Phillips 66 (PSX) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	458,862,316
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and Other Income
Sales and other operating revenues	$ 34,396	$ 36,179
Equity in earnings of affiliates	611	685
Net gain on dispositions	34	1
Other income (loss)	48	(143)
Total Revenues and Other Income	35,089	36,722
Costs and Expenses
Purchased crude oil and products	29,341	33,495
Operating expenses	1,578	1,340
Selling, general and administrative expenses	605	433
Depreciation and amortization	476	338
Impairments	8	0
Taxes other than income taxes	207	149
Accretion on discounted liabilities	6	6
Interest and debt expense	192	135
Foreign currency transaction (gains) losses	25	(2)
Total Costs and Expenses	32,438	35,894
Income before income taxes	2,651	828
Income tax expense	574	171
Net Income	2,077	657
Less: net income attributable to noncontrolling interests	116	75
Net Income Attributable to Phillips 66	$ 1,961	$ 582
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ 4.21	$ 1.29
Diluted (in usd per share)	$ 4.20	$ 1.29
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	464,810	449,298
Diluted (in shares)	467,034	450,011

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,077	$ 657
Defined benefit plans
Amortization of net actuarial loss, prior service credit and settlements	10	11
Plans sponsored by equity affiliates	3	5
Income taxes on defined benefit plans	(3)	(3)
Defined benefit plans, net of income taxes	10	13
Foreign currency translation adjustments	76	(82)
Income taxes on foreign currency translation adjustments	1	0
Foreign currency translation adjustments, net of income taxes	77	(82)
Income taxes on hedging activities	0	0
Hedging activities, net of income taxes	0	0
Other Comprehensive Income (Loss), Net of Income Taxes	87	(69)
Comprehensive Income	2,164	588
Less: comprehensive income attributable to noncontrolling interests	116	75
Comprehensive Income Attributable to Phillips 66	$ 2,048	$ 513

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 6,965	$ 6,133
Accounts and notes receivable (net of allowances of $67 million in 2023 and 2022)	8,123	9,497
Accounts and notes receivable—related parties	1,203	1,488
Inventories	5,445	3,276
Prepaid expenses and other current assets	934	1,528
Total Current Assets	22,670	21,922
Investments and long-term receivables	15,289	14,950
Net properties, plants and equipment	35,111	35,163
Goodwill	1,486	1,486
Intangibles	793	831
Other assets	1,913	2,090
Total Assets	77,262	76,442
Liabilities
Accounts payable	9,923	10,748
Accounts payable—related parties	646	575
Short-term debt	825	529
Accrued income and other taxes	1,388	1,397
Employee benefit obligations	436	764
Other accruals	1,487	1,876
Total Current Liabilities	14,705	15,889
Long-term debt	17,660	16,661
Asset retirement obligations and accrued environmental costs	872	879
Deferred income taxes	6,813	6,671
Employee benefit obligations	931	937
Other liabilities and deferred credits	1,365	1,299
Total Liabilities	42,346	42,336
Equity
Common stock, value	7	7
Capital in excess of par	19,795	19,791
Treasury stock (at cost: 2023—194,403,868 shares; 2022—186,529,667 shares)	(16,083)	(15,276)
Retained earnings	26,903	25,432
Accumulated other comprehensive loss	(373)	(460)
Total Stockholders’ Equity	30,249	29,494
Noncontrolling interests	4,667	4,612
Total Equity	34,916	34,106
Total Liabilities and Equity	$ 77,262	$ 76,442

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 67	$ 67
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)	653,266,184	652,373,645
Treasury stock (in shares)	194,403,868	186,529,667

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net income	$ 2,077	$ 657
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	476	338
Impairments	8	0
Accretion on discounted liabilities	6	6
Deferred income taxes	146	142
Undistributed equity earnings	(242)	(100)
Net gain on dispositions	(34)	(1)
Unrealized investment loss	11	169
Other	14	40
Working capital adjustments
Accounts and notes receivable	1,663	(3,042)
Inventories	(2,003)	(1,152)
Prepaid expenses and other current assets	469	(849)
Accounts payable	(739)	4,809
Taxes and other accruals	(653)	119
Net Cash Provided by Operating Activities	1,199	1,136
Cash Flows From Investing Activities
Capital expenditures and investments	(378)	(370)
Return of investments in equity affiliates	60	15
Proceeds from asset dispositions	77	1
Other	(24)	(74)
Net Cash Used in Investing Activities	(265)	(428)
Cash Flows From Financing Activities
Issuance of debt	2,488	0
Repayment of debt	(1,223)	(24)
Issuance of common stock	10	23
Repurchase of common stock	(800)	0
Dividends paid on common stock	(486)	(404)
Distributions to noncontrolling interests	(58)	(77)
Other	(48)	(30)
Net Cash Used in Financing Activities	(117)	(512)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	15	(8)
Net Change in Cash and Cash Equivalents	832	188
Cash and cash equivalents at beginning of period	6,133	3,147
Cash and Cash Equivalents at End of Period	$ 6,965	$ 3,335

