Phillips 66 (PSX) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	472,632,213
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues and Other Income
Sales and other operating revenues	$ 44,955	$ 30,243	$ 129,711	$ 78,872
Equity in earnings of affiliates	782	982	2,384	2,097
Net gain on dispositions	1	9	2	11
Other income	3,026	238	2,698	304
Total Revenues and Other Income	48,764	31,472	134,795	81,284
Costs and Expenses
Purchased crude oil and products	38,646	27,529	114,786	72,812
Operating expenses	1,612	1,166	4,383	3,721
Selling, general and administrative expenses	617	424	1,538	1,265
Depreciation and amortization	430	361	1,127	1,081
Impairments	0	1,298	2	1,496
Taxes other than income taxes	133	85	400	343
Accretion on discounted liabilities	5	6	17	18
Interest and debt expense	158	151	426	440
Foreign currency transaction (gains) losses	5	4	24	(5)
Total Costs and Expenses	41,606	31,024	122,703	81,171
Income before income taxes	7,158	448	12,092	113
Income tax expense (benefit)	1,618	(40)	2,713	(110)
Net Income	5,540	488	9,379	223
Less: net income attributable to noncontrolling interests	149	86	239	179
Net Income Attributable to Phillips 66	$ 5,391	$ 402	$ 9,140	$ 44
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ 11.19	$ 0.91	$ 19.37	$ 0.08
Diluted (in usd per share)	$ 11.16	$ 0.91	$ 19.31	$ 0.08
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	481,388	440,193	471,375	439,880
Diluted (in shares)	483,036	440,368	473,452	440,259

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 5,540	$ 488	$ 9,379	$ 223
Defined benefit plans
Net actuarial gain (loss) arising during the period	(4)	0	(17)	210
Amortization of net actuarial loss, prior service credit and settlements	42	36	93	105
Plans sponsored by equity affiliates	9	4	15	33
Income taxes on defined benefit plans	(7)	(8)	(15)	(82)
Defined benefit plans, net of income taxes	40	32	76	266
Foreign currency translation adjustments	(305)	(74)	(632)	(70)
Income taxes on foreign currency translation adjustments	4	2	7	2
Foreign currency translation adjustments, net of income taxes	(301)	(72)	(625)	(68)
Cash flow hedges	0	0	0	3
Income taxes on hedging activities	0	0	0	(1)
Hedging activities, net of income taxes	0	0	0	2
Other Comprehensive Income (Loss), Net of Income Taxes	(261)	(40)	(549)	200
Comprehensive Income	5,279	448	8,830	423
Less: comprehensive income attributable to noncontrolling interests	149	86	239	179
Comprehensive Income Attributable to Phillips 66	$ 5,130	$ 362	$ 8,591	$ 244

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,744	$ 3,147
Accounts and notes receivable (net of allowances of $64 million in 2022 and $44 million in 2021)	11,606	6,138
Accounts and notes receivable—related parties	2,046	1,332
Inventories	4,294	3,394
Prepaid expenses and other current assets	1,580	686
Total Current Assets	23,270	14,697
Investments and long-term receivables	14,772	14,471
Net properties, plants and equipment	34,962	22,435
Goodwill	1,486	1,484
Intangibles	845	813
Other assets	2,004	1,694
Total Assets	77,339	55,594
Liabilities
Accounts payable	11,449	7,629
Accounts payable—related parties	868	832
Short-term debt	1,032	1,489
Accrued income and other taxes	1,836	1,254
Employee benefit obligations	714	638
Other accruals	1,983	959
Total Current Liabilities	17,882	12,801
Long-term debt	16,625	12,959
Asset retirement obligations and accrued environmental costs	862	727
Deferred income taxes	6,339	5,475
Employee benefit obligations	1,021	1,055
Other liabilities and deferred credits	1,301	940
Total Liabilities	44,030	33,957
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2022—651,844,773 shares; 2021—650,026,318 shares) Par value	7	7
Capital in excess of par	19,738	20,504
Treasury stock (at cost: 2022—179,212,560 shares; 2021—211,771,827 shares)	(14,526)	(17,116)
Retained earnings	24,008	16,216
Accumulated other comprehensive loss	(994)	(445)
Total Stockholders’ Equity	28,233	19,166
Noncontrolling interests	5,076	2,471
Total Equity	33,309	21,637
Total Liabilities and Equity	$ 77,339	$ 55,594

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 64	$ 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)	651,844,773	650,026,318
Treasury stock (in shares)	179,212,560	211,771,827

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities
Net income	$ 9,379	$ 223
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,127	1,081
Impairments	2	1,496
Accretion on discounted liabilities	17	18
Deferred income taxes	1,146	(290)
Undistributed equity earnings	(985)	(78)
Net gain on dispositions	(2)	(5)
Gain related to merger of businesses	(3,013)	0
Unrealized investment (gain) loss	418	(224)
Other	15	289
Working capital adjustments
Accounts and notes receivable	(4,430)	(1,465)
Inventories	(970)	(495)
Prepaid expenses and other current assets	(462)	(369)
Accounts payable	2,656	3,723
Taxes and other accruals	1,165	313
Net Cash Provided by Operating Activities	6,063	4,217
Cash Flows From Investing Activities
Capital expenditures and investments	(1,481)	(1,263)
Return of investments in equity affiliates	78	236
Proceeds from asset dispositions	3	26
Advances/loans—related parties	(75)	(310)
Collection of advances/loans—related parties	236	1
Other	(17)	(5)
Net Cash Used in Investing Activities	(1,256)	(1,315)
Cash Flows From Financing Activities
Issuance of debt	0	450
Repayment of debt	(1,957)	(1,485)
Issuance of common stock	67	24
Repurchase of common stock	(760)	0
Dividends paid on common stock	(1,337)	(1,182)
Distributions to noncontrolling interests	(104)	(239)
Repurchase of noncontrolling interests	0	(24)
Other	(55)	(36)
Net Cash Used in Financing Activities	(4,146)	(2,492)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(64)	(27)
Net Change in Cash and Cash Equivalents	597	383
Cash and cash equivalents at beginning of period	3,147	2,514
Cash and Cash Equivalents at End of Period	$ 3,744	$ 2,897

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	223				44		179
Other comprehensive loss	200					200
Dividends paid on common stock	(1,182)				(1,182)
Benefit plan activity	95		105		(10)
Distributions to noncontrolling interests	(239)						(239)
Acquisition of noncontrolling interest in Phillips 66 Partners LP and Repurchase of noncontrolling interests	(23)				(2)		(21)
Ending balance at Sep. 30, 2021	$ 20,597	6	20,488	(17,116)	15,350	(589)	2,458
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)	1,228,877
Ending balance, common stock issued (in shares) at Sep. 30, 2021	649,872,100
Ending balance, treasury stock (in shares) at Sep. 30, 2021	211,771,827
Beginning balance at Jun. 30, 2021	$ 20,602	6	20,463	(17,116)	15,345	(549)	2,453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	488				402		86
Other comprehensive loss	(40)					(40)
Dividends paid on common stock	(394)				(394)
Benefit plan activity	22		25		(3)
Distributions to noncontrolling interests	(81)						(81)
Ending balance at Sep. 30, 2021	$ 20,597	6	20,488	(17,116)	15,350	(589)	2,458
Beginning balance, common stock issued (in shares) at Jun. 30, 2021	649,761,235
Beginning balance, treasury stock (in shares) at Jun. 30, 2021	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	110,865
Ending balance, common stock issued (in shares) at Sep. 30, 2021	649,872,100
Ending balance, treasury stock (in shares) at Sep. 30, 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	9,379				9,140		239
Other comprehensive loss	(549)					(549)
Dividends paid on common stock	(1,337)				(1,337)
Repurchase of common stock	(790)			(790)
Benefit plan activity	124		135		(11)
Distributions to noncontrolling interests	(104)						(104)
Acquisition of noncontrolling interest in Phillips 66 Partners LP and Repurchase of noncontrolling interests	316		(901)	3,380			(2,163)
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC	4,633						4,633
Ending balance at Sep. 30, 2022	$ 33,309	7	19,738	(14,526)	24,008	(994)	5,076
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]
Repurchase of common stock (in shares)	9,265,969
Shares issued - share-based compensation (in shares)	1,818,455
Shares issued—acquisition of noncontrolling interest in Phillips 66 Partners LP (in shares)	(41,825,236)
Ending balance, common stock issued (in shares) at Sep. 30, 2022	651,844,773
Ending balance, treasury stock (in shares) at Sep. 30, 2022	179,212,560
Beginning balance at Jun. 30, 2022	$ 24,573	7	19,717	(13,802)	19,087	(733)	297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,540				5,391		149
Other comprehensive loss	(261)					(261)
Dividends paid on common stock	(466)				(466)
Repurchase of common stock	(724)			(724)
Benefit plan activity	17		21		(4)
Distributions to noncontrolling interests	(3)						(3)
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC	4,633						4,633
Ending balance at Sep. 30, 2022	$ 33,309	$ 7	$ 19,738	$ (14,526)	$ 24,008	$ (994)	$ 5,076
Beginning balance, common stock issued (in shares) at Jun. 30, 2022	651,697,833
Beginning balance, treasury stock (in shares) at Jun. 30, 2022	170,646,736
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	8,565,824
Shares issued - share-based compensation (in shares)	146,940
Ending balance, common stock issued (in shares) at Sep. 30, 2022	651,844,773
Ending balance, treasury stock (in shares) at Sep. 30, 2022	179,212,560

