Phillips 66 (PSX) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	832
Local Phone Number	765-3010
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity common stock, shares outstanding	481,100,026
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues and Other Income
Sales and other operating revenues	$ 36,179	$ 21,627
Equity in earnings of affiliates	685	285
Net gain on dispositions	1	0
Other income (loss)	(143)	15
Total Revenues and Other Income	36,722	21,927
Costs and Expenses
Purchased crude oil and products	33,495	20,065
Operating expenses	1,340	1,380
Selling, general and administrative expenses	433	408
Depreciation and amortization	338	356
Impairments	0	198
Taxes other than income taxes	149	139
Accretion on discounted liabilities	6	6
Interest and debt expense	135	146
Foreign currency transaction gains	(2)	0
Total Costs and Expenses	35,894	22,698
Income (loss) before income taxes	828	(771)
Income tax expense (benefit)	171	(132)
Net Income (Loss)	657	(639)
Less: net income attributable to noncontrolling interests	75	15
Net Income (Loss) Attributable to Phillips 66	$ 582	$ (654)
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ 1.29	$ (1.49)
Diluted (in usd per share)	$ 1.29	$ (1.49)
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	449,298	439,504
Diluted (in shares)	450,011	439,504

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 657	$ (639)
Defined benefit plans
Amortization of net actuarial loss, prior service credit and settlements	11	22
Plans sponsored by equity affiliates	5	6
Income taxes on defined benefit plans	(3)	(6)
Defined benefit plans, net of income taxes	13	22
Foreign currency translation adjustments	(82)	(15)
Income taxes on foreign currency translation adjustments	0	0
Foreign currency translation adjustments, net of income taxes	(82)	(15)
Cash flow hedges	0	2
Income taxes on hedging activities	0	0
Hedging activities, net of income taxes	0	2
Other Comprehensive Income (Loss), Net of Income Taxes	(69)	9
Comprehensive Income (Loss)	588	(630)
Less: comprehensive income attributable to noncontrolling interests	75	15
Comprehensive Income (Loss) Attributable to Phillips 66	$ 513	$ (645)

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,335	$ 3,147
Accounts and notes receivable (net of allowances of $44 million in 2022 and 2021)	8,749	6,138
Accounts and notes receivable—related parties	1,706	1,332
Inventories	4,530	3,394
Prepaid expenses and other current assets	1,534	686
Total Current Assets	19,854	14,697
Investments and long-term receivables	14,465	14,471
Net properties, plants and equipment	22,333	22,435
Goodwill	1,484	1,484
Intangibles	819	813
Other assets	1,683	1,694
Total Assets	60,638	55,594
Liabilities
Accounts payable	12,047	7,629
Accounts payable—related parties	1,137	832
Short-term debt	1,474	1,489
Accrued income and other taxes	1,363	1,254
Employee benefit obligations	375	638
Other accruals	1,207	959
Total Current Liabilities	17,603	12,801
Long-term debt	12,960	12,959
Asset retirement obligations and accrued environmental costs	716	727
Deferred income taxes	5,264	5,475
Employee benefit obligations	1,049	1,055
Other liabilities and deferred credits	925	940
Total Liabilities	38,517	33,957
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2022—651,046,617 shares; 2021—650,026,318 shares) Par value	7	7
Capital in excess of par	19,667	20,504
Treasury stock (at cost: 2022—169,946,591 shares; 2021—211,771,827 shares)	(13,736)	(17,116)
Retained earnings	16,391	16,216
Accumulated other comprehensive loss	(514)	(445)
Total Stockholders’ Equity	21,815	19,166
Noncontrolling interests	306	2,471
Total Equity	22,121	21,637
Total Liabilities and Equity	$ 60,638	$ 55,594

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 44	$ 44
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	651,046,617	650,026,318
Treasury stock (in shares)	169,946,591	211,771,827

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net income (loss)	$ 657	$ (639)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	338	356
Impairments	0	198
Accretion on discounted liabilities	6	6
Deferred income taxes	142	(103)
Undistributed equity earnings	(100)	217
Net gain on dispositions	(1)	0
Unrealized investment loss	169	0
Other	40	138
Working capital adjustments
Accounts and notes receivable	(3,042)	(1,740)
Inventories	(1,152)	(377)
Prepaid expenses and other current assets	(849)	(283)
Accounts payable	4,809	2,779
Taxes and other accruals	119	(281)
Net Cash Provided by Operating Activities	1,136	271
Cash Flows From Investing Activities
Capital expenditures and investments	(370)	(331)
Return of investments in equity affiliates	15	58
Proceeds from asset dispositions	1	0
Advances/loans—related parties	0	(155)
Other	(74)	(39)
Net Cash Used in Investing Activities	(428)	(467)
Cash Flows From Financing Activities
Issuance of debt	0	450
Repayment of debt	(24)	(925)
Issuance of common stock	23	20
Dividends paid on common stock	(404)	(394)
Distributions to noncontrolling interests	(77)	(76)
Other	(30)	(20)
Net Cash Used in Financing Activities	(512)	(945)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(8)	(22)
Net Change in Cash and Cash Equivalents	188	(1,163)
Cash and cash equivalents at beginning of period	3,147	2,514
Cash and Cash Equivalents at End of Period	$ 3,335	$ 1,351