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, 2021	$ 21,637	$ 7	$ 20,504	$ (17,116)	$ 16,216	$ (445)	$ 2,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	657				582		75
Other comprehensive income (loss)	(69)					(69)
Dividends paid on common stock	(404)				(404)
Benefit plan activity	29		32		(3)
Distributions to noncontrolling interests	(77)						(77)
Acquisition of noncontrolling interest in Phillips 66 Partners LP	348		(869)	3,380			(2,163)
Ending balance at Mar. 31, 2022	$ 22,121	7	19,667	(13,736)	16,391	(514)	306
Beginning balance, common stock issued (in shares) at Dec. 31, 2021	650,026,318
Beginning balance, treasury stock (in shares) at Dec. 31, 2021	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Shares issued - share-based compensation (in shares)	1,020,299
Shares issued—acquisition of noncontrolling interest in Phillips 66 Partners LP (in shares)	(41,825,236)
Ending balance, common stock issued (in shares) at Mar. 31, 2022	651,046,617
Ending balance, treasury stock (in shares) at Mar. 31, 2022	169,946,591
Beginning balance at Dec. 31, 2022	$ 34,106	7	19,791	(15,276)	25,432	(460)	4,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,077				1,961		116
Other comprehensive income (loss)	87					87
Dividends paid on common stock	(486)				(486)
Repurchase of common stock	(807)			(807)
Benefit plan activity	(3)		4		(4)		(3)
Distributions to noncontrolling interests	(58)						(58)
Ending balance at Mar. 31, 2023	$ 34,916	$ 7	$ 19,795	$ (16,083)	$ 26,903	$ (373)	$ 4,667
Beginning balance, common stock issued (in shares) at Dec. 31, 2022	652,373,645
Beginning balance, treasury stock (in shares) at Dec. 31, 2022	186,529,667
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	7,874,201
Shares issued - share-based compensation (in shares)	892,539
Ending balance, common stock issued (in shares) at Mar. 31, 2023	653,266,184
Ending balance, treasury stock (in shares) at Mar. 31, 2023	194,403,868

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 1.05	$ 0.92

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2023
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial InformationThe unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2022 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2023, are not necessarily indicative of the results expected for the full year.

Change in Accounting Principle

Change in Accounting Principle	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting PrincipleEffective January 1, 2023, we adopted ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements.

DCP Midstream, LLC and Gray Oak

DCP Midstream, LLC and Gray Oak Holdings LLC Merger	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
DCP Midstream, LLC and Gray Oak Holdings LLC Merger	DCP Midstream, LLC and Gray Oak Holdings LLC Merger On August 17, 2022, we and our co-venturer, Enbridge Inc. (Enbridge), agreed to merge DCP Midstream, LLC (DCP Midstream) and Gray Oak Holdings LLC (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 primary 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 43.3%, 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 62.2% from 52.2%. 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 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. 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 DCP Midstream Class A Segment, 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. 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, inventories, identifiable intangible assets, leases, financial instruments, asset retirement and environmental obligations, legal and tax 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 shows the preliminary purchase price allocation as of the date of the merger, and cumulative adjustments we have made as of March 31, 2023: Millions of Dollars As Originally Reported Adjustments As Adjusted Fair value of assets acquired: Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 166 240 Prepaid expenses and other current assets 439 — 439 Investments and long-term receivables 2,192 57 2,249 Properties, plants and equipment 12,837 13 12,850 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 42 17,064 Fair value of liabilities assumed: Accounts payable 912 — 912 Short-term debt 625 (2) 623 Accrued income and other taxes 107 (11) 96 Employee benefit obligation—current 50 22 72 Other accruals 497 (21) 476 Long-term debt 4,541 40 4,581 Asset retirement obligations and accrued environmental costs 168 16 184 Deferred income taxes 40 14 54 Employee benefit obligations 54 — 54 Other liabilities and deferred credits 227 (5) 222 Total liabilities assumed 7,221 53 7,274 Fair value of net assets 9,801 (11) 9,790 Less: Fair value of noncontrolling interests 4,910 (11) 4,899 Total merger consideration $ 4,891 — 4,891 The adjustments reflected in the table above include reclassification adjustments we have made to the preliminary purchase price allocation to conform with our historical presentation and adjustments we have made to the estimated fair value of certain assets acquired and liabilities assumed. The adjustments recorded in the three months ended March 31, 2023, were not material. Pending Acquisition

