balance at January 1 $ 309 280 Accretion of discount 14 15 New obligations 22 10 Changes in estimates of existing obligations 66 14 Spending on existing obligations (12) (11) Foreign currency translation (4) 1 Balance at December 31 $ 395 309 During the year ended December 31, 2021, our asset retirement balance increased by $86 million. This increase was primarily due to changes in estimates of existing obligations related to the planned shutdown of our Santa Maria Refinery in connection with our Rodeo Renewed project, and asbestos abatement, as well as new obligations related to the decommissioning of certain assets at our Alliance Refinery, which was shut down in the fourth quarter of 2021 in connection with plans to convert it to a terminal. Accrued Environmental Costs Of our total accrued environmental costs at December 31, 2021, $260 million was primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $123 million was associated with nonoperator sites; and $53 million was related to sites at which we have been named a potentially responsible party under federal or state laws. A large portion of our expected environmental expenditures have been discounted as these obligations were acquired in various business combinations. Expected expenditures for acquired environmental obligations were discounted using a weighted-average discount rate of approximately 5%. At December 31, 2021, the accrued balance for acquired environmental liabilities was $239 million. The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $24 million in 2022, $26 million in 2023, $20 million in 2024, $17 million in 2025, $13 million in 2026, and $206 million in the aggregate for all years after 2026.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
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) and the premium paid for the repurchase of noncontrolling interests. 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 by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings (loss) of the periods presented, and the premium paid for the repurchase of noncontrolling interests. 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. 2021 2020 2019 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ 1,317 1,317 (3,975) (3,975) 3,076 3,076 Income allocated to participating securities (9) (9) (8) (8) (6) (2) Premium paid for the repurchase of noncontrolling interests (2) (2) — — — — Net income (loss) available to common stockholders $ 1,306 1,306 (3,983) (3,983) 3,070 3,074 Weighted-average common shares outstanding (thousands) : 437,886 440,028 437,327 439,530 448,787 451,364 Effect of share-based compensation 2,142 336 2,203 — 2,577 2,524 Weighted-average common shares outstanding—EPS 440,028 440,364 439,530 439,530 451,364 453,888 Earnings (Loss) Per Share of Common Stock (dollars) $ 2.97 2.97 (9.06) (9.06) 6.80 6.77

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Short-term and long-term debt at December 31 was: Millions of Dollars 2021 2020 Phillips 66 4.300% Senior Notes due April 2022 $ 1,000 2,000 3.700% Senior Notes due April 2023 500 500 0.900% Senior Notes due February 2024 800 800 3.850% Senior Notes due April 2025 650 650 1.300% Senior Notes due February 2026 500 500 3.900% Senior Notes due March 2028 800 800 2.150% Senior Notes due December 2030 850 850 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,700 3.300% Senior Notes due March 2052 1,000 — Term Loan due November 2023 at 1.397% at year-end 2020 — 500 Floating Rate Senior Notes due February 2021 at 0.833% at year-end 2020 — 500 Floating Rate Senior Notes due February 2024 at 0.840% at year-end 2020 — 450 Floating Rate Advance Term Loan due December 2034 at 0.699% and 0.755% at year-end 2021 and 2020, respectively—related party 25 25 Other 1 1 Phillips 66 Partners 2.450% Senior Notes due December 2024 300 300 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 3.150% Senior Notes due December 2029 600 600 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 450 — Tax-Exempt Bonds due April 2021 at weighted-average rate of 0.360% at year-end 2020 — 50 Revolving Credit Facility due January 2021 at weighted-average rate of 1.397% at year-end 2020 — 415 Debt at face value 14,251 15,716 Finance leases 290 264 Software obligations 16 19 Net unamortized discounts and debt issuance costs (109) (106) Total debt 14,448 15,893 Short-term debt (1,489) (987) Long-term debt $ 12,959 14,906 Maturities of borrowings outstanding at December 31, 2021, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2022 through 2026 are $1,489 million, $524 million, $1,121 million, $1,179 million and $1,013 million, respectively. 2021 Activities In December 2021, Phillips 66 used cash on hand to repay the $450 million outstanding principal balance of its Floating Rate Senior Notes due February 2024. The redemption price of the senior notes was equal to 100% of the principal amount of the senior notes outstanding, plus accrued and unpaid interest. In November 2021, Phillips 66 closed its public offering of $1 billion aggregate principal amount of 3.300% senior unsecured notes due 2052. Interest on the Senior Notes due 2052 is payable semiannually on March 15 and September 15 of each year, commencing on March 15, 2022. Proceeds received from the public offering were $982 million, net of underwriters’ discounts and commissions, as well as debt issuance costs. In December 2021, Phillips 66 used the proceeds from this offering, together with cash on hand, to repay $1 billion in aggregate principal amount of its $2 billion 4.300% Senior Notes due April 2022. In September 2021, Phillips 66 repaid the $500 million of outstanding borrowings under the delayed draw term loan facility due November 2023 described below under “Term Loan Facility.” In April 2021, Phillips 66 Partners entered into a $450 million term loan agreement and borrowed the full amount. The term loan agreement has a maturity date of April 5, 2022, and the outstanding borrowings can be repaid at any time and from time to time, in whole or in part, without premium or penalty. Borrowings bear interest at a floating rate based on either a Eurodollar rate or a reference rate, plus a margin of 0.875%. Proceeds were primarily used to repay amounts borrowed under Phillips 66 Partners’ $750 million revolving credit facility. In April 2021, Phillips 66 Partners repaid $50 million of its tax-exempt bonds upon maturity. In February 2021, Phillips 66 repaid $500 million outstanding principal balance of its floating-rate senior notes upon maturity. 2020 Activities Senior Unsecured Notes In November 2020, Phillips 66 closed its public offering of $1.75 billion aggregate principal amount of senior unsecured notes consisting of: • $450 million aggregate principal amount of Floating Rate Senior Notes due 2024 (the Floating Rate Notes). • $800 million aggregate principal amount of 0.900% Senior Notes due 2024. • $500 million aggregate principal amount of 1.300% Senior Notes due 2026. The Floating Rate Notes bear interest at a floating rate, reset quarterly, equal to the three-month LIBOR plus 0.62% per year, subject to adjustment. Interest on the Senior Notes due 2024 and 2026 is payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2021. Proceeds received from the public offering of senior unsecured notes in November 2020 were $1.74 billion, net of underwriters’ discounts and commissions, as well as debt issuance costs. On November 19, 2020, a portion of these proceeds was used to repay $500 million of outstanding borrowings under the term loan facility that Phillips 66 entered into in March 2020 (see the “Term Loan Facility” section below for a full description of the term loan facility). In addition, a portion of the proceeds was used to repay the $500 million aggregate principal amount of our outstanding Floating Rate Senior Notes due February 2021. The remainder of the proceeds are being used for general corporate purposes. In June 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. In April 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 in June 2020 constitute a further issuance of the Senior Notes due 2025 originally issued in April 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 in June and April of 2020 were $1,008 million exclusive of accrued interest received, and $993 million, respectively, net of underwriters’ discounts or premiums and commissions, as well as debt issuance costs. These proceeds were used for general corporate purposes. Term Loan Facility In March 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. In November 2020, we repaid $500 million of borrowings outstanding under the Facility, and the Facility was amended to extend the maturity date of the remaining $500 million to November 2023. Borrowings under the Facility bear interest at a floating rate based on either a Eurodollar rate or a reference rate, plus a margin determined by the credit rating of Phillips 66’s senior unsecured long-term debt. Other Debt Repayments In April 2020, Phillips 66 repaid $300 million outstanding principal balance of its floating-rate notes due April 2020 and the $200 million outstanding principal balance of its term loan facility due April 2020. Also in April 2020, Phillips 66 Partners repaid $25 million of its tax-exempt bonds upon maturity. Revolving Credit Facilities and Commercial Paper Phillips 66 has a $5 billion revolving credit facility which may be used for direct bank borrowings, as support for issuances of letters of credit, and as support for our commercial paper program. We have an option to increase the overall capacity to $6 billion, subject to certain conditions. We also have the option to extend the scheduled maturity of the facility for up to two additional one-year terms after its July 30, 2024, maturity date, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. The facility is with a broad syndicate of financial institutions and contains covenants that are usual and customary for an agreement of this type, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. The facility has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; and violation of covenants. Outstanding borrowings under the facility bear interest, at our option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the reference rate (as described in the facility) plus the applicable margin. The facility also provides for customary fees, including commitment fees. The pricing levels for the commitment fees and interest-rate margins are determined based on the ratings in effect for Phillips 66’s senior unsecured long-term debt from time to time. Phillips 66 may at any time prepay outstanding borrowings under the facility, in whole or in part, without premium or penalty. At December 31, 2021 and 2020, no amount had been drawn under the facility. Phillips 66 also has a $5 billion uncommitted commercial paper program for short-term working capital needs that is supported by our revolving credit facility. Commercial paper maturities are contractually limited to 365 days. At December 31, 2021 and 2020, no borrowings were outstanding under the program. Phillips 66 Partners has a $750 million revolving credit facility which may be used for direct bank borrowings and as support for issuances of letters of credit. Phillips 66 Partners has an option to increase the overall capacity to $1 billion, subject to certain conditions. Phillips 66 Partners also has the option to extend the facility for two additional one-year terms after its July 30, 2024, maturity date, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. The facility is with a broad syndicate of financial institutions and contains covenants that are usual and customary for an agreement of this type. The facility has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts; and violation of covenants. Outstanding revolving borrowings under the facility bear interest, at Phillips 66 Partners’ option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the reference rate (as described in the facility) plus the applicable margin. The facility also provides for customary fees, including commitment fees. The pricing levels for the commitment fees and interest-rate margins are determined based on Phillips 66 Partners’ credit ratings in effect from time to time. Borrowings under the facility may be short-term or long-term in duration, and Phillips 66 Partners may at any time prepay outstanding borrowings under the facility, in whole or in part, without premium or penalty. At December 31, 2021, no borrowings were outstanding under this facility, compared with borrowings of $415 million at December 31, 2020. At both December 31, 2021 and 2020, $1 million in letters of credit had been issued that were supported by this facility.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2021
Guarantees [Abstract]
Guarantees	Guarantees At December 31, 2021, 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 for our headquarters facility in Houston, Texas, we have the option, at the end of the lease term in September 2025, to request to renew the lease, purchase the facility or assist the lessor in marketing it for resale. We have a residual value guarantee associated with the operating lease agreement with a maximum potential future exposure of $514 million at December 31, 2021. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future exposures totaling $221 million. These leases have remaining terms of up to ten years. Guarantees of Joint Venture 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 6—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. At December 31, 2021, we also had other guarantees outstanding primarily for our portion of certain joint venture debt, which have remaining terms of up to four years. The maximum potential future exposures under these guarantees were approximately $146 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, employee claims, and real estate tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At December 31, 2021 and 2020, the carrying amount of recorded indemnifications was $144 million and $145 million, respectively. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information to support the reversal. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. At December 31, 2021 and 2020, environmental accruals for known contamination of $106 million and $104 million, respectively, were included in the carrying amount of the recorded indemnifications noted above. These environmental accruals were primarily included in the “Asset retirement obligations and accrued environmental costs” line item on our consolidated balance sheet. For additional information about environmental liabilities, see Note 10—Asset Retirement Obligations and Accrued Environmental Costs and Note 14—Contingencies and Commitments. Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips, we entered into an Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Dec. 31, 2021
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 uncertain. See Note 21—Income Taxes, for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the 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. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 10—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2021, we had performance obligations secured by letters of credit and bank guarantees of $856 million related to various purchase and other commitments incident to the ordinary conduct of business. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. At December 31, 2021, the estimated aggregate future payments under these agreements were $325 million per year for each year from 2022 through 2026 and $1,358 million in aggregate for all years after 2026. For the years ended December 31, 2021, 2020 and 2019, total payments under these agreements were $327 million, $320 million and $321 million, respectively.