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 21,523	$ 6	$ 20,383	$ (17,116)	$ 16,500	$ (789)	$ 2,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(639)				(654)		15
Other comprehensive income (loss)	9					9
Dividends paid on common stock	(394)				(394)
Benefit plan activity	34		37		(3)
Distributions to noncontrolling interests	(76)						(76)
Ending balance at Mar. 31, 2021	$ 20,457	6	20,420	(17,116)	15,449	(780)	2,478
Beginning balance, common stock issued (in shares) at Dec. 31, 2020	648,643,223
Beginning balance, treasury stock (in shares) at Dec. 31, 2020	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	995,658
Ending balance, common stock issued (in shares) at Mar. 31, 2021	649,638,881
Ending balance, treasury stock (in shares) at Mar. 31, 2021	211,771,827
Beginning balance at Dec. 31, 2021	$ 21,637	7	20,504	(17,116)	16,216	(445)	2,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	657				582		75
Other comprehensive income (loss)	(69)					(69)
Dividends paid on common stock	(404)				(404)
Benefit plan activity	29		32		(3)
Repurchase of noncontrolling interests	348		(869)	3,380			(2,163)
Distributions to noncontrolling interests	(77)						(77)
Ending balance at Mar. 31, 2022	$ 22,121	$ 7	$ 19,667	$ (13,736)	$ 16,391	$ (514)	$ 306
Beginning balance, common stock issued (in shares) at Dec. 31, 2021	650,026,318
Beginning balance, treasury stock (in shares) at Dec. 31, 2021	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,020,299
Shares issued—acquisition of noncontrolling interest in Phillips 66 Partners LP (in shares)	(41,825,236)
Ending balance, common stock issued (in shares) at Mar. 31, 2022	651,046,617
Ending balance, treasury stock (in shares) at Mar. 31, 2022	169,946,591

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.92	$ 0.90

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2022
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2021 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results expected for the full year. On March 9, 2022, we completed the previously announced merger between us and Phillips 66 Partners LP (Phillips 66 Partners). See Note 18—Phillips 66 Partners LP, for additional information on the merger transaction.

Sales and Other Operating Reven

Sales and Other Operating Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 2022 2021 Product Line and Services Refined petroleum products $ 29,382 16,343 Crude oil resales 3,755 3,189 Natural gas liquids (NGL) 3,230 1,774 Services and other * (188) 321 Consolidated sales and other operating revenues $ 36,179 21,627 Geographic Location** United States $ 28,885 16,612 United Kingdom 3,640 2,287 Germany 1,382 817 Other foreign countries 2,272 1,911 Consolidated sales and other operating revenues $ 36,179 21,627 * Includes derivatives-related activities. See Note 11—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 March 31, 2022, and December 31, 2021, receivables from contracts with customers were $8,604 million and $6,140 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 March 31, 2022, and December 31, 2021, our asset balances related to such payments were $471 million and $466 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At March 31, 2022, and December 31, 2021, contract liabilities were not material. Remaining Performance Obligations

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2022
Credit Loss [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. In addition, when events and circumstances arise that may affect certain counterparties’ abilities to fulfill their obligations, such as Coronavirus Disease 2019 (COVID-19), we enhance our credit monitoring, and we may seek collateral to support some transactions or require prepayments from higher-risk counterparties. At March 31, 2022, and December 31, 2021, we reported $10,455 million and $7,470 million of accounts and notes receivable, respectively, net of allowances of $44 million for both periods. Based on an aging analysis at March 31, 2022, 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 9—Guarantees, and Note 10—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 4,152 3,024 Materials and supplies 378 370 $ 4,530 3,394 Inventories valued on the last-in, first-out (LIFO) basis totaled $3,923 million and $2,792 million at March 31, 2022, and December 31, 2021, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $9.4 billion and $5.7 billion at March 31, 2022, and December 31, 2021, respectively. Certain planned reductions in inventory that are not expected to be replaced by the end of the year cause liquidations of LIFO inventory values. LIFO inventory liquidations increased our net income by $40 million in the three months ended March 31, 2022 and increased our net loss by $28 million in the three months ended March 31, 2021.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	1 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In 2020, the trial court presiding over litigation brought by the Standing Rock Sioux Tribe ordered the U.S. Army Corps of Engineers (USACE) to prepare an Environmental Impact Statement (EIS) addressing an easement under Lake Oahe in North Dakota. The court later vacated the easement. Although the easement is vacated, the USACE has indicated that it will not take action to stop pipeline operations while it proceeds with the EIS. In May 2021, the Standing Rock Sioux Tribe’s request for an injunction to force a shutdown of the pipeline while the EIS is being prepared was denied. In June 2021, the trial court dismissed the litigation entirely. Once the EIS is completed, new litigation or challenges to the EIS 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 decision to order the EIS and vacate the easement. In February 2022, the writ was denied, and the requirement to prepare the EIS stands. Completion of the EIS was expected in the fall of 2022, but now may be delayed as the USACE engages with the Standing Rock Sioux Tribe on their reasons for withdrawing as a cooperating agency with respect to preparation of the EIS. Dakota Access and ETCO have guaranteed repayment of senior unsecured notes issued by a wholly owned subsidiary of Dakota Access with an aggregate principal outstanding of $2.5 billion at March 31, 2022. In addition, Phillips 66 Partners, now a wholly owned subsidiary of Phillips 66, 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. At March 31, 2022, our 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, we could be required to support our 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 March 31, 2022. At March 31, 2022, the aggregate book value of our investments in Dakota Access and ETCO was $725 million. On April 1, 2022, Dakota Access’ wholly owned subsidiary repaid $650 million aggregate principal amount of its outstanding senior notes upon maturity. We funded our 25% share, or $163 million, with a capital contribution of $89 million in March 2022 and $74 million of distributions we elected not to receive from Dakota Access in the first quarter of 2022. As a result of the debt repayment, on April 1, 2022, our share of the maximum potential equity contributions under the CECU decreased to approximately $467 million, and our share of scheduled interest payments on the notes that we could be required to support decreased to approximately $20 million annually. CF United LLC (CF United) We hold a 50% voting interest and a 48% economic interest in CF United, a retail marketing joint venture with operations primarily on the U.S. West Coast. CF United is considered a variable interest entity (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 March 31, 2022, our maximum exposure to loss was comprised of our $278 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. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At March 31, 2022, our maximum exposure to loss was $188 million, which represented the book value of our investment in OnCue of $120 million and guaranteed debt obligations of $68 million. Liberty Pipeline LLC (Liberty) In the first quarter of 2021, Phillips 66 Partners decided to exit the Liberty Pipeline project, which resulted in a $198 million before-tax impairment in our Midstream segment. The impairment is included in the “Impairments” line item on our consolidated statement of operations for the three months ended March 31, 2021. See Note 12—Fair Value Measurements, for additional information regarding this impairment and the techniques used to determine the fair value of this investment. 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. Other Investments In September 2021, we acquired 78 million ordinary shares, representing a 16% ownership interest, in NOVONIX Limited (NOVONIX), which 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. The change in the fair value of our investment due to fluctuations in NOVONIX’s stock price, or unrealized investment gains (losses), is recorded in the “Other income (loss)” line item of our consolidated statement of operations, while changes due to foreign currency fluctuations are recorded in the “Foreign currency transaction gains” line item on our consolidated statement of operations. The fair value of our investment in NOVONIX was $362 million at March 31, 2022. The fair value of our investment in NOVONIX declined by $158 million during the three months ended March 31, 2022, reflecting an unrealized investment loss of $169 million, partially offset by an unrealized foreign currency gain of $11 million. See Note 12—Fair Value Measurements, for additional information regarding the recurring fair value measurement of our investment in NOVONIX. Related Party Loans We and our co-venturer provided member loans to WRB Refining LP (WRB). At March 31, 2022, our 50% share of the outstanding member loan balance, including accrued interest, was $597 million.