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 0.97	$ 0.90	$ 2.86	$ 2.70

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022, are not necessarily indicative of the results expected for the full year. DCP Midstream, LLC (DCP Midstream) and Gray Oak Holdings LLC (Gray Oak Holdings) Merger On August 17, 2022, we and our co-venturer, Enbridge Inc. (Enbridge), agreed to merge DCP Midstream and Gray Oak Holdings, with DCP Midstream as the surviving entity. Prior to the merger, we and Enbridge each held a 50% interest and jointly governed DCP Midstream, whose primary assets are its general partner and limited partner interests in DCP Midstream, LP (DCP LP), and we each held indirect economic interests in DCP LP of 28.26%. DCP LP is a variable interest entity (VIE) because its limited partners do not have the ability to remove its general partner with a simple majority vote, nor do its limited partners have substantive participating rights in the significant decisions made in the ordinary course of business. DCP Midstream ultimately consolidates DCP LP because one of its wholly owned subsidiaries is the primary beneficiary of DCP LP. We and Enbridge also held 65% and 35% interests, respectively, in Gray Oak Holdings, whose only asset was a 65% noncontrolling interest in Gray Oak Pipeline, LLC (Gray Oak Pipeline). Our and Enbridge’s indirect economic interests in Gray Oak Pipeline were 42.25% and 22.75%, respectively. We had voting control over and consolidated Gray Oak Holdings and reported Gray Oak Holdings’ 65% interest in Gray Oak Pipeline as an equity investment and Enbridge’s interest in Gray Oak Holdings as a noncontrolling interest. In connection with the merger, we and Enbridge entered into a Third Amended and Restated Limited Liability Company Agreement of DCP Midstream (Amended and Restated LLC Agreement), which realigned the members’ economic interests and governance responsibilities. Under the Amended and Restated LLC Agreement, two classes of membership interests in DCP Midstream were created, Class A and Class B, that are intended to track the assets, liabilities, revenues and expenses of the following operating segments of DCP Midstream: • Class A Segment comprised of the businesses, activities, assets and liabilities of DCP LP and its subsidiaries and its general partner entities (DCP Midstream Class A Segment). • Class B Segment comprised of the business, activities, assets and liabilities of Gray Oak Pipeline (DCP Midstream Class B Segment). We hold a 76.64% Class A membership interest, which represents an indirect economic interest in DCP LP of 43.31%, and a 10% Class B membership interest, which represents an indirect economic interest in Gray Oak Pipeline of 6.5%. Enbridge holds the remaining Class A and Class B membership interests. We have been designated as the managing member of DCP Midstream Class A Segment and are responsible for conducting, directing and managing all activities associated with this segment, except as limited in certain instances. Enbridge has been designated as the managing member of DCP Midstream Class B Segment. Earnings and distributions from each segment are allocated to the members based on their membership interest in each membership class, except as otherwise provided. DCP Midstream Class A Segment and DCP Midstream Class B Segment were determined to be silos under the variable interest consolidation model. As a result, DCP Midstream was also determined to be a VIE. We determined that we are the primary beneficiary of DCP Midstream Class A Segment because of the governance rights granted to us under the Amended and Restated LLC Agreement as managing member of the segment. We hold a 33.33% direct ownership interest in DCP Sand Hills Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills). DCP LP holds the remaining 66.67% ownership interest in these entities. As a result of the governance rights granted to us over DCP Midstream Class A Segment and the governance rights we hold through our direct ownership interests, we obtained controlling financial interests in these entities in connection with the merger. As a result, our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills increased to 62.21% from 52.17%. Starting on August 18, 2022, we began consolidating the financial results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. We also began reporting the direct and indirect economic interests held by Enbridge, DCP LP’s public common unitholders and DCP LP’s preferred unitholders as noncontrolling interests on our financial statements. We continue to account for our remaining indirect economic interest in Gray Oak Pipeline, now held through DCP Midstream Class B Segment, using the equity method of accounting. As a result of the merger, we derecognized Enbridge’s noncontrolling interest in Gray Oak Holdings. We accounted for our consolidation of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills as a business combination using the acquisition method of accounting. See Note 2—Business Combination, for additional information on our accounting for this transaction. See Note 20—DCP Midstream Class A Segment, for additional disclosures regarding our variable interest in DCP Midstream Class A Segment. Merger of Phillips 66 Partners LP (Phillips 66 Partners) On March 9, 2022, we completed the merger between us and Phillips 66 Partners. See Note 21—Phillips 66 Partners LP, for additional information on this merger transaction.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Note 2—Business Combination On August 17, 2022, we realigned our economic interest in, and governance rights over, DCP Midstream and Gray Oak Holdings through the merger of these existing entities with DCP Midstream as the surviving entity. As part of the merger, we transferred a 35.75% indirect economic interest in Gray Oak Pipeline and contributed $404 million of cash to DCP Midstream, which was then paid to Enbridge, in return for a 15.05% incremental indirect economic ownership interest in DCP LP. As noted above, the additional governance rights we were granted as part of this transaction resulted in us consolidating the Class A Segment of DCP Midstream, as well as DCP Sand Hills and DCP Southern Hills. Given the nature of this transaction, we have accounted for the consolidation of these entities using the acquisition method of accounting. See Note 1—Interim Financial Information, for additional information on the merger and our consolidation of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. The components of the fair value of the merger consideration are: Millions of Dollars Cash contributed $ 404 Fair value of transferred equity interest 634 Fair value of previously held equity interests 3,853 Total merger consideration $ 4,891 The aggregate purchase consideration noted above was allocated to the assets acquired and liabilities assumed of the entities consolidated based upon a preliminary estimate of their fair values as of the August 17, 2022, merger date. Due to the level of effort required to develop fair value measurements, the valuation information necessary to determine the fair values of assets acquired and liabilities assumed is preliminary, including the underlying cash flows, appraisals and other information used to estimate the fair values of the net assets acquired and noncontrolling interests in those net assets. We continue to evaluate the factors used in establishing the fair values of assets and liabilities as of the acquisition date, including, but not limited to, those factors that could affect the estimated fair values of properties, plants and equipment (PP&E), investments in unconsolidated affiliates accounted for under the equity method, identifiable intangible assets, leases, financial instruments, asset retirement and environmental obligations, legal contingencies, debt and noncontrolling interests. We will complete a final determination of the fair values of assets acquired and liabilities assumed within the one-year measurement period from the date of the merger. Any adjustments made in subsequent periods could be material to the preliminary values. The following table summarizes, based on our preliminary purchase price allocation described above, the fair values of the assets acquired and liabilities assumed of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills as of August 17, 2022: Millions of Dollars Fair value of assets acquired: Cash and cash equivalents $ 98 Accounts and notes receivable 1,003 Inventories 74 Prepaid expenses and other current assets 439 Investments and long-term receivables 2,192 Properties, plants and equipment 12,837 Intangibles 36 Other assets 343 Total assets acquired 17,022 Fair value of liabilities assumed: Accounts payable 912 Short-term debt 625 Accrued income and other taxes 107 Employee benefit obligation - current 50 Other accruals 497 Long-term debt 4,541 Asset retirement obligations and accrued environmental costs 168 Deferred income taxes 40 Employee benefit obligations 54 Other liabilities and deferred credits 227 Total liabilities assumed 7,221 Fair value of net assets 9,801 Less: Fair value of noncontrolling interests 4,910 Total merger consideration $ 4,891 As of August 17, 2022, the preliminary fair value of our previously held equity investments in DCP Midstream, DCP Sand Hills, and DCP Southern Hills totaled $3,853 million, and the preliminary fair value of the equity interest in Gray Oak Pipeline we transferred to our co-venturer was $634 million. In connection with the merger, we recognized gains totaling $2,831 million from remeasuring our previously held equity investments to their fair values and a gain of $182 million related to the transfer of a 35.75% indirect economic interest in Gray Oak Pipeline to our co-venturer. These gains are included in the “Other income” line item in our consolidated statement of income for the three and nine months ended September 30, 2022, and are reported in the Midstream segment. See Note 14—Fair Value Measurements, for additional information on the determination of the fair value of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. The following “Sales and other operating revenues” and “Net Income Attributable to Phillips 66” of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills were included in our consolidated statement of income from August 18, 2022, forward. Millions of Dollars Sales and other operating revenues $ 1,368 Net Income Attributable to Phillips 66 125 Pro Forma Financial Information The following unaudited pro forma financial information presents consolidated results assuming the acquisition of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills occurred on January 1, 2021. The unaudited pro forma information includes adjustments based on currently available information and we believe the estimates and assumptions are reasonable, and the significant effects of the transactions are properly reflected in the unaudited pro forma information. An aggregate gain of $2,831 million was included in the pro forma financial information for the nine months ended September 30, 2021, which is related to the remeasurement of the previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values in connection with the merger. Adjustments related to the economic interest change in our equity investment in Gray Oak Pipeline were excluded from the pro forma financial information. The unaudited pro forma information does not give effect to any potential synergies that could be achieved and is not necessarily indicative of the results of future operations. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and other operating revenues (millions) $ 46,892 32,109 136,848 83,878 Net Income Attributable to Phillips 66 (millions) 3,129 405 6,963 2,167 Net Income Attributable to Phillips 66 per share—basic (dollars) 6.50 0.92 14.76 4.91 Net Income Attributable to Phillips 66 per share—diluted (dollars) 6.48 0.92 14.71 4.90

Sales and Other Operating Reven

Sales and Other Operating Revenues	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Product Line and Services Refined petroleum products $ 33,690 24,838 102,482 63,057 Crude oil resales 6,146 3,091 15,694 9,484 Natural gas liquids (NGL) and natural gas 4,217 2,331 10,702 6,048 Services and other * 902 (17) 833 283 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 Geographic Location** United States $ 36,126 24,011 103,910 61,920 United Kingdom 4,485 2,948 13,168 8,070 Germany 1,769 1,194 4,944 3,049 Other foreign countries 2,575 2,090 7,689 5,833 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At September 30, 2022, and December 31, 2021, receivables from contracts with customers were $11,393 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 September 30, 2022, and December 31, 2021, our asset balances related to such payments were $496 million and $466 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At September 30, 2022, and December 31, 2021, contract liabilities were $237 million and $90 million, respectively. Remaining Performance Obligations

Credit Losses

Credit Losses	9 Months Ended
	Sep. 30, 2022
Credit Loss [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil, NGL and natural gas. 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 September 30, 2022, and December 31, 2021, we reported $13,652 million and $7,470 million of accounts and notes receivable, respectively, net of allowances of $64 million and $44 million, respectively. Based on an aging analysis at September 30, 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 11—Guarantees, and Note 12—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 3,928 3,024 Materials and supplies 366 370 $ 4,294 3,394 Inventories valued on the last-in, first-out (LIFO) basis totaled $3,662 million and $2,792 million at September 30, 2022, and December 31, 2021, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $7.3 billion and $5.7 billion at September 30, 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. The impact of LIFO inventory liquidations was immaterial for the three months ended September 30, 2022 and increased our net income by $43 million in the nine months ended September 30, 2022. LIFO inventory liquidations decreased our net income by $17 million and $99 million in the three and nine months ended September 30, 2021, respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	9 Months Ended
	Sep. 30, 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 (the 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 no plans to stop pipeline operations while it proceeds with the EIS, and the Tribe’s request for a shutdown was denied in May of 2021. In June 2021, the trial court dismissed the litigation entirely. Once the EIS is completed, new litigation or challenges may be filed. In February 2022, the U.S. Supreme Court (the Court) denied Dakota Access’s writ of certiorari requesting the Court to review the lower court’s decision to order the EIS and vacate the easement. Therefore, the requirement to prepare the EIS stands. Also in February 2022, the Tribe withdrew as a cooperating agency, causing the USACE to halt the EIS process while the USACE engaged with the Tribe on their reasons for withdrawing. The draft EIS process resumed in August of 2022, and release is expected in Spring of 2023. Dakota Access and ETCO have guaranteed repayment of senior unsecured notes issued by a wholly owned subsidiary of Dakota Access in March 2019. 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. At September 30, 2022, the aggregate principal amount outstanding of Dakota Access’ senior unsecured notes was $1.85 billion. In conjunction with the notes offering, Phillips 66 Partners, now a wholly owned subsidiary of Phillips 66, and its co-venturers in Dakota Access also provided a Contingent Equity Contribution Undertaking (CECU). 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 September 30, 2022, our 25% share of the maximum potential equity contributions under the CECU was approximately $467 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 25% share of the ongoing expenses, including scheduled interest payments on the notes of approximately $20 million annually, in addition to the potential obligations under the CECU at September 30, 2022. At September 30, 2022, the aggregate book value of our investments in Dakota Access and ETCO was $691 million. 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 September 30, 2022, our maximum exposure to loss was comprised of our $288 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 September 30, 2022, our maximum exposure to loss was $213 million, which represented the book value of our investment in OnCue of $142 million and guaranteed debt obligations of $71 million. DCP Midstream and Gray Oak Holdings Merger In connection with the DCP Midstream and Gray Oak Holdings merger, we derecognized our equity method investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills as these entities are consolidated starting on August 18, 2022. In addition, as part of the merger, we transferred a 35.75% indirect economic interest in Gray Oak Pipeline to Enbridge and derecognized Enbridge’s noncontrolling interest in Gray Oak Holdings. After the merger, we continue to account for our remaining 6.5% indirect economic interest in Gray Oak Pipeline, now held through DCP Midstream Class B Segment, using the equity method of accounting. See Note 1—Interim Financial Information, Note 2—Business Combination, and Note 14—Fair Value Measurements, for additional information regarding the merger and the associated fair value measurements. Equity Investments Acquired As a result of the DCP Midstream and Gray Oak Holdings merger, we acquired and recorded equity investments in DCP Midstream Class A Segment at their fair values. See Note 1—Interim Financial Information, Note 2—Business Combination and Note 14—Fair Value Measurements, for additional information regarding the merger and the associated fair value measurements. 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 losses, is recorded in the “Other income (loss)” line item of our consolidated statement of income, while changes due to foreign currency fluctuations are recorded in the “Foreign currency transaction (gains) losses” line item on our consolidated statement of income. The fair value of our investment in NOVONIX was $89 million at September 30, 2022. The fair value of our investment in NOVONIX declined by $33 million and $431 million during the three and nine months ended September 30, 2022, respectively, reflecting unrealized investment losses of $28 million and $418 million and unrealized foreign currency losses of $5 million and $13 million, respectively. See Note 14—Fair Value Measurements, for additional information regarding the recurring fair value measurement of our investment in NOVONIX. Related Party Loans

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars September 30, 2022 December 31, 2021 Gross Accum. Net Gross Accum. Net Midstream $ 26,140 3,806 22,334 12,524 3,064 9,460 Chemicals — — — — — — Refining 23,274 12,173 11,101 23,878 12,517 11,361 Marketing and Specialties 1,676 980 696 1,819 1,035 784 Corporate and Other 1,534 703 831 1,576 746 830 $ 52,624 17,662 34,962 39,797 17,362 22,435 See Note 1—Interim Financial Information, Note 2—Business Combination and Note 14—Fair Value Measurements, for additional information on the DCP Midstream and Gray Oak Holdings merger and the associated fair value measurements.