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	DCP Midstream, LLC and Gray Oak Holdings LLC Merger On August 17, 2022, we and our co-venturer, Enbridge Inc. (Enbridge), agreed to merge DCP Midstream, LLC (DCP Midstream) and Gray Oak Holdings LLC (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 primary 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 43.3%, 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 62.2% from 52.2%. 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 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. 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 DCP Midstream Class A Segment, 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. 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, inventories, identifiable intangible assets, leases, financial instruments, asset retirement and environmental obligations, legal and tax 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 shows the preliminary purchase price allocation as of the date of the merger, and cumulative adjustments we have made as of March 31, 2023: Millions of Dollars As Originally Reported Adjustments As Adjusted Fair value of assets acquired: Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 166 240 Prepaid expenses and other current assets 439 — 439 Investments and long-term receivables 2,192 57 2,249 Properties, plants and equipment 12,837 13 12,850 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 42 17,064 Fair value of liabilities assumed: Accounts payable 912 — 912 Short-term debt 625 (2) 623 Accrued income and other taxes 107 (11) 96 Employee benefit obligation—current 50 22 72 Other accruals 497 (21) 476 Long-term debt 4,541 40 4,581 Asset retirement obligations and accrued environmental costs 168 16 184 Deferred income taxes 40 14 54 Employee benefit obligations 54 — 54 Other liabilities and deferred credits 227 (5) 222 Total liabilities assumed 7,221 53 7,274 Fair value of net assets 9,801 (11) 9,790 Less: Fair value of noncontrolling interests 4,910 (11) 4,899 Total merger consideration $ 4,891 — 4,891 The adjustments reflected in the table above include reclassification adjustments we have made to the preliminary purchase price allocation to conform with our historical presentation and adjustments we have made to the estimated fair value of certain assets acquired and liabilities assumed. The adjustments recorded in the three months ended March 31, 2023, were not material. Pending Acquisition

Sales and Other Operating Reven

Sales and Other Operating Revenues	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Product Line and Services Refined petroleum products $ 24,718 29,382 Crude oil resales 4,565 3,755 Natural gas liquids (NGL) and natural gas 4,421 3,230 Services and other * 692 (188) Consolidated sales and other operating revenues $ 34,396 36,179 Geographic Location** United States $ 27,065 28,885 United Kingdom 3,930 3,640 Germany 1,306 1,382 Other countries 2,095 2,272 Consolidated sales and other operating revenues $ 34,396 36,179 * Includes derivatives-related activities. See Note 14—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At March 31, 2023, and December 31, 2022, receivables from contracts with customers were $7,317 million and $8,749 million, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At March 31, 2023, and December 31, 2022, our asset balances related to such payments were $509 million and $505 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At March 31, 2023, and December 31, 2022, contract liabilities were $203 million and $156 million, respectively. Remaining Performance Obligations