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2021
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, renewable feedstock, and power commodity contracts to purchase or sell quantities we expect to use or sell in the normal course of business. All other derivative instruments are recorded at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 16—Fair Value Measurements. Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined petroleum product, NGL, natural gas, renewable feedstock and electric power markets, exposing our revenues, purchases, cost of operating activities and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars December 31, 2021 December 31, 2020 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 $ 99 (20) — 79 13 — — 13 Other assets 3 (1) — 2 5 (4) — 1 Liabilities Other accruals 758 (855) 49 (48) 665 (721) 46 (10) Other liabilities and deferred credits — (1) — (1) — — — — Total $ 860 (877) 49 32 683 (725) 46 4 At December 31, 2021 and 2020, 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 2021 2020 2019 Sales and other operating revenues $ (468) 436 (150) Other income 34 10 33 Purchased crude oil and products (313) 174 (161) Net gain (loss) from commodity derivative activity $ (747) 620 (278) 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 more than 95% at December 31, 2021 and 2020. Open Position 2021 2020 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (18) (13) Credit Risk from Derivative and Financial Instruments Financial instruments potentially exposed to concentrations of credit risk consist primarily of trade receivables and derivative contracts. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less. We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on a probability assessment of credit loss. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments or master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us to others to be offset against amounts owed to us. The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at December 31, 2021 and 2020.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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. • Investment in NOVONIX —Our investment in NOVONIX is measured at fair value using unadjusted quoted prices available from the Australian Securities Exchange and is therefore categorized as Level 1 in the fair value hierarchy. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 2021 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 $ 419 368 — 787 (779) — — 8 Physical forward contracts — 73 — 73 — — — 73 Rabbi trust assets 158 — — 158 N/A N/A — 158 Investment in NOVONIX 520 — — 520 N/A N/A — 520 $ 1,097 441 — 1,538 (779) — — 759 Commodity Derivative Liabilities Exchange-cleared instruments $ 463 362 — 825 (779) (49) — (3) OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 51 — 51 — — — 51 Floating-rate debt — 475 — 475 N/A N/A — 475 Fixed-rate debt, excluding finance leases and software obligations — 15,353 — 15,353 N/A N/A (1,686) 13,667 $ 463 16,242 — 16,705 (779) (49) (1,686) 14,191 Millions of Dollars December 31, 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 $ 314 356 — 670 (669) — — 1 Physical forward contracts — 13 — 13 — — — 13 Rabbi trust assets 143 — — 143 N/A N/A — 143 $ 457 369 — 826 (669) — — 157 Commodity Derivative Liabilities Exchange-cleared instruments $ 351 364 — 715 (669) (46) — — Physical forward contracts — 10 — 10 — — — 10 Interest-rate derivatives — 3 — 3 — — — 3 Floating-rate debt — 1,940 — 1,940 N/A N/A — 1,940 Fixed-rate debt, excluding finance leases and software obligations — 15,597 — 15,597 N/A N/A (1,927) 13,670 $ 351 17,914 — 18,265 (669) (46) (1,927) 15,623 The rabbi trust assets and investment in NOVONIX are recorded in the “Investments and long-term receivables” line item, and floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” line items on our consolidated balance sheet. See Note 15—Derivatives and Financial Instruments, for information regarding where the assets and liabilities related to our commodity derivatives are recorded on our consolidated balance sheet. Nonrecurring Fair Value Measurements Equity Investments Liberty In the first quarter of 2021, Phillips 66 Partners wrote down the book value of its investment in Liberty to estimated fair value using a Level 3 nonrecurring fair value measurement. This nonrecurring measurement was based on the estimated fair value of Phillip 66 Partners’ share of the joint venture’s pipeline assets and net working capital. See Note 6—Investments, Loans and Long-Term Receivables, for more information regarding Phillips 66 Partners’ transfer of its ownership in Liberty to its co-venturer in April 2021. Other In the fourth quarter of 2020, the nonrecurring fair value measurements used by Phillips 66 Partners to impair its equity method investments in two crude oil transportation and terminaling joint ventures were calculated by weighting the results of different economic scenarios using the income approach. The income approach uses a discounted cash flow model that requires various observable and nonobservable inputs, including volumes, rates/tariffs, expenses and discount rates. These valuations resulted in a Level 3 nonrecurring fair value measurement. DCP Midstream 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, which 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, which 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 IDR conversion transactions by other master limited partnerships. Overall, we concluded the third-quarter 2019 valuation resulted in a Level 3 nonrecurring fair value measurement. 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. PP&E and Intangible Assets Alliance Refinery In the third quarter of 2021, we remeasured the carrying value of the net PP&E of our Alliance Refinery asset group to fair value. The fair value of PP&E was determined using a combination of the income, cost and sales comparison approaches. The income approach used a discounted cash flow model that requires various observable and non-observable inputs, such as commodity prices, margins, operating rates, sales volumes, operating expenses, capital expenditures, terminal-year values and a risk-adjusted discount rate. The cost approach used assumptions for the current replacement costs of similar plant and equipment assets adjusted for estimated physical deterioration, functional obsolescence and economic obsolescence. The sales comparison approach used the value of similar properties recently sold or currently offered for sale. This valuation resulted in a Level 3 nonrecurring fair value measurement. San Francisco Refinery 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. Goodwill The carrying value of the Refining reporting unit’s goodwill was remeasured to fair value on a nonrecurring basis in the first quarter of 2020. The fair value of the Refining reporting unit was calculated by weighting the results from the income approach and the market approach. The income approach used a discounted cash flow model that included various observable and nonobservable inputs, such as prices, volumes, expenses, capital expenditures, discount rates and projected long-term growth rates and terminal values. The market approach used peer company enterprise values relative to current and future net income (loss) before net interest expense, income taxes, depreciation and amortization (EBITDA) projections to arrive at an average multiple. This multiple was applied to the reporting unit’s current and projected EBITDA, with consideration for an estimated market participant acquisition premium. The resulting Level 3 fair value estimate was less than the Refining reporting unit’s carrying value by an amount that exceeded the existing goodwill balance of the reporting unit. As a result, the Refining reporting unit’s goodwill was impaired to zero. As part of our impairment analysis, the fair value of all reporting units was reconciled to the company’s market capitalization. See Note 9—Impairments, for additional information on the above impairments.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Preferred Stock We have 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued. Treasury Stock Since July 2012, our Board of Directors has authorized an aggregate of $15 billion of repurchases of our outstanding common stock. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. We are not obligated to repurchase any shares of common stock pursuant to these authorizations and may commence, suspend or terminate repurchases at any time. Since the inception of our share repurchase program in 2012 through December 31, 2021, we have repurchased a total of 159,349,212 shares at an aggregate cost of $12,486 million. Shares of stock repurchased are held as treasury shares. We suspended share repurchases in mid-March 2020 to preserve liquidity in response to the global economic disruption caused by the COVID-19 pandemic. Our Board of Directors separately authorized two transactions in 2014 and 2018, which resulted in the repurchase of 52,422,615 shares of Phillips 66 common stock with an aggregate value of $4,630 million. Common Stock Dividends On February 9, 2022, our Board of Directors declared a quarterly cash dividend of $0.92 per common share, payable March 1, 2022, to holders of record at the close of business on February 22, 2022. Noncontrolling Interests Our noncontrolling interests primarily represent issuances of common and preferred units to the public by Phillips 66 Partners. See Note 27—Phillips 66 Partners LP, for information on Phillips 66 Partners.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases We lease marine vessels, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether third-party participation or vendor substitution rights limit our control. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. In our implementation of ASU No. 2016-02, we elected to discount lease obligations using our incremental borrowing rate. Furthermore, we elected to separate costs for lease and service components for contracts involving marine vessels and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we elected the practical expedient to account for the lease and service components on a combined basis. Our right of way agreements in effect prior to January 1, 2019, were not accounted for as leases as they were not initially determined to be leases at their commencement dates. However, modifications to these agreements or new agreements will be assessed and accounted for accordingly under ASU No. 2016-02. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised, we elected to not recognize the ROU asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2021 2020 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 259 — 264 — Other assets — 1,050 — 1,211 Total right-of-use assets $ 259 1,050 264 1,211 Lease Liabilities Short-term debt $ 33 — 16 — Other accruals — 343 — 369 Long-term debt 257 — 248 — Other liabilities and deferred credits — 725 — 853 Total lease liabilities $ 290 1,068 264 1,222 Future minimum lease payments at December 31, 2021, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2022 $ 42 367 2023 28 234 2024 29 158 2025 29 113 2026 26 85 Remaining years 207 231 Future minimum lease payments 361 1,188 Amount representing interest or discounts (71) (120) Total lease liabilities $ 290 1,068 Our finance lease liabilities relate primarily to service station consignment agreements with a marketing joint venture and a crude oil terminal in the United Kingdom. The lease liability for the terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the years ended December 31, 2021, 2020 and 2019, were: Millions of Dollars 2021 2020 2019 Finance lease cost Amortization of right-of-use assets $ 23 21 20 Interest on lease liabilities 9 10 6 Total finance lease cost 32 31 26 Operating lease cost 461 527 531 Short-term lease cost 104 108 118 Variable lease cost 3 39 12 Sublease income (15) (22) (16) Total net lease cost $ 585 683 671 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2021, 2020 and 2019, was: Millions of Dollars 2021 2020 2019 Operating cash outflows—finance leases $ 9 10 6 Operating cash outflows—operating leases 438 521 553 Financing cash outflows—finance leases 21 17 21 During the years ended December 31, 2021, 2020 and 2019, we recorded additional noncash ROU assets and corresponding operating lease liabilities totaling $260 million, $363 million and $342 million, respectively, related to new and modified lease agreements. At December 31, 2021 and 2020, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2021 2020 Weighted-average remaining lease term—finance leases (years) 13.0 15.1 Weighted-average remaining lease term—operating leases (years) 5.7 5.7 Weighted-average discount rate—finance leases 3.3 % 3.6 Weighted-average discount rate—operating leases 3.2 % 3.6
Leases	Leases We lease marine vessels, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether third-party participation or vendor substitution rights limit our control. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. In our implementation of ASU No. 2016-02, we elected to discount lease obligations using our incremental borrowing rate. Furthermore, we elected to separate costs for lease and service components for contracts involving marine vessels and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we elected the practical expedient to account for the lease and service components on a combined basis. Our right of way agreements in effect prior to January 1, 2019, were not accounted for as leases as they were not initially determined to be leases at their commencement dates. However, modifications to these agreements or new agreements will be assessed and accounted for accordingly under ASU No. 2016-02. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised, we elected to not recognize the ROU asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2021 2020 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 259 — 264 — Other assets — 1,050 — 1,211 Total right-of-use assets $ 259 1,050 264 1,211 Lease Liabilities Short-term debt $ 33 — 16 — Other accruals — 343 — 369 Long-term debt 257 — 248 — Other liabilities and deferred credits — 725 — 853 Total lease liabilities $ 290 1,068 264 1,222 Future minimum lease payments at December 31, 2021, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2022 $ 42 367 2023 28 234 2024 29 158 2025 29 113 2026 26 85 Remaining years 207 231 Future minimum lease payments 361 1,188 Amount representing interest or discounts (71) (120) Total lease liabilities $ 290 1,068 Our finance lease liabilities relate primarily to service station consignment agreements with a marketing joint venture and a crude oil terminal in the United Kingdom. The lease liability for the terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the years ended December 31, 2021, 2020 and 2019, were: Millions of Dollars 2021 2020 2019 Finance lease cost Amortization of right-of-use assets $ 23 21 20 Interest on lease liabilities 9 10 6 Total finance lease cost 32 31 26 Operating lease cost 461 527 531 Short-term lease cost 104 108 118 Variable lease cost 3 39 12 Sublease income (15) (22) (16) Total net lease cost $ 585 683 671 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2021, 2020 and 2019, was: Millions of Dollars 2021 2020 2019 Operating cash outflows—finance leases $ 9 10 6 Operating cash outflows—operating leases 438 521 553 Financing cash outflows—finance leases 21 17 21 During the years ended December 31, 2021, 2020 and 2019, we recorded additional noncash ROU assets and corresponding operating lease liabilities totaling $260 million, $363 million and $342 million, respectively, related to new and modified lease agreements. At December 31, 2021 and 2020, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2021 2020 Weighted-average remaining lease term—finance leases (years) 13.0 15.1 Weighted-average remaining lease term—operating leases (years) 5.7 5.7 Weighted-average discount rate—finance leases 3.3 % 3.6 Weighted-average discount rate—operating leases 3.2 % 3.6

Pension and Postretirement Plan

Pension and Postretirement Plans	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 3,405 1,480 3,148 1,228 213 226 Service cost 146 36 138 28 5 5 Interest cost 81 19 91 22 5 7 Plan participant contributions — 2 — 2 6 6 Net actuarial loss (gain) (82) (37) 353 168 (13) (13) Benefits paid (517) (44) (325) (34) (19) (18) Foreign currency exchange rate change — (47) — 66 — — Benefit obligations at December 31 $ 3,033 1,409 3,405 1,480 197 213 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,738 1,212 2,702 1,046 — — Actual return on plan assets 289 114 342 118 — — Company contributions 37 27 19 26 13 12 Plan participant contributions — 2 — 2 6 6 Benefits paid (517) (44) (325) (34) (19) (18) Foreign currency exchange rate change — (31) — 54 — — Fair value of plan assets at December 31 $ 2,547 1,280 2,738 1,212 — — Funded Status at December 31 $ (486) (129) (667) (268) (197) (213) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 51 — — — — Current liabilities (25) — (25) — (15) (15) Noncurrent liabilities (461) (180) (642) (268) (182) (198) Total recognized $ (486) (129) (667) (268) (197) (213) Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 251 130 562 253 (24) (13) Unrecognized prior service credit — (1) — (1) (2) (4) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the period $ 211 92 (170) (105) 13 13 Amortization of net actuarial loss (gain) and settlements 101 25 131 16 (1) — Amortization of prior service credit — (1) — (1) (2) (2) Total recognized in other comprehensive income (loss) $ 312 116 (39) (90) 10 11 The accumulated benefit obligations for all U.S. and international pension plans were $2,770 million and $1,236 million, respectively, at December 31, 2021, and $3,076 million and $1,289 million, respectively, at December 31, 2020. Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 2,770 410 3,076 447 Fair value of plan assets 2,547 248 2,738 242 Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 3,033 428 3,405 1,480 Fair value of plan assets 2,547 248 2,738 1,212 Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 146 36 138 28 127 23 5 5 5 Interest cost 81 19 91 22 109 26 5 7 9 Expected return on plan assets (160) (59) (159) (50) (143) (44) — — — Amortization of prior service credit — (1) — (1) — (1) (2) (2) (2) Amortization of net actuarial loss (gain) 46 25 70 16 53 6 (1) — (1) Settlements 55 — 61 — 8 — — — — Total net periodic benefit cost* $ 168 20 201 15 154 10 7 10 11 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10% of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 2.95 % 1.60 2.50 1.27 2.90 2.30 Rate of compensation increase 4.30 3.05 4.00 3.01 — — Interest crediting rate on cash balance plan 2.05 — 2.05 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 2.70 % 1.27 3.00 1.81 2.30 3.05 Expected return on plan assets 6.50 4.86 6.50 4.86 — — Rate of compensation increase 4.27 3.01 4.00 3.34 — — Interest crediting rate on cash balance plan 2.05 — 2.22 — — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. For the year ended December 31, 2021, actuarial gains resulted in decreases in our U.S. and international pension benefit obligations of $82 million and $37 million, respectively. The primary driver for the actuarial gains in 2021 was increases in the discount rates. For the year ended December 31, 2020, actuarial losses resulted in increases in our U.S. and international pension benefit obligations of $353 million and $168 million, respectively. The primary drivers for the actuarial losses in 2020 were decreases in the discount rates and changes to the census data demographics. For the year ended December 31, 2021, the weighted-average actual return on plan assets for our U.S. pension plans was 11%, which resulted in a $289 million increase in plan assets. For the year ended December 31, 2020, the weighted-average actual return on plan assets for our U.S. pension plans was 14%, which resulted in a $342 million increase in plan assets. The primary driver of the return on plan assets in 2021 and 2020 was fluctuations in the equity and fixed income markets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical plans. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 6.25% in 2022 that declines to 5.00% by 2027. Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and infrastructure investments and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 46% equity securities, 38% debt securities, 8% real estate investments and 8% in all other types of investments as of December 31, 2021. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities are based on quoted market prices. • Fair values of corporate debt securities are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. • Fair values of cash and cash equivalents approximate their carrying amounts. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of investments in common/collective trusts and real estate and infrastructure investments are valued at the net asset value (NAV) as a practical expedient. The NAV is based on the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. These investments valued at NAV are not classified within the fair value hierarchy, but are presented in the fair value table to permit reconciliation of total plan assets to the amounts presented in the fair value table. The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2021 Equity securities $ 385 — — 385 — — — — Government debt securities 427 — — 427 — — — — Corporate debt securities — 131 — 131 — — — — Cash and cash equivalents 20 — — 20 6 — — 6 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 832 131 — 963 6 — 13 19 Common/collective trusts measured at NAV 1,266 1,158 Real estate and infrastructure investments measured at NAV 318 103 Total $ 832 131 — 2,547 6 — 13 1,280 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2020 Equity securities $ 446 — — 446 — — — — Government debt securities 424 — — 424 — — — — Corporate debt securities — 138 — 138 — — — — Cash and cash equivalents 31 — — 31 3 — — 3 Insurance contracts — — — — — — 15 15 Total assets in the fair value hierarchy 901 138 — 1,039 3 — 15 18 Common/collective trusts measured at NAV 1,426 1,103 Real estate and infrastructure investments measured at NAV 273 91 Total $ 901 138 — 2,738 3 — 15 1,212 Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2022, we expect to contribute approximately $45 million to our U.S. pension plans and other postretirement benefit plans and $25 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2022 $ 310 25 16 2023 293 28 16 2024 279 30 17 2025 265 32 17 2026 268 34 17 2027-2031 1,195 197 79 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75% of their eligible pay, subject to certain statutory limits, in the Savings Plan to a choice of investment funds. For the three years ended December 31, 2021, Phillips 66 provided a company match of participant contributions up to 6% of eligible pay, with an additional Success Share contribution ranging from 0% to 6% of eligible pay based on management discretion. For the years ended December 31, 2021, 2020 and 2019, we recorded expense of $142 million, $145 million and $192 million, respectively, related to our contributions to the Savings Plan.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Plans	Share-Based Compensation Plans In accordance with the Employee Matters Agreement related to the separation, compensation awards based on ConocoPhillips stock and granted before April 30, 2012 (the Separation Date) were converted to compensation awards based on both ConocoPhillips and Phillips 66 stock if, on the Separation Date, the awards were: (1) options outstanding and exercisable; or (2) restricted stock or restricted stock units (RSUs) awarded for completed performance periods under the ConocoPhillips Performance Share Program. Phillips 66 restricted stock, RSUs and options issued in this conversion became subject to the “Omnibus Stock and Performance Incentive Plan of Phillips 66” (the 2012 Plan) on the Separation Date, whether held by grantees working for Phillips 66 or grantees that remained employees of ConocoPhillips. Some of these awards based on Phillips 66 stock and held by employees of ConocoPhillips are outstanding and appear in the activity tables for the Stock Option and the Performance Share Programs presented later in this note. In May 2013, shareholders approved the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the P66 Omnibus Plan). Subsequent to this approval, all new share-based awards are granted under the P66 Omnibus Plan, which authorizes the Human Resources and Compensation Committee (HRCC) of our Board of Directors to grant stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards to our employees, nonemployee directors and other plan participants. The number of new shares that may be issued under the P66 Omnibus Plan to settle share-based awards may not exceed 45 million. We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2021 2020 2019 Share-based compensation expense $ 144 127 169 Income tax benefit (33) (35) (53) Stock Options Stock options granted under the provisions of the P66 Omnibus Plan and earlier plans permit purchases of our common stock at exercise prices equivalent to the average of the high and low market price of our stock on the date the options were granted. The options have terms of 10 years and vest ratably, with one-third of the options becoming exercisable on each anniversary date for the three years following the date of grant. Options awarded to employees eligible for retirement are not subject to forfeiture six months after the grant date. The following table summarizes our stock option activity from January 1, 2021, to December 31, 2021: Millions of Dollars Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 5,433,988 $ 78.49 Granted 1,475,100 75.23 $ 12.06 Forfeited (31,670) 81.61 Exercised (613,212) 42.26 $ 24 Outstanding at December 31, 2021 6,264,206 $ 81.25 Vested at December 31, 2021 4,194,413 $ 80.46 $ 7 Exercisable at December 31, 2021 3,896,406 $ 81.19 $ 7 The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2021, were 5.25 years and 4.91 years, respectively. During 2021, we received $26 million in cash and realized an income tax benefit of $3 million from the exercise of options. At December 31, 2021, the remaining unrecognized compensation expense from unvested options was $4 million, which will be recognized over a weighted-average period of 21 months, the longest period being 25 months. The calculations of realized income tax benefits and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees. During 2020 and 2019, we granted options with a weighted-average grant-date fair value of $15.80 and $17.58, respectively. During 2020 and 2019, employees exercised options with an aggregate intrinsic value of $21 million and $51 million, respectively. The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2021 2020 2019 Risk-free interest rate 0.93 % 1.58 2.68 Dividend yield 5.30 % 3.20 3.70 Volatility factor 32.11 % 25.23 25.61 Expected life (years) 6.76 6.96 7.06 We calculate the volatility factor using historical Phillips 66 end-of-week closing stock prices. We periodically calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Restricted Stock Units Generally, RSUs are granted annually under the provisions of the P66 Omnibus Plan and cliff vest at the end of three years. The grant date fair value is equal to the average of the high and low market price of our stock on the grant date. The recipients receive a quarterly dividend equivalent cash payment until the RSU is settled by issuing one share of our common stock for each RSU at the end of the service period. RSUs granted to retirement-eligible employees are not subject to forfeiture six months after the grant date. Special RSUs are granted to attract or retain key personnel and the terms and conditions may vary by award. The following table summarizes our RSU activity from January 1, 2021, to December 31, 2021: Millions of Dollars Stock Units Weighted-Average Total Fair Value Outstanding at January 1, 2021 2,786,219 $ 89.95 Granted 1,466,802 75.91 Forfeited (123,567) 79.89 Issued (818,864) 93.61 $ 61 Outstanding at December 31, 2021 3,310,590 $ 83.20 Not Vested at December 31, 2021 2,281,039 $ 82.48 At December 31, 2021, the remaining unrecognized compensation cost from unvested RSU awards was $75 million, which will be recognized over a weighted-average period of 14 months, the longest period being 38 months. During 2020 and 2019, we granted RSUs with a weighted-average grant-date fair value of $83.48 and $95.16, respectively. During 2020 and 2019, we issued shares with an aggregate fair value of $69 million and $80 million, respectively, to settle RSUs. Performance Share Units Under the P66 Omnibus Plan, we annually grant to senior management restricted performance share units (PSUs) with three-year performance periods that vest when the HRCC approves the three-year performance results on the grant date. PSUs granted under the P66 Omnibus Plan are classified as liability awards and compensation expense is recognized beginning on the authorization date and ending on the vesting date. PSUs granted under the P66 Omnibus Plan are settled by cash payments equal to the fair value of the awards, which is based on the market prices of our stock near the end of the performance periods. The HRCC must approve the three-year performance results prior to payout. Dividend equivalents are not paid on these awards. PSUs granted under prior incentive compensation plans were classified as equity awards. These equity awards are settled upon an employee’s retirement by issuing one share of our common stock for each PSU held. Dividend equivalents are paid on these awards. The following table summarizes our PSU activity from January 1, 2021, to December 31, 2021: Millions of Dollars Performance Weighted-Average Total Fair Value Outstanding at January 1, 2021 957,790 $ 37.28 Granted 398,935 68.18 Forfeited — — Issued (146,004) 33.82 $ 12 Cash settled (398,935) 68.18 27 Outstanding at December 31, 2021 811,786 $ 37.90 Not Vested at December 31, 2021 1,596 $ 32.41 At December 31, 2021, the remaining unrecognized compensation cost from unvested PSU awards was immaterial. The calculations of unamortized expense and weighted-average periods include awards based on both Phillips 66 and ConocoPhillips stock held by Phillips 66 employees.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Components of income tax expense (benefit) were: Millions of Dollars 2021 2020 2019 Income Tax Expense (Benefit) Federal Current $ 363 (1,324) 354 Deferred (85) 171 177 Foreign Current 50 9 204 Deferred (39) 67 (50) State and local Current 5 (61) 61 Deferred (148) (112) 55 $ 146 (1,250) 801 During the year ended December 31, 2020, in accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, we recorded a tax benefit reflecting the carryback of a significant portion of our 2020 net operating loss to a year that had a 35% federal statutory income tax rate. An income tax receivable of $1.5 billion was included in the “Accounts and notes receivable” line item on our consolidated balance sheet as of December 31, 2020. We received a U.S. federal income tax refund of $1.1 billion in the second quarter of 2021. As of December 31, 2021, the remaining $400 million income tax receivable related to 2020 is no longer expected to be received in the next twelve months due to the estimated timing of IRS review procedures and certain elections we made when filing our 2020 income tax return. During the year ended December 31, 2019, we recorded adjustments to the one-time deemed repatriation tax, which decreased our income tax expense by $42 million. The adjustments were due to the issuance of additional guidance by the U.S. Internal Revenue Service related to the Tax Act. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2021 2020 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,135 3,487 Investment in joint ventures 2,065 1,859 Investment in subsidiaries 969 940 Inventory — 77 Other 267 310 Total deferred tax liabilities 6,436 6,673 Deferred Tax Assets Benefit plan accruals 431 499 Loss and credit carryforwards 173 148 Asset retirement obligations and accrued environmental costs 120 114 Other financial accruals and deferrals 82 73 Other 262 289 Total deferred tax assets 1,068 1,123 Less: valuation allowance 74 40 Net deferred tax assets 994 1,083 Net deferred tax liabilities $ 5,442 5,590 At December 31, 2021, the loss and credit carryforward deferred tax assets were primarily related to a state tax net operating loss carryforward of $83 million; a foreign tax credit carryforward in the United States of $67 million; capital loss and net operating loss carryforwards in the United Kingdom of $11 million; and a German interest deduction carryforward of $11 million. State net operating loss carryforwards begin to expire in 2040 or have indefinite lives. Foreign tax credit carryforwards, which have a full valuation allowance against them, begin to expire in 2029. The other loss and credit carryforwards, all of which relate to foreign operations, have indefinite lives. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During the year ended December 31, 2021, our total valuation allowance balance increased by $34 million. Based on our historical taxable income, expectations for the future and available tax planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. Earnings of our foreign subsidiaries and foreign joint ventures after December 31, 2017, are generally not subject to incremental income taxes in the United States or withholding taxes in foreign countries upon repatriation. As such, we only assert that the earnings of one of our foreign subsidiaries are permanently reinvested. At December 31, 2021 and 2020, the unrecorded deferred tax liability related to the undistributed earnings of this foreign subsidiary was not material. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Unrecognized tax benefits reflect the difference between positions taken on income tax returns and the amounts recognized in the financial statements. The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2021 2020 2019 Balance at January 1 $ 56 40 23 Additions for tax positions of current year — — 2 Additions for tax positions of prior years — 44 29 Reductions for tax positions of prior years (2) (28) (14) Settlements — — — Balance at December 31 $ 54 56 40 Included in the balance of unrecognized income tax benefits at December 31, 2021, 2020 and 2019, were $35 million, $37 million and $15 million, respectively, which, if recognized, would affect our effective income tax rate. With respect to various unrecognized income tax benefits and the related accrued liabilities, we do not expect any to be recognized or paid within the next twelve months. At December 31, 2021, 2020 and 2019, accrued liabilities for interest and penalties, net of accrued income taxes, totaled $6 million, $5 million and $10 million, respectively. These accruals decreased our results by $3 million for each of the years ended December 31, 2021, 2020 and 2019. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2018), Germany (2014) and United States (2013). Certain issues remain in dispute for audited years, and unrecognized income tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized income tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized income tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of 2021 2020 2019 2021 2020 2019 Income (loss) before income taxes United States $ 1,737 (5,292) 3,267 99.8 % 106.6 78.2 Foreign 3 328 911 0.2 (6.6) 21.8 $ 1,740 (4,964) 4,178 100.0 % 100.0 100.0 Federal statutory income tax $ 365 (1,043) 877 21.0 % 21.0 21.0 State income tax, net of federal income tax benefit (65) (139) 93 (3.7) 2.8 2.2 Net operating loss carryback — (398) — — 8.0 — Goodwill impairment — 387 — — (7.8) — Noncontrolling interests (57) (54) (61) (3.3) 1.1 (1.5) Non-taxable equity earnings (53) (18) (32) (3.0) 0.4 (0.7) Tax law changes (26) — (43) (1.5) — (1.0) Other* (18) 15 (33) (1.1) (0.3) (0.8) $ 146 (1,250) 801 8.4 % 25.2 19.2 * Other includes individually immaterial items but is primarily attributable to foreign operations and change in valuation allowance. For the year ended December 31, 2021, state income tax, net of federal income tax benefit, includes a $58 million benefit, primarily to reflect the impact of updated apportionment factors.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2021
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 Foreign Hedging Accumulated December 31, 2018 $ (472) (228) 8 (692) Other comprehensive income (loss) before reclassifications (140) 95 (5) (50) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 49 — — 49 Foreign currency translation — — — — Hedging — — (6) (6) Net current period other comprehensive income (loss) (91) 95 (11) (7) Income taxes reclassified to retained earnings** (93) 2 2 (89) December 31, 2019 (656) (131) (1) (788) Other comprehensive income (loss) before reclassifications (262) 151 1 (110) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 109 — — 109 Foreign currency translation — — — — Hedging — — (5) (5) Net current period other comprehensive income (loss) (153) 151 (4) (6) Other — 5 — 5 December 31, 2020 (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 318 (70) 2 250 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 93 — — 93 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 411 (70) 3 344 December 31, 2021 $ (398) (45) (2) (445) * Included in the computation of net periodic benefit cost. See Note 19—Pension and Postretirement Plans, for additional information.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Supplemental Cash Flow Information Millions of Dollars 2021 2020 2019 Cash Payments (Receipts) Interest $ 549 478 426 Income taxes* (1,065) 103 955 * 2021 reflects a net cash refund position. Cash payments for income taxes were $110 million in 2021.