Properties, Plants and Equipmen

Properties, Plants and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in properties, plants and equipment (PP&E) and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2022 December 31, 2021 Gross Accum. Net Gross Accum. Net Midstream $ 12,597 3,156 9,441 12,524 3,064 9,460 Chemicals — — — — — — Refining 23,991 12,683 11,308 23,878 12,517 11,361 Marketing and Specialties 1,800 1,037 763 1,819 1,035 784 Corporate and Other 1,586 765 821 1,576 746 830 $ 39,974 17,641 22,333 39,797 17,362 22,435

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (loss) attributable to Phillips 66, which is reduced 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. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended 2022 2021 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ 582 582 (654) (654) Income allocated to participating securities (2) (2) (2) (2) Net income (loss) available to common stockholders $ 580 580 (656) (656) Weighted-average common shares outstanding (thousands) : 447,206 449,298 437,369 439,504 Effect of share-based compensation 2,092 713 2,135 — Weighted-average common shares outstanding—EPS 449,298 450,011 439,504 439,504 Earnings (Loss) Per Share of Common Stock (dollars) $ 1.29 1.29 (1.49) (1.49) On March 9, 2022, we completed the previously announced merger between us and Phillips 66 Partners. The merger resulted in the acquisition of all limited partnership interests in Phillips 66 Partners not already owned by us in exchange for approximately 42 million shares of Phillips 66 common stock issued from treasury stock. See Note 18—Phillips 66 Partners LP, for additional information on the merger transaction.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt 2022 Activities Debt Repayments In early April 2022, upon maturity, Phillips 66 repaid its 4.300% senior notes with an aggregate principal amount of $1.0 billion and Phillips 66 Partners repaid its $450 million term loan. Debt Exchange On April 6, 2022, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, announced offers to exchange (the Exchange Offers) all validly tendered notes of seven different series of notes issued by Phillips 66 Partners (collectively, the Old Notes), with an aggregate principal amount of approximately $3.5 billion, for notes to be issued by Phillips 66 Company (collectively, the New Notes). The New Notes will be fully and unconditionally guaranteed by Phillips 66 and will rank equally with Phillips 66 Company’s other unsecured and unsubordinated indebtedness, and the guarantees will rank equally with Phillips 66’s other unsecured and unsubordinated indebtedness. The Exchange Offers will expire on May 3, 2022, unless such date is extended (the Expiration Date). Phillips 66 Company currently expects the settlement of the Exchange Offers to occur on May 5, 2022, unless the Expiration Date is extended. The New Notes will have the same interest rates, interest payment dates and maturity dates as the Old Notes. In addition, holders that validly tender before the end of the early participation period on April 19, 2022 (the Early Participation Date), will receive New Notes with an aggregate principal amount equivalent to the Old Notes, while holders that validly tender after the Early Participation Date, but before the Expiration Date, will receive New Notes with an aggregate principal amount that is 3% less than the Old Notes. Through the end of the early participation period on April 19, 2022, Old Notes with an aggregate principal amount of approximately $3.2 billion had been validly tendered for exchange. 2021 Activities In February 2021, Phillips 66 repaid $500 million outstanding principal balance of its floating-rate senior notes upon maturity.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Guarantees	Guarantees At March 31, 2022, 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 March 31, 2022. 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 5—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. At March 31, 2022, 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 $133 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 March 31, 2022, and December 31, 2021, the carrying amount of recorded indemnifications was $146 million and $144 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 March 31, 2022, and December 31, 2021, environmental accruals for known contamination of $109 million and $106 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—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	3 Months Ended
	Mar. 31, 2022
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. 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. At March 31, 2022, and December 31, 2021, our total environmental accruals were $436 million. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At March 31, 2022, we had performance obligations secured by letters of credit and bank guarantees of $1,546 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2022
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 12—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 March 31, 2022 December 31, 2021 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 $ 202 (11) (8) 183 99 (20) — 79 Other assets 37 (15) — 22 3 (1) — 2 Liabilities Other accruals 5,403 (5,649) 142 (104) 758 (855) 49 (48) Other liabilities and deferred credits — (2) — (2) — (1) — (1) Total $ 5,642 (5,677) 134 99 860 (877) 49 32 At March 31, 2022, and December 31, 2021, there was no material cash collateral received or paid that was not offset on our consolidated balance sheet. The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of operations, were: Millions of Dollars Three Months Ended 2022 2021 Sales and other operating revenues $ (420) (123) Other income 25 1 Purchased crude oil and products (228) (135) Net loss from commodity derivative activity $ (623) (257) 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 March 31, 2022, and December 31, 2021. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (27) (18) Credit Risk from Derivative Instruments The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at March 31, 2022, and December 31, 2021.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 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 $ 3,677 1,800 — 5,477 (5,429) (8) — 40 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 163 1 164 — — — 164 Rabbi trust assets 150 — — 150 N/A N/A — 150 Investment in NOVONIX 362 — — 362 N/A N/A — 362 $ 4,189 1,964 1 6,154 (5,429) (8) — 717 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,737 1,835 — 5,572 (5,429) (142) — 1 Physical forward contracts — 104 1 105 — — — 105 Floating-rate debt — 475 — 475 N/A N/A — 475 Fixed-rate debt, excluding finance leases and software obligations — 14,104 — 14,104 N/A N/A (434) 13,670 $ 3,737 16,518 1 20,256 (5,429) (142) (434) 14,251 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 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 11—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