Impairments

Impairments	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairments	Impairments Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Midstream $ — 10 1 208 Refining — 1,288 1 1,288 Total impairments $ — 1,298 2 1,496 Equity Investment Liberty In the first quarter of 2021, Phillips 66 Partners decided to exit the Liberty Pipeline project in our Midstream segment, which had previously been deferred due to the challenging business environment caused by the COVID-19 pandemic. As a result, Phillips 66 Partners recorded a $198 million before-tax impairment to reduce the book value of its investment in Liberty at March 31, 2021, to estimated fair value. PP&E Alliance Refinery In the third quarter of 2021, we identified impairment indicators related to our Alliance Refinery as a result of damages sustained from Hurricane Ida and our reassessment of the role this refinery will play in our refining portfolio. Accordingly, we assessed the refinery asset group for impairment by performing an analysis that considered several usage scenarios, including selling or converting the asset group to an alternative use. Based on our analysis, we concluded that the carrying value of the asset group was not recoverable. As a result, we recorded a $1,298 million before-tax impairment to reduce the carrying value of net PP&E in this asset group to its fair value of approximately $200 million. $1,288 million of the impairment charge was recorded in our Refining segment and $10 million was recorded in our Midstream segment. In the fourth quarter of 2021, we shut down our Alliance Refinery and subsequently converted it into a terminal. These impairment charges are included within the “Impairments” line item on our consolidated statement of income. See Note 14—Fair Value Measurements, for additional information on the determination of fair value used to record these impairments.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities) and the premium paid for the repurchase of noncontrolling interests. The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income 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 of the periods presented, and the premium paid for the repurchase of noncontrolling interests. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 5,391 5,391 402 402 9,140 9,140 44 44 Income allocated to participating securities (3) — (2) (2) (8) — (7) (7) Premium paid for the repurchase of noncontrolling interests — — — — — — (2) (2) Net income available to common stockholders $ 5,388 5,391 400 400 9,132 9,140 35 35 Weighted-average common shares outstanding (thousands) : 479,355 481,388 438,067 440,193 469,339 471,375 437,783 439,880 Effect of share-based compensation 2,033 1,648 2,126 175 2,036 2,077 2,097 379 Weighted-average common shares outstanding—EPS 481,388 483,036 440,193 440,368 471,375 473,452 439,880 440,259 Earnings Per Share of Common Stock (dollars) $ 11.19 11.16 0.91 0.91 19.37 19.31 0.08 0.08 On March 9, 2022, we completed the 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 21—Phillips 66 Partners LP, for additional information on this merger transaction.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Short-term and long-term debt consisted of the following: Millions of Dollars September 30, 2022 December 31, 2021 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total Phillips 66 Phillips 66 Partners Total 4.300% Senior Notes due April 2022 $ — — — — — 1,000 — 1,000 3.875% Senior Notes due March 2023 — — — 500 500 — — — 3.700% Senior Notes due April 2023 500 — — — 500 500 — 500 0.900% Senior Notes due February 2024 800 — — — 800 800 — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 — 300 300 3.605% Senior Notes due February 2025 — 441 59 — 500 — 500 500 3.850% Senior Notes due April 2025 650 — — — 650 650 — 650 5.375% Senior Notes due July 2025 — — — 825 825 — — — 1.300% Senior Notes due February 2026 500 — — — 500 500 — 500 3.550% Senior Notes due October 2026 — 458 42 — 500 — 500 500 5.625% Senior Notes due July 2027 — — — 500 500 — — — 3.750% Senior Notes due March 2028 — 427 73 — 500 — 500 500 3.900% Senior Notes due March 2028 800 — — — 800 800 — 800 5.125% Senior Notes due May 2029 — — — 600 600 — — — 3.150% Senior Notes due December 2029 — 570 30 — 600 — 600 600 8.125% Senior Notes due August 2030 — — — 300 300 — — — 2.150% Senior Notes due December 2030 850 — — — 850 850 — 850 3.250% Senior Notes due February 2032 — — — 400 400 — — — 4.650% Senior Notes due November 2034 1,000 — — — 1,000 1,000 — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 — — — 6.750% Senior Notes due September 2037 — — — 450 450 — — — 5.875% Senior Notes due May 2042 1,500 — — — 1,500 1,500 — 1,500 5.850% Junior Subordinated Notes due May 2043 — — — 550 550 — — — 5.600% Senior Notes due April 2044 — — — 400 400 — — — 4.875% Senior Notes due November 2044 1,700 — — — 1,700 1,700 — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 — 450 450 4.900% Senior Notes due October 2046 — 605 20 — 625 — 625 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 1,000 — 1,000 Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 — — — — — — 450 450 Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party 25 — — — 25 25 — 25 Other 1 — — 14 15 1 — 1 Debt at face value 9,326 3,220 255 4,839 17,640 10,326 3,925 14,251 Fair value adjustment to debt acquired (125) Finance leases 269 290 Software obligations 20 16 Net unamortized discounts and debt issuance costs (147) (109) Total debt 17,657 14,448 Short-term debt (1,032) (1,489) Long-term debt $ 16,625 12,959 2022 Activities Credit Facilities Phillips 66 and Phillips 66 Company On June 23, 2022, we entered into a new $5 billion revolving credit facility (the Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor and a scheduled maturity date of June 22, 2027. The Facility replaced our previous $5 billion revolving credit facility with Phillips 66 as the borrower and Phillips 66 Company as the guarantor. The Facility contains usual and customary covenants that are similar to the previous revolving credit facility, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. We have the option to increase the overall capacity to $6 billion, subject to certain conditions. We also have the option to extend the scheduled maturity of the Facility for up to two additional one-year terms, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. Outstanding borrowings under the Facility bear interest at either (a) the Adjusted Term Secured Overnight Financing Rate (SOFR) (as described in the Facility) in effect from time to time plus the applicable margin; or (b) the reference rate (as described in the Facility) plus the applicable margin. The Facility also provides for customary fees, including commitment fees. The pricing levels for the commitment fees and interest-rate margins are determined based on the ratings in effect for our senior unsecured long-term debt from time to time. We may at any time prepay outstanding borrowings, in whole or in part, without premium or penalty. At September 30, 2022, no amount has been drawn under the Facility. DCP Midstream Class A Segment As a result of the merger of DCP Midstream and Gray Oak Holdings, we recorded the fair value of DCP Midstream Class A Segment’s debt to our consolidated balance sheet as of August 17, 2022. See Note 1—Interim Financial Information, Note 2—Business Combination, and Note 14—Fair Value Measurements, for additional information regarding the merger and the associated fair value measurements. All of DCP Midstream Class A Segment’s debt is held by DCP LP. Interest on all of DCP LP’s senior notes and junior subordinated notes is paid on a semi-annual basis. DCP LP also has a credit facility that matures on March 18, 2027, under its amended credit agreement (the Credit Agreement), with a borrowing capacity of up to $1.4 billion. The credit facility bears interest at either the term SOFR or the base rate plus, in each case, an applicable margin based on DCP LP’s credit rating. The Credit Agreement also grants DCP LP the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million and also to extend the term for up to two additional one-year periods, subject to requisite lender approval. Loans under the Credit Agreement may be used for working capital and other general partnership purposes including acquisitions. Indebtedness under the Credit Agreement bears interest at either: (1) an adjusted SOFR (as described in the Credit Agreement) plus the applicable margin; or (2) the base rate (as described in the Credit Agreement) plus an applicable margin. The Credit Agreement also provides for customary fees, including commitment fees. The cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid based on DCP LP’s credit rating. As of September 30, 2022, DCP LP had unused borrowing capacity of $1,390 million, net of $10 million of letters of credit, under the Credit Agreement, of which $1,390 million was available to borrow for working capital and other general partnership purposes based on the financial covenants set forth in the Credit Agreement. Except in the event of a default, amounts under the Credit Agreement will not become due prior to the March 18, 2027, maturity date. DCP LP has an accounts receivable securitization facility (the Securitization Facility) that provides for up to $350 million of borrowing capacity through August 2024 at an adjusted SOFR that includes an uncommitted option to increase the total commitments under the Securitization Facility by up to an additional $400 million. Under the Securitization Facility, certain of DCP LP’s wholly owned subsidiaries sell or contribute receivables to another of DCP LP’s consolidated subsidiaries, DCP Receivables LLC (DCP Receivables), a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. As of September 30, 2022, DCP LP had unused borrowing capacity of $350 million under the Securitization Facility, secured by its accounts receivable at DCP Receivables. Phillips 66 Partners In connection with entering into the Facility, we terminated Phillips 66 Partners’ $750 million revolving credit facility. Debt Exchange On May 5, 2022, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, completed 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 issued by Phillips 66 Company (collectively, the New Notes). The New Notes are fully and unconditionally guaranteed by Phillips 66 and rank equally with Phillips 66 Company’s other unsecured and unsubordinated indebtedness, and the guarantees rank equally with Phillips 66’s other unsecured and unsubordinated indebtedness. Old Notes with an aggregate principal amount of approximately $3.2 billion were tendered in the Exchange Offers. The New Notes have the same interest rates, interest payment dates and maturity dates as the Old Notes. Holders that validly tendered before the end of the early participation period on April 19, 2022 (the Early Participation Date), received New Notes with an aggregate principal amount equivalent to the Old Notes, while holders that validly tendered after the Early Participation Date, but before the Expiration Date, received New Notes with an aggregate principal amount 3% less than the Old Notes. Substantially all of the Old Notes exchanged were tendered during the Early Participation Period. Debt Repayments After the merger, DCP LP repaid $470 million of debt, related to its accounts receivable securitization facility and revolving credit facility. In 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. 2021 Activities In September 2021, Phillips 66 repaid the $500 million of outstanding borrowings under the delayed draw term loan facility due November 2023. In April 2021, Phillips 66 Partners entered into a $450 million term loan agreement with a one-year term and borrowed the full amount. The term loan agreement was repaid upon maturity in April 2022 without premium or penalty. In April 2021, Phillips 66 Partners repaid $50 million of its tax-exempt bonds upon maturity. In February 2021, Phillips 66 repaid $500 million outstanding principal balance of its floating-rate senior notes upon maturity.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2022
Guarantees [Abstract]
Guarantees	Guarantees At September 30, 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 September 30, 2022. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future exposures totaling $209 million. These leases have remaining terms of up to nine years. Guarantees of Joint Venture Obligations In March 2019, Phillips 66 Partners and its co-venturers in Dakota Access provided a CECU in conjunction with a senior unsecured notes offering. See Note 6—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. At September 30, 2022, we also had other guarantees outstanding primarily for our portion of certain joint venture debt, which have remaining terms of up to three years. The maximum potential future exposures under these guarantees were approximately $85 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 September 30, 2022, and December 31, 2021, the carrying amount of recorded indemnifications was $133 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 September 30, 2022, and December 31, 2021, environmental accruals for known contamination of $104 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 12—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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022, we had performance obligations secured by letters of credit and bank guarantees of $1,355 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 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 income. Gains and losses from derivative contracts held for trading not directly related to our physical business are reported net in the “Other income” line item on our consolidated statement of income. Cash flows from all our derivative activity for the periods presented appear in the operating section on our consolidated statement of cash flows. Purchase and sales contracts with firm minimum notional volumes for commodities that are readily convertible to cash are recorded on our consolidated balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception, whereby the contracts are recorded on an accrual basis. We generally apply the normal purchases and normal sales exception to eligible crude oil, refined petroleum product, NGL, natural gas, 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 14—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. DCP Midstream Class A Segment Through DCP LP’s operations, DCP Midstream Class A Segment is exposed to a variety of risks including but not limited to changes in the prices of commodities that DCP LP buys or sells, changes in interest rates, and the creditworthiness of each of DCP LP’s counterparties. DCP LP manages certain of these exposures with either physical or financial transactions. DCP LP has established a comprehensive risk management policy and a risk management committee to monitor and manage market risks associated with commodity prices and counterparty credit. The risk management committee is composed of DCP LP’s senior executives who receive regular briefings on positions and exposures, credit exposures and overall risk management in the context of market activities. The risk management committee is responsible for the overall management of credit risk and commodity price risk, including monitoring exposure limits. Effective from the date of the merger, we include DCP LP’s financial instruments in our financial statements. See Note 1—Interim Financial Information, for additional information regarding the merger and the associated accounting treatment. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 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 $ 4,239 (3,841) — 398 99 (20) — 79 Other assets 63 (26) — 37 3 (1) — 2 Liabilities Other accruals 3 (338) 42 (293) 758 (855) 49 (48) Other liabilities and deferred credits 30 (52) 3 (19) — (1) — (1) Total $ 4,335 (4,257) 45 123 860 (877) 49 32 At September 30, 2022, there was $219 million of collateral paid that was not offset on our consolidated balance sheet. At 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 income, were: Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and other operating revenues $ 432 (214) (123) (530) Other income 22 11 84 30 Purchased crude oil and products 166 66 (315) (282) Net gain (loss) from commodity derivative activity $ 620 (137) (354) (782) 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 90% at September 30, 2022, and December 31, 2021. Open Position September 30 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (29) (18) Natural gas (billions of cubic feet) (84) — Credit Risk from Derivative Instruments The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at September 30, 2022, and December 31, 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 —The fair value of our exchange-traded contracts is based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and is reported 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 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. • Other investments —Includes other marketable securities with observable market prices. • Debt —The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars September 30, 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 $ 4,058 103 3 4,164 (3,870) — — 294 OTC instruments — 22 20 42 — — — 42 Physical forward contracts — 127 2 129 (30) — — 99 Rabbi trust assets 121 — — 121 N/A N/A — 121 Investment in NOVONIX 89 — — 89 N/A N/A — 89 Other investments 40 — — 40 N/A N/A — 40 $ 4,308 252 25 4,585 (3,900) — — 685 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,931 246 5 4,182 (3,870) (45) — 267 OTC instruments — 5 — 5 — — — 5 Physical forward contracts — 70 — 70 (30) — — 40 Floating-rate debt — 25 — 25 N/A N/A — 25 Fixed-rate debt, excluding finance leases and software obligations — 15,846 — 15,846 N/A N/A 1,497 17,343 $ 3,931 16,192 5 20,128 (3,900) (45) 1,497 17,680 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 13—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 Investment In the first quarter of 2021, Phillips 66 Partners wrote down the book value of its investment in Liberty to estimated fair value using a Level 3 nonrecurring fair value measurement. This nonrecurring measurement was based on the estimated fair value of Phillips 66 Partners’ share of the joint venture’s pipeline assets and net working capital at March 31, 2021. PP&E In the third quarter of 2021, we remeasured the carrying value of the net PP&E of our Alliance Refinery asset group to fair value. The fair value of PP&E was determined using a combination of the income, cost and sales comparison approaches. The income approach used a discounted cash flow model that requires various observable and non-observable inputs, such as commodity prices, margins, operating rates, sales volumes, operating expenses, capital expenditures, terminal-year values and a risk-adjusted discount rate. The cost approach used assumptions for the current replacement costs of similar plant and equipment assets adjusted for estimated physical deterioration, functional obsolescence and economic obsolescence. The sales comparison approach used the value of similar properties recently sold or currently offered for sale. This valuation resulted in a Level 3 nonrecurring fair value measurement. DCP Midstream and Gray Oak Holdings Merger In the third quarter of 2022, we and Enbridge agreed to merge DCP Midstream and Gray Oak Holdings with DCP Midstream as the surviving entity. As a result, we began consolidating the financial results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills, and accordingly, accounted for the business combination using the acquisition method of accounting, which requires DCP Midstream Class A Segment’s, DCP Sand Hills’ and DCP Southern Hills’, assets and liabilities to be recorded at fair value as of the acquisition date on our consolidated balance sheet. See Note 2—Business Combination, for additional information on the merger transaction. Equity Investments The preliminary fair value of the investments we acquired that are accounted for under the equity method was $2,192 million. The preliminary fair value of these assets was determined using the income approach. The income approach used discounted cash flow models that require various observable and non-observable inputs, such as margins, tariffs and rates, utilization, volumes, product costs, operating expenses, capital expenditures, terminal-year values and risk-adjusted discount rates. These valuations resulted in Level 3 nonrecurring fair value measurements. PP&E The preliminary fair value of PP&E was $12,837 million. The preliminary fair value of these assets was determined primarily using the cost approach. The cost approach used assumptions for the current replacement costs of similar plant and equipment assets adjusted for estimated physical deterioration, functional obsolescence and economic obsolescence. These valuations resulted in Level 3 nonrecurring fair value measurements. Debt The preliminary fair value of DCP LP’s senior and junior subordinated notes was measured using a market approach, based on the average of quotes for the acquired debt from major financial institutions. These valuations resulted in Level 2 nonrecurring fair value measurements. Gain Related to Merger of Businesses In connection with the merger, we recognized gains totaling $2,831 million from remeasuring our previously held equity investments to their fair values and a gain of $182 million related to the transfer of a 35.75% indirect economic interest in Gray Oak Pipeline to our co-venturer. The preliminary fair values of our previously held equity interest in DCP Midstream and the equity interest in Gray Oak Pipeline we transferred were primarily based on DCP LP’s publicly traded common unit market price on the effective date of the merger, August 17, 2022, the cash consideration contributed and obligations that were deemed to be effectively settled. This valuation resulted in Level 1 nonrecurring fair value measurements. The preliminary fair values of our previously held equity interests in DCP Sand Hills and DCP Southern Hills were determined using the income approach. The income approach used discounted cash flow models that require various observable and non-observable inputs, such as tariffs, volumes, operating expenses, capital expenditures, terminal-year values and risk-adjusted discount rates. These valuations resulted in Level 3 nonrecurring fair value measurements. Noncontrolling Interest As a result of our consolidation of the DCP Midstream Class A Segment, the noncontrolling interests held in the DCP Midstream Class A Segment were recorded at their estimated fair values on the merger date. These noncontrolling interests include Enbridge’s indirect economic interest in DCP LP, the public holders of DCP LP’s common units and the holders of DCP LP’s preferred units. The fair value of the noncontrolling interests in DCP LP’s common units was based on their unit market price as of the date of the merger, August 17, 2022. The fair value of the noncontrolling interests in DCP LP’s publicly traded preferred units was based on their respective market price as of the date of the merger, August 17, 2022. These valuations resulted in Level 1 nonrecurring fair value measurements. The preliminary fair value of the noncontrolling interests in DCP LP’s other preferred units was based on an income approach that used projected distributions that were discounted using an average implied yield of DCP LP’s publicly traded preferred units. This valuation resulted in a Level 2 nonrecurring fair value measurement.