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2021 2020 2019 Interest and Debt Expense Incurred Debt $ 567 550 504 Other 41 24 31 608 574 535 Capitalized (27) (75) (77) Expensed $ 581 499 458 Other Income Interest income $ 11 14 43 Unrealized investment gain—NOVONIX 365 — — Other, net* 78 52 76 $ 454 66 119 * Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 47 48 54 Advertising Expenses $ 52 51 63 Foreign Currency Transaction (Gains) Losses Midstream $ (5) — — Chemicals — — — Refining 4 4 — Marketing and Specialties — — — Corporate and Other 2 8 5 $ 1 12 5

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2021 2020 2019 Operating revenues and other income (a) $ 3,759 1,932 2,977 Purchases (b) 14,645 6,536 11,726 Operating expenses and selling, general and administrative expenses (c) 284 247 96 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), 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 an 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, NGL and solvents from WRB. 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	12 Months Ended
	Dec. 31, 2021
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, our 50% equity investment in DCP Midstream, and our 16% investment in NOVONIX. 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, as well as renewable fuels, at 12 refineries in the United States and Europe. 4) Marketing and Specialties— Purchases for resale and markets refined petroleum products and renewable fuels, 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 2021 2020 2019 Sales and Other Operating Revenues* Midstream Total sales $ 11,937 6,047 7,103 Intersegment eliminations (3,124) (1,873) (2,122) Total Midstream 8,813 4,174 4,981 Chemicals 3 3 3 Refining Total sales 74,871 42,206 76,792 Intersegment eliminations (46,176) (24,176) (45,871) Total Refining 28,695 18,030 30,921 Marketing and Specialties Total sales 75,933 43,164 73,616 Intersegment eliminations (2,000) (1,272) (2,256) Total Marketing and Specialties 73,933 41,892 71,360 Corporate and Other 32 30 28 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings (Losses) of Affiliates Midstream $ 877 761 754 Chemicals 1,832 625 870 Refining (184) (376) 318 Marketing and Specialties 379 181 185 Corporate and Other — — — Consolidated equity in earnings of affiliates $ 2,904 1,191 2,127 Depreciation, Amortization and Impairments* Midstream $ 652 1,795 1,162 Chemicals — — — Refining 2,254 3,642 857 Marketing and Specialties 114 103 103 Corporate and Other 83 107 80 Consolidated depreciation, amortization and impairments $ 3,103 5,647 2,202 * See Note 9—Impairments, for further details on impairments by segment. Millions of Dollars 2021 2020 2019 Interest Income and Expense Interest income Corporate and Other $ 11 14 43 Interest and debt expense Corporate and Other $ 581 499 458 Income (Loss) Before Income Taxes Midstream $ 1,610 (9) 684 Chemicals 1,844 635 879 Refining (2,549) (6,155) 1,986 Marketing and Specialties 1,809 1,446 1,433 Corporate and Other (974) (881) (804) Consolidated income (loss) before income taxes $ 1,740 (4,964) 4,178 Investments In and Advances To Affiliates Midstream $ 3,978 4,255 5,131 Chemicals 6,369 6,126 6,229 Refining 2,340 2,202 2,290 Marketing and Specialties 750 744 650 Corporate and Other 2 — — Consolidated investments in and advances to affiliates $ 13,439 13,327 14,300 Total Assets Midstream $ 15,932 15,596 15,716 Chemicals 6,453 6,183 6,249 Refining 19,952 20,404 25,150 Marketing and Specialties 8,505 7,180 8,659 Corporate and Other 4,752 5,358 2,946 Consolidated total assets $ 55,594 54,721 58,720 Millions of Dollars 2021 2020 2019 Capital Expenditures and Investments Midstream $ 738 1,747 2,292 Chemicals — — — Refining 779 816 1,001 Marketing and Specialties 202 173 374 Corporate and Other 141 184 206 Consolidated capital expenditures and investments $ 1,860 2,920 3,873 Geographic Information Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2021 2020 2019 United States $ 34,882 35,273 36,407 United Kingdom 1,323 1,313 1,256 Germany 605 653 601 Other foreign countries 96 101 93 Worldwide consolidated $ 36,906 37,340 38,357

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2021
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, which owns and operates primarily fee-based midstream assets. Phillips 66 Partners’ operations consist of crude oil, refined petroleum product and NGL transportation, fractionation, processing, terminaling and storage assets. On August 1, 2019, Phillips 66 Partners completed a restructuring transaction to eliminate the IDRs held by us and convert our 2% economic general partner interest into a noneconomic general partner interest in exchange for 101 million Phillips 66 Partners common units. As a result of the restructuring transaction, the balance of “Noncontrolling interests” in our consolidated balance sheet decreased $373 million, with a $275 million increase to “Capital in excess of par,” a $91 million increase in “Deferred income taxes” and $7 million of transaction costs. No distributions were made for the general partner interest after August 1, 2019. At December 31, 2021, we owned 170 million Phillips 66 Partners common units, representing a 74% limited partner interest, while the public owned a 26% limited partner interest and 13.5 million perpetual convertible preferred units. Prior to October 2020, holders of the preferred units received cumulative quarterly distributions equal to $0.678375 per unit. Beginning in October 2020, holders receive quarterly distributions equal to the greater of $0.678375 per unit or the per-unit distribution paid to common unitholders. In June 2021, Phillips 66 Partners repurchased 368,528 of its outstanding perpetual convertible preferred units for $24 million in cash. Upon the repurchase, these preferred units were canceled and are no longer outstanding. We consolidate Phillips 66 Partners because we determined it is a VIE of which we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests of $2,169 million and $2,219 million on our consolidated balance sheet at December 31, 2021 and 2020, respectively. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars December 31 December 31 Equity investments* $ 2,929 3,244 Net properties, plants and equipment 3,727 3,639 Short-term debt 450 465 Long-term debt 3,447 3,444 * Included in “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. Phillips 66 Partners has authorized an aggregate of $750 million under three $250 million continuous offerings of common units, or at-the-market (ATM) programs. The first two programs concluded in June 2018 and December 2019, respectively. Phillips 66 Partners did not issue any common units under the ATM program for the year ended December 31, 2021. For the years ended December 31, 2020 and 2019, on a settlement-date basis, Phillips 66 Partners generated net proceeds of $2 million and $173 million, respectively, from common units issued under the 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, Texas, and the Sweeny area, including our Sweeny Refinery. Phillips 66 Partners has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. In December 2018, a third party acquired 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 year ended December 31, 2020, the co-venturer contributed an aggregate of $61 million to the holding company to fund its portion of Gray Oak Pipeline, LLC’s cash calls. Phillips 66 Partners’ effective ownership interest in Gray Oak Pipeline, LLC is 42.25%, after considering the co-venturer’s 35% interest in the consolidated holding company. See Note 6—Investments, Loans and Long-Term Receivables, for further discussion regarding Phillips 66 Partners’ investment in Gray Oak Pipeline, LLC, as well as certain other joint ventures. Pending Merger On October 26, 2021, we entered into a definitive merger agreement with Phillips 66 Partners to acquire all of the limited partner interests in Phillips 66 Partners not already owned by us on the closing date of the transaction. The agreement provides for an all-stock transaction in which each outstanding Phillips 66 Partners common unitholder would receive 0.50 shares of Phillips 66 common stock for each Phillips 66 Partners common unit. Phillips 66 Partners’ perpetual convertible preferred units would be converted into common units at a premium to the original issuance price prior to exchange for Phillips 66 common stock. This merger is expected to close in March 2022, subject to customary closing conditions. If the merger is successfully completed, based on the closing market prices of Phillips 66 common stock and Phillips 66 Partners common units on December 31, 2021, we would issue approximately 44 million shares of Phillips 66 common stock with a value of approximately $3.2 billion to Phillips 66 Partners’ public unitholders following completion of the merger. The number of shares of common stock we will issue and the value of those shares are subject to change until the merger is closed. Upon closing, Phillips 66 Partners will become a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership. This transaction will be accounted for as an equity transaction and after the closing we will no longer reflect the ownership interest previously held by Phillips 66 Partners’ publicly held common and perpetual convertible preferred unitholders as noncontrolling interests on our consolidated balance sheet nor will we attribute a portion of Phillips 66 Partners’ net income to these former unitholders on our consolidated statement of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 27—Phillips 66 Partners LP, for further discussion on our significant consolidated VIE. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 6—Investments, Loans and Long-Term Receivables, for further discussion on our significant unconsolidated VIEs.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Foreign Currency	Foreign Currency Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings (loss). Most of our foreign operations use their local currency as the functional currency.
Cash Equivalents	Cash Equivalents Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest.
Inventories	InventoriesWe have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and refined petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method.
Fair Value Measurements	Fair Value Measurements We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. 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. • Investment in NOVONIX —Our investment in NOVONIX is measured at fair value using unadjusted quoted prices available from the Australian Securities Exchange and is therefore categorized as Level 1 in the fair value hierarchy. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices.
Derivative Instruments	Derivative Instruments Derivative instruments are recorded on the balance sheet at fair value. We have master netting agreements with our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. We also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of operations. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings.
Loans and Long-Term Receivables	Loans and Long-Term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Capitalized Interest	Capitalized Interest A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset.
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future before-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of operations in the period in which the impairment determination is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are available. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; historical market transactions including similar assets, adjusted using principal market participant assumptions when necessary; or replacement cost adjusted for physical deterioration and economic obsolescence. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Property Dispositions	Property Dispositions When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line item on our consolidated statement of operations. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is assessed for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment assessment requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill impairment cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of assessing goodwill for impairment, we have two reporting units with goodwill balances at the 2021 testing date: Transportation and Marketing and Specialties (M&S).
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Asset Retirement Obligations	Asset Retirement Obligations When we have a legal obligation to incur costs to retire an asset, we record a liability in the period in which the obligation was incurred provided that a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made at the time the obligation arises, we record the liability when sufficient information is available to estimate its fair value. When a liability is initially recorded, we capitalize the costs by increasing the carrying amount of the related PP&E. Over time, the liability is increased for changes in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E.
Environmental Costs	Environmental Costs Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures.
Guarantees	Guarantees The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related statement of operations line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Treasury Stock	Treasury Stock We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet.
Revenue Recognition	Revenue Recognition Our revenues are primarily associated with sales of refined petroleum products, crude oil and natural gas liquids (NGL). Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates.
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental AuthoritiesExcise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined petroleum products payable to governmental authorities in the “Taxes other than income taxes” line item on our consolidated statement of operations. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line item on our consolidated statement of operations.
Shipping and Handling Costs	Shipping and Handling Costs We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of operations. Freight costs billed to customers are recorded in “Sales and other operating revenues.”
Maintenance and Repairs	Maintenance and Repairs Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Stock-Based Compensation	Share-Based CompensationWe recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than six months as this is the minimum period of time required for an award not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. Interest related to unrecognized income tax benefits is reflected in the “Interest and debt expense” line item, and penalties in the “Operating expenses” or “Selling, general and administrative expenses” line items on our consolidated statement of operations.
Earnings 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) and the premium paid for the repurchase of noncontrolling interests. 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 by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings (loss) of the periods presented, and the premium paid for the repurchase of noncontrolling interests. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Commitments and Contingencies	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. See Note 21—Income Taxes, for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars 2021 2020 2019 Product Line and Services Refined petroleum products $ 89,020 49,768 87,902 Crude oil resales 12,801 9,114 14,125 NGL 9,074 4,084 4,814 Services and other* 581 1,163 452 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 Geographic Location** United States $ 87,973 48,711 83,512 United Kingdom 11,132 7,031 9,863 Germany 4,290 3,034 4,053 Other foreign countries 8,081 5,353 9,865 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 * Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2021 2020 Crude oil and petroleum products $ 3,024 3,536 Materials and supplies 370 357 $ 3,394 3,893