Pension and Postretirement Plan

Pension and Postretirement Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2022 and 2021, were as follows: Millions of Dollars Pension Benefits Other Benefits 2022 2021 2022 2021 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 35 8 37 9 1 1 Interest cost 21 6 20 5 1 1 Expected return on plan assets (39) (16) (41) (15) — — Amortization of prior service credit — — — — — (1) Amortization of net actuarial loss (gain) 6 3 15 6 (1) — Settlements 1 — — — — — Net periodic benefit cost* $ 24 1 31 5 1 1 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2021 $ (398) (45) (2) (445) Other comprehensive income before reclassifications 4 — — 4 Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 9 — — 9 Foreign currency translation — (82) — (82) Hedging — — — — Net current period other comprehensive income (loss) 13 (82) — (69) March 31, 2022 $ (385) (127) (2) (514) December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 5 (15) — (10) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and prior service credit 17 — — 17 Foreign currency translation — — — — Hedging — — 2 2 Net current period other comprehensive income (loss) 22 (15) 2 9 March 31, 2021 $ (787) 10 (3) (780) * Included in the computation of net periodic benefit cost. See Note 13—Pension and Postretirement Plans, for additional information.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 2022 2021 Operating revenues and other income (a) $ 1,340 770 Purchases (b) 4,681 2,357 Operating expenses and selling, general and administrative expenses (c) 70 68 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), NGL and certain feedstocks to DCP Midstream, LLC (DCP Midstream), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the Marketing and Specialties 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	3 Months Ended
	Mar. 31, 2022
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 50% equity investment in DCP Midstream and our 16% investment in NOVONIX. On March 9, 2022, we completed the previously announced merger between us and Phillips 66 Partners. See Note 18—Phillips 66 Partners LP, for additional information on the merger transaction. 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, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products. Corporate and Other includes general corporate overhead, interest expense, our investment in new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2022 2021 Sales and Other Operating Revenues * Midstream Total sales $ 4,082 2,384 Intersegment eliminations (886) (627) Total Midstream 3,196 1,757 Chemicals — 1 Refining Total sales 24,093 15,053 Intersegment eliminations (15,591) (8,456) Total Refining 8,502 6,597 Marketing and Specialties Total sales 25,295 13,598 Intersegment eliminations (819) (333) Total Marketing and Specialties 24,476 13,265 Corporate and Other 5 7 Consolidated sales and other operating revenues $ 36,179 21,627 * See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 242 76 Chemicals 396 154 Refining 123 (1,040) Marketing and Specialties 316 290 Corporate and Other (249) (251) Consolidated income (loss) before income taxes $ 828 (771) Millions of Dollars March 31 December 31 Total Assets Midstream $ 16,141 15,932 Chemicals 6,551 6,453 Refining 22,138 19,952 Marketing and Specialties 10,829 8,505 Corporate and Other 4,979 4,752 Consolidated total assets $ 60,638 55,594

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective income tax rate for the three months ended March 31, 2022, was 21%, compared with 17% for the corresponding period of 2021. The increase in our effective tax rate for the three months ended March 31, 2022, was primarily attributable to the elimination of the favorable noncontrolling interest impact as a result of the completion of the merger between us and Phillips 66 Partners on March 9, 2022.

Phillips 66 Partners LP

Phillips 66 Partners LP	3 Months Ended
	Mar. 31, 2022
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP On March 9, 2022, we completed the previously announced merger between us and Phillips 66 Partners. The merger resulted in the acquisition of all limited partnership interests in Phillips 66 Partners not already owned by us in exchange for approximately 42 million shares of Phillips 66 common stock issued from treasury stock. Phillips 66 Partners common unitholders received 0.50 shares of Phillips 66 common stock for each outstanding Phillips 66 Partners common unit. Phillips 66 Partners’ perpetual convertible preferred units were converted into common units at a premium to the original issuance price prior to being exchanged for Phillips 66 common stock. Upon closing, Phillips 66 Partners became a wholly owned subsidiary of Phillips 66 and its common units are no longer publicly traded. The merger was accounted for as an equity transaction and resulted in decreases to “Treasury stock” of $3,380 million, “Noncontrolling interests” of $2,163 million, “Capital in excess of par” of $869 million, “Deferred income taxes” of $355 million, and “Cash and cash equivalents” of $2 million, and an increase to “Other accruals” of $5 million on our consolidated balance sheet.