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three and nine months ended September 30, 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 September 30 Service cost $ 28 6 37 9 1 1 Interest cost 28 5 20 5 1 2 Expected return on plan assets (31) (13) (39) (15) — — Amortization of prior service credit — — — — — (1) Amortization of net actuarial loss (gain) 6 3 8 7 (1) — Settlements 20 9 18 — — — Net periodic benefit cost* $ 51 10 44 6 1 2 Nine Months Ended September 30 Service cost $ 98 21 111 26 3 4 Interest cost 70 16 60 14 4 4 Expected return on plan assets (109) (44) (121) (44) — — Amortization of prior service credit — — — — (1) (2) Amortization of net actuarial loss (gain) 18 9 37 19 (2) (1) Settlements 45 9 47 — — — Net periodic benefit cost* $ 122 11 134 15 4 5 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 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 loss before reclassifications (1) (625) — (626) Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 77 — — 77 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 76 (625) — (549) September 30, 2022 $ (322) (670) (2) (994) December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 184 (68) 1 117 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 82 — — 82 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 266 (68) 2 200 September 30, 2021 $ (543) (43) (3) (589) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating revenues and other income (a)(d) $ 1,599 1,005 4,914 2,734 Purchases (b)(d) 5,705 3,980 16,589 9,789 Operating expenses and selling, general and administrative expenses (c) 69 80 209 215 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes LLC (Excel Paralubes), 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 Paralubes 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. (d) As a result of the DCP Midstream and Gray Oak Holdings merger, DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills are no longer considered related parties to us after August 17, 2022. Accordingly, any sale and purchase transactions with them are excluded from the above disclosure after the merger.

Segment Disclosures and Related

Segment Disclosures and Related Information	9 Months Ended
	Sep. 30, 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. As a result of the merger on August 17, 2022, we began consolidating DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. This segment also includes our 16% investment in NOVONIX. On March 9, 2022, we completed the merger between us and Phillips 66 Partners. See Note 1—Interim Financial Information and Note 21—Phillips 66 Partners LP, for additional information on these transactions. 2) Chemicals— Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3) Refining— Refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, as well as renewable fuels, at 12 refineries in the United States and Europe. 4) Marketing and Specialties— Purchases for resale and markets refined petroleum products and renewable fuels, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products. Corporate and Other includes general corporate overhead, interest expense, our investment in new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and Other Operating Revenues * Midstream Total sales $ 5,035 3,067 12,938 8,049 Intersegment eliminations (777) (802) (2,379) (2,138) Total Midstream 4,258 2,265 10,559 5,911 Chemicals — 1 — 3 Refining Total sales 29,904 20,206 86,905 53,939 Intersegment eliminations (18,250) (12,853) (54,739) (32,826) Total Refining 11,654 7,353 32,166 21,113 Marketing and Specialties Total sales 29,866 21,184 89,595 53,286 Intersegment eliminations (837) (569) (2,635) (1,462) Total Marketing and Specialties 29,029 20,615 86,960 51,824 Corporate and Other 14 9 26 21 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 3,645 629 4,179 1,017 Chemicals 135 631 804 1,408 Refining 2,851 (1,126) 6,010 (2,895) Marketing and Specialties 847 545 1,928 1,311 Corporate and Other (320) (231) (829) (728) Consolidated income before income taxes $ 7,158 448 12,092 113 Millions of Dollars September 30 December 31 Total Assets Midstream $ 31,129 15,932 Chemicals 6,675 6,453 Refining 22,628 19,952 Marketing and Specialties 11,555 8,505 Corporate and Other 5,352 4,752 Consolidated total assets $ 77,339 55,594

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate for the three and nine months ended September 30, 2022, was 23% and 22%, respectively, compared with (9)% and (97)%, respectively, for the corresponding periods of 2021. The increase in our effective tax rate for the three and nine months ended September 30, 2022, was primarily attributable to the discrete tax treatment of the Alliance Refinery impairment in 2021. The tax consequences of the impairment were not included in our estimated annual effective tax rate but instead were fully reported in the third quarter of 2021. Additionally, the tax consequences of the gain recognized related to the DCP Midstream and Gray Oak Holdings merger were not included in our estimated annual effective tax rate but instead were fully reported in the third quarter of 2022 as a discrete item. See Note 1—Interim Financial Information, for additional information on this merger. The effective tax rate for the three and nine months ended September 30, 2022, varied from the U.S. federal statutory income tax rate primarily due to state income taxes. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (IRA) that includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on adjusted financial statement income as defined in the IRA, which is effective after December 31, 2022. We are continuing to evaluate the IRA and its requirements, as well as the application to our business.

DCP Midstream, LP

DCP Midstream, LP	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DCP Midstream Class A Segment	Note 20—DCP Midstream Class A Segment DCP Midstream Class A Segment is a VIE and we are the primary beneficiary. DCP Midstream Class A Segment is comprised of the businesses, activities, assets and liabilities of DCP LP and its subsidiaries and its general partner entities. Refer to Note 1—Interim Financial Information and Note 2—Business Combination, for more details on the DCP Midstream and Gray Oak Holdings merger transaction and related accounting. DCP LP, headquartered in Denver, Colorado, is a publicly traded MLP whose operations currently include producing and fractionating NGL, gathering, compressing, treating and processing natural gas; recovering condensate; and transporting, trading, marketing and sorting natural gas and NGL. As a result of our consolidation of DCP Midstream Class A Segment, the public common and preferred unitholders’ ownership interests and Enbridge’s indirect economic interest in DCP LP are reflected as noncontrolling interests in our consolidated financial statements. At September 30, 2022, we held a 43.31% indirect economic interest in DCP LP. The most significant assets of DCP Midstream Class A Segment that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars September 30, 2022 Accounts receivable, trade* $ 1,298 Net properties, plants and equipment 9,295 Investments in unconsolidated affiliates** 2,185 Accounts payable 1,351 Short-term debt 506 Long-term debt 4,192 * Included in the “Accounts and notes receivable” line item on the Phillips 66 consolidated balance sheet. ** Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. Preferred Units DCP LP’s preferred units rank senior to its common units with respect to distribution rights and rights upon liquidations. Holders of DCP LP’s preferred units have no voting rights except for certain limited protective voting rights. Distributions on the preferred units are payable out of DCP LP’s available cash, are accretive and are cumulative from the date of original issuance of the preferred units. Distributions on the Series A preferred units are payable semiannually in arrears in June and December of each year. Distributions on the Series B preferred units are payable quarterly in arrears in March, June, September and December of each year. Distributions on the Series C preferred units are payable quarterly in arrears in January, April, July and October of each year. As of September 30, 2022, DCP LP had 500,000 Series A preferred units outstanding with an aggregate liquidation preference of $500 million, 6,450,000 Series B preferred units outstanding with an aggregate liquidation preference of approximately $161 million, and 4,400,000 Series C preferred units outstanding with an aggregate liquidation preference of $110 million. The Series B and C preferred units are publicly traded. Common Units As of September 30, 2022, DCP LP had approximately 208 million of common units outstanding, of which approximately 90 million were publicly held. In addition, Enbridge holds a 23.36% economic interest in the approximately 118 million common units held by DCP Midstream Class A Segment. Common Unit Acquisition Proposal On August 17, 2022, we announced the submission of a non-binding proposal to the board of the general partner of DCP LP offering to acquire all publicly held common units of DCP LP for cash consideration of $34.75 per unit. The proposed transaction is subject to the negotiation and execution of a definitive agreement, and approval of such definitive agreement and transactions contemplated therein by the board of the general partner of DCP LP and the special committee appointed by the board. There can be no assurance that the definitive agreement will be executed or that any transaction will be consummated on the terms described above, or at all.

Phillips 66 Partners LP

Phillips 66 Partners LP	9 Months Ended
	Sep. 30, 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 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 $901 million, “Deferred income taxes” of $323 million, and “Cash and cash equivalents” of $2 million, and an increase to “Other accruals” of $5 million on our consolidated balance sheet.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring	RestructuringIn April 2022, we announced that we are progressing a multi-year business transformation focused on enterprise-wide opportunities to improve our cost structure. For the three and nine months ended September 30, 2022, we recorded restructuring costs totaling $74 million and $99 million, respectively, primarily related to consulting fees and severance accruals. These costs are recorded in the “Selling, general and administrative expenses” line item on our consolidated statement of income and are reported in our Corporate segment.

Earnings Per Share (Policies)

Earnings Per Share (Policies)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities) and the premium paid for the repurchase of noncontrolling interests. The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income 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 of the periods presented, and the premium paid for the repurchase of noncontrolling interests. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.
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 —The fair value of our exchange-traded contracts is based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and is reported 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 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. • Other investments —Includes other marketable securities with observable market prices. • 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.