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments and long-term receivables at December 31 were: Millions of Dollars 2021 2020 Equity investments $ 12,832 13,037 Other investments 680 145 Loans and long-term receivables 959 442 $ 14,471 13,624
Summarized Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2021 2020 2019 Revenues $ 49,339 30,531 38,156 Income before income taxes 6,346 2,104 4,976 Net income 6,125 1,990 4,787 Current assets 7,866 6,210 6,654 Noncurrent assets 56,040 55,806 56,163 Current liabilities 7,952 5,391 6,094 Noncurrent liabilities 16,906 16,887 15,740 Noncontrolling interests 3,003 2,997 2,145

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2021 2020 Gross Accum. Net Gross Accum. Net Midstream $ 12,524 3,064 9,460 12,313 2,815 9,498 Chemicals — — — — — — Refining 23,878 12,517 11,361 24,647 12,019 12,628 Marketing and Specialties 1,819 1,035 784 1,815 1,007 808 Corporate and Other 1,576 746 830 1,448 666 782 $ 39,797 17,362 22,435 40,223 16,507 23,716

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Refining Marketing and Specialties Total Balance at December 31, 2019 $ 626 1,805 839 3,270 Asset transfer — 40 (40) — Impairments* — (1,845) — (1,845) Balance at December 31, 2020 626 — 799 1,425 Goodwill assigned to acquisitions — — 59 59 Balance at December 31, 2021 $ 626 — 858 1,484 *Represents accumulated impairments at December 31, 2021.
Schedule of Changes in Carrying Value of Intangible Assets	The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2021 2020 Trade names and trademarks $ 503 503 Refinery air and operating permits 212 222 $ 715 725

Impairments (Tables)

Impairments (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impairments	Millions of Dollars 2021 2020 2019 Midstream $ 209 1,464 858 Refining 1,288 2,763 3 Marketing and Specialties 1 — — Corporate and Other — 25 — Total impairments $ 1,498 4,252 861

Asset Retirement Obligations _2

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2021 2020 Asset retirement obligations $ 395 309 Accrued environmental costs 436 427 Total asset retirement obligations and accrued environmental costs 831 736 Asset retirement obligations and accrued environmental costs due within one year* (104) (79) Long-term asset retirement obligations and accrued environmental costs $ 727 657 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	During the years ended December 31, 2021 and 2020, our overall asset retirement obligation changed as follows: Millions of Dollars 2021 2020 Balance at January 1 $ 309 280 Accretion of discount 14 15 New obligations 22 10 Changes in estimates of existing obligations 66 14 Spending on existing obligations (12) (11) Foreign currency translation (4) 1 Balance at December 31 $ 395 309

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	2021 2020 2019 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ 1,317 1,317 (3,975) (3,975) 3,076 3,076 Income allocated to participating securities (9) (9) (8) (8) (6) (2) Premium paid for the repurchase of noncontrolling interests (2) (2) — — — — Net income (loss) available to common stockholders $ 1,306 1,306 (3,983) (3,983) 3,070 3,074 Weighted-average common shares outstanding (thousands) : 437,886 440,028 437,327 439,530 448,787 451,364 Effect of share-based compensation 2,142 336 2,203 — 2,577 2,524 Weighted-average common shares outstanding—EPS 440,028 440,364 439,530 439,530 451,364 453,888 Earnings (Loss) Per Share of Common Stock (dollars) $ 2.97 2.97 (9.06) (9.06) 6.80 6.77

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Long Term Debt	Short-term and long-term debt at December 31 was: Millions of Dollars 2021 2020 Phillips 66 4.300% Senior Notes due April 2022 $ 1,000 2,000 3.700% Senior Notes due April 2023 500 500 0.900% Senior Notes due February 2024 800 800 3.850% Senior Notes due April 2025 650 650 1.300% Senior Notes due February 2026 500 500 3.900% Senior Notes due March 2028 800 800 2.150% Senior Notes due December 2030 850 850 4.650% Senior Notes due November 2034 1,000 1,000 5.875% Senior Notes due May 2042 1,500 1,500 4.875% Senior Notes due November 2044 1,700 1,700 3.300% Senior Notes due March 2052 1,000 — Term Loan due November 2023 at 1.397% at year-end 2020 — 500 Floating Rate Senior Notes due February 2021 at 0.833% at year-end 2020 — 500 Floating Rate Senior Notes due February 2024 at 0.840% at year-end 2020 — 450 Floating Rate Advance Term Loan due December 2034 at 0.699% and 0.755% at year-end 2021 and 2020, respectively—related party 25 25 Other 1 1 Phillips 66 Partners 2.450% Senior Notes due December 2024 300 300 3.605% Senior Notes due February 2025 500 500 3.550% Senior Notes due October 2026 500 500 3.750% Senior Notes due March 2028 500 500 3.150% Senior Notes due December 2029 600 600 4.680% Senior Notes due February 2045 450 450 4.900% Senior Notes due October 2046 625 625 Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 450 — Tax-Exempt Bonds due April 2021 at weighted-average rate of 0.360% at year-end 2020 — 50 Revolving Credit Facility due January 2021 at weighted-average rate of 1.397% at year-end 2020 — 415 Debt at face value 14,251 15,716 Finance leases 290 264 Software obligations 16 19 Net unamortized discounts and debt issuance costs (109) (106) Total debt 14,448 15,893 Short-term debt (1,489) (987) Long-term debt $ 12,959 14,906

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 December 31, 2021 December 31, 2020 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 $ 99 (20) — 79 13 — — 13 Other assets 3 (1) — 2 5 (4) — 1 Liabilities Other accruals 758 (855) 49 (48) 665 (721) 46 (10) Other liabilities and deferred credits — (1) — (1) — — — — Total $ 860 (877) 49 32 683 (725) 46 4
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 December 31, 2021 December 31, 2020 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 $ 99 (20) — 79 13 — — 13 Other assets 3 (1) — 2 5 (4) — 1 Liabilities Other accruals 758 (855) 49 (48) 665 (721) 46 (10) Other liabilities and deferred credits — (1) — (1) — — — — Total $ 860 (877) 49 32 683 (725) 46 4
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 2021 2020 2019 Sales and other operating revenues $ (468) 436 (150) Other income 34 10 33 Purchased crude oil and products (313) 174 (161) Net gain (loss) from commodity derivative activity $ (747) 620 (278)
Summary of Material Net Exposures from Outstanding Commodity Derivative Contracts	The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 95% at December 31, 2021 and 2020. Open Position 2021 2020 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (18) (13)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars December 31, 2021 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 $ 419 368 — 787 (779) — — 8 Physical forward contracts — 73 — 73 — — — 73 Rabbi trust assets 158 — — 158 N/A N/A — 158 Investment in NOVONIX 520 — — 520 N/A N/A — 520 $ 1,097 441 — 1,538 (779) — — 759 Commodity Derivative Liabilities Exchange-cleared instruments $ 463 362 — 825 (779) (49) — (3) OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 51 — 51 — — — 51 Floating-rate debt — 475 — 475 N/A N/A — 475 Fixed-rate debt, excluding finance leases and software obligations — 15,353 — 15,353 N/A N/A (1,686) 13,667 $ 463 16,242 — 16,705 (779) (49) (1,686) 14,191 Millions of Dollars December 31, 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 $ 314 356 — 670 (669) — — 1 Physical forward contracts — 13 — 13 — — — 13 Rabbi trust assets 143 — — 143 N/A N/A — 143 $ 457 369 — 826 (669) — — 157 Commodity Derivative Liabilities Exchange-cleared instruments $ 351 364 — 715 (669) (46) — — Physical forward contracts — 10 — 10 — — — 10 Interest-rate derivatives — 3 — 3 — — — 3 Floating-rate debt — 1,940 — 1,940 N/A N/A — 1,940 Fixed-rate debt, excluding finance leases and software obligations — 15,597 — 15,597 N/A N/A (1,927) 13,670 $ 351 17,914 — 18,265 (669) (46) (1,927) 15,623

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of ROU Assets and Lease Liabilities	The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2021 2020 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 259 — 264 — Other assets — 1,050 — 1,211 Total right-of-use assets $ 259 1,050 264 1,211 Lease Liabilities Short-term debt $ 33 — 16 — Other accruals — 343 — 369 Long-term debt 257 — 248 — Other liabilities and deferred credits — 725 — 853 Total lease liabilities $ 290 1,068 264 1,222
Schedule of Finance Lease Liability	Future minimum lease payments at December 31, 2021, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2022 $ 42 367 2023 28 234 2024 29 158 2025 29 113 2026 26 85 Remaining years 207 231 Future minimum lease payments 361 1,188 Amount representing interest or discounts (71) (120) Total lease liabilities $ 290 1,068
Schedule of Operating Lease Liability	Future minimum lease payments at December 31, 2021, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2022 $ 42 367 2023 28 234 2024 29 158 2025 29 113 2026 26 85 Remaining years 207 231 Future minimum lease payments 361 1,188 Amount representing interest or discounts (71) (120) Total lease liabilities $ 290 1,068
Schedule of Lease Cost	Components of net lease cost for the years ended December 31, 2021, 2020 and 2019, were: Millions of Dollars 2021 2020 2019 Finance lease cost Amortization of right-of-use assets $ 23 21 20 Interest on lease liabilities 9 10 6 Total finance lease cost 32 31 26 Operating lease cost 461 527 531 Short-term lease cost 104 108 118 Variable lease cost 3 39 12 Sublease income (15) (22) (16) Total net lease cost $ 585 683 671 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2021, 2020 and 2019, was: Millions of Dollars 2021 2020 2019 Operating cash outflows—finance leases $ 9 10 6 Operating cash outflows—operating leases 438 521 553 Financing cash outflows—finance leases 21 17 21 At December 31, 2021 and 2020, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2021 2020 Weighted-average remaining lease term—finance leases (years) 13.0 15.1 Weighted-average remaining lease term—operating leases (years) 5.7 5.7 Weighted-average discount rate—finance leases 3.3 % 3.6 Weighted-average discount rate—operating leases 3.2 % 3.6

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 3,405 1,480 3,148 1,228 213 226 Service cost 146 36 138 28 5 5 Interest cost 81 19 91 22 5 7 Plan participant contributions — 2 — 2 6 6 Net actuarial loss (gain) (82) (37) 353 168 (13) (13) Benefits paid (517) (44) (325) (34) (19) (18) Foreign currency exchange rate change — (47) — 66 — — Benefit obligations at December 31 $ 3,033 1,409 3,405 1,480 197 213 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,738 1,212 2,702 1,046 — — Actual return on plan assets 289 114 342 118 — — Company contributions 37 27 19 26 13 12 Plan participant contributions — 2 — 2 6 6 Benefits paid (517) (44) (325) (34) (19) (18) Foreign currency exchange rate change — (31) — 54 — — Fair value of plan assets at December 31 $ 2,547 1,280 2,738 1,212 — — Funded Status at December 31 $ (486) (129) (667) (268) (197) (213)
Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 51 — — — — Current liabilities (25) — (25) — (15) (15) Noncurrent liabilities (461) (180) (642) (268) (182) (198) Total recognized $ (486) (129) (667) (268) (197) (213)
Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 251 130 562 253 (24) (13) Unrecognized prior service credit — (1) — (1) (2) (4)
Sources of Change in Other Comprehensive Income	Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the period $ 211 92 (170) (105) 13 13 Amortization of net actuarial loss (gain) and settlements 101 25 131 16 (1) — Amortization of prior service credit — (1) — (1) (2) (2) Total recognized in other comprehensive income (loss) $ 312 116 (39) (90) 10 11
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 2,770 410 3,076 447 Fair value of plan assets 2,547 248 2,738 242
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2021 2020 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 3,033 428 3,405 1,480 Fair value of plan assets 2,547 248 2,738 1,212
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 146 36 138 28 127 23 5 5 5 Interest cost 81 19 91 22 109 26 5 7 9 Expected return on plan assets (160) (59) (159) (50) (143) (44) — — — Amortization of prior service credit — (1) — (1) — (1) (2) (2) (2) Amortization of net actuarial loss (gain) 46 25 70 16 53 6 (1) — (1) Settlements 55 — 61 — 8 — — — — Total net periodic benefit cost* $ 168 20 201 15 154 10 7 10 11 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations.
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2021 2020 2021 2020 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 2.95 % 1.60 2.50 1.27 2.90 2.30 Rate of compensation increase 4.30 3.05 4.00 3.01 — — Interest crediting rate on cash balance plan 2.05 — 2.05 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 2.70 % 1.27 3.00 1.81 2.30 3.05 Expected return on plan assets 6.50 4.86 6.50 4.86 — — Rate of compensation increase 4.27 3.01 4.00 3.34 — — Interest crediting rate on cash balance plan 2.05 — 2.22 — — —
Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2021 Equity securities $ 385 — — 385 — — — — Government debt securities 427 — — 427 — — — — Corporate debt securities — 131 — 131 — — — — Cash and cash equivalents 20 — — 20 6 — — 6 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 832 131 — 963 6 — 13 19 Common/collective trusts measured at NAV 1,266 1,158 Real estate and infrastructure investments measured at NAV 318 103 Total $ 832 131 — 2,547 6 — 13 1,280 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2020 Equity securities $ 446 — — 446 — — — — Government debt securities 424 — — 424 — — — — Corporate debt securities — 138 — 138 — — — — Cash and cash equivalents 31 — — 31 3 — — 3 Insurance contracts — — — — — — 15 15 Total assets in the fair value hierarchy 901 138 — 1,039 3 — 15 18 Common/collective trusts measured at NAV 1,426 1,103 Real estate and infrastructure investments measured at NAV 273 91 Total $ 901 138 — 2,738 3 — 15 1,212
Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2022 $ 310 25 16 2023 293 28 16 2024 279 30 17 2025 265 32 17 2026 268 34 17 2027-2031 1,195 197 79

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2021 2020 2019 Share-based compensation expense $ 144 127 169 Income tax benefit (33) (35) (53)
Stock Option Activity	The following table summarizes our stock option activity from January 1, 2021, to December 31, 2021: Millions of Dollars Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 5,433,988 $ 78.49 Granted 1,475,100 75.23 $ 12.06 Forfeited (31,670) 81.61 Exercised (613,212) 42.26 $ 24 Outstanding at December 31, 2021 6,264,206 $ 81.25 Vested at December 31, 2021 4,194,413 $ 80.46 $ 7 Exercisable at December 31, 2021 3,896,406 $ 81.19 $ 7
Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2021 2020 2019 Risk-free interest rate 0.93 % 1.58 2.68 Dividend yield 5.30 % 3.20 3.70 Volatility factor 32.11 % 25.23 25.61 Expected life (years) 6.76 6.96 7.06
Summary of Stock Unit Activity	The following table summarizes our RSU activity from January 1, 2021, to December 31, 2021: Millions of Dollars Stock Units Weighted-Average Total Fair Value Outstanding at January 1, 2021 2,786,219 $ 89.95 Granted 1,466,802 75.91 Forfeited (123,567) 79.89 Issued (818,864) 93.61 $ 61 Outstanding at December 31, 2021 3,310,590 $ 83.20 Not Vested at December 31, 2021 2,281,039 $ 82.48
Summary of Performance Share Program Activity	The following table summarizes our PSU activity from January 1, 2021, to December 31, 2021: Millions of Dollars Performance Weighted-Average Total Fair Value Outstanding at January 1, 2021 957,790 $ 37.28 Granted 398,935 68.18 Forfeited — — Issued (146,004) 33.82 $ 12 Cash settled (398,935) 68.18 27 Outstanding at December 31, 2021 811,786 $ 37.90 Not Vested at December 31, 2021 1,596 $ 32.41