Earnings (Loss) Per Share (Poli

Earnings (Loss) Per Share (Policies)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (loss) attributable to Phillips 66, which is reduced 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. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
Contingencies and Commitments	A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. 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.
Recurring Fair Value Measurements	Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: • Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. • Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. • Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the significance of its observable or unobservable inputs to the measurement. However, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. We used the following methods and assumptions to estimate the fair value of financial instruments: • Cash and cash equivalents —The carrying amount reported on our consolidated balance sheet approximates fair value. • Accounts and notes receivable —The carrying amount reported on our consolidated balance sheet approximates fair value. • Derivative instruments —We fair value our exchange-traded contracts based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and classify them as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity, or are valued using either adjusted exchange-provided prices or nonexchange quotes, we classify those contracts as Level 2. Physical commodity forward purchase and sales contracts and over-the-counter (OTC) financial swaps are generally valued using forward quotes provided by brokers and price index developers, such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, physical commodity purchase and sales contracts and OTC swaps are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Physical and OTC commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a midmarket pricing convention (the midpoint between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. We determine the fair value of our interest rate swaps based on observable market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. • Rabbi trust assets —These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. • 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.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 2022 2021 Product Line and Services Refined petroleum products $ 29,382 16,343 Crude oil resales 3,755 3,189 Natural gas liquids (NGL) 3,230 1,774 Services and other * (188) 321 Consolidated sales and other operating revenues $ 36,179 21,627 Geographic Location** United States $ 28,885 16,612 United Kingdom 3,640 2,287 Germany 1,382 817 Other foreign countries 2,272 1,911 Consolidated sales and other operating revenues $ 36,179 21,627 * Includes derivatives-related activities. See Note 11—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)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 4,152 3,024 Materials and supplies 378 370 $ 4,530 3,394

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in properties, plants and equipment (PP&E) and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2022 December 31, 2021 Gross Accum. Net Gross Accum. Net Midstream $ 12,597 3,156 9,441 12,524 3,064 9,460 Chemicals — — — — — — Refining 23,991 12,683 11,308 23,878 12,517 11,361 Marketing and Specialties 1,800 1,037 763 1,819 1,035 784 Corporate and Other 1,586 765 821 1,576 746 830 $ 39,974 17,641 22,333 39,797 17,362 22,435

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended 2022 2021 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net income (loss) attributable to Phillips 66 $ 582 582 (654) (654) Income allocated to participating securities (2) (2) (2) (2) Net income (loss) available to common stockholders $ 580 580 (656) (656) Weighted-average common shares outstanding (thousands) : 447,206 449,298 437,369 439,504 Effect of share-based compensation 2,092 713 2,135 — Weighted-average common shares outstanding—EPS 449,298 450,011 439,504 439,504 Earnings (Loss) Per Share of Common Stock (dollars) $ 1.29 1.29 (1.49) (1.49)

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 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 $ 202 (11) (8) 183 99 (20) — 79 Other assets 37 (15) — 22 3 (1) — 2 Liabilities Other accruals 5,403 (5,649) 142 (104) 758 (855) 49 (48) Other liabilities and deferred credits — (2) — (2) — (1) — (1) Total $ 5,642 (5,677) 134 99 860 (877) 49 32
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 March 31, 2022 December 31, 2021 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 $ 202 (11) (8) 183 99 (20) — 79 Other assets 37 (15) — 22 3 (1) — 2 Liabilities Other accruals 5,403 (5,649) 142 (104) 758 (855) 49 (48) Other liabilities and deferred credits — (2) — (2) — (1) — (1) Total $ 5,642 (5,677) 134 99 860 (877) 49 32
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of operations, were: Millions of Dollars Three Months Ended 2022 2021 Sales and other operating revenues $ (420) (123) Other income 25 1 Purchased crude oil and products (228) (135) Net loss from commodity derivative activity $ (623) (257)
Summary of Material Net Exposures and Notional Amount of Derivative Contracts	The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 95% at March 31, 2022, and December 31, 2021. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (27) (18)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars March 31, 2022 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 $ 3,677 1,800 — 5,477 (5,429) (8) — 40 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 163 1 164 — — — 164 Rabbi trust assets 150 — — 150 N/A N/A — 150 Investment in NOVONIX 362 — — 362 N/A N/A — 362 $ 4,189 1,964 1 6,154 (5,429) (8) — 717 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,737 1,835 — 5,572 (5,429) (142) — 1 Physical forward contracts — 104 1 105 — — — 105 Floating-rate debt — 475 — 475 N/A N/A — 475 Fixed-rate debt, excluding finance leases and software obligations — 14,104 — 14,104 N/A N/A (434) 13,670 $ 3,737 16,518 1 20,256 (5,429) (142) (434) 14,251 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