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Value of Consideration Transferred and Amounts Included in Operations	The components of the fair value of the merger consideration are: Millions of Dollars Cash contributed $ 404 Fair value of transferred equity interest 634 Fair value of previously held equity interests 3,853 Total merger consideration $ 4,891 The following “Sales and other operating revenues” and “Net Income Attributable to Phillips 66” of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills were included in our consolidated statement of income from August 18, 2022, forward. Millions of Dollars Sales and other operating revenues $ 1,368 Net Income Attributable to Phillips 66 125
Schedule of Purchase Price Allocation	The following table summarizes, based on our preliminary purchase price allocation described above, the fair values of the assets acquired and liabilities assumed of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills as of August 17, 2022: Millions of Dollars Fair value of assets acquired: Cash and cash equivalents $ 98 Accounts and notes receivable 1,003 Inventories 74 Prepaid expenses and other current assets 439 Investments and long-term receivables 2,192 Properties, plants and equipment 12,837 Intangibles 36 Other assets 343 Total assets acquired 17,022 Fair value of liabilities assumed: Accounts payable 912 Short-term debt 625 Accrued income and other taxes 107 Employee benefit obligation - current 50 Other accruals 497 Long-term debt 4,541 Asset retirement obligations and accrued environmental costs 168 Deferred income taxes 40 Employee benefit obligations 54 Other liabilities and deferred credits 227 Total liabilities assumed 7,221 Fair value of net assets 9,801 Less: Fair value of noncontrolling interests 4,910 Total merger consideration $ 4,891
Schedule of Pro Forma Financial Information	The following unaudited pro forma financial information presents consolidated results assuming the acquisition of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills occurred on January 1, 2021. The unaudited pro forma information includes adjustments based on currently available information and we believe the estimates and assumptions are reasonable, and the significant effects of the transactions are properly reflected in the unaudited pro forma information. An aggregate gain of $2,831 million was included in the pro forma financial information for the nine months ended September 30, 2021, which is related to the remeasurement of the previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values in connection with the merger. Adjustments related to the economic interest change in our equity investment in Gray Oak Pipeline were excluded from the pro forma financial information. The unaudited pro forma information does not give effect to any potential synergies that could be achieved and is not necessarily indicative of the results of future operations. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and other operating revenues (millions) $ 46,892 32,109 136,848 83,878 Net Income Attributable to Phillips 66 (millions) 3,129 405 6,963 2,167 Net Income Attributable to Phillips 66 per share—basic (dollars) 6.50 0.92 14.76 4.91 Net Income Attributable to Phillips 66 per share—diluted (dollars) 6.48 0.92 14.71 4.90

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Product Line and Services Refined petroleum products $ 33,690 24,838 102,482 63,057 Crude oil resales 6,146 3,091 15,694 9,484 Natural gas liquids (NGL) and natural gas 4,217 2,331 10,702 6,048 Services and other * 902 (17) 833 283 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 Geographic Location** United States $ 36,126 24,011 103,910 61,920 United Kingdom 4,485 2,948 13,168 8,070 Germany 1,769 1,194 4,944 3,049 Other foreign countries 2,575 2,090 7,689 5,833 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: Millions of Dollars September 30 December 31 Crude oil and petroleum products $ 3,928 3,024 Materials and supplies 366 370 $ 4,294 3,394

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars September 30, 2022 December 31, 2021 Gross Accum. Net Gross Accum. Net Midstream $ 26,140 3,806 22,334 12,524 3,064 9,460 Chemicals — — — — — — Refining 23,274 12,173 11,101 23,878 12,517 11,361 Marketing and Specialties 1,676 980 696 1,819 1,035 784 Corporate and Other 1,534 703 831 1,576 746 830 $ 52,624 17,662 34,962 39,797 17,362 22,435

Impairments (Tables)

Impairments (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impairments	Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Midstream $ — 10 1 208 Refining — 1,288 1 1,288 Total impairments $ — 1,298 2 1,496

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 5,391 5,391 402 402 9,140 9,140 44 44 Income allocated to participating securities (3) — (2) (2) (8) — (7) (7) Premium paid for the repurchase of noncontrolling interests — — — — — — (2) (2) Net income available to common stockholders $ 5,388 5,391 400 400 9,132 9,140 35 35 Weighted-average common shares outstanding (thousands) : 479,355 481,388 438,067 440,193 469,339 471,375 437,783 439,880 Effect of share-based compensation 2,033 1,648 2,126 175 2,036 2,077 2,097 379 Weighted-average common shares outstanding—EPS 481,388 483,036 440,193 440,368 471,375 473,452 439,880 440,259 Earnings Per Share of Common Stock (dollars) $ 11.19 11.16 0.91 0.91 19.37 19.31 0.08 0.08

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Short-term and long-term debt consisted of the following: Millions of Dollars September 30, 2022 December 31, 2021 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total Phillips 66 Phillips 66 Partners Total 4.300% Senior Notes due April 2022 $ — — — — — 1,000 — 1,000 3.875% Senior Notes due March 2023 — — — 500 500 — — — 3.700% Senior Notes due April 2023 500 — — — 500 500 — 500 0.900% Senior Notes due February 2024 800 — — — 800 800 — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 — 300 300 3.605% Senior Notes due February 2025 — 441 59 — 500 — 500 500 3.850% Senior Notes due April 2025 650 — — — 650 650 — 650 5.375% Senior Notes due July 2025 — — — 825 825 — — — 1.300% Senior Notes due February 2026 500 — — — 500 500 — 500 3.550% Senior Notes due October 2026 — 458 42 — 500 — 500 500 5.625% Senior Notes due July 2027 — — — 500 500 — — — 3.750% Senior Notes due March 2028 — 427 73 — 500 — 500 500 3.900% Senior Notes due March 2028 800 — — — 800 800 — 800 5.125% Senior Notes due May 2029 — — — 600 600 — — — 3.150% Senior Notes due December 2029 — 570 30 — 600 — 600 600 8.125% Senior Notes due August 2030 — — — 300 300 — — — 2.150% Senior Notes due December 2030 850 — — — 850 850 — 850 3.250% Senior Notes due February 2032 — — — 400 400 — — — 4.650% Senior Notes due November 2034 1,000 — — — 1,000 1,000 — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 — — — 6.750% Senior Notes due September 2037 — — — 450 450 — — — 5.875% Senior Notes due May 2042 1,500 — — — 1,500 1,500 — 1,500 5.850% Junior Subordinated Notes due May 2043 — — — 550 550 — — — 5.600% Senior Notes due April 2044 — — — 400 400 — — — 4.875% Senior Notes due November 2044 1,700 — — — 1,700 1,700 — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 — 450 450 4.900% Senior Notes due October 2046 — 605 20 — 625 — 625 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 1,000 — 1,000 Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 — — — — — — 450 450 Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party 25 — — — 25 25 — 25 Other 1 — — 14 15 1 — 1 Debt at face value 9,326 3,220 255 4,839 17,640 10,326 3,925 14,251 Fair value adjustment to debt acquired (125) Finance leases 269 290 Software obligations 20 16 Net unamortized discounts and debt issuance costs (147) (109) Total debt 17,657 14,448 Short-term debt (1,032) (1,489) Long-term debt $ 16,625 12,959

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 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 $ 4,239 (3,841) — 398 99 (20) — 79 Other assets 63 (26) — 37 3 (1) — 2 Liabilities Other accruals 3 (338) 42 (293) 758 (855) 49 (48) Other liabilities and deferred credits 30 (52) 3 (19) — (1) — (1) Total $ 4,335 (4,257) 45 123 860 (877) 49 32
Schedule of Offsetting Liabilities	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars September 30, 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 $ 4,239 (3,841) — 398 99 (20) — 79 Other assets 63 (26) — 37 3 (1) — 2 Liabilities Other accruals 3 (338) 42 (293) 758 (855) 49 (48) Other liabilities and deferred credits 30 (52) 3 (19) — (1) — (1) Total $ 4,335 (4,257) 45 123 860 (877) 49 32
Schedule of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and other operating revenues $ 432 (214) (123) (530) Other income 22 11 84 30 Purchased crude oil and products 166 66 (315) (282) Net gain (loss) from commodity derivative activity $ 620 (137) (354) (782)
Schedule 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 90% at September 30, 2022, and December 31, 2021. Open Position September 30 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (29) (18) Natural gas (billions of cubic feet) (84) —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 4,058 103 3 4,164 (3,870) — — 294 OTC instruments — 22 20 42 — — — 42 Physical forward contracts — 127 2 129 (30) — — 99 Rabbi trust assets 121 — — 121 N/A N/A — 121 Investment in NOVONIX 89 — — 89 N/A N/A — 89 Other investments 40 — — 40 N/A N/A — 40 $ 4,308 252 25 4,585 (3,900) — — 685 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,931 246 5 4,182 (3,870) (45) — 267 OTC instruments — 5 — 5 — — — 5 Physical forward contracts — 70 — 70 (30) — — 40 Floating-rate debt — 25 — 25 N/A N/A — 25 Fixed-rate debt, excluding finance leases and software obligations — 15,846 — 15,846 N/A N/A 1,497 17,343 $ 3,931 16,192 5 20,128 (3,900) (45) 1,497 17,680 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)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three and nine months ended September 30, 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 September 30 Service cost $ 28 6 37 9 1 1 Interest cost 28 5 20 5 1 2 Expected return on plan assets (31) (13) (39) (15) — — Amortization of prior service credit — — — — — (1) Amortization of net actuarial loss (gain) 6 3 8 7 (1) — Settlements 20 9 18 — — — Net periodic benefit cost* $ 51 10 44 6 1 2 Nine Months Ended September 30 Service cost $ 98 21 111 26 3 4 Interest cost 70 16 60 14 4 4 Expected return on plan assets (109) (44) (121) (44) — — Amortization of prior service credit — — — — (1) (2) Amortization of net actuarial loss (gain) 18 9 37 19 (2) (1) Settlements 45 9 47 — — — Net periodic benefit cost* $ 122 11 134 15 4 5 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 loss before reclassifications (1) (625) — (626) Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 77 — — 77 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 76 (625) — (549) September 30, 2022 $ (322) (670) (2) (994) December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 184 (68) 1 117 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 82 — — 82 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 266 (68) 2 200 September 30, 2021 $ (543) (43) (3) (589) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating revenues and other income (a)(d) $ 1,599 1,005 4,914 2,734 Purchases (b)(d) 5,705 3,980 16,589 9,789 Operating expenses and selling, general and administrative expenses (c) 69 80 209 215 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes LLC (Excel Paralubes), 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 Paralubes 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. (d) As a result of the DCP Midstream and Gray Oak Holdings merger, DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills are no longer considered related parties to us after August 17, 2022. Accordingly, any sale and purchase transactions with them are excluded from the above disclosure after the merger.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sales and Other Operating Revenues * Midstream Total sales $ 5,035 3,067 12,938 8,049 Intersegment eliminations (777) (802) (2,379) (2,138) Total Midstream 4,258 2,265 10,559 5,911 Chemicals — 1 — 3 Refining Total sales 29,904 20,206 86,905 53,939 Intersegment eliminations (18,250) (12,853) (54,739) (32,826) Total Refining 11,654 7,353 32,166 21,113 Marketing and Specialties Total sales 29,866 21,184 89,595 53,286 Intersegment eliminations (837) (569) (2,635) (1,462) Total Marketing and Specialties 29,029 20,615 86,960 51,824 Corporate and Other 14 9 26 21 Consolidated sales and other operating revenues $ 44,955 30,243 129,711 78,872 * See Note 3—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 3,645 629 4,179 1,017 Chemicals 135 631 804 1,408 Refining 2,851 (1,126) 6,010 (2,895) Marketing and Specialties 847 545 1,928 1,311 Corporate and Other (320) (231) (829) (728) Consolidated income before income taxes $ 7,158 448 12,092 113
Schedule of Reconciliation of Assets from Segment to Consolidated	Millions of Dollars September 30 December 31 Total Assets Midstream $ 31,129 15,932 Chemicals 6,675 6,453 Refining 22,628 19,952 Marketing and Specialties 11,555 8,505 Corporate and Other 5,352 4,752 Consolidated total assets $ 77,339 55,594

DCP Midstream, LP (Tables)

DCP Midstream, LP (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The most significant assets of DCP Midstream Class A Segment that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars September 30, 2022 Accounts receivable, trade* $ 1,298 Net properties, plants and equipment 9,295 Investments in unconsolidated affiliates** 2,185 Accounts payable 1,351 Short-term debt 506 Long-term debt 4,192 * Included in the “Accounts and notes receivable” line item on the Phillips 66 consolidated balance sheet.