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2023
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, we enhance our credit monitoring, and we may seek collateral to support some transactions or require prepayments from higher-risk counterparties. At March 31, 2023, and December 31, 2022, we reported $9,326 million and $10,985 million of accounts and notes receivable, respectively, net of allowances of $67 million for both periods. Based on an aging analysis at March 31, 2023, 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 12—Guarantees, and Note 13—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,046 2,914 Materials and supplies 399 362 $ 5,445 3,276 Inventories valued on the last-in, first-out (LIFO) basis totaled $4,837 million and $2,635 million at March 31, 2023, and December 31, 2022, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $6 billion and $6.3 billion at March 31, 2023, and December 31, 2022, respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	3 Months Ended
	Mar. 31, 2023
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 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’ 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 2022, and release is expected in the second quarter 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 March 31, 2023, the aggregate principal amount outstanding of Dakota Access’ senior unsecured notes was $1.85 billion. In conjunction with the notes offering, Phillips 66 Partners LP (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 March 31, 2023, 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 March 31, 2023. At March 31, 2023, the aggregate book value of our investments in Dakota Access and ETCO was $659 million. CF United LLC (CF United) We own a 50% voting interest and a 47% economic interest in CF United, a retail marketing joint venture with operations primarily on the U.S. West Coast. CF United is considered a VIE because our co-venturer has an option to require us to purchase its interest based on a fixed multiple. The put option becomes effective July 1, 2023, and expires on March 31, 2024. The put option is viewed as a variable interest as the purchase price on the exercise date may not represent the then-current fair value of CF United. We have determined that we are not the primary beneficiary because we and our co-venturer jointly direct the activities of CF United that most significantly impact economic performance. At March 31, 2023, our maximum exposure to loss was comprised of our $292 million investment in CF United, and any potential future loss resulting from the put option should the purchase price based on a fixed multiple exceed the then-current fair value of CF United. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At March 31, 2023, our maximum exposure to loss was $213 million, which represented the book value of our investment in OnCue of $145 million and guaranteed debt obligations of $68 million. DCP Midstream, DCP Sand Hills, DCP Southern Hills, and Gray Oak Pipeline —Prior to the merger of DCP Midstream and Gray Oak Holdings on August 17, 2022, we held: • A 50% interest in DCP Midstream a joint venture that owns and operates NGL and gas pipelines, gas plants, gathering systems, storage facilities and fractionation plants, through its subsidiary DCP LP. • A 33.33% direct ownership interest in DCP Sand Hills a joint venture that owns a NGL pipeline system that extends from the Permian Basin and Eagle Ford to facilities on the Texas Gulf Coast and to the Mont Belvieu, Texas, market hub. • A 33.33% direct ownership interest in DCP Southern Hills a joint venture that owns a NGL pipeline system that extends from the Midcontinent region to the Mont Belvieu, Texas, market hub. • A 65% interest in Gray Oak Pipeline, which was held through a consolidated holding company, Gray Oak Holdings. Our indirect interest in Gray Oak Pipeline was 42.25%, after considering a co-venturer’s 35% interest in Gray Oak Holdings. Gray Oak Pipeline is a crude oil pipeline that extends from the Permian and Eagle Ford to Texas Gulf Coast destinations that include Corpus Christi, Texas, and the Sweeny area, including our Sweeny Refinery. 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 $66 million at March 31, 2023. The fair value of our investment in NOVONIX declined by $12 million during the three months ended March 31, 2023, reflecting an unrealized investment loss of $11 million and an unrealized foreign currency loss of $1 million. See Note 15—Fair Value Measurements, for additional information regarding the recurring fair value measurement of our investment in NOVONIX.

Properties, Plants and Equipmen

Properties, Plants and Equipment	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Gross Accum. Net Gross Accum. Net Midstream $ 25,549 3,743 21,806 25,422 3,524 21,898 Chemicals — — — — — — Refining 24,236 12,500 11,736 24,200 12,523 11,677 Marketing and Specialties 1,829 1,095 734 1,800 1,058 742 Corporate and Other 1,580 745 835 1,568 722 846 $ 53,194 18,083 35,111 52,990 17,827 35,163

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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). 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. 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 2023 2022 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 1,961 1,961 582 582 Income allocated to participating securities (3) (1) (2) (2) Net income available to common stockholders $ 1,958 1,960 580 580 Weighted-average common shares outstanding (thousands) : 462,870 464,810 447,206 449,298 Effect of share-based compensation 1,940 2,224 2,092 713 Weighted-average common shares outstanding—EPS 464,810 467,034 449,298 450,011 Earnings Per Share of Common Stock (dollars) $ 4.21 4.20 1.29 1.29