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Components of income tax expense (benefit) were: Millions of Dollars 2021 2020 2019 Income Tax Expense (Benefit) Federal Current $ 363 (1,324) 354 Deferred (85) 171 177 Foreign Current 50 9 204 Deferred (39) 67 (50) State and local Current 5 (61) 61 Deferred (148) (112) 55 $ 146 (1,250) 801
Schedule of Deferred Tax Assets and Liabilities	Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2021 2020 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,135 3,487 Investment in joint ventures 2,065 1,859 Investment in subsidiaries 969 940 Inventory — 77 Other 267 310 Total deferred tax liabilities 6,436 6,673 Deferred Tax Assets Benefit plan accruals 431 499 Loss and credit carryforwards 173 148 Asset retirement obligations and accrued environmental costs 120 114 Other financial accruals and deferrals 82 73 Other 262 289 Total deferred tax assets 1,068 1,123 Less: valuation allowance 74 40 Net deferred tax assets 994 1,083 Net deferred tax liabilities $ 5,442 5,590
Schedule of Unrecognized Tax Benefits Roll Forward	The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2021 2020 2019 Balance at January 1 $ 56 40 23 Additions for tax positions of current year — — 2 Additions for tax positions of prior years — 44 29 Reductions for tax positions of prior years (2) (28) (14) Settlements — — — Balance at December 31 $ 54 56 40
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of 2021 2020 2019 2021 2020 2019 Income (loss) before income taxes United States $ 1,737 (5,292) 3,267 99.8 % 106.6 78.2 Foreign 3 328 911 0.2 (6.6) 21.8 $ 1,740 (4,964) 4,178 100.0 % 100.0 100.0 Federal statutory income tax $ 365 (1,043) 877 21.0 % 21.0 21.0 State income tax, net of federal income tax benefit (65) (139) 93 (3.7) 2.8 2.2 Net operating loss carryback — (398) — — 8.0 — Goodwill impairment — 387 — — (7.8) — Noncontrolling interests (57) (54) (61) (3.3) 1.1 (1.5) Non-taxable equity earnings (53) (18) (32) (3.0) 0.4 (0.7) Tax law changes (26) — (43) (1.5) — (1.0) Other* (18) 15 (33) (1.1) (0.3) (0.8) $ 146 (1,250) 801 8.4 % 25.2 19.2 * Other includes individually immaterial items but is primarily attributable to foreign operations and change in valuation allowance.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Foreign Hedging Accumulated December 31, 2018 $ (472) (228) 8 (692) Other comprehensive income (loss) before reclassifications (140) 95 (5) (50) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 49 — — 49 Foreign currency translation — — — — Hedging — — (6) (6) Net current period other comprehensive income (loss) (91) 95 (11) (7) Income taxes reclassified to retained earnings** (93) 2 2 (89) December 31, 2019 (656) (131) (1) (788) Other comprehensive income (loss) before reclassifications (262) 151 1 (110) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 109 — — 109 Foreign currency translation — — — — Hedging — — (5) (5) Net current period other comprehensive income (loss) (153) 151 (4) (6) Other — 5 — 5 December 31, 2020 (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 318 (70) 2 250 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 93 — — 93 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 411 (70) 3 344 December 31, 2021 $ (398) (45) (2) (445) * Included in the computation of net periodic benefit cost. See Note 19—Pension and Postretirement Plans, for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Information	Supplemental Cash Flow Information Millions of Dollars 2021 2020 2019 Cash Payments (Receipts) Interest $ 549 478 426 Income taxes* (1,065) 103 955 * 2021 reflects a net cash refund position. Cash payments for income taxes were $110 million in 2021.

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Other Financial Information	Millions of Dollars 2021 2020 2019 Interest and Debt Expense Incurred Debt $ 567 550 504 Other 41 24 31 608 574 535 Capitalized (27) (75) (77) Expensed $ 581 499 458 Other Income Interest income $ 11 14 43 Unrealized investment gain—NOVONIX 365 — — Other, net* 78 52 76 $ 454 66 119 * Includes derivatives-related activities. See Note 15—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 47 48 54 Advertising Expenses $ 52 51 63 Foreign Currency Transaction (Gains) Losses Midstream $ (5) — — Chemicals — — — Refining 4 4 — Marketing and Specialties — — — Corporate and Other 2 8 5 $ 1 12 5

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars 2021 2020 2019 Operating revenues and other income (a) $ 3,759 1,932 2,977 Purchases (b) 14,645 6,536 11,726 Operating expenses and selling, general and administrative expenses (c) 284 247 96 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes (Excel), 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 an 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, NGL and solvents from WRB. 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)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Analysis of Results by Operating Segment	Millions of Dollars 2021 2020 2019 Sales and Other Operating Revenues* Midstream Total sales $ 11,937 6,047 7,103 Intersegment eliminations (3,124) (1,873) (2,122) Total Midstream 8,813 4,174 4,981 Chemicals 3 3 3 Refining Total sales 74,871 42,206 76,792 Intersegment eliminations (46,176) (24,176) (45,871) Total Refining 28,695 18,030 30,921 Marketing and Specialties Total sales 75,933 43,164 73,616 Intersegment eliminations (2,000) (1,272) (2,256) Total Marketing and Specialties 73,933 41,892 71,360 Corporate and Other 32 30 28 Consolidated sales and other operating revenues $ 111,476 64,129 107,293 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings (Losses) of Affiliates Midstream $ 877 761 754 Chemicals 1,832 625 870 Refining (184) (376) 318 Marketing and Specialties 379 181 185 Corporate and Other — — — Consolidated equity in earnings of affiliates $ 2,904 1,191 2,127 Depreciation, Amortization and Impairments* Midstream $ 652 1,795 1,162 Chemicals — — — Refining 2,254 3,642 857 Marketing and Specialties 114 103 103 Corporate and Other 83 107 80 Consolidated depreciation, amortization and impairments $ 3,103 5,647 2,202 * See Note 9—Impairments, for further details on impairments by segment. Millions of Dollars 2021 2020 2019 Interest Income and Expense Interest income Corporate and Other $ 11 14 43 Interest and debt expense Corporate and Other $ 581 499 458 Income (Loss) Before Income Taxes Midstream $ 1,610 (9) 684 Chemicals 1,844 635 879 Refining (2,549) (6,155) 1,986 Marketing and Specialties 1,809 1,446 1,433 Corporate and Other (974) (881) (804) Consolidated income (loss) before income taxes $ 1,740 (4,964) 4,178 Investments In and Advances To Affiliates Midstream $ 3,978 4,255 5,131 Chemicals 6,369 6,126 6,229 Refining 2,340 2,202 2,290 Marketing and Specialties 750 744 650 Corporate and Other 2 — — Consolidated investments in and advances to affiliates $ 13,439 13,327 14,300 Total Assets Midstream $ 15,932 15,596 15,716 Chemicals 6,453 6,183 6,249 Refining 19,952 20,404 25,150 Marketing and Specialties 8,505 7,180 8,659 Corporate and Other 4,752 5,358 2,946 Consolidated total assets $ 55,594 54,721 58,720 Millions of Dollars 2021 2020 2019 Capital Expenditures and Investments Midstream $ 738 1,747 2,292 Chemicals — — — Refining 779 816 1,001 Marketing and Specialties 202 173 374 Corporate and Other 141 184 206 Consolidated capital expenditures and investments $ 1,860 2,920 3,873
Reconciliation of Assets from Segment to Consolidated	Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2021 2020 2019 United States $ 34,882 35,273 36,407 United Kingdom 1,323 1,313 1,256 Germany 605 653 601 Other foreign countries 96 101 93 Worldwide consolidated $ 36,906 37,340 38,357

Phillips 66 Partners LP (Tables

Phillips 66 Partners LP (Tables)	12 Months Ended
	Dec. 31, 2021
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Schedule of Variable Interest Entities	The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars December 31 December 31 Equity investments* $ 2,929 3,244 Net properties, plants and equipment 3,727 3,639 Short-term debt 450 465 Long-term debt 3,447 3,444 * Included in “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021reporting_unit
Summary of Significant Accounting Policies [Line Items]
Number of reporting units for purposes of testing goodwill for impairment	2
Payment term	30 days
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Summary of Significant Accounting Policies [Line Items]
Minimum time required for an award not to be subject to forfeiture	6 months
Eligible retirement age	55
Years of service	5 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Length of construction period for interest capitalization	1 year

Changes in Accounting Princip_2

Changes in Accounting Principles (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI to retained earnings, tax benefit	$ 89		$ (5)
Equity		$ 21,637	21,523	$ 27,169	$ 27,153
Income tax expense		146	(1,250)	801
Operating lease, right-of-use asset		1,050	1,211
Operating lease liability		1,068	1,222
Accounting Standards Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from AOCI to retained earnings, tax benefit	89
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	1,415
Operating lease liability	1,415
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity		$ 16,216	$ 16,500	$ 22,064	20,489
Cumulative effect of accounting changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity					(9)
Cumulative effect of accounting changes | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity					$ 81
Cumulative effect of accounting changes | Retained Earnings | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity	9
Income tax expense	$ 3

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	$ 111,476	$ 64,129	$ 107,293
United States
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	87,973	48,711	83,512
United Kingdom
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	11,132	7,031	9,863
Germany
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	4,290	3,034	4,053
Other foreign countries
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	8,081	5,353	9,865
Refined petroleum products
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	89,020	49,768	87,902
Crude oil resales
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	12,801	9,114	14,125
NGL
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	9,074	4,084	4,814
Services and other
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	$ 581	$ 1,163	$ 452

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 6,140	$ 3,911
Contract with customer	$ 466	$ 404
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term	15 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 7,470	$ 6,522
Allowance for accounts and notes receivable	$ 44	$ 37
Accounts and notes receivable, percent outstanding less than 60 days	95.00%

Inventories - Summary of Invent

Inventories - Summary of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 3,024	$ 3,536
Materials and supplies	370	357
Inventories	$ 3,394	$ 3,893

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 2,792	$ 3,368
Estimated excess of current replacement cost over LIFO cost of inventories	5,700	$ 2,700
Increase (decrease) on net income (loss) from LIFO inventory liquidations	$ (101)

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables - Summary of Components of Investments, Loans, and Long-Term Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Equity investments	$ 12,832	$ 13,037
Other investments	680	145
Loans and long-term receivables	959	442
Total	$ 14,471	$ 13,624

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - Chevron Phillips Chemical Company LLC (CPChem) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Equity investments	$ 6,369	$ 6,126

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables - WRB Refining LP (WRB) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%	50.00%
Amortization period	26 years
Equity investments, basis difference	$ 2,062
Equity investment, amortization of basis difference	186	$ 180	$ 182
Equity investments	1,652	1,819
Outstanding related party loan balance	$ 595	$ 277

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables - Gray Oak Pipeline, LLC (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Gray Oak Holdings LLC | Third Party
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	35.00%		35.00%
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 2,929	3,244
Gray Oak Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Effective ownership percent	42.25%
Equity investments	$ 812	$ 860
Gray Oak Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Gray Oak Holdings LLC | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	65.00%

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables - DCP Sand Hills Pipeline, LLC (Sand Hills) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 2,929	3,244
DCP Sand Hills Pipeline, LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	33.00%
Equity investments	$ 577	$ 582

Investments, Loans and Long-T_8

Investments, Loans and Long-Term Receivables - Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) (Details)	12 Months Ended
	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)joint_venturepipeline	Dec. 31, 2020USD ($)	Nov. 18, 2020USD ($)	Jun. 10, 2020USD ($)	Apr. 09, 2020USD ($)	Mar. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 12,832,000,000	$ 13,037,000,000
Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed				$ 1,750,000,000	$ 1,000,000,000	$ 1,000,000,000
Dakota Access, LLC | Forecast
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually	$ 25,000,000
Dakota Access, LLC | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed							$ 2,500,000,000
Dakota Access, LLC | Senior Notes | 3.625% Senior Notes Due March 31 2022
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed							$ 650,000,000
Debt interest rate							3.625%
Dakota Access, LLC | Senior Notes | 3.900% Senior Notes Due March 31 2024
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed							$ 1,000,000,000
Debt interest rate							3.90%
Dakota Access, LLC | Senior Notes | 4.625% Senior Notes Due March 31 2029
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed							$ 850,000,000
Debt interest rate							4.625%
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 2,929,000,000	3,244,000,000
Dakota Access and ETCO | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture		2
Percentage of ownership interest		25.00%
Number of pipelines | pipeline		2
Maximum exposure, undiscounted		$ 631,000,000
Equity investments		$ 574,000,000	$ 577,000,000

Investments, Loans and Long-T_9

Investments, Loans and Long-Term Receivables - Rockies Express Pipeline LLC (REX) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Rockies Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25.00%
Amortization period	25 years
Equity investments, basis difference	$ 300
Equity investment, amortization of basis difference	19	19	$ 19
Equity investments	$ 510	$ 547

Investments, Loans and Long-_10

Investments, Loans and Long-Term Receivables - DCP Midstream, LLC (DCP Midstream) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
DCP Midstream
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Amortization period	22 years
Equity investments, basis difference	$ 1,646
Equity investment, amortization of basis difference	82	71	$ 10
Equity investments	$ 391	$ 297

Investments, Loans and Long-_11

Investments, Loans and Long-Term Receivables - Bayou Bridge Pipeline, LLC (Bayou Bridge) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 2,929	3,244
Bayou Bridge Pipeline LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	40.00%
Equity investments	$ 277	$ 288

Investments, Loans and Long-_12

Investments, Loans and Long-Term Receivables - CF United LLC (CF United) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
CF United LLC
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50.00%
Economic interest rate	48.00%
Equity investments	$ 277	$ 332

Investments, Loans and Long-_13

Investments, Loans and Long-Term Receivables - DCP Southern Hills Pipeline, LLC (Southern Hills) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 2,929	3,244
DCP Southern Hills Pipeline, LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	33.00%
Equity investments	$ 217	$ 217

Investments, Loans and Long-_14

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (OnCue) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 12,832	$ 13,037
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Maximum loss exposure	$ 183
Equity investments	114	$ 96
Maximum exposure of loss/potential amount of future payments	$ 69

Investments, Loans and Long-_15

Investments, Loans and Long-Term Receivables - Liberty Pipeline LLC (Liberty) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Impairment charges		$ 1,498	$ 4,252	$ 861
Equity investments		12,832	13,037
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments		$ 2,929	3,244
Liberty Pipeline, LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Impairment charges	$ 198
Equity investments	$ 46		$ 241

Investments, Loans and Long-_16

Investments, Loans and Long-Term Receivables - Other Investments (Details) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Unrealized investment gain			$ 365	$ 0	$ 0
NOVONIX Limited
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares)		78
Percent ownership of equity securities investment	16.00%	16.00%
Payments to acquire equity securities		$ 150
Equity securities	$ 520		520
Unrealized investment gain			$ 370

Investments, Loans and Long-_17

Investments, Loans and Long-Term Receivables - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Total distributions received from affiliates	$ 3,043	$ 1,717	$ 2,055
Retained earnings related to undistributed earnings of affiliated companies	$ 2,500

Investments, Loans and Long-_18

Investments, Loans and Long-Term Receivables - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Income (loss) before income taxes	$ 1,740	$ (4,964)	$ 4,178
Net income	1,594	(3,714)	3,377
Current assets	14,697	13,276
Current liabilities	12,801	9,518
Noncontrolling interests	2,471	2,539
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues	49,339	30,531	38,156
Income (loss) before income taxes	6,346	2,104	4,976
Net income	6,125	1,990	4,787
Current assets	7,866	6,210	6,654
Noncurrent assets	56,040	55,806	56,163
Current liabilities	7,952	5,391	6,094
Noncurrent liabilities	16,906	16,887	15,740
Noncontrolling interests	$ 3,003	$ 2,997	$ 2,145

Properties, Plants and Equipm_3

Properties, Plants and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 155	$ 1,605	$ 1,395	$ 1,341
Refining
Property, Plant and Equipment [Line Items]
Depreciation and amortization	85
Midstream
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 70
Refining and Processing Facilities
Property, Plant and Equipment [Line Items]
Useful life		25 years
Pipeline Assets
Property, Plant and Equipment [Line Items]
Useful life		45 years
Terminal Assets
Property, Plant and Equipment [Line Items]
Useful life		33 years