Interim Financial Information (

Interim Financial Information (Details)	Aug. 17, 2022	Aug. 16, 2022
Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		65%
Variable Interest Entity, Primary Beneficiary | DCP LP
Schedule of Equity Method Investments [Line Items]
Indirect economic interests	43.31%
DCP Midstream Class A Segment | DCP LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	76.64%
DCP Sand Hills And DCP Southern Hills
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	62.21%
Direct ownership interest	33.33%
DCP Midstream, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50%
DCP Midstream, LLC | Enbridge Inc
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50%
DCP LP
Schedule of Equity Method Investments [Line Items]
Indirect economic interest		28.26%
Gray Oak Holdings LLC | Enbridge Inc | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		35%
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Indirect economic interest	6.50%	42.25%
Gray Oak Pipeline LLC | Class B Membership
Schedule of Equity Method Investments [Line Items]
Indirect economic interest	6.50%
Gray Oak Pipeline LLC | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		65%
Gray Oak Pipeline LLC | Enbridge Inc
Schedule of Equity Method Investments [Line Items]
Indirect economic interest		22.75%
Gray Oak Pipeline LLC | DCP Midstream Class B Segment
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	10%
DCP Sand Hills and Southern Hills
Schedule of Equity Method Investments [Line Items]
Direct and indirect economic interest		52.17%
DCP Sand Hills and Southern Hills | DCP LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	66.67%

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 17, 2022	Sep. 30, 2021	Aug. 16, 2022
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Indirect economic interest	6.50%		42.25%
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Cash contributed	$ 404
Fair value of previously held equity interests	3,853
Fair value of transferred equity interest	634
Gain from remeasuring previously held equity investments to fair value	$ 2,831	$ 2,831
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Variable Interest Entity, Primary Beneficiary | DCP LP
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	15.05%
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Gain from remeasuring previously held equity investments to fair value	$ 182
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Gray Oak Pipeline LLC | Enbridge Inc
Schedule of Equity Method Investments [Line Items]
Transferred indirect economic interest	35.75%

Business Combination - Schedule

Business Combination - Schedule of Fair Value of Consideration Transferred (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC $ in Millions	Aug. 17, 2022 USD ($)
Business Acquisition [Line Items]
Cash contributed	$ 404
Fair value of transferred equity interest	634
Fair value of previously held equity interests	3,853
Total merger consideration	$ 4,891

Business Combination - Schedu_2

Business Combination - Schedule of Purchase Price Allocation (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC $ in Millions	Aug. 17, 2022 USD ($)
Fair value of assets acquired:
Cash and cash equivalents	$ 98
Accounts and notes receivable	1,003
Inventories	74
Prepaid expenses and other current assets	439
Investments and long-term receivables	2,192
Properties, plants and equipment	12,837
Net assets	36
Other assets	343
Total assets acquired	17,022
Fair value of liabilities assumed:
Accounts payable	912
Short-term debt	625
Accrued income and other taxes	107
Employee benefit obligation - current	50
Other accruals	497
Long-term debt	4,541
Asset retirement obligations and accrued environmental costs	168
Deferred income taxes	40
Employee benefit obligations	54
Other liabilities and deferred credits	227
Total liabilities assumed	7,221
Fair value of net assets	9,801
Less: Fair value of noncontrolling interests	4,910
Total merger consideration	$ 4,891

Business Combination - Schedu_3

Business Combination - Schedule of Other Operating Cost and Expense (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC $ in Millions	1 Months Ended
	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Sales and other operating revenues	$ 1,368
Net Income Attributable to Phillips 66	$ 125

Business Combination - Schedu_4

Business Combination - Schedule of Pro Forma Financial Information (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Sales and other operating revenues (millions)	$ 46,892	$ 32,109	$ 136,848	$ 83,878
Net Income Attributable to Phillips 66 (millions)	$ 3,129	$ 405	$ 6,963	$ 2,167
Net income attributable to Phillips 66 per share—basic (dollars) (in dollars per share)	$ 6.50	$ 0.92	$ 14.76	$ 4.91
Net income attributable to Phillips 66 per share—diluted (dollars) (in dollars per share)	$ 6.48	$ 0.92	$ 14.71	$ 4.90

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 44,955	$ 30,243	$ 129,711	$ 78,872
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	36,126	24,011	103,910	61,920
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	4,485	2,948	13,168	8,070
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,769	1,194	4,944	3,049
Other foreign countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,575	2,090	7,689	5,833
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	33,690	24,838	102,482	63,057
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	6,146	3,091	15,694	9,484
Natural gas liquids (NGL) and natural gas
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	4,217	2,331	10,702	6,048
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 902	$ (17)	$ 833	$ 283

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 11,393	$ 6,140
Contract with customer, asset	496	466
Contract with customer, liability	237	$ 90
Remaining performance obligations	$ 472
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	Sep. 30, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Accounts and notes receivable	$ 13,652	$ 7,470
Allowance for credit losses	$ 64	$ 44
Accounts and notes receivable, percent outstanding less than 60 days	95%

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 3,928	$ 3,024
Materials and supplies	366	370
Inventories	$ 4,294	$ 3,394

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
LIFO inventory amount		$ 3,662		$ 2,792
Estimated excess of current replacement cost over LIFO cost of inventories		7,300		$ 5,700
Increase (decrease) on net income (loss) from LIFO inventory liquidations	$ (17)	$ 43	$ (99)

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		1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2022	Sep. 30, 2022
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25%	25%	25%
Capital contribution		$ 89
Deferred distributions			$ 74
Maximum exposure, undiscounted				$ 467
Equity investments				691
Dakota Access, LLC
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]
Repayments of debt	$ 650
Debt issued and guaranteed				$ 1,850

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables - CF United LLC (Details) - CF United LLC $ in Millions	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50%
Economic interest acquired	48%
Equity investments	$ 288

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (Details) - OnCue Holdings, LLC $ in Millions	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Maximum loss exposure	$ 213
Equity investments	142
Maximum potential amount of future payments under the guarantees	$ 71

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables - DCP Midstream and Gray Oak Holdings Merger (Details) - Gray Oak Pipeline LLC	Aug. 17, 2022	Aug. 16, 2022
Schedule of Equity Method Investments [Line Items]
Indirect economic interest	6.50%	42.25%
Enbridge Inc | Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Transferred indirect economic interest	35.75%

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables - Other Investments (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt and Equity Securities, FV-NI [Line Items]
Unrealized investment loss				$ 418	$ (224)
NOVONIX Limited
Debt and Equity Securities, FV-NI [Line Items]
Shares acquired (in shares)		78
Percent ownership of equity securities investment	16%
Equity securities			$ 89	89
Unrealized investment loss			33	431
Equity securities, FV-NI, unrealized loss			28	418
Unrealized foreign currency loss			$ 5	$ 13

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables - Related Party Loan (Details) - WRB Refining LP - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2022	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		50%
Loan provided	$ 75
Gross repayment amount		$ 235
Outstanding related party loan balance		$ 433

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 52,624	$ 39,797
Accum. D&A	17,662	17,362
Net PP&E	34,962	22,435
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,534	1,576
Accum. D&A	703	746
Net PP&E	831	830
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	26,140	12,524
Accum. D&A	3,806	3,064
Net PP&E	22,334	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	23,274	23,878
Accum. D&A	12,173	12,517
Net PP&E	11,101	11,361
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	1,676	1,819
Accum. D&A	980	1,035
Net PP&E	$ 696	$ 784

Impairments - Schedule of Impai

Impairments - Schedule of Impairments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Line Items]
Impairments	$ 0	$ 1,298	$ 2	$ 1,496
Midstream | Operating Segments
Goodwill [Line Items]
Impairments	0	10	1	208
Refining | Operating Segments
Goodwill [Line Items]
Impairments	$ 0	$ 1,288	$ 1	$ 1,288

Impairments (Details)

Impairments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Line Items]
Impairments	$ 0	$ 1,298		$ 2	$ 1,496
Alliance Refinery
Goodwill [Line Items]
Impairments		1,298
Fair value of PP&E		200			$ 200
Alliance Refinery | Refining
Goodwill [Line Items]
Impairments		1,288
Alliance Refinery | Midstream
Goodwill [Line Items]
Impairments		$ 10
Liberty Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Goodwill [Line Items]
Impairments			$ 198

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic
Net Income Attributable to Phillips 66	$ 5,391	$ 402	$ 9,140	$ 44
Income allocated to participating securities	(3)	(2)	(8)	(7)
Net income available to common stockholders	$ 5,388	$ 400	$ 9,132	$ 35
Weighted-average common shares outstanding (in shares)	479,355	438,067	469,339	437,783
Effect of share-based compensation (in shares)	2,033	2,126	2,036	2,097
Weighted-average commons shares outstanding - EPS (in shares)	481,388	440,193	471,375	439,880
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ 11.19	$ 0.91	$ 19.37	$ 0.08
Diluted
Net Income Attributable to Phillips 66	$ 5,391	$ 402	$ 9,140	$ 44
Income allocated to participating securities	0	(2)	0	(7)
Net income available to common stockholders	$ 5,391	$ 400	$ 9,140	$ 35
Weighted-average common shares outstanding (in shares)	481,388	440,193	471,375	439,880
Effect of share-based compensation (in shares)	1,648	175	2,077	379
Weighted-average commons shares outstanding - EPS (in shares)	483,036	440,368	473,452	440,259
Earnings (Loss) Per Share of Common Stock (in usd per share)	$ 11.16	$ 0.91	$ 19.31	$ 0.08
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Basic
Premium paid for the repurchase of noncontrolling interests	$ 0	$ 0	$ 0	$ (2)
Diluted
Premium paid for the repurchase of noncontrolling interests	$ 0	$ 0	$ 0	$ (2)