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended March 31, 2022 and 2021, were as follows: Millions of Dollars Pension Benefits Other Benefits 2022 2021 2022 2021 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 35 8 37 9 1 1 Interest cost 21 6 20 5 1 1 Expected return on plan assets (39) (16) (41) (15) — — Amortization of prior service credit — — — — — (1) Amortization of net actuarial loss (gain) 6 3 15 6 (1) — Settlements 1 — — — — — Net periodic benefit cost* $ 24 1 31 5 1 1 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2021 $ (398) (45) (2) (445) Other comprehensive income before reclassifications 4 — — 4 Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 9 — — 9 Foreign currency translation — (82) — (82) Hedging — — — — Net current period other comprehensive income (loss) 13 (82) — (69) March 31, 2022 $ (385) (127) (2) (514) December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 5 (15) — (10) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and prior service credit 17 — — 17 Foreign currency translation — — — — Hedging — — 2 2 Net current period other comprehensive income (loss) 22 (15) 2 9 March 31, 2021 $ (787) 10 (3) (780) * Included in the computation of net periodic benefit cost. See Note 13—Pension and Postretirement Plans, for additional information.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended 2022 2021 Operating revenues and other income (a) $ 1,340 770 Purchases (b) 4,681 2,357 Operating expenses and selling, general and administrative expenses (c) 70 68 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), NGL and certain feedstocks to DCP Midstream, LLC (DCP Midstream), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the Marketing and Specialties 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)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2022 2021 Sales and Other Operating Revenues * Midstream Total sales $ 4,082 2,384 Intersegment eliminations (886) (627) Total Midstream 3,196 1,757 Chemicals — 1 Refining Total sales 24,093 15,053 Intersegment eliminations (15,591) (8,456) Total Refining 8,502 6,597 Marketing and Specialties Total sales 25,295 13,598 Intersegment eliminations (819) (333) Total Marketing and Specialties 24,476 13,265 Corporate and Other 5 7 Consolidated sales and other operating revenues $ 36,179 21,627 * See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 242 76 Chemicals 396 154 Refining 123 (1,040) Marketing and Specialties 316 290 Corporate and Other (249) (251) Consolidated income (loss) before income taxes $ 828 (771)
Schedule of Reconciliation of Assets from Segment to Consolidated	Millions of Dollars March 31 December 31 Total Assets Midstream $ 16,141 15,932 Chemicals 6,551 6,453 Refining 22,138 19,952 Marketing and Specialties 10,829 8,505 Corporate and Other 4,979 4,752 Consolidated total assets $ 60,638 55,594

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 36,179	$ 21,627
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	28,885	16,612
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,640	2,287
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,382	817
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,272	1,911
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	29,382	16,343
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,755	3,189
Natural gas liquids (NGL)
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,230	1,774
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ (188)	$ 321

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 8,604	$ 6,140
Contract with customer	$ 471	$ 466
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	Mar. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Accounts and notes receivable	$ 10,455	$ 7,470
Allowance for credit losses	$ 44	$ 44
Accounts and notes receivable, percent outstanding less than 60 days	95.00%

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 4,152	$ 3,024
Materials and supplies	378	370
Inventories	$ 4,530	$ 3,394

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 3,923		$ 2,792
Estimated excess of current replacement cost over LIFO cost of inventories	9,400		$ 5,700
Increase (decrease) on net income (loss) from LIFO inventory liquidations	$ 40	$ (28)

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables - Dakota Access, LLC and Energy Transfer Crude Oil, Company, LLC (Details) - USD ($) $ in Millions	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2022
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted		$ 631	$ 631
Equity investments		$ 725	$ 725
Percentage of ownership interest		25.00%	25.00%
Capital contribution			$ 89
Deferred distributions			74
Dakota Access and ETCO | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Maximum exposure, undiscounted	$ 467
Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually		$ 25
Dakota Access, LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually	20
Senior Notes | Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Share of debt repayment			163
Senior Notes | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed		$ 2,500	$ 2,500
Senior Notes | Dakota Access, LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Repayments of debt	$ 650

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables - CF United LLC (Details) - CF United LLC $ in Millions	Mar. 31, 2022USD ($)
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50.00%
Economic interest acquired	48.00%
Equity investments	$ 278

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (Details) - OnCue Holdings, LLC $ in Millions	Mar. 31, 2022USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Maximum loss exposure	$ 188
Equity investments	120
Maximum potential amount of future payments under the guarantees	$ 68

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables - Liberty Pipeline LLC (Liberty) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Impairments	$ 0	$ 198
Liberty Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Impairments		198
Equity investments		$ 46

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables - Other Investments (Details) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain (loss) on equity securities			$ (169)	$ 0
NOVONIX Limited
Debt and Equity Securities, FV-NI [Line Items]
Shares acquired (in shares)		78
Percent ownership of equity securities investment	16.00%
Equity securities			362
Unrealized gain (loss) on equity securities			(158)
Equity securities, FV-NI, unrealized loss			169
Unrealized foreign currency gain			$ 11

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables - Related Party Loan (Details) - WRB Refining LP $ in Millions	Mar. 31, 2022USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50.00%
Outstanding related party loan balance	$ 597

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 39,974	$ 39,797
Accum. D&A	17,641	17,362
Net PP&E	22,333	22,435
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,586	1,576
Accum. D&A	765	746
Net PP&E	821	830
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	12,597	12,524
Accum. D&A	3,156	3,064
Net PP&E	9,441	9,460
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	23,991	23,878
Accum. D&A	12,683	12,517
Net PP&E	11,308	11,361
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	1,800	1,819
Accum. D&A	1,037	1,035
Net PP&E	$ 763	$ 784

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic
Net income (loss) attributable to Phillips 66	$ 582	$ (654)
Income allocated to participating securities	(2)	(2)
Net income (loss) available to common stockholders	$ 580	$ (656)
Weighted-average common shares outstanding (in shares)	447,206	437,369
Effect of share-based compensation (in shares)	2,092	2,135
Weighted-average commons shares outstanding - EPS (in shares)	449,298	439,504
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ 1.29	$ (1.49)
Diluted
Net income (loss) attributable to Phillips 66	$ 582	$ (654)
Income allocated to participating securities	(2)	(2)
Net income (loss) available to common stockholders	$ 580	$ (656)
Weighted-average common shares outstanding (in shares)	449,298	439,504
Effect of share-based compensation (in shares)	713	0
Weighted-average commons shares outstanding - EPS (in shares)	450,011	439,504
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ 1.29	$ (1.49)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) shares in Millions	Mar. 09, 2022shares
Acquisition Of Phillips 66 Partners Common Units Held By Public
Business Acquisition [Line Items]
Number of shares to be issued (in shares)	42