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt Issuances and Repayments On March 29, 2023, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, issued $1.25 billion aggregate principal amount of senior unsecured notes consisting of: • $750 million aggregate principal amount of 4.950% Senior Notes due December 2027 (2027 Notes). • $500 million aggregate principal amount of 5.300% Senior Notes due June 2033 (2033 Notes). The 2027 Notes and 2033 Notes (collectively, the Notes) are fully and unconditionally guaranteed by Phillips 66. Interest on the 2027 Notes is payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2023. Interest on the 2033 Notes is payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2023. The Notes are required to be redeemed at a price equal to 101% of the principal amount, plus accrued and unpaid interest, at the earliest occurrence of any of the following events: the DCP LP public common unit acquisition is not completed on or prior to December 31, 2023; the agreement to acquire the DCP LP public common units is terminated; or we notify the trustee of the notes in writing that the DCP LP public common unit acquisition will not be consummated on or prior to December 31, 2023. See Note 21—DCP Midstream Class A Segment, for additional information regarding the definitive agreement we executed on January 5, 2023, to acquire an incremental interest in DCP LP. On March 15, 2023, DCP LP repaid its 3.875% senior unsecured notes due March 2023 with an aggregate principal amount of $500 million using borrowings under its revolving credit and accounts receivable securitization facilities. On April 19, 2023, DCP LP announced its intent to redeem its 5.850% junior subordinated notes due May 2043 with an aggregate principal amount outstanding of $550 million on or about May 21, 2023. DCP LP expects to use borrowings under its revolving credit and accounts receivable securitization facilities. Term Loan Agreement On March 27, 2023 (the Closing Date), Phillips 66 Company, a wholly owned subsidiary of Phillips 66, entered into a $1.5 billion delayed draw term loan agreement guaranteed by Phillips 66 (the Term Loan Agreement). The Term Loan Agreement provides for a single borrowing (the date of such borrowing, the Funding Date) during a 90-day period commencing on the Closing Date, contingent upon us completing the DCP LP public common unit acquisition, and matures on the third anniversary of the Funding Date. The Term Loan Agreement contains customary covenants similar to those contained in our revolving credit agreement, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. The Term Loan Agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts after grace periods; and violation of covenants. We may at any time prepay outstanding borrowings under the Term Loan Agreement, in whole or in part, without premium or penalty. Outstanding borrowings under the Term Loan Agreement will bear interest at either: (a) Adjusted Term SOFR in effect from time to time plus the applicable margin; or (b) the reference rate plus the applicable margin, as defined in the Term Loan Agreement. As of March 31, 2023, no borrowings are outstanding under the Term Loan Agreement. See Note 21—DCP Midstream Class A Segment, for additional information regarding the definitive agreement we executed on January 5, 2023, to acquire an incremental interest in DCP LP. Credit Facilities and Commercial Paper Phillips 66 and Phillips 66 Company On June 23, 2022, we entered into a $5 billion revolving credit facility with Phillips 66 Company as the borrower and Phillips 66 as the guarantor. At both March 31, 2023, and December 31, 2022, no amount had been drawn under the $5 billion revolving credit facility or $5 billion uncommitted commercial paper program. DCP Midstream Class A Segment At March 31, 2023, DCP LP had $225 million of borrowings outstanding under its $1.4 billion credit facility and $2 million of letters of credit had been issued that supported the credit facility. At December 31, 2022, DCP LP had no borrowings outstanding under its $1.4 billion credit facility, and $10 million in letters of credit had been issued that are supported by the credit facility.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2023
Guarantees [Abstract]
Guarantees	Guarantees At March 31, 2023, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. Lease Residual Value Guarantees Under the operating lease agreement for our headquarters facility in Houston, Texas, we have the option, at the end of the lease term in September 2025, to request to renew the lease, purchase the facility or assist the lessor in marketing it for resale. We have a residual value guarantee associated with the operating lease agreement with a maximum potential future exposure of $514 million at March 31, 2023. We also have residual value guarantees associated with railcar, airplane and truck leases with maximum potential future exposures totaling $164 million. These leases have remaining terms of five 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 8—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. At March 31, 2023, 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 $83 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 indemnifications. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses, employee claims, and real estate tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At March 31, 2023, and December 31, 2022, the carrying amount of recorded indemnifications was $134 million and $137 million, respectively. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information to support the reversal. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. At March 31, 2023, and December 31, 2022, environmental accruals for known contamination of $105 million and $108 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 13—Contingencies and Commitments. Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips, we entered into an Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites for which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At March 31, 2023, our total environmental accruals were $439 million, compared with $434 million at December 31, 2022. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At March 31, 2023, we had performance obligations secured by letters of credit and bank guarantees of $749 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 (loss)” 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 15—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. Effective from the date of the merger, we include DCP LP’s financial instruments in our financial statements. See Note 3—DCP Midstream, LLC and Gray Oak Holdings LLC Merger, 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 March 31, 2023 December 31, 2022 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 $ 3,008 (2,834) (1) 173 1,331 (1,110) — 221 Other assets 29 (4) — 25 46 (1) — 45 Liabilities Other accruals 27 (144) 15 (102) 471 (750) 90 (189) Other liabilities and deferred credits 24 (23) — 1 12 (35) — (23) Total $ 3,088 (3,005) 14 97 1,860 (1,896) 90 54 At March 31, 2023, there was $32 million of collateral paid that was not offset on our consolidated balance sheet. At December 31, 2022, there was $93 million of cash collateral 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 2023 2022 Sales and other operating revenues $ 50 (420) Other income (loss) (14) 25 Purchased crude oil and products 137 (228) Net gain (loss) from commodity derivative activity $ 173 (623) 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 March 31, 2023, and December 31, 2022. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (37) (25) Natural gas (billions of cubic feet) (37) (77) Credit Risk from Derivative and Financial Instruments Financial instruments potentially exposed to concentrations of credit risk consist primarily of trade receivables and derivative contracts. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less. We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on a probability assessment of credit loss. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments or master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us to others to be offset against amounts owed to us. The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit ratings. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at March 31, 2023, and December 31, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 or Level 3 based on the degree to which inputs are observable. 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 primarily based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars March 31, 2023 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 $ 2,914 76 2 2,992 (2,867) (1) — 124 OTC instruments — 13 13 26 — — — 26 Physical forward contracts — 68 2 70 (22) — — 48 Rabbi trust assets 179 — — 179 N/A N/A — 179 Investment in NOVONIX 66 — — 66 N/A N/A — 66 $ 3,159 157 17 3,333 (2,889) (1) — 443 Commodity Derivative Liabilities Exchange-cleared instruments $ 2,883 82 2 2,967 (2,867) (15) — 85 OTC instruments — 4 — 4 — — — 4 Physical forward contracts — 34 — 34 (22) — — 12 Floating-rate debt — 600 — 600 N/A N/A — 600 Fixed-rate debt, excluding finance leases and software obligations — 16,919 — 16,919 N/A N/A 696 17,615 $ 2,883 17,639 2 20,524 (2,889) (15) 696 18,316 Millions of Dollars December 31, 2022 Fair Value Hierarchy Total Fair Value of Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Presented on the Balance Sheet Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 1,615 130 3 1,748 (1,582) — — 166 OTC instruments — 7 16 23 — — — 23 Physical forward contracts — 86 3 89 (12) — — 77 Rabbi trust assets 126 — — 126 N/A N/A — 126 Investment in NOVONIX 78 — — 78 N/A N/A — 78 Other investments 42 1 — 43 N/A N/A — 43 $ 1,861 224 22 2,107 (1,594) — — 513 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,676 164 5 1,845 (1,582) (90) — 173 OTC instruments — 9 — 9 — — — 9 Physical forward contracts — 42 — 42 (12) — — 30 Floating-rate debt — 65 — 65 N/A N/A — 65 Fixed-rate debt, excluding finance leases and software obligations — 15,871 — 15,871 N/A N/A 977 16,848 $ 1,676 16,151 5 17,832 (1,594) (90) 977 17,125 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 14—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 DCP Midstream and Gray Oak Holdings Merger On August 17, 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 4—Business Combinations, 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 $2,215 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 $12,850 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. The estimated fair value of properties was determined using a sales comparison approach. 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. Noncontrolling Interests 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 primarily 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 and expected redemption dates. This valuation resulted in a Level 2 nonrecurring fair value measurement.