Earnings Per Share - Narrative

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

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Apr. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt at face value	$ 17,640		$ 14,251
Finance leases	269		290
Net unamortized discounts and debt issuance costs	(147)		(109)
Total debt	17,657		14,448
Short-term debt	(1,032)		(1,489)
Long-term debt	16,625		12,959
Phillips 66
Debt Instrument [Line Items]
Debt at face value	9,326		10,326
Phillips 66 Company
Debt Instrument [Line Items]
Debt at face value	3,220
Phillips 66 Partners
Debt Instrument [Line Items]
Debt at face value	255
DCP LP
Debt Instrument [Line Items]
Debt at face value	4,839
Fair value adjustment to debt acquired	(125)
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt at face value			3,925
4.875% Senior Notes due November 2044 | DCP LP
Debt Instrument [Line Items]
Debt	0
4.680% Senior Notes due February 2045 | DCP LP
Debt Instrument [Line Items]
Debt	0
4.900% Senior Notes due October 2046 | DCP LP
Debt Instrument [Line Items]
Debt	0
3.300% Senior Notes due March 2052 | DCP LP
Debt Instrument [Line Items]
Debt	0
Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | DCP LP
Debt Instrument [Line Items]
Short term debt	0
Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP | DCP LP
Debt Instrument [Line Items]
Debt	0
Other
Debt Instrument [Line Items]
Debt	15		1
Other | Phillips 66
Debt Instrument [Line Items]
Debt	1		1
Other | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Other | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Other | DCP LP
Debt Instrument [Line Items]
Debt	14
Other | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Software obligations
Debt Instrument [Line Items]
Finance leases	$ 20		16
Senior Notes | 4.300% Senior Notes due April 2022
Debt Instrument [Line Items]
Debt interest rate	4.30%	4.30%
Short-term debt	$ 0		(1,000)
Senior Notes | 4.300% Senior Notes due April 2022 | Phillips 66
Debt Instrument [Line Items]
Short-term debt	0		(1,000)
Senior Notes | 4.300% Senior Notes due April 2022 | Phillips 66 Company
Debt Instrument [Line Items]
Short-term debt	0
Senior Notes | 4.300% Senior Notes due April 2022 | Phillips 66 Partners
Debt Instrument [Line Items]
Short-term debt	0
Senior Notes | 4.300% Senior Notes due April 2022 | DCP LP
Debt Instrument [Line Items]
Short-term debt	$ 0
Senior Notes | 4.300% Senior Notes due April 2022 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Short-term debt			0
Senior Notes | 3.875% Senior Notes due March 2023
Debt Instrument [Line Items]
Debt interest rate	3.875%
Debt	$ 500		0
Senior Notes | 3.875% Senior Notes due March 2023 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.875% Senior Notes due March 2023 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.875% Senior Notes due March 2023 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.875% Senior Notes due March 2023 | DCP LP
Debt Instrument [Line Items]
Debt	$ 500
Senior Notes | 3.875% Senior Notes due March 2023 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 3.700% Senior Notes due April 2023
Debt Instrument [Line Items]
Debt interest rate	3.70%
Debt	$ 500		500
Senior Notes | 3.700% Senior Notes due April 2023 | Phillips 66
Debt Instrument [Line Items]
Debt	500		500
Senior Notes | 3.700% Senior Notes due April 2023 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.700% Senior Notes due April 2023 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.700% Senior Notes due April 2023 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.700% Senior Notes due April 2023 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 0.900% Senior Notes due February 2024
Debt Instrument [Line Items]
Debt interest rate	0.90%
Debt	$ 800		800
Senior Notes | 0.900% Senior Notes due February 2024 | Phillips 66
Debt Instrument [Line Items]
Debt	800		800
Senior Notes | 0.900% Senior Notes due February 2024 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 0.900% Senior Notes due February 2024 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 0.900% Senior Notes due February 2024 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 0.900% Senior Notes due February 2024 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 2.450% Senior Notes due December 2024
Debt Instrument [Line Items]
Debt interest rate	2.45%
Debt	$ 300		300
Senior Notes | 2.450% Senior Notes due December 2024 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 2.450% Senior Notes due December 2024 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	277
Senior Notes | 2.450% Senior Notes due December 2024 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	23
Senior Notes | 2.450% Senior Notes due December 2024 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 2.450% Senior Notes due December 2024 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			300
Senior Notes | 3.605% Senior Notes due February 2025
Debt Instrument [Line Items]
Debt interest rate	3.605%
Debt	$ 500		500
Senior Notes | 3.605% Senior Notes due February 2025 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.605% Senior Notes due February 2025 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	441
Senior Notes | 3.605% Senior Notes due February 2025 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	59
Senior Notes | 3.605% Senior Notes due February 2025 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.605% Senior Notes due February 2025 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			500
Senior Notes | 3.850% Senior Notes due April 2025
Debt Instrument [Line Items]
Debt interest rate	3.85%
Debt	$ 650		650
Senior Notes | 3.850% Senior Notes due April 2025 | Phillips 66
Debt Instrument [Line Items]
Debt	650		650
Senior Notes | 3.850% Senior Notes due April 2025 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.850% Senior Notes due April 2025 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.850% Senior Notes due April 2025 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.850% Senior Notes due April 2025 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 5.375% Senior Notes due July 2025
Debt Instrument [Line Items]
Debt interest rate	5.375%
Debt	$ 825		0
Senior Notes | 5.375% Senior Notes due July 2025 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 5.375% Senior Notes due July 2025 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.375% Senior Notes due July 2025 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.375% Senior Notes due July 2025 | DCP LP
Debt Instrument [Line Items]
Debt	$ 825
Senior Notes | 5.375% Senior Notes due July 2025 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 1.300% Senior Notes due February 2026
Debt Instrument [Line Items]
Debt interest rate	1.30%
Debt	$ 500		500
Senior Notes | 1.300% Senior Notes due February 2026 | Phillips 66
Debt Instrument [Line Items]
Debt	500		500
Senior Notes | 1.300% Senior Notes due February 2026 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 1.300% Senior Notes due February 2026 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 1.300% Senior Notes due February 2026 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 1.300% Senior Notes due February 2026 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 3.550% Senior Notes due October 2026
Debt Instrument [Line Items]
Debt interest rate	3.55%
Debt	$ 500		500
Senior Notes | 3.550% Senior Notes due October 2026 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.550% Senior Notes due October 2026 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	458
Senior Notes | 3.550% Senior Notes due October 2026 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	42
Senior Notes | 3.550% Senior Notes due October 2026 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.550% Senior Notes due October 2026 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			500
Senior Notes | 5.625% Senior Notes due July 2027
Debt Instrument [Line Items]
Debt interest rate	5.625%
Debt	$ 500		0
Senior Notes | 5.625% Senior Notes due July 2027 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 5.625% Senior Notes due July 2027 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.625% Senior Notes due July 2027 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.625% Senior Notes due July 2027 | DCP LP
Debt Instrument [Line Items]
Debt	$ 500
Senior Notes | 5.625% Senior Notes due July 2027 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 3.750% Senior Notes due March 2028
Debt Instrument [Line Items]
Debt interest rate	3.75%
Debt	$ 500		500
Senior Notes | 3.750% Senior Notes due March 2028 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.750% Senior Notes due March 2028 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	427
Senior Notes | 3.750% Senior Notes due March 2028 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	73
Senior Notes | 3.750% Senior Notes due March 2028 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.750% Senior Notes due March 2028 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			500
Senior Notes | 3.900% Senior Notes due March 2028
Debt Instrument [Line Items]
Debt interest rate	3.90%
Debt	$ 800		800
Senior Notes | 3.900% Senior Notes due March 2028 | Phillips 66
Debt Instrument [Line Items]
Debt	800		800
Senior Notes | 3.900% Senior Notes due March 2028 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.900% Senior Notes due March 2028 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.900% Senior Notes due March 2028 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.900% Senior Notes due March 2028 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 5.125% Senior Notes due May 2029
Debt Instrument [Line Items]
Debt interest rate	5.125%
Debt	$ 600		0
Senior Notes | 5.125% Senior Notes due May 2029 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 5.125% Senior Notes due May 2029 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.125% Senior Notes due May 2029 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.125% Senior Notes due May 2029 | DCP LP
Debt Instrument [Line Items]
Debt	$ 600
Senior Notes | 5.125% Senior Notes due May 2029 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 3.150% Senior Notes due December 2029
Debt Instrument [Line Items]
Debt interest rate	3.15%
Debt	$ 600		600
Senior Notes | 3.150% Senior Notes due December 2029 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.150% Senior Notes due December 2029 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	570
Senior Notes | 3.150% Senior Notes due December 2029 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	30
Senior Notes | 3.150% Senior Notes due December 2029 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.150% Senior Notes due December 2029 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			600
Senior Notes | 8.125% Senior Notes due August 2030
Debt Instrument [Line Items]
Debt interest rate	8.125%
Debt	$ 300		0
Senior Notes | 8.125% Senior Notes due August 2030 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 8.125% Senior Notes due August 2030 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 8.125% Senior Notes due August 2030 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 8.125% Senior Notes due August 2030 | DCP LP
Debt Instrument [Line Items]
Debt	$ 300
Senior Notes | 8.125% Senior Notes due August 2030 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 2.150% Senior Notes due December 2030
Debt Instrument [Line Items]
Debt interest rate	2.15%
Debt	$ 850		850
Senior Notes | 2.150% Senior Notes due December 2030 | Phillips 66
Debt Instrument [Line Items]
Debt	850		850
Senior Notes | 2.150% Senior Notes due December 2030 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 2.150% Senior Notes due December 2030 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 2.150% Senior Notes due December 2030 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 2.150% Senior Notes due December 2030 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 3.250% Senior Notes due February 2032
Debt Instrument [Line Items]
Debt interest rate	3.25%
Debt	$ 400		0
Senior Notes | 3.250% Senior Notes due February 2032 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 3.250% Senior Notes due February 2032 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.250% Senior Notes due February 2032 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.250% Senior Notes due February 2032 | DCP LP
Debt Instrument [Line Items]
Debt	$ 400
Senior Notes | 3.250% Senior Notes due February 2032 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 4.650% Senior Notes due November 2034
Debt Instrument [Line Items]
Debt interest rate	4.65%
Debt	$ 1,000		1,000
Senior Notes | 4.650% Senior Notes due November 2034 | Phillips 66
Debt Instrument [Line Items]
Debt	1,000		1,000
Senior Notes | 4.650% Senior Notes due November 2034 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 4.650% Senior Notes due November 2034 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 4.650% Senior Notes due November 2034 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 4.650% Senior Notes due November 2034 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 6.450% Senior Notes due November 2036
Debt Instrument [Line Items]
Debt interest rate	6.45%
Debt	$ 300		0
Senior Notes | 6.450% Senior Notes due November 2036 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 6.450% Senior Notes due November 2036 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 6.450% Senior Notes due November 2036 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 6.450% Senior Notes due November 2036 | DCP LP
Debt Instrument [Line Items]
Debt	$ 300
Senior Notes | 6.450% Senior Notes due November 2036 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 6.750% Senior Notes due September 2037
Debt Instrument [Line Items]
Debt interest rate	6.75%
Debt	$ 450		0
Senior Notes | 6.750% Senior Notes due September 2037 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 6.750% Senior Notes due September 2037 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 6.750% Senior Notes due September 2037 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 6.750% Senior Notes due September 2037 | DCP LP
Debt Instrument [Line Items]
Debt	$ 450
Senior Notes | 6.750% Senior Notes due September 2037 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 5.875% Senior Notes due May 2042
Debt Instrument [Line Items]
Debt interest rate	5.875%
Debt	$ 1,500		1,500
Senior Notes | 5.875% Senior Notes due May 2042 | Phillips 66
Debt Instrument [Line Items]
Debt	1,500		1,500
Senior Notes | 5.875% Senior Notes due May 2042 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.875% Senior Notes due May 2042 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.875% Senior Notes due May 2042 | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 5.875% Senior Notes due May 2042 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 5.600% Senior Notes due April 2044
Debt Instrument [Line Items]
Debt interest rate	5.60%
Debt	$ 400		0
Senior Notes | 5.600% Senior Notes due April 2044 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 5.600% Senior Notes due April 2044 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.600% Senior Notes due April 2044 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Senior Notes | 5.600% Senior Notes due April 2044 | DCP LP
Debt Instrument [Line Items]
Debt	$ 400
Senior Notes | 5.600% Senior Notes due April 2044 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 4.875% Senior Notes due November 2044
Debt Instrument [Line Items]
Debt interest rate	4.875%
Debt	$ 1,700		1,700
Senior Notes | 4.875% Senior Notes due November 2044 | Phillips 66
Debt Instrument [Line Items]
Debt	1,700		1,700
Senior Notes | 4.875% Senior Notes due November 2044 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 4.875% Senior Notes due November 2044 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 4.875% Senior Notes due November 2044 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Senior Notes | 4.680% Senior Notes due February 2045
Debt Instrument [Line Items]
Debt interest rate	4.68%
Debt	$ 450		450
Senior Notes | 4.680% Senior Notes due February 2045 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 4.680% Senior Notes due February 2045 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	442
Senior Notes | 4.680% Senior Notes due February 2045 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	$ 8
Senior Notes | 4.680% Senior Notes due February 2045 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			450
Senior Notes | 4.900% Senior Notes due October 2046
Debt Instrument [Line Items]
Debt interest rate	4.90%
Debt	$ 625		625
Senior Notes | 4.900% Senior Notes due October 2046 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Senior Notes | 4.900% Senior Notes due October 2046 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	605
Senior Notes | 4.900% Senior Notes due October 2046 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	$ 20
Senior Notes | 4.900% Senior Notes due October 2046 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			625
Senior Notes | 3.300% Senior Notes due March 2052
Debt Instrument [Line Items]
Debt interest rate	3.30%
Debt	$ 1,000		1,000
Senior Notes | 3.300% Senior Notes due March 2052 | Phillips 66
Debt Instrument [Line Items]
Debt	1,000		1,000
Senior Notes | 3.300% Senior Notes due March 2052 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Senior Notes | 3.300% Senior Notes due March 2052 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	$ 0
Senior Notes | 3.300% Senior Notes due March 2052 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			0
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043
Debt Instrument [Line Items]
Debt interest rate	5.85%
Debt	$ 550		0
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043 | Phillips 66
Debt Instrument [Line Items]
Debt	0		0
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043 | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043 | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043 | DCP LP
Debt Instrument [Line Items]
Debt	550
Junior Subordinated Notes | 5.850% Junior Subordinated Notes due May 2043 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			$ 0
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021
Debt Instrument [Line Items]
Short-term debt, percentage			0.978%
Short term debt	0		$ 450
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Phillips 66
Debt Instrument [Line Items]
Short term debt	0		0
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Phillips 66 Company
Debt Instrument [Line Items]
Short term debt	0
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Phillips 66 Partners
Debt Instrument [Line Items]
Short term debt	$ 0
Loans Payable | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Short term debt			$ 450
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP
Debt Instrument [Line Items]
Long-term debt, percentage	3.124%		0.699%
Debt	$ 25		$ 25
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP | Phillips 66
Debt Instrument [Line Items]
Debt	25		25
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	$ 0
Loans Payable | Floating Rate Advance Term Loan due December 2034 at 3.124% and 0.699% at September 30, 2022 and year-end 2021, respectively—related party | Equity Method Investee | WRB Refining LP | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Debt			$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions				1 Months Ended
	Sep. 30, 2022 USD ($) option	Jun. 23, 2022 USD ($) option	May 03, 2022	Sep. 30, 2022 USD ($) option	Sep. 30, 2022 USD ($) option	Apr. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Feb. 28, 2021 USD ($)	May 05, 2022 USD ($) instrument	Apr. 19, 2022 USD ($)	Jul. 30, 2019 USD ($)
Variable Interest Entity, Primary Beneficiary | DCP LP
Debt Instrument [Line Items]
Long-term debt	$ 4,192			$ 4,192	$ 4,192
Senior Notes | Senior Notes, Old Notes
Debt Instrument [Line Items]
Long-term debt									$ 3,500
Number of instruments | instrument									7
Aggregate principal early tendered for exchange										$ 3,200
Percent discount			3%
Senior Notes | 4.300% Senior Notes due April 2022
Debt Instrument [Line Items]
Repayments of debt						$ 1,000
Debt interest rate	4.30%			4.30%	4.30%	4.30%
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
Debt Instrument [Line Items]
Repayments of debt						$ 450
Tax-Exempt Bonds | Tax Exempt Bonds Due 2021 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Repayments of debt							$ 50
Revolving Credit Facility | Accounts Receivable Securitization Facility | DCP LP
Debt Instrument [Line Items]
Repayments of debt					$ 470
Revolving Credit Facility | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750			$ 750	750
Revolving Credit Facility | Line of Credit | The Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000									$ 5,000
Debt instrument covenant, debt to capitalization ratio		65%
Line of credit facility, accordion feature, increase limit		$ 6,000
Number of options to extend | option		2
Extension term		1 year
Amount borrowed	$ 0			$ 0	$ 0
Secured Debt | Line of Credit | DCP LP
Debt Instrument [Line Items]
Number of options to extend | option	2			2	2
Extension term	1 year
Secured Debt | Line of Credit | The Credit Agreement | DCP LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,400			$ 1,400	$ 1,400
Line of credit facility, accordion feature, increase limit	500			500	500
Debt instrument, unused borrowing capacity, amount	1,390			1,390	1,390
Remaining outstanding borrowing capacity	1,390			1,390	1,390
Secured Debt | Line of Credit | Accounts Receivable Securitization Facility | DCP LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	350			350	350
Line of credit facility, accordion feature, increase limit	400			400	400
Debt instrument, unused borrowing capacity, amount	350			350	350
Letter of Credit | Line of Credit | The Credit Agreement | DCP LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10			10	$ 10
Term Loan | Line of Credit | Floating Rate Term Loan due April 2022 at 0.978% at year-end 2021 | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 450
Debt instrument, term							1 year
Term Loan | Line of Credit | Term Loan Due November 2023
Debt Instrument [Line Items]
Repayments of debt				$ 500