Properties, Plants and Equipm_4

Properties, Plants and Equipment - Schedule of Property Plant And Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 39,797	$ 40,223
Accum. D&A	17,362	16,507
Net PP&E	22,435	23,716
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,576	1,448
Accum. D&A	746	666
Net PP&E	830	782
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	12,524	12,313
Accum. D&A	3,064	2,815
Net PP&E	9,460	9,498
Chemicals | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	0	0
Accum. D&A	0	0
Net PP&E	0	0
Refining | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	23,878	24,647
Accum. D&A	12,517	12,019
Net PP&E	11,361	12,628
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	1,819	1,815
Accum. D&A	1,035	1,007
Net PP&E	$ 784	$ 808

Goodwill and Intangibles - Carr

Goodwill and Intangibles - Carrying Amount of Goodwill by Segment (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance		$ 3,270,000,000	$ 1,425,000,000	$ 3,270,000,000
Adjustments				0
Impairments				(1,845,000,000)
Goodwill assigned to acquisitions			59,000,000
Ending balance	$ 1,484,000,000		1,484,000,000	1,425,000,000
Midstream
Goodwill [Roll Forward]
Beginning balance		626,000,000	626,000,000	626,000,000
Adjustments				0
Impairments				0
Goodwill assigned to acquisitions			0
Ending balance	626,000,000		626,000,000	626,000,000
Refining
Goodwill [Roll Forward]
Beginning balance		1,805,000,000	0	1,805,000,000
Adjustments				40,000,000
Impairments		(1,845,000,000)		(1,845,000,000)
Goodwill assigned to acquisitions			0
Ending balance	0	0	0	0
Marketing and Specialties
Goodwill [Roll Forward]
Beginning balance		$ 839,000,000	799,000,000	839,000,000
Adjustments				(40,000,000)
Impairments				0
Goodwill assigned to acquisitions	59,000,000		59,000,000
Ending balance	$ 858,000,000		$ 858,000,000	$ 799,000,000

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill assigned to acquisitions		$ 59
Net amortized intangible asset balance	$ 98	98	$ 118
Amortization of intangible assets		26	$ 27	$ 17
Estimated future amortization expense (less than)	20	20
Marketing and Specialties
Goodwill [Line Items]
Goodwill assigned to acquisitions	$ 59	$ 59

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 715	$ 725
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	503	503
Refinery air and operating permits
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 212	$ 222

Impairments - Schedule of Impai

Impairments - Schedule of Impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	$ 1,498	$ 4,252	$ 861
Corporate and Other
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	0	25	0
Midstream | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	209	1,464	858
Refining | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	1,288	2,763	3
Marketing and Specialties | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	$ 1	$ 0	$ 0

Impairments - Narrative (Detail

Impairments - Narrative (Details) $ in Millions	3 Months Ended						12 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)joint_venture	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges							$ 1,498	$ 4,252	$ 861
Goodwill impairment								1,845
Refining
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill impairment					$ 1,845			1,845
Midstream
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill impairment								$ 0
Alliance Refinery
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 1,298
Fair value of PP&E	200
Alliance Refinery | Refining
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	1,288
Alliance Refinery | Midstream
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 10
San Francisco Refinery Asset Group
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges				$ 1,030
Fair value of PP&E				940
PP&E impairment				1,009
San Francisco Refinery Asset Group | Refining
Impaired Long-Lived Assets Held and Used [Line Items]
Intangible assets impairment, excluding goodwill				21
San Francisco Refinery Asset Group | Midstream
Impaired Long-Lived Assets Held and Used [Line Items]
PP&E impairment				120
Liberty Pipeline, LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges		$ 198
Red Oak Pipeline, LLC
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment impairment				$ 84
Phillips 66 Partners Terminal And STACK Pipeline | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment impairment			$ 96
Number of joint ventures impaired | joint_venture			2
DCP Midstream
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment impairment					$ 1,161	$ 853
DCP Midstream | DCP Partners
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment, decline in market value, percent					85.00%

Asset Retirement Obligations _3

Asset Retirement Obligations and Accrued Environmental Costs - Summary of Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Asset retirement obligations	$ 395	$ 309	$ 280
Accrued environmental costs	436	427
Total asset retirement obligations and accrued environmental costs	831	736
Asset retirement obligations and accrued environmental costs due within one year*	(104)	(79)
Long-term asset retirement obligations and accrued environmental costs	$ 727	$ 657

Asset Retirement Obligations _4

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Change in Overall Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1	$ 309	$ 280
Accretion of discount	14	15
New obligations	22	10
Changes in estimates of existing obligations	66	14
Spending on existing obligations	(12)	(11)
Foreign currency translation	(4)	1
Balance at December 31	$ 395	$ 309

Asset Retirement Obligations _5

Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Site Contingency [Line Items]
Asset retirement balance increase for the period	$ 86
Accrued environmental costs	436	$ 427
Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs	239
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2022	24
Expected future undiscounted payments, due in 2023	26
Expected future undiscounted payments, due in 2024	20
Expected future undiscounted payments, due in 2025	17
Expected future undiscounted payments, due in 2026	13
Expected future undiscounted payments, due for all future years after 2026	$ 206
Weighted Average | Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs, discount rate, percent	5.00%
Domestic Refineries and Underground Sites
Site Contingency [Line Items]
Accrued environmental costs	$ 260
Nonoperator sites
Site Contingency [Line Items]
Accrued environmental costs	123
Other sites
Site Contingency [Line Items]
Accrued environmental costs	$ 53

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic
Net income (loss) attributable to Phillips 66	$ 1,317	$ (3,975)	$ 3,076
Income allocated to participating securities	(9)	(8)	(6)
Net income (loss) available to common stockholders	$ 1,306	$ (3,983)	$ 3,070
Weighted-average common shares outstanding (in shares)	437,886	437,327	448,787
Effect of share-based compensation (in shares)	2,142	2,203	2,577
Weighted-average commons shares outstanding (in shares)	440,028	439,530	451,364
Earnings (Loss) Per Share of Common Stock (in dollars per share)	$ 2.97	$ (9.06)	$ 6.80
Diluted
Net income (loss) attributable to Phillips 66	$ 1,317	$ (3,975)	$ 3,076
Income allocated to participating securities	(9)	(8)	(2)
Net income (loss) available to common stockholders	$ 1,306	$ (3,983)	$ 3,074
Weighted-average commons shares outstanding (in shares)	440,028	439,530	451,364
Effect of share-based compensation (in shares)	336	0	2,524
Weighted-average common shares outstanding—EPS (in shares)	440,364	439,530	453,888
Earnings (Loss) Per Share of Common Stock (in dollars per share)	$ 2.97	$ (9.06)	$ 6.77
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Basic
Premium paid for the repurchase of noncontrolling interests	$ (2)	$ 0	$ 0
Diluted
Premium paid for the repurchase of noncontrolling interests	$ (2)	$ 0	$ 0

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 16, 2021	Nov. 15, 2021	Dec. 31, 2020	Nov. 18, 2020	Jun. 10, 2020	Apr. 09, 2020
Summary of long term debt
Debt at face value	$ 14,251			$ 15,716
Finance leases	290			264
Net unamortized discounts and debt issuance costs	(109)			(106)
Total debt	14,448			15,893
Short-term debt	(1,489)			(987)
Long-term debt	12,959			$ 14,906
Variable Interest Entity, Primary Beneficiary | Revolving Credit Facility due January 2021 at weighted-average rate of 1.397% at year-end 2020 | Phillips 66 Partners LP
Summary of long term debt
Weighted-average interest rate				1.397%
Short-term debt	0			$ (415)
Other
Summary of long term debt
Debt	1			$ 1
Tax-Exempt Bonds due April 2021 at weighted-average rate of 0.360% at year-end 2020 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Long-term debt, percentage				0.36%
Software obligations
Summary of long term debt
Finance leases	$ 16			$ 19
Senior Notes | 4.300% Senior Notes due April 2022
Summary of long term debt
Debt interest rate	4.30%
Short-term debt	$ (1,000)			(2,000)
Senior Notes | 3.700% Senior Notes due April 2023
Summary of long term debt
Debt interest rate	3.70%
Debt	$ 500			500
Senior Notes | 0.900% Senior Notes due February 2024
Summary of long term debt
Debt interest rate	0.90%				0.90%
Debt	$ 800			800
Senior Notes | 3.850% Senior Notes due April 2025
Summary of long term debt
Debt interest rate	3.85%					3.85%	3.85%
Debt	$ 650			650
Senior Notes | 1.300% Senior Notes due February 2026
Summary of long term debt
Debt interest rate	1.30%				1.30%
Debt	$ 500			500
Senior Notes | 3.900% Senior Notes due March 2028
Summary of long term debt
Debt interest rate	3.90%
Debt	$ 800			800
Senior Notes | 2.150% Senior Notes due December 2030
Summary of long term debt
Debt interest rate	2.15%					2.15%
Debt	$ 850			850
Senior Notes | 4.650% Senior Notes due November 2034
Summary of long term debt
Debt interest rate	4.65%
Debt	$ 1,000			1,000
Senior Notes | 5.875% Senior Notes due May 2042
Summary of long term debt
Debt interest rate	5.875%
Debt	$ 1,500			1,500
Senior Notes | 4.875% Senior Notes due November 2044
Summary of long term debt
Debt interest rate	4.875%
Debt	$ 1,700			1,700
Senior Notes | 3.300% Senior Notes due March 2052
Summary of long term debt
Debt interest rate	3.30%		3.30%
Debt	$ 1,000			$ 0
Senior Notes | Floating Rate Senior Notes due February 2021 at 0.833% at year-end 2020
Summary of long term debt
Long-term debt, percentage				0.833%
Short-term debt	$ 0			$ (500)
Senior Notes | 2.450% Senior Notes due December 2024 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	2.45%
Debt	$ 300			300
Senior Notes | 3.605% Senior Notes due February 2025 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	3.605%
Debt	$ 500			500
Senior Notes | 3.550% Senior Notes due October 2026 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	3.55%
Debt	$ 500			500
Senior Notes | 3.750% Senior Notes due March 2028 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	3.75%
Debt	$ 500			500
Senior Notes | 3.150% Senior Notes due December 2029 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	3.15%
Debt	$ 600			600
Senior Notes | 4.680% Senior Notes due February 2045 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	4.68%
Debt	$ 450			450
Senior Notes | 4.900% Senior Notes due October 2046 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Debt interest rate	4.90%
Debt	$ 625			$ 625
Senior Notes | Floating Rate Senior Notes Due February 2024
Summary of long term debt
Long-term debt, percentage				0.84%
Debt	0			$ 450
Loans Payable | 4.300% Senior Notes due April 2022
Summary of long term debt
Debt interest rate		4.30%
Loans Payable | Term Loan due November 2023 at 1.397% at year-end 2020
Summary of long term debt
Long-term debt, percentage				1.397%
Debt	$ 0			$ 500
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 0.699% and 0.755% at year-end 2021 and 2020, respectively—related party | Equity Method Investee | WRB Refining LP
Summary of long term debt
Long-term debt, percentage	0.699%			0.755%
Debt	$ 25			$ 25
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Short-term debt, percentage	0.978%
Short term debt	$ 450			0
Tax-Exempt Bonds | Tax-Exempt Bonds due April 2021 at weighted-average rate of 0.360% at year-end 2020 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Summary of long term debt
Short-term debt	$ 0			$ (50)

Debt - Narrative (Details)

Debt - Narrative (Details)

Dec. 16, 2021USD ($)

Nov. 15, 2021USD ($)

Nov. 19, 2020USD ($)

Nov. 18, 2020USD ($)

Jun. 10, 2020USD ($)

Apr. 09, 2020USD ($)

Mar. 19, 2020USD ($)

Dec. 31, 2021USD ($)option

Sep. 30, 2021USD ($)

Apr. 30, 2021USD ($)

Feb. 28, 2021USD ($)

Nov. 30, 2020USD ($)

Apr. 30, 2020USD ($)

Dec. 31, 2021USD ($)option

Dec. 31, 2020USD ($)

Long-term Debt, Fiscal Year Maturity [Abstract]

Long-term borrowing maturities, 2022

$ 1,489,000,000

$ 1,489,000,000

Long-term borrowing maturities, 2023

524,000,000

524,000,000

Long-term borrowing maturities, 2024

1,121,000,000

1,121,000,000

Long-term borrowing maturities, 2025

1,179,000,000

1,179,000,000

Long-term borrowing maturities, 2026

1,013,000,000

1,013,000,000

Commercial Paper

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

5,000,000,000

5,000,000,000

Amount outstanding under facility

0

$ 0

$ 0

Commercial Paper | Maximum

Long-term Debt, Fiscal Year Maturity [Abstract]

Number of days maturities are generally limited to

365 days

Revolving Credit Facility

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

5,000,000,000

$ 5,000,000,000

Amount outstanding under facility

0

0

0

Line of credit facility, optional overall capacity

$ 6,000,000,000

$ 6,000,000,000

Line of credit facility, number of options to extend | option

2

2

Line of credit facility, extension term

1 year

Debt to capitalization ratio

65.00%

Revolving Credit Facility | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

$ 750,000,000

$ 750,000,000

Amount outstanding under facility

0

0

415,000,000

Line of credit facility, optional overall capacity

$ 1,000,000,000

$ 1,000,000,000

Line of credit facility, number of options to extend | option

2

2

Line of credit facility, extension term

1 year

Performance obligations secured by letters of credit and bank guarantees

$ 1,000,000

$ 1,000,000

1,000,000

Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 1,750,000,000

$ 1,000,000,000

$ 1,000,000,000

Proceeds from senior notes

$ 982,000,000

1,740,000,000

Line of Credit | Long-term Debt

Long-term Debt, Fiscal Year Maturity [Abstract]

Amount outstanding under facility

$ 500,000,000

Line of Credit | Short-term Debt

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 500,000,000

Maximum borrowing capacity

$ 1,000,000,000

Proceeds from lines of credit

$ 1,000,000,000

Debt Instrument, delayed term

364 days

Line of Credit | Revolving Credit Facility

Long-term Debt, Fiscal Year Maturity [Abstract]

Borrowing capacity

$ 5,700,000,000

5,700,000,000

$ 5,300,000,000

Floating Rate Senior Notes Due February 2024 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 450,000,000

Redemption price, percent of principal

100.00%

Debt issued and guaranteed

$ 450,000,000

Floating Rate Senior Notes Due February 2024 | Senior Notes | London Interbank Offered Rate (LIBOR)

Long-term Debt, Fiscal Year Maturity [Abstract]

Basis spread on variable rate

0.62%

3.300% Senior Notes due March 2052 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 1,000,000,000

Debt interest rate

3.30%

3.30%

3.30%

4.300% Senior Notes due April 2022 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 2,000,000,000

Debt interest rate

4.30%

4.30%

4.300% Senior Notes due April 2022 | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 1,000,000,000

Debt interest rate

4.30%

Tax Exempt Bonds Due 2021 | Tax-Exempt Bonds | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 50,000,000

0.900% Senior Notes due February 2024 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 800,000,000

Debt interest rate

0.90%

0.90%

0.90%

1.300% Senior Notes due February 2026 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 500,000,000

Debt interest rate

1.30%

1.30%

1.30%

Term Loan due November 2023 at 1.397% at year-end 2020 | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 500,000,000

Term Loan due November 2023 at 1.397% at year-end 2020 | Line of Credit | Long-term Debt

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 500,000,000

Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Revolving Credit Facility | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

$ 750,000,000

$ 750,000,000

Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Line of Credit | Short-term Debt | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Maximum borrowing capacity

$ 450,000,000

Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Line of Credit | Eurodollar | Short-term Debt | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Basis spread on variable rate

0.875%

Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Line of Credit | Reference Rate | Short-term Debt | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Basis spread on variable rate

0.875%

Floating Rate Senior Notes due February 2021 at 0.833% at year-end 2020 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 500,000,000

Floating Rate Senior Notes due February 2021 at 0.833% at year-end 2020 | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 500,000,000

3.850% Senior Notes due April 2025 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 650,000,000

$ 650,000,000

Debt interest rate

3.85%

3.85%

3.85%

3.85%

3.850% Senior Notes Due April 9, 2025, Portion Issued June 10, 2020 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 150,000,000

3.850% Senior Notes Due April 9, 2025, Portion Issued April 9, 2020 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 500,000,000

2.150% Senior Notes due December 2030 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 850,000,000

Debt interest rate

2.15%

2.15%

2.15%

3.70% Senior Notes due April 6, 2023 | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt issued and guaranteed

$ 500,000,000

Debt interest rate

3.70%

Senior Unsecured Notes | Senior Notes

Long-term Debt, Fiscal Year Maturity [Abstract]

Proceeds from lines of credit

$ 1,008,000,000

$ 993,000,000

Floating Rate Notes due April 2020 at 2.751% at year-end 2019 | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 300,000,000

Term Loan due April 2020 at 2.699% at year-end 2019 | Loans Payable

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

200,000,000

Tax Exempt Bonds Due 2020 | Tax-Exempt Bonds | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Long-term Debt, Fiscal Year Maturity [Abstract]

Debt repaid

$ 25,000,000

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	$ 436	$ 427
Joint Venture Debt Obligation Guarantees | Other Joint Ventures
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	$ 146
Joint venture debt obligations, period (up to)	4 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 144	145
Indemnifications | Asset Retirement Obligations And Accrued Environmental Cost
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	106	$ 104
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	514
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	$ 221
Lessee operating lease remaining lease term (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2022	$ 325
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2023	325
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2024	325
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2025	325
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2026	325
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2026 and after	1,358
Total payments under long-term throughput and take-or-pay agreements	327	$ 320	$ 321
Performance Guarantee
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 856