Pension and Postretirement Plan

Pension and Postretirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2023 and 2022, were as follows: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 27 3 35 8 1 1 Interest cost 29 8 21 6 2 1 Expected return on plan assets (31) (10) (39) (16) — — Amortization of net actuarial loss (gain) 3 (1) 6 3 (2) (1) Settlements 10 — 1 — — — Net periodic benefit cost* $ 38 — 24 1 1 1 * 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	3 Months Ended
	Mar. 31, 2023
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, 2022 $ (122) (336) (2) (460) Other comprehensive income before reclassifications 2 77 — 79 Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss and settlements 8 — — 8 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 10 77 — 87 March 31, 2023 $ (112) (259) (2) (373) December 31, 2021 $ (398) (45) (2) (445) Other comprehensive income (loss) before reclassifications 4 (82) — (78) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 9 — — 9 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 13 (82) — (69) March 31, 2022 $ (385) (127) (2) (514) * Included in the computation of net periodic benefit cost. See Note 16—Pension and Postretirement Plans, for additional information.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 2023 2022 Operating revenues and other income (a)(d) $ 1,304 1,340 Purchases (b)(d) 3,699 4,681 Operating expenses and selling, general and administrative expenses (c) 72 70 (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 (M&S) segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB Refining LP (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.

Segment Disclosures and Related

Segment Disclosures and Related Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information Effective October 1, 2022, we changed the organizational structure of the internal financial information reviewed by our President and Chief Executive Officer, and determined this resulted in a change in the composition of our operating segments. As part of the realignment, we moved the results and net assets of our Merey Sweeny vacuum distillation and delayed coker units at our Sweeny Refinery and the isomerization unit at our Lake Charles Refinery from our Midstream segment to our Refining segment. Additionally, commissions charged to the Refining segment by the M&S segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the M&S segment to the Refining segment. The segment realignment is presented for the three months ended March 31, 2023, with prior periods recast for comparability. Our operating segments are: 1) Midstream— Provides natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing services, as well as crude oil and refined petroleum product transportation, terminaling and processing 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. On March 9, 2022, we also completed the merger between us and Phillips 66 Partners. See Note 3—DCP Midstream, LLC and Gray Oak Holdings LLC Merger and Note 22—Phillips 66 Partners LP, for additional information on these transactions. This segment also includes our 16% investment in NOVONIX. 2) Chemicals— Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3) Refining— Refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, as well as renewable fuels, at 12 refineries in the United States and Europe. 4) Marketing and Specialties— Purchases for resale and markets refined petroleum products and renewable fuels, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants. Corporate and Other includes general corporate overhead, interest expense, our investment in research of new technologies and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Corporate and Other also includes restructuring costs related to our business transformation. See Note 23—Restructuring for additional information regarding restructuring costs. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2023 2022 Sales and Other Operating Revenues * Midstream Total sales $ 5,292 4,022 Intersegment eliminations (695) (826) Total Midstream 4,597 3,196 Chemicals — — Refining Total sales 22,341 24,141 Intersegment eliminations (14,095) (15,576) Total Refining 8,246 8,565 Marketing and Specialties Total sales 22,399 25,211 Intersegment eliminations (855) (798) Total Marketing and Specialties 21,544 24,413 Corporate and Other 9 5 Consolidated sales and other operating revenues $ 34,396 36,179 * See Note 5—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 702 212 Chemicals 198 396 Refining 1,608 173 Marketing and Specialties 426 296 Corporate and Other (283) (249) Consolidated income before income taxes $ 2,651 828 Millions of Dollars March 31 December 31 Total Assets Midstream $ 29,358 30,273 Chemicals 6,981 6,785 Refining 22,750 21,581 Marketing and Specialties 9,443 9,939 Corporate and Other 8,730 7,864 Consolidated total assets $ 77,262 76,442

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate for the three months ended March 31, 2023, was 22%, compared with 21% for the corresponding period of 2022. The increase in our effective tax rate for the three months ended March 31, 2023, was primarily attributable to non-taxable foreign earnings of our chemical joint venture and an increase in foreign tax rate. The effective tax rate for the three months ended March 31, 2023, varied from the U.S. federal statutory income tax rate primarily due to state income taxes, partially offset by the impact of foreign operations and noncontrolling interest.

DCP Midstream Class A Segment

DCP Midstream Class A Segment	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DCP Midstream Class A Segment	Note 21—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 3—DCP Midstream, LLC and Gray Oak Holdings LLC Merger and Note 4—Business Combinations, 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 master limited partnership whose operations currently include producing and fractionating NGL, gathering, compressing, treating and processing natural gas; recovering condensate; and transporting, trading, marketing and storing 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 March 31, 2023, we held a 43.3% 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 March 31 December 31 Accounts receivable, trade* $ 713 988 Net properties, plants and equipment 9,280 9,297 Investments in unconsolidated affiliates** 2,182 2,161 Accounts payable 755 1,239 Short-term debt 4 504 Long-term debt 4,808 4,248 * 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 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. During the three months ended March 31, 2023, DCP LP made cash distributions of $3 million to Series B preferred unitholders and $2 million to Series C preferred unitholders. As of March 31, 2023, DCP LP had 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 on the New York Stock Exchange. Common Units As of March 31, 2023, DCP LP had approximately 209 million of common units outstanding, of which approximately 91 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. During the three months ended March 31, 2023, DCP LP made cash distributions of $51 million to common unit holders other than Phillips 66. DCP LP Public Common Unit Acquisition On January 5, 2023, we entered into a definitive agreement with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries will merge with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the agreement, at the effective time of the merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by DCP Midstream and DCP Midstream GP, LP) issued and outstanding as of immediately prior to the effective time will be converted into the right to receive $41.75 per common unit in cash, without interest. The merger will increase our economic interest in DCP LP from 43.3% to 86.8%. The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions. If the merger is successfully completed, we will pay approximately $3.8 billion in cash consideration, which we expect to fund through a combination of cash generated from operating activities, proceeds from the offering of the Notes and borrowings under the Term Loan Agreement. See Note 11—Debt, for additional information. The transaction was unanimously approved by the board of the general partner of DCP LP, based on the unanimous approval and recommendation of its special committee comprised entirely of independent directors after evaluation of the transaction by the special committee in consultation with independent financial and legal advisors. Concurrently with the execution of the agreement, affiliates of Phillips 66, which together own greater than a majority of the outstanding DCP LP common units, delivered their consent to approve the transaction. As a result, DCP LP has not solicited and is not soliciting approval of the transaction by any other holders of DCP LP common units.