Debt (Details)

Debt (Details) $ in Millions	May 03, 2022	Apr. 30, 2022USD ($)	Feb. 28, 2021USD ($)	Apr. 19, 2022USD ($)	Apr. 06, 2022USD ($)instrument
Senior Notes | Senior Notes Due April 2022 | Subsequent Event
Debt Instrument [Line Items]
Debt interest rate		4.30%
Repayments of debt		$ 1,000
Senior Notes | Senior Notes, Old Notes | Forecast
Debt Instrument [Line Items]
Percent discount	3.00%
Senior Notes | Senior Notes, Old Notes | Subsequent Event
Debt Instrument [Line Items]
Number of instruments | instrument					7
Aggregate principal amount					$ 3,500
Aggregate principal early tendered for exchange				$ 3,200
Senior Notes | Floating Rate Senior Note Notes Due February 2021
Debt Instrument [Line Items]
Repayments of debt			$ 500
Loans Payable | Term Loan Due April 2022 | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt		$ 450

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	$ 436	$ 436
Joint Venture Debt Obligation Guarantees | Other joint ventures and entities
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 133
Joint venture debt obligations, period (up to)	4 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 146	144
Indemnifications | Asset Retirement Obligations And Accrued Environmental Cost
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	109	$ 106
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	514
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 221
Lessee operating lease remaining lease term (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total environmental accrual	$ 436	$ 436
Expected period to incur a substantial amount of expenditures	30 years
Performance Guarantee
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 1,546

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Summary of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Liabilities	$ (5,429)	$ (779)
Effect of Collateral Netting	(8)	0
Liabilities
Assets	5,429	779
Effect of Collateral Netting	142	49
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	134	49
Total
Assets	5,642	860
Liabilities	(5,677)	(877)
Net Carrying Value Presented on the Balance Sheet	99	32
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	202	99
Liabilities	(11)	(20)
Effect of Collateral Netting	(8)	0
Net Carrying Value Presented on the Balance Sheet	183	79
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	37	3
Liabilities	(15)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	22	2
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	5,403	758
Liabilities	(5,649)	(855)
Effect of Collateral Netting	142	49
Net Carrying Value Presented on the Balance Sheet	(104)	(48)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	0	0
Liabilities	(2)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (2)	$ (1)

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Summary of Gains/(Losses) From Commodity Derivatives (Details) - Commodity derivatives - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from commodity derivative activity	$ (623)	$ (257)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from commodity derivative activity	(420)	(123)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from commodity derivative activity	25	1
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net loss from commodity derivative activity	$ (228)	$ (135)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Narrative (Details)	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Percentage of derivative contract volume expiring within twelve months	95.00%	95.00%

Derivatives and Financial Ins_6

Derivatives and Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details) - bbl bbl in Millions	Mar. 31, 2022	Dec. 31, 2021
Short | Commodity Derivative Assets
Derivative [Line Items]
Crude oil, refined petroleum products, NGL and renewable feedstocks (in barrels)	(27)	(18)

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	Mar. 31, 2022	Dec. 31, 2021
Assets
Total Fair Value of Gross Assets	$ 6,154	$ 1,538
Effect of Counterparty Netting	(5,429)	(779)
Effect of Collateral Netting	(8)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	717	759
Liabilities
Total Fair Value Gross Liabilities	20,256	16,705
Effect of Counterparty Netting	(5,429)	(779)
Effect of Collateral Netting	(142)	(49)
Difference in Carrying Value and Fair Value	(434)	(1,686)
Net Carrying Value Presented on the Balance Sheet	14,251	14,191
Level 1
Assets
Total Fair Value of Gross Assets	4,189	1,097
Liabilities
Total Fair Value Gross Liabilities	3,737	463
Level 2
Assets
Total Fair Value of Gross Assets	1,964	441
Liabilities
Total Fair Value Gross Liabilities	16,518	16,242
Level 3
Assets
Total Fair Value of Gross Assets	1	0
Liabilities
Total Fair Value Gross Liabilities	1	0
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Commodity Derivative Assets	5,477	787
Effect of Counterparty Netting	(5,429)	(779)
Effect of Collateral Netting	(8)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	40	8
Liabilities
Commodity Derivative Liabilities	5,572	825
Effect of Counterparty Netting	(5,429)	(779)
Effect of Collateral Netting	(142)	(49)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	1	(3)
Commodity Derivative Assets | OTC instruments
Assets
Commodity Derivative Assets	1
Effect of Counterparty Netting	0
Effect of Collateral Netting	0
Difference in Carrying Value and Fair Value	0
Net Carrying Value Presented on the Balance Sheet	1
Liabilities
Commodity Derivative Liabilities		1
Effect of Counterparty Netting		0
Effect of Collateral Netting		0
Difference in Carrying Value and Fair Value		0
Net Carrying Value Presented on the Balance Sheet		1
Commodity Derivative Assets | Physical forward contracts
Assets
Commodity Derivative Assets	164	73
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	164	73
Liabilities
Commodity Derivative Liabilities	105	51
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	105	51
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	3,677	419
Liabilities
Commodity Derivative Liabilities	3,737	463
Commodity Derivative Assets | Level 1 | OTC instruments
Assets
Commodity Derivative Assets	0
Liabilities
Commodity Derivative Liabilities		0
Commodity Derivative Assets | Level 1 | Physical forward contracts
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivative Assets | Level 2 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	1,800	368
Liabilities
Commodity Derivative Liabilities	1,835	362
Commodity Derivative Assets | Level 2 | OTC instruments
Assets
Commodity Derivative Assets	1
Liabilities
Commodity Derivative Liabilities		1
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Commodity Derivative Assets	163	73
Liabilities
Commodity Derivative Liabilities	104	51
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivative Assets | Level 3 | OTC instruments
Assets
Commodity Derivative Assets	0
Liabilities
Commodity Derivative Liabilities		0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Commodity Derivative Assets	1	0
Liabilities
Commodity Derivative Liabilities	1	0
Rabbi trust assets
Assets
Investments Fair Value	150	158
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Investments Fair Value	150	158
Rabbi trust assets | Level 2
Assets
Investments Fair Value	0	0
Rabbi trust assets | Level 3
Assets
Investments Fair Value	0	0
Investment in NOVONIX
Assets
Investments Fair Value	362	520
Difference in Carrying Value and Fair Value	0	0
Investment in NOVONIX | Level 1
Assets
Investments Fair Value	362	520
Investment in NOVONIX | Level 2
Assets
Investments Fair Value	0	0
Investment in NOVONIX | Level 3
Assets
Investments Fair Value	0	0
Floating-rate debt
Liabilities
Debt	475	475
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	475	475
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	475	475
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	14,104	15,353
Difference in Carrying Value and Fair Value	(434)	(1,686)
Fixed-rate debt, excluding finance leases and software obligations | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	13,670	13,667
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	14,104	15,353
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	$ 0	$ 0