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Summary of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Liabilities	$ (779)	$ (669)
Effect of Collateral Netting	0	0
Liabilities
Assets	779	669
Effect of Collateral Netting	49	46
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	49	46
Total
Assets	860	683
Liabilities	(877)	(725)
Net Carrying Value Presented on the Balance Sheet	32	4
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	99	13
Liabilities	(20)	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	79	13
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	3	5
Liabilities	(1)	(4)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	2	1
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	758	665
Liabilities	(855)	(721)
Effect of Collateral Netting	49	46
Net Carrying Value Presented on the Balance Sheet	(48)	(10)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	0	0
Liabilities	(1)	0
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (1)	$ 0

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Summary of Gains/(Losses) From Commodity Derivatives (Details) - Commodity derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (747)	$ 620	$ (278)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	(468)	436	(150)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	34	10	33
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (313)	$ 174	$ (161)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated percentage of derivative contract volume expiring within twelve months	95.00%	95.00%
Payment term of receivables	30 days or less

Derivatives and Financial Ins_6

Derivatives and Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details) - bbl bbl in Millions	Dec. 31, 2021	Dec. 31, 2020
Commodity Derivative Assets | Short
Derivative [Line Items]
Crude oil, refined petroleum products and NGL (in barrels)	(18)	(13)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Total Fair Value of Gross Assets & Liabilities	$ 1,538	$ 826
Effect of Counterparty Netting	(779)	(669)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	759	157
Liabilities
Total Fair Value Gross Liabilities	16,705	18,265
Effect of Counterparty Netting	(779)	(669)
Effect of Collateral Netting	(49)	(46)
Difference in Carrying Value and Fair Value	(1,686)	(1,927)
Net Carrying Value Presented on the Balance Sheet	14,191	15,623
Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	1,097	457
Liabilities
Total Fair Value Gross Liabilities	463	351
Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	441	369
Liabilities
Total Fair Value Gross Liabilities	16,242	17,914
Level 3
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value Gross Liabilities	0	0
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	787	670
Effect of Counterparty Netting	(779)	(669)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	8	1
Liabilities
Total Fair Value of Gross Assets & Liabilities	825	715
Effect of Counterparty Netting	(779)	(669)
Effect of Collateral Netting	(49)	(46)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	(3)	0
Commodity Derivative Assets | OTC instruments
Liabilities
Total Fair Value of Gross Assets & 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 Derivative Assets | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	73	13
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	73	13
Liabilities
Total Fair Value of Gross Assets & Liabilities	51	10
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	51	10
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	419	314
Liabilities
Total Fair Value of Gross Assets & Liabilities	463	351
Commodity Derivative Assets | Level 1 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	0
Commodity Derivative Assets | Level 1 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 2 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	368	356
Liabilities
Total Fair Value of Gross Assets & Liabilities	362	364
Commodity Derivative Assets | Level 2 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	1
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	73	13
Liabilities
Total Fair Value of Gross Assets & Liabilities	51	10
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 3 | OTC instruments
Liabilities
Total Fair Value of Gross Assets & Liabilities	0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Rabbi trust assets
Assets
Rabbi trust assets	158	143
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	158	143
Rabbi trust assets | Level 2
Assets
Rabbi trust assets	0	0
Rabbi trust assets | Level 3
Assets
Rabbi trust assets	0	0
Investment in NOVONIX
Assets
Rabbi trust assets	520
Difference in Carrying Value and Fair Value	0
Investment in NOVONIX | Level 1
Assets
Rabbi trust assets	520
Investment in NOVONIX | Level 2
Assets
Rabbi trust assets	0
Investment in NOVONIX | Level 3
Assets
Rabbi trust assets	0
Interest-rate derivatives | Interest-rate derivatives
Liabilities
Total Fair Value of Gross Assets & Liabilities		3
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		3
Interest-rate derivatives | Level 1 | Interest-rate derivatives
Liabilities
Total Fair Value of Gross Assets & Liabilities		0
Interest-rate derivatives | Level 2 | Interest-rate derivatives
Liabilities
Total Fair Value of Gross Assets & Liabilities		3
Interest-rate derivatives | Level 3 | Interest-rate derivatives
Liabilities
Total Fair Value of Gross Assets & Liabilities		0
Floating-rate debt
Liabilities
Debt	475	1,940
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	475	1,940
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	15,353	15,597
Difference in Carrying Value and Fair Value	(1,686)	(1,927)
Fixed-rate debt, excluding finance leases and software obligations | Level 1
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations | Level 2
Liabilities
Debt	15,353	15,597
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	0	0
Reported Value Measurement | Floating-rate debt
Liabilities
Debt	475	1,940
Reported Value Measurement | Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	$ 13,667	$ 13,670

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended
	Dec. 31, 2020USD ($)joint_venture	Dec. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 1,425,000,000	$ 1,484,000,000		$ 3,270,000,000
Refining
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 0	$ 0	$ 0	$ 1,805,000,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners Terminal And STACK Pipeline
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of joint ventures impaired | joint_venture	2

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 09, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock authorized, shares (in shares)		500,000,000				500,000,000
Par value of preferred stock, per share (in dollars per share)		$ 0.01				$ 0.01
Preferred stock outstanding, shares (in shares)		0				0
Repurchase of common stock, shares (in shares)		0	5,381,021	16,864,475
Cost of shares repurchased			$ 443	$ 1,650
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (in dollars per share)	$ 0.92
July 2012 Repurchase Plan
Class of Stock [Line Items]
Cumulative authorized amount						$ 15,000
Repurchase of common stock, shares (in shares)						159,349,212
Cost of shares repurchased						$ 12,486
Separately Authorized Share Repurchases In 2014 And 2018
Class of Stock [Line Items]
Repurchase of common stock, shares (in shares)					52,422,615
Cost of shares repurchased					$ 4,630

Leases - Balance Sheet (Details

Leases - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Net properties, plants and equipment	Net properties, plants and equipment
Finance leases, Total right-of-use assets	$ 259	$ 264
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Debt, Current	Debt, Current
Short-term debt	$ 33	$ 16
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Long-term debt	$ 257	$ 248
Finance leases, Total lease liabilities	$ 290	$ 264
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating leases, Total right-of-use assets	$ 1,050	$ 1,211
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other accruals	$ 343	$ 369
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Deferred Credits and Other Liabilities, Noncurrent	Deferred Credits and Other Liabilities, Noncurrent
Other liabilities and deferred credits	$ 725	$ 853
Operating leases, Total lease liabilities	$ 1,068	$ 1,222

Leases - Summary of Leases (Det

Leases - Summary of Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finance Leases
2022	$ 42
2023	28
2024	29
2025	29
2026	26
Remaining years	207
Future minimum lease payments	361
Amount representing interest or discounts	(71)
Total lease liabilities	290	$ 264
Operating Leases
2022	367
2023	234
2024	158
2025	113
2026	85
Remaining years	231
Future minimum lease payments	1,188
Amount representing interest or discounts	(120)
Total lease liabilities	$ 1,068	$ 1,222

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Amortization of right-of-use assets	$ 23	$ 21	$ 20
Interest on lease liabilities	9	10	6
Total finance lease cost	32	31	26
Operating lease cost	461	527	531
Short-term lease cost	104	108	118
Variable lease cost	3	39	12
Sublease income	(15)	(22)	(16)
Total net lease cost	$ 585	$ 683	$ 671

Leases - Cash Paid for Leases (

Leases - Cash Paid for Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash outflows—finance leases	$ 9	$ 10	$ 6
Operating cash outflows—operating leases	438	521	553
Financing cash outflows—finance leases	$ 21	$ 17	$ 21

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use asset obtained in exchange for operating lease liability	$ 260	$ 363	$ 342

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	13 years	15 years 1 month 6 days
Weighted-average remaining lease term—operating leases (years)	5 years 8 months 12 days	5 years 8 months 12 days
Weighted-average discount rate—finance leases	3.30%	3.60%
Weighted-average discount rate—operating leases	3.20%	3.60%

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Reconciliation of Projected Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits | United States
Change in Benefit Obligations
Benefit obligations at January 1	$ 3,405	$ 3,148
Service cost	146	138	$ 127
Interest cost	81	91	109
Plan participant contributions	0	0
Net actuarial loss (gain)	(82)	353
Benefits paid	(517)	(325)
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	3,033	3,405	3,148
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	2,738	2,702
Actual return on plan assets	289	342
Company contributions	37	19
Plan participant contributions	0	0
Benefits paid	(517)	(325)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	2,547	2,738	2,702
Funded Status at December 31	(486)	(667)
Pension Benefits | Int’l.
Change in Benefit Obligations
Benefit obligations at January 1	1,480	1,228
Service cost	36	28	23
Interest cost	19	22	26
Plan participant contributions	2	2
Net actuarial loss (gain)	(37)	168
Benefits paid	(44)	(34)
Foreign currency exchange rate change	(47)	66
Benefit obligations at December 31	1,409	1,480	1,228
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	1,212	1,046
Actual return on plan assets	114	118
Company contributions	27	26
Plan participant contributions	2	2
Benefits paid	(44)	(34)
Foreign currency exchange rate change	(31)	54
Fair value of plan assets at December 31	1,280	1,212	1,046
Funded Status at December 31	(129)	(268)
Other Benefits
Change in Benefit Obligations
Benefit obligations at January 1	213	226
Service cost	5	5	5
Interest cost	5	7	9
Plan participant contributions	6	6
Net actuarial loss (gain)	(13)	(13)
Benefits paid	(19)	(18)
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	197	213	226
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Company contributions	13	12
Plan participant contributions	6	6
Benefits paid	(19)	(18)
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	0	0	$ 0
Funded Status at December 31	$ (197)	$ (213)

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (1,055)	$ (1,341)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(25)	(25)
Noncurrent liabilities	(461)	(642)
Total recognized	(486)	(667)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	51	0
Current liabilities	0	0
Noncurrent liabilities	(180)	(268)
Total recognized	(129)	(268)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(15)	(15)
Noncurrent liabilities	(182)	(198)
Total recognized	$ (197)	$ (213)

Pension and Postretirement Pl_5

Pension and Postretirement Plans - Summary of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss) arising during the period	$ 320	$ (261)	$ (156)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	251	562
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	211	(170)
Amortization of net actuarial loss (gain) and settlements	101	131
Amortization of prior service credit	0	0
Total recognized in other comprehensive income (loss)	312	(39)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	130	253
Unrecognized prior service credit	(1)	(1)
Net actuarial gain (loss) arising during the period	92	(105)
Amortization of net actuarial loss (gain) and settlements	25	16
Amortization of prior service credit	(1)	(1)
Total recognized in other comprehensive income (loss)	116	(90)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(24)	(13)
Unrecognized prior service credit	(2)	(4)
Net actuarial gain (loss) arising during the period	13	13
Amortization of net actuarial loss (gain) and settlements	(1)	0
Amortization of prior service credit	(2)	(2)
Total recognized in other comprehensive income (loss)	$ 10	$ 11

Pension and Postretirement Pl_6

Pension and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, amortization percentage	10.00%
Maximum employee contribution of eligible pay, percent	75.00%
Total expense related to participants in the savings plan	$ 142	$ 145	$ 192
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	46.00%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	38.00%
Real Estate Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	8.00%
Other Types of Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets	8.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Semi-annual discretionary company contribution target, percent	0.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Company match of participant's contributions of eligible pay, percent	6.00%
Semi-annual discretionary company contribution target, percent	6.00%
United States
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions next fiscal year	$ 45
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	2,770	3,076
Net actuarial gain (loss)	$ 82	$ (353)
Weighted-average actual return on plan assets	11.00%	14.00%
Actual increase (reduction) in plan assets	$ 289	$ 342
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	1,236	1,289
Net actuarial gain (loss)	37	(168)
Actual increase (reduction) in plan assets	114	118
Expected future employer contributions next fiscal year	25
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	13	13
Actual increase (reduction) in plan assets	$ 0	$ 0
Health care cost trend rate, percentage	6.25%
Health care cost trend rate, ultimate, percentage	5.00%

Pension and Postretirement Pl_7

Pension and Postretirement Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 2,770	$ 3,076
Fair value of plan assets	2,547	2,738
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	410	447
Fair value of plan assets	$ 248	$ 242

Pension and Postretirement Pl_8

Pension and Postretirement Plans - Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 3,033	$ 3,405
Fair value of plan assets	2,547	2,738
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	428	1,480
Fair value of plan assets	$ 248	$ 1,212

Pension and Postretirement Pl_9

Pension and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 146	$ 138	$ 127
Interest cost	81	91	109
Expected return on plan assets	(160)	(159)	(143)
Amortization of prior service credit	0	0	0
Amortization of net actuarial loss (gain)	46	70	53
Settlements	55	61	8
Total net periodic benefit cost	168	201	154
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Service cost	36	28	23
Interest cost	19	22	26
Expected return on plan assets	(59)	(50)	(44)
Amortization of prior service credit	(1)	(1)	(1)
Amortization of net actuarial loss (gain)	25	16	6
Settlements	0	0	0
Total net periodic benefit cost	20	15	10
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	5	5
Interest cost	5	7	9
Expected return on plan assets	0	0	0
Amortization of prior service credit	(2)	(2)	(2)
Amortization of net actuarial loss (gain)	(1)	0	(1)
Settlements	0	0	0
Total net periodic benefit cost	$ 7	$ 10	$ 11

Pension and Postretirement P_10

Pension and Postretirement Plans - Summary of Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits | United States
Assumptions Used to Determine Benefit Obligations:
Discount rate	2.95%	2.50%
Rate of compensation increase	4.30%	4.00%
Interest crediting rate on cash balance plan	2.05%	2.05%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	2.70%	3.00%
Expected return on plan assets	6.50%	6.50%
Rate of compensation increase	4.27%	4.00%
Interest crediting rate on cash balance plan	2.05%	2.22%
Pension Benefits | Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate	1.60%	1.27%
Rate of compensation increase	3.05%	3.01%
Interest crediting rate on cash balance plan	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	1.27%	1.81%
Expected return on plan assets	4.86%	4.86%
Rate of compensation increase	3.01%	3.34%
Interest crediting rate on cash balance plan	0.00%	0.00%
Other Benefits
Assumptions Used to Determine Benefit Obligations:
Discount rate	2.90%	2.30%
Rate of compensation increase	0.00%	0.00%
Interest crediting rate on cash balance plan	0.00%	0.00%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	2.30%	3.05%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%
Interest crediting rate on cash balance plan	0.00%	0.00%

Pension and Postretirement P_11

Pension and Postretirement Plans - Summary of Pension Plan Asset Fair Values (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,547	$ 2,738	$ 2,702
United States | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	963	1,039
United States | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	832	901
United States | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	131	138
United States | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	385	446
United States | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	385	446
United States | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	427	424
United States | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	427	424
United States | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	131	138
United States | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	131	138
United States | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20	31
United States | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20	31
United States | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Common/collective trusts measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,266	1,426
United States | Real estate and infrastructure investments measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	318	273
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,280	1,212	$ 1,046
Int’l. | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	19	18
Int’l. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	3
Int’l. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	15
Int’l. | Equity securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	3
Int’l. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	3
Int’l. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	15
Int’l. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	15
Int’l. | Common/collective trusts measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,158	1,103
Int’l. | Real estate and infrastructure investments measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 103	$ 91

Pension and Postretirement P_12

Pension and Postretirement Plans - Summary of Future Service Benefit Payments (Details) $ in Millions	Dec. 31, 2021USD ($)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
2022	$ 310
2023	293
2024	279
2025	265
2026	268
2027-2031	1,195
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
2022	25
2023	28
2024	30
2025	32
2026	34
2027-2031	197
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2022	16
2023	16
2024	17
2025	17
2026	17
2027-2031	$ 79

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares	$ 12.06	$ 15.80	$ 17.58
Aggregate intrinsic value, exercised	$ 24	$ 21	$ 51
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option terms in years	10 years
Weighted-average remaining contractual terms of vested options	5 years 3 months
Weighted-average remaining contractual terms of exercisable options	4 years 10 months 28 days
Cash received from the exercise of options	$ 26
Tax benefit from the exercise of options	3
Unrecognized compensation expense from unvested awards held by employees	$ 4
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	21 months
Longest period for recognition of unrecognized compensation expense from unvested awards	25 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees	$ 75
Weighted-average period for recognition of unrecognized compensation expense from unvested awards	14 months
Longest period for recognition of unrecognized compensation expense from unvested awards	38 months
Number of shares of common stock to be issued per stock unit (in shares) | shares	1
Units, granted (in dollars per share) | $ / shares	$ 75.91	$ 83.48	$ 95.16
Aggregate fair value, Issued shares	$ 61	$ 69	$ 80
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued per stock unit (in shares) | shares	1
Units, granted (in dollars per share) | $ / shares	$ 68.18	$ 112.73	$ 87.42
Aggregate fair value, Issued shares	$ 12	$ 41	$ 44
Performance measurement period	3 years
Fair value of cash settled units	$ 27	$ 63	$ 25
Employees Eligible for Retirement | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Employees Eligible for Retirement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Awards Vesting Ratably Over Three Years On Anniversary Of Grant Date | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable under P66 Omnibus Plan, maximum (in shares) | shares	45,000,000
Minimum time required for an award not to be subject to forfeiture	6 months
Eligible retirement age	55
Years of service	5 years
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Cliff Vesting | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Summary of Compensation Expense and Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 144	$ 127	$ 169
Income tax benefit	$ (33)	$ (35)	$ (53)