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 85
Joint venture debt obligations, period (up to)	3 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 133	144
Environmental accruals for known contaminations	104	$ 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	$ 209
Lessee operating lease remaining lease term (up to)	9 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 1,355

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Summary of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Liabilities	$ (3,900)	$ (779)
Effect of Collateral Netting	0	0
Liabilities
Assets	3,900	779
Effect of Collateral Netting	45	49
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	45	49
Total
Assets	4,335	860
Liabilities	(4,257)	(877)
Net Carrying Value Presented on the Balance Sheet	123	32
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	4,239	99
Liabilities	(3,841)	(20)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	398	79
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	63	3
Liabilities	(26)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	37	2
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	3	758
Liabilities	(338)	(855)
Effect of Collateral Netting	42	49
Net Carrying Value Presented on the Balance Sheet	(293)	(48)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	30	0
Liabilities	(52)	(1)
Effect of Collateral Netting	3	0
Net Carrying Value Presented on the Balance Sheet	$ (19)	$ (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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ 620	$ (137)	$ (354)	$ (782)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	432	(214)	(123)	(530)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	22	11	84	30
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ 166	$ 66	$ (315)	$ (282)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral paid	$ 219	$ 0
Percentage of derivative contract volume expiring within twelve months	90%	90%

Derivatives and Financial Ins_6

Derivatives and Financial Instruments - Summary of Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Derivative Assets bbl in Millions, Bcf in Millions	Sep. 30, 2022 Bcf bbl	Dec. 31, 2021 Bcf bbl
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
Derivative [Line Items]
Commodity | bbl	(29)	(18)
Natural gas (billions of cubic feet)
Derivative [Line Items]
Commodity | Bcf	(84,000)	0

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	Sep. 30, 2022	Dec. 31, 2021
Assets
Total fair value of gross assets	$ 4,585	$ 1,538
Effect of Counterparty Netting	(3,900)	(779)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	685	759
Liabilities
Total fair value gross liabilities	20,128	16,705
Effect of Counterparty Netting	(3,900)	(779)
Effect of Collateral Netting	(45)	(49)
Difference in Carrying Value and Fair Value	1,497	(1,686)
Net Carrying Value Presented on the Balance Sheet	17,680	14,191
Level 1
Assets
Total fair value of gross assets	4,308	1,097
Liabilities
Total fair value gross liabilities	3,931	463
Level 2
Assets
Total fair value of gross assets	252	441
Liabilities
Total fair value gross liabilities	16,192	16,242
Level 3
Assets
Total fair value of gross assets	25	0
Liabilities
Total fair value gross liabilities	5	0
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Commodity Derivative Assets	4,164	787
Effect of Counterparty Netting	(3,870)	(779)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	294	8
Liabilities
Commodity Derivative Liabilities	4,182	825
Effect of Counterparty Netting	(3,870)	(779)
Effect of Collateral Netting	(45)	(49)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	267	(3)
Commodity Derivative Assets | OTC instruments
Assets
Commodity Derivative Assets	42
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	42
Liabilities
Commodity Derivative Liabilities	5	1
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	5	1
Commodity Derivative Assets | Physical forward contracts
Assets
Commodity Derivative Assets	129	73
Effect of Counterparty Netting	(30)	0
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	99	73
Liabilities
Commodity Derivative Liabilities	70	51
Effect of Counterparty Netting	(30)	0
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	40	51
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	4,058	419
Liabilities
Commodity Derivative Liabilities	3,931	463
Commodity Derivative Assets | Level 1 | OTC instruments
Assets
Commodity Derivative Assets	0
Liabilities
Commodity Derivative Liabilities	0	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	103	368
Liabilities
Commodity Derivative Liabilities	246	362
Commodity Derivative Assets | Level 2 | OTC instruments
Assets
Commodity Derivative Assets	22
Liabilities
Commodity Derivative Liabilities	5	1
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Commodity Derivative Assets	127	73
Liabilities
Commodity Derivative Liabilities	70	51
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	3	0
Liabilities
Commodity Derivative Liabilities	5	0
Commodity Derivative Assets | Level 3 | OTC instruments
Assets
Commodity Derivative Assets	20
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Commodity Derivative Assets	2	0
Liabilities
Commodity Derivative Liabilities	0	0
Rabbi trust assets
Assets
Investments fair value	121	158
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Investments fair value	121	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	89	520
Difference in Carrying Value and Fair Value	0	0
Investment in NOVONIX | Level 1
Assets
Investments fair value	89	520
Investment in NOVONIX | Level 2
Assets
Investments fair value	0	0
Investment in NOVONIX | Level 3
Assets
Investments fair value	0	0
Other investments
Assets
Investments fair value	40
Difference in Carrying Value and Fair Value	0
Other investments | Level 1
Assets
Investments fair value	40
Other investments | Level 2
Assets
Investments fair value	0
Other investments | Level 3
Assets
Investments fair value	0
Floating-rate debt
Liabilities
Debt	25	475
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	25	475
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	25	475
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	15,846	15,353
Difference in Carrying Value and Fair Value	1,497	(1,686)
Fixed-rate debt, excluding finance leases and software obligations | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	17,343	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	15,846	15,353
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 17, 2022	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain related to merger of businesses		$ 3,013	$ 0
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 2,192
Properties, plants and equipment	12,837
Gain from remeasuring previously held equity investments to fair value	2,831		$ 2,831
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Gray Oak Pipeline LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain from remeasuring previously held equity investments to fair value	$ 182
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Gray Oak Pipeline LLC | Enbridge Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transferred indirect economic interest	35.75%

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Benefits | U.S.
Components of Net Periodic Benefit Cost
Service cost	$ 28	$ 37	$ 98	$ 111
Interest cost	28	20	70	60
Expected return on plan assets	(31)	(39)	(109)	(121)
Amortization of prior service credit	0	0	0	0
Amortization of net actuarial loss (gain)	6	8	18	37
Settlements	20	18	45	47
Net periodic benefit cost	51	44	122	134
Pension Benefits | Int’l.
Components of Net Periodic Benefit Cost
Service cost	6	9	21	26
Interest cost	5	5	16	14
Expected return on plan assets	(13)	(15)	(44)	(44)
Amortization of prior service credit	0	0	0	0
Amortization of net actuarial loss (gain)	3	7	9	19
Settlements	9	0	9	0
Net periodic benefit cost	10	6	11	15
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	1	1	3	4
Interest cost	1	2	4	4
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	0	(1)	(1)	(2)
Amortization of net actuarial loss (gain)	(1)	0	(2)	(1)
Settlements	0	0	0	0
Net periodic benefit cost	$ 1	$ 2	$ 4	$ 5

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	$ 122
Additional contributions expected to be made during remainder of fiscal year	16
Int’l. | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	18
Additional contributions expected to be made during remainder of fiscal year	$ 5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated other comprehensive income (loss)
Beginning balance	$ 24,573	$ 20,602	$ 21,637	$ 21,523
Other comprehensive income (loss) before reclassifications			(626)	117
Other Comprehensive Income (Loss), Net of Income Taxes	(261)	(40)	(549)	200
Ending balance	33,309	20,597	33,309	20,597
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning balance	(733)	(549)	(445)	(789)
Other Comprehensive Income (Loss), Net of Income Taxes	(261)	(40)	(549)	200
Ending balance	(994)	(589)	(994)	(589)
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning balance			(398)	(809)
Other comprehensive income (loss) before reclassifications			(1)	184
Amounts reclassified from accumulated other comprehensive loss			77	82
Other Comprehensive Income (Loss), Net of Income Taxes			76	266
Ending balance	(322)	(543)	(322)	(543)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning balance			(45)	25
Other comprehensive income (loss) before reclassifications			(625)	(68)
Amounts reclassified from accumulated other comprehensive loss			0	0
Other Comprehensive Income (Loss), Net of Income Taxes			(625)	(68)
Ending balance	(670)	(43)	(670)	(43)
Hedging
Accumulated other comprehensive income (loss)
Beginning balance			(2)	(5)
Other comprehensive income (loss) before reclassifications			0	1
Amounts reclassified from accumulated other comprehensive loss			0	1
Other Comprehensive Income (Loss), Net of Income Taxes			0	2
Ending balance	$ (2)	$ (3)	$ (2)	$ (3)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Operating revenues and other income	$ 1,599	$ 1,005	$ 4,914	$ 2,734
Purchases	5,705	3,980	16,589	9,789
Operating expenses and selling, general and administrative expenses	$ 69	$ 80	$ 209	$ 215

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 refinery
Midstream | NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment	16%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Equity investment	50%
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 44,955	$ 30,243	$ 129,711	$ 78,872
Income (Loss) Before Income Taxes	7,158	448	12,092	113
Total Assets	77,339		77,339		$ 55,594
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,258	2,265	10,559	5,911
Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	11,654	7,353	32,166	21,113
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	29,029	20,615	86,960	51,824
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,035	3,067	12,938	8,049
Income (Loss) Before Income Taxes	3,645	629	4,179	1,017
Total Assets	31,129		31,129		15,932
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	1	0	3
Income (Loss) Before Income Taxes	135	631	804	1,408
Total Assets	6,675		6,675		6,453
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	29,904	20,206	86,905	53,939
Income (Loss) Before Income Taxes	2,851	(1,126)	6,010	(2,895)
Total Assets	22,628		22,628		19,952
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	29,866	21,184	89,595	53,286
Income (Loss) Before Income Taxes	847	545	1,928	1,311
Total Assets	11,555		11,555		8,505
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	(777)	(802)	(2,379)	(2,138)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	(18,250)	(12,853)	(54,739)	(32,826)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	(837)	(569)	(2,635)	(1,462)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	14	9	26	21
Income (Loss) Before Income Taxes	(320)	$ (231)	(829)	$ (728)
Total Assets	$ 5,352		$ 5,352		$ 4,752

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate, percent	23%	(9.00%)	22%	(97.00%)

DCP Midstream, LP - Narrative (

DCP Midstream, LP - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Sep. 30, 2022	Aug. 17, 2022
Common Unit Acquisition Proposal Of DCP LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash consideration (in dollars per share)		$ 34.75
DCP LP | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest	43.31%
Common unit, outstanding (in shares)	208,000
Number of shares to be issued (in shares)	90,000
DCP LP | Enbridge Inc | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest acquired	23.36%
DCP LP | Series A Preferred Stock | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, outstanding (in shares)	500
Preferred units, liquidation preference	$ 500
DCP LP | Series B Preferred Stock | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, outstanding (in shares)	6,450
Preferred units, liquidation preference	$ 161
DCP LP | Series C Preferred Stock | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, outstanding (in shares)	4,400
Preferred units, liquidation preference	$ 110
DCP Midstream Class A Segment | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares held by LLC (in shares)	118,000

DCP Midstream, LP - Schedule of

DCP Midstream, LP - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts and notes receivable	$ 13,652	$ 7,470
DCP LP | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts and notes receivable	1,298
Net properties, plants and equipment	9,295
Equity investments	2,185
Accounts payable	1,351
Short-term debt	506
Long-term debt	$ 4,192

Phillips 66 Partners LP (Detail

Phillips 66 Partners LP (Details) - Acquisition Of Phillips 66 Partners Common Units Held By Public $ in Millions	Mar. 09, 2022 USD ($) 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	901
Decrease of deferred income taxes	323
Decrease of cash and cash equivalents	2
Increase of other accruals	$ 5

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 74	$ 99