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits | U.S.
Components of Net Periodic Benefit Cost
Service cost	$ 35	$ 37
Interest cost	21	20
Expected return on plan assets	(39)	(41)
Amortization of prior service credit	0	0
Amortization of net actuarial loss (gain)	6	15
Settlements	1	0
Net periodic benefit cost	24	31
Pension Benefits | Int’l.
Components of Net Periodic Benefit Cost
Service cost	8	9
Interest cost	6	5
Expected return on plan assets	(16)	(15)
Amortization of prior service credit	0	0
Amortization of net actuarial loss (gain)	3	6
Settlements	0	0
Net periodic benefit cost	1	5
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	1	1
Interest cost	1	1
Expected return on plan assets	0	0
Amortization of prior service credit	0	(1)
Amortization of net actuarial loss (gain)	(1)	0
Settlements	0	0
Net periodic benefit cost	$ 1	$ 1

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	$ 5
Additional contributions expected to be made during remainder of fiscal year	40
Int’l. | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	6
Additional contributions expected to be made during remainder of fiscal year	$ 20

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated other comprehensive income (loss)
Beginning balance	$ 21,637	$ 21,523
Other comprehensive income before reclassifications	4	(10)
Other Comprehensive Income (Loss), Net of Income Taxes	(69)	9
Ending balance	22,121	20,457
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning balance	(398)	(809)
Other comprehensive income before reclassifications	4	5
Amounts reclassified from accumulated other comprehensive loss	9	17
Other Comprehensive Income (Loss), Net of Income Taxes	13	22
Ending balance	(385)	(787)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning balance	(45)	25
Other comprehensive income before reclassifications	0	(15)
Amounts reclassified from accumulated other comprehensive loss	(82)	0
Other Comprehensive Income (Loss), Net of Income Taxes	(82)	(15)
Ending balance	(127)	10
Hedging
Accumulated other comprehensive income (loss)
Beginning balance	(2)	(5)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	2
Other Comprehensive Income (Loss), Net of Income Taxes	0	2
Ending balance	(2)	(3)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning balance	(445)	(789)
Other Comprehensive Income (Loss), Net of Income Taxes	(69)	9
Ending balance	$ (514)	$ (780)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Operating revenues and other income	$ 1,340	$ 770
Purchases	4,681	2,357
Operating expenses and selling, general and administrative expenses	$ 70	$ 68

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022refinery
NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment	16.00%
Midstream | DCP Midstream, LLC
Segment Reporting Information [Line Items]
Equity investment	50.00%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Equity investment	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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 36,179	$ 21,627
Income (Loss) Before Income Taxes	828	(771)
Total Assets	60,638		$ 55,594
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,196	1,757
Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,502	6,597
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	24,476	13,265
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,082	2,384
Income (Loss) Before Income Taxes	242	76
Total Assets	16,141		15,932
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	1
Income (Loss) Before Income Taxes	396	154
Total Assets	6,551		6,453
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	24,093	15,053
Income (Loss) Before Income Taxes	123	(1,040)
Total Assets	22,138		19,952
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	25,295	13,598
Income (Loss) Before Income Taxes	316	290
Total Assets	10,829		8,505
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	(886)	(627)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	(15,591)	(8,456)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	(819)	(333)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	5	7
Income (Loss) Before Income Taxes	(249)	$ (251)
Total Assets	$ 4,979		$ 4,752

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate, percent	21.00%	17.00%

Phillips 66 Partners LP (Detail

Phillips 66 Partners LP (Details) - Acquisition Of Phillips 66 Partners Common Units Held By Public $ in Millions	Mar. 09, 2022USD ($)shares
Subsidiary or Equity Method Investee [Line Items]
Number of shares to be issued (in shares) | shares	42,000,000
Number of shares issued per acquiree share (in shares) | shares	0.50
Increase of treasury stock	$ 3,380
Decrease of noncontrolling interests	2,163
Decrease of capital in excess of par	869
Decrease of deferred income taxes	355
Decrease of cash and cash equivalents	2
Increase of other accruals	$ 5