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Outstanding at beginning balance (in shares)	5,433,988
Granted (in shares)	1,475,100
Forfeited (in shares)	(31,670)
Exercised (in shares)	(613,212)
Outstanding at ending balance (in shares)	6,264,206	5,433,988
Option, vested at ending balance (in shares)	4,194,413
Option, exercisable at ending balance (in shares)	3,896,406
Weighted-Average Exercise Price
Outstanding at beginning balance (in dollars per share)	$ 78.49
Granted (in dollars per share)	75.23
Forfeited (in dollars per share)	81.61
Exercised (in dollars per share)	42.26
Outstanding at ending balance (in dollars per share)	81.25	$ 78.49
Weighted-average exercise price, vested at ending balance (in dollars per share)	80.46
Weighted-average exercise price, exercisable at ending balance (in dollars per share)	81.19
Weighted-average grant date fair value, granted (in dollars per share)	$ 12.06	$ 15.80	$ 17.58
Aggregate intrinsic value, exercised	$ 24	$ 21	$ 51
Aggregate intrinsic value, exercisable	7
Aggregate intrinsic value, vested	$ 7

Share-Based Compensation Plan_5

Share-Based Compensation Plans - Fair Value Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.93%	1.58%	2.68%
Dividend yield	5.30%	3.20%	3.70%
Volatility factor	32.11%	25.23%	25.61%
Expected life (years)	6 years 9 months 3 days	6 years 11 months 15 days	7 years 21 days

Share-Based Compensation Plan_6

Share-Based Compensation Plans - Summary of Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Units
Outstanding, beginning of period (in shares)	2,786,219
Granted (in shares)	1,466,802
Forfeited (in shares)	(123,567)
Issued (in shares)	(818,864)
Outstanding, end of period (in shares)	3,310,590	2,786,219
Stock units, not vested, end of period (in shares)	2,281,039
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 89.95
Granted (in dollars per share)	75.91	$ 83.48	$ 95.16
Forfeited (in dollars per share)	79.89
Issued (in dollars per share)	93.61
Outstanding, end of period (in dollars per share)	83.20	$ 89.95
Weighted-average grant date fair value, not vested, end of period (in dollars per share)	$ 82.48
Total fair value, issued	$ 61	$ 69	$ 80

Share-Based Compensation Plan_7

Share-Based Compensation Plans - Summary of Performance Share Activity (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance Share Units
Outstanding, beginning of period (in shares)	957,790
Granted (in shares)	398,935
Forfeited (in shares)	0
Issued (in shares)	(146,004)
Cash settled (in shares)	(398,935)
Outstanding, end of period (in shares)	811,786	957,790
Stock units, not vested, end of period (in shares)	1,596
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 37.28
Granted (in dollars per share)	68.18	$ 112.73	$ 87.42
Forfeited (in dollars per share)	0
Issued (in dollars per share)	33.82
Cash settled (in dollars per share)	68.18
Outstanding, end of period (in dollars per share)	37.90	$ 37.28
Weighted-average grant date fair value, not vested, end of period (in dollars per share)	$ 32.41
Total fair value, issued	$ 12	$ 41	$ 44
Fair value of cash settled units	$ 27	$ 63	$ 25

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ 363	$ (1,324)	$ 354
Deferred	(85)	171	177
Foreign
Current	50	9	204
Deferred	(39)	67	(50)
State and local
Current	5	(61)	61
Deferred	(148)	(112)	55
Income tax expense	$ 146	$ (1,250)	$ 801

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Income tax receivable		$ 400	$ 1,500
Proceeds from income tax refund	$ 1,100
Decrease of income tax expense				$ 42
Deferred tax assets, operating loss carryforwards, state		83
Increase in valuation allowance		34
Unrecognized tax benefits that if recognized would affect our effective tax rate		35	37	15
Accrued liabilities for interest and penalties		6	5	10
Decrease in net income (loss) related to income tax penalties and interests accrued		3	3	3
State income tax benefit, impact from updated apportionment factors		58
Income tax expense (benefits) reflected in the capital in excess of par column of the consolidated statement of equity		0	$ 1	$ 123
United States
Income Tax Contingency [Line Items]
Deferred tax assets, tax credit carryforwards, foreign		67
United Kingdom
Income Tax Contingency [Line Items]
Deferred tax assets, operating loss carryforwards, foreign		11
Germany
Income Tax Contingency [Line Items]
Deferred tax assets, interest deduction carryforwards, foreign		$ 11

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 3,135	$ 3,487
Investment in joint ventures	2,065	1,859
Investment in subsidiaries	969	940
Inventory	0	77
Other	267	310
Total deferred tax liabilities	6,436	6,673
Deferred Tax Assets
Benefit plan accruals	431	499
Loss and credit carryforwards	173	148
Asset retirement obligations and accrued environmental costs	120	114
Other financial accruals and deferrals	82	73
Other	262	289
Total deferred tax assets	1,068	1,123
Less: valuation allowance	74	40
Net deferred tax assets	994	1,083
Net deferred tax liabilities	$ 5,442	$ 5,590

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 56	$ 40	$ 23
Additions for tax positions of current year	0	0	2
Additions for tax positions of prior years	0	44	29
Reductions for tax positions of prior years	(2)	(28)	(14)
Settlements	0	0	0
Balance at December 31	$ 54	$ 56	$ 40

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income taxes
United States	$ 1,737	$ (5,292)	$ 3,267
Foreign	3	328	911
Income (loss) before income taxes	1,740	(4,964)	4,178
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax	365	(1,043)	877
State income tax, net of federal income tax benefit	(65)	(139)	93
Net operating loss carryback	0	(398)	0
Goodwill impairment	0	387	0
Noncontrolling interests	(57)	(54)	(61)
Non-taxable equity earnings	(53)	(18)	(32)
Tax law changes	(26)	0	(43)
Other	(18)	15	(33)
Income tax expense	$ 146	$ (1,250)	$ 801
Percentage of Income (Loss) Before Income Taxes
United States	99.80%	106.60%	78.20%
Foreign	0.20%	(6.60%)	21.80%
Income (loss) before income taxes	100.00%	100.00%	100.00%
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax	21.00%	21.00%	21.00%
State income tax, net of federal income tax benefit	(3.70%)	2.80%	2.20%
Net operating loss carryback	0.00%	8.00%	0.00%
Goodwill impairment	0.00%	(7.80%)	0.00%
Noncontrolling interests	(3.30%)	1.10%	(1.50%)
Non-taxable equity earnings	(3.00%)	0.40%	(0.70%)
Tax law changes	(1.50%)	0.00%	(1.00%)
Other	(1.10%)	(0.30%)	(0.80%)
Effective income tax rate	8.40%	25.20%	19.20%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated other comprehensive income (loss)
Beginning Balance	$ 27,153	$ 21,523	$ 27,169	$ 27,153
Other Comprehensive Income (Loss), Net of Income Taxes		344	(6)	(7)
Income taxes reclassified to retained earnings	(89)		5
Ending Balance		21,637	21,523	27,169
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning Balance	(472)	(809)	(656)	(472)
Other comprehensive income (loss) before reclassifications		318	(262)	(140)
Amounts reclassified from accumulated other comprehensive loss		93	109	49
Other Comprehensive Income (Loss), Net of Income Taxes		411	(153)	(91)
Income taxes reclassified to retained earnings	(93)		0
Ending Balance		(398)	(809)	(656)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning Balance	(228)	25	(131)	(228)
Other comprehensive income (loss) before reclassifications		(70)	151	95
Amounts reclassified from accumulated other comprehensive loss		0	0	0
Other Comprehensive Income (Loss), Net of Income Taxes		(70)	151	95
Income taxes reclassified to retained earnings	2		5
Ending Balance		(45)	25	(131)
Hedging
Accumulated other comprehensive income (loss)
Beginning Balance	8	(5)	(1)	8
Other comprehensive income (loss) before reclassifications		2	1	(5)
Amounts reclassified from accumulated other comprehensive loss		1	(5)	(6)
Other Comprehensive Income (Loss), Net of Income Taxes		3	(4)	(11)
Income taxes reclassified to retained earnings	2		0
Ending Balance		(2)	(5)	(1)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning Balance	$ (692)	(789)	(788)	(692)
Other comprehensive income (loss) before reclassifications		250	(110)	(50)
Other Comprehensive Income (Loss), Net of Income Taxes		344	(6)	(7)
Ending Balance		$ (445)	$ (789)	$ (788)

Cash Flow Information - Cash Pa

Cash Flow Information - Cash Payments (Receipts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Payments (Receipts)
Interest	$ 549	$ 478	$ 426
Income taxes	(1,065)	$ 103	$ 955
Cash payments for income taxes	$ 110

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Incurred
Debt	$ 567	$ 550	$ 504
Other	41	24	31
Total incurred	608	574	535
Capitalized	(27)	(75)	(77)
Interest and debt expense	581	499	458
Other Income
Interest income	11	14	43
Unrealized investment gain—NOVONIX	365	0	0
Other, net	78	52	76
Other Income	454	66	119
Research and Development Expenses	47	48	54
Advertising Expenses	52	51	63
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	1	12	5
Corporate and Other
Incurred
Interest and debt expense	581	499	458
Other Income
Interest income	11	14	43
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	2	8	5
Midstream
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	(5)	0	0
Chemicals
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Refining
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	4	4	0
Marketing and Specialties
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	$ 0	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Operating revenues and other income	$ 3,759	$ 1,932	$ 2,977
Purchases	14,645	6,536	11,726
Operating expenses and selling, general and administrative expenses	$ 284	$ 247	$ 96

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details) - refinery	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021
DCP Midstream
Segment Reporting Information [Line Items]
Equity investment	50.00%		50.00%
NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment	16.00%	16.00%
Midstream | DCP Midstream
Segment Reporting Information [Line Items]
Equity investment	50.00%		50.00%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Equity investment	50.00%		50.00%
Refining | Mainly United States And Europe
Segment Reporting Information [Line Items]
Number of refineries			12

Segment Disclosures and Relat_4

Segment Disclosures and Related Information - Analysis by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	$ 111,476	$ 64,129	$ 107,293
Equity in Earnings (Losses) of Affiliates	2,904	1,191	2,127
Consolidated depreciation, amortization and impairments	3,103	5,647	2,202
Interest income	11	14	43
Interest and debt expense	581	499	458
Income (Loss) Before Income Taxes	1,740	(4,964)	4,178
Investments In and Advances To Affiliates	13,439	13,327	14,300
Total Assets	55,594	54,721	58,720
Capital expenditures and investments	1,860	2,920	3,873
Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	8,813	4,174	4,981
Consolidated depreciation, amortization and impairments	652	1,795	1,162
Chemicals
Segment Reporting Information [Line Items]
Consolidated depreciation, amortization and impairments	0	0	0
Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	28,695	18,030	30,921
Consolidated depreciation, amortization and impairments	2,254	3,642	857
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	73,933	41,892	71,360
Consolidated depreciation, amortization and impairments	114	103	103
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	11,937	6,047	7,103
Equity in Earnings (Losses) of Affiliates	877	761	754
Income (Loss) Before Income Taxes	1,610	(9)	684
Investments In and Advances To Affiliates	3,978	4,255	5,131
Total Assets	15,932	15,596	15,716
Capital expenditures and investments	738	1,747	2,292
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	3	3	3
Equity in Earnings (Losses) of Affiliates	1,832	625	870
Income (Loss) Before Income Taxes	1,844	635	879
Investments In and Advances To Affiliates	6,369	6,126	6,229
Total Assets	6,453	6,183	6,249
Capital expenditures and investments	0	0	0
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	74,871	42,206	76,792
Equity in Earnings (Losses) of Affiliates	(184)	(376)	318
Income (Loss) Before Income Taxes	(2,549)	(6,155)	1,986
Investments In and Advances To Affiliates	2,340	2,202	2,290
Total Assets	19,952	20,404	25,150
Capital expenditures and investments	779	816	1,001
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	75,933	43,164	73,616
Equity in Earnings (Losses) of Affiliates	379	181	185
Income (Loss) Before Income Taxes	1,809	1,446	1,433
Investments In and Advances To Affiliates	750	744	650
Total Assets	8,505	7,180	8,659
Capital expenditures and investments	202	173	374
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	(3,124)	(1,873)	(2,122)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	(46,176)	(24,176)	(45,871)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	(2,000)	(1,272)	(2,256)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	32	30	28
Equity in Earnings (Losses) of Affiliates	0	0	0
Consolidated depreciation, amortization and impairments	83	107	80
Interest income	11	14	43
Interest and debt expense	581	499	458
Income (Loss) Before Income Taxes	(974)	(881)	(804)
Investments In and Advances To Affiliates	2	0	0
Total Assets	4,752	5,358	2,946
Capital expenditures and investments	$ 141	$ 184	$ 206

Segment Disclosures and Relat_5

Segment Disclosures and Related Information - Summary of Geographic Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Worldwide consolidated	$ 36,906	$ 37,340	$ 38,357
United States
Segment Reporting Information [Line Items]
Worldwide consolidated	34,882	35,273	36,407
United Kingdom
Segment Reporting Information [Line Items]
Worldwide consolidated	1,323	1,313	1,256
Germany
Segment Reporting Information [Line Items]
Worldwide consolidated	605	653	601
Other foreign countries
Segment Reporting Information [Line Items]
Worldwide consolidated	$ 96	$ 101	$ 93

Phillips 66 Partners LP - Narra

Phillips 66 Partners LP - Narrative (Details) $ / shares in Units, $ in Millions	Dec. 31, 2021USD ($)offeringshares	Oct. 26, 2021shares	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Aug. 01, 2019USD ($)shares	Jun. 30, 2021USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)offeringshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)offering	Dec. 31, 2021USD ($)offering$ / sharesshares	Sep. 30, 2020$ / shares	Jun. 30, 2018offering
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction										$ (98)
Equity	$ 21,637		$ 21,523				$ 27,153	$ 21,637	$ 21,523	27,169	$ 21,637
Net gain on dispositions								18	108	20
Third Party | Gray Oak Pipeline LLC
Subsidiary or Equity Method Investee [Line Items]
Capital spending funded by joint venture partner									61
Restructuring Transaction
Subsidiary or Equity Method Investee [Line Items]
Increase in deferred income taxes					$ 91
Expenses associated with restructuring transaction					7
Noncontrolling Interests
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction										(373)
Equity	2,471		2,539				2,500	2,471	2,539	2,259	2,471
Additional Paid-in Capital
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction					275					275
Equity	$ 20,504		20,383				$ 19,873	20,504	20,383	$ 20,301	$ 20,504
Phillips 66 Partners LP | At The Market Offering Program
Subsidiary or Equity Method Investee [Line Items]
Partners' capital account, amount authorized								$ 750
Common Units | Phillips 66 Partners LP | At The Market Offering Program
Subsidiary or Equity Method Investee [Line Items]
Number of continuous offerings | offering	3							3			3
Partners' capital account, amount authorized, per program								$ 250
Number of programs concluded | offering										2			2
Net proceeds								$ 0	2	$ 173
Preferred Units | Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Preferred units, distribution, quarterly (in usd per share) | $ / shares												$ 0.678375
Preferred units, distribution (in usd per share) | $ / shares											$ 0.678375
Repurchase of preferred units (in shares) | shares						368,528
Repurchase of preferred units						$ 24
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Pipeline LLC
Subsidiary or Equity Method Investee [Line Items]
Effective ownership percent	42.25%							42.25%			42.25%
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Noncontrolling Interests
Subsidiary or Equity Method Investee [Line Items]
Partners capital restructuring transaction					$ (373)
Equity	$ 2,169		$ 2,219					$ 2,169	$ 2,219		$ 2,169
Phillips 66 Partners LP
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public, percentage			26.00%
Phillips 66 Partners LP | Preferred Units
Subsidiary or Equity Method Investee [Line Items]
Limited partner interest in Phillips 66 Partners owned by public (in shares) | shares	13,500,000							13,500,000			13,500,000
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
General partnership interest in Phillips 66 Partners, percentage					2.00%
Limited partnership interest in Phillips 66 Partners, percentage			74.00%
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Acquisition Of Phillips 66 Partners Common Units Held By Public
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued per acquiree share (in shares) | shares		0.50
Number of shares to be issued (in shares) | shares	44,000,000
Value of shares to be issued	$ 3,200
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | Common Units
Subsidiary or Equity Method Investee [Line Items]
Shares, issued (in shares) | shares					101,000,000
Ownership interest (in shares) | shares	170,000,000							170,000,000			170,000,000
Gray Oak Holdings LLC | Third Party
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	35.00%			35.00%				35.00%			35.00%
Ownership percentage acquired by third party							35.00%
Net gain on dispositions				$ 84
Gray Oak Holdings LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | Gray Oak Pipeline LLC
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	65.00%							65.00%			65.00%

Phillips 66 Partners LP - Sched

Phillips 66 Partners LP - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Equity investments	$ 12,832	$ 13,037
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Equity investments	2,929	3,244
Net properties, plants and equipment	3,727	3,639
Short-term debt	450	465
Long-term debt	$ 3,447	$ 3,444