Phillips 66 Partners LP

Phillips 66 Partners LP	3 Months Ended
	Mar. 31, 2023
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LPOn March 9, 2022, we completed a 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 41.8 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. The merger was accounted for as an equity transaction. Upon closing, Phillips 66 Partners became a wholly owned subsidiary of Phillips 66 and its common units are no longer publicly traded.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023, we recorded restructuring costs totaling $35 million, primarily related to consulting fees. These costs are primarily recorded in the “Selling, general and administrative expenses” line item on our consolidated statement of income and are reported in our Corporate segment. In addition, in the first quarter of 2023, we recorded restructuring costs of $12 million associated with the integration of DCP Midstream Class A Segment primarily related to severance. These costs are primarily recorded in the “Selling, general and administrative expenses” line item on our consolidated statement of income and are reported in our Midstream segment.

Change in Accounting Principle

Change in Accounting Principle (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting PrincipleEffective January 1, 2023, we adopted ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. At the time of adoption, this ASU did not have a material impact on our consolidated financial statements.
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). 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. 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 or Level 3 based on the degree to which inputs are observable. 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 primarily based on observable market prices.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2023
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
Schedule of Purchase Price Allocation	The following table shows the preliminary purchase price allocation as of the date of the merger, and cumulative adjustments we have made as of March 31, 2023: Millions of Dollars As Originally Reported Adjustments As Adjusted Fair value of assets acquired: Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 166 240 Prepaid expenses and other current assets 439 — 439 Investments and long-term receivables 2,192 57 2,249 Properties, plants and equipment 12,837 13 12,850 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 42 17,064 Fair value of liabilities assumed: Accounts payable 912 — 912 Short-term debt 625 (2) 623 Accrued income and other taxes 107 (11) 96 Employee benefit obligation—current 50 22 72 Other accruals 497 (21) 476 Long-term debt 4,541 40 4,581 Asset retirement obligations and accrued environmental costs 168 16 184 Deferred income taxes 40 14 54 Employee benefit obligations 54 — 54 Other liabilities and deferred credits 227 (5) 222 Total liabilities assumed 7,221 53 7,274 Fair value of net assets 9,801 (11) 9,790 Less: Fair value of noncontrolling interests 4,910 (11) 4,899 Total merger consideration $ 4,891 — 4,891

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Product Line and Services Refined petroleum products $ 24,718 29,382 Crude oil resales 4,565 3,755 Natural gas liquids (NGL) and natural gas 4,421 3,230 Services and other * 692 (188) Consolidated sales and other operating revenues $ 34,396 36,179 Geographic Location** United States $ 27,065 28,885 United Kingdom 3,930 3,640 Germany 1,306 1,382 Other countries 2,095 2,272 Consolidated sales and other operating revenues $ 34,396 36,179 * Includes derivatives-related activities. See Note 14—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,046 2,914 Materials and supplies 399 362 $ 5,445 3,276

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Gross Accum. Net Gross Accum. Net Midstream $ 25,549 3,743 21,806 25,422 3,524 21,898 Chemicals — — — — — — Refining 24,236 12,500 11,736 24,200 12,523 11,677 Marketing and Specialties 1,829 1,095 734 1,800 1,058 742 Corporate and Other 1,580 745 835 1,568 722 846 $ 53,194 18,083 35,111 52,990 17,827 35,163

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended 2023 2022 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 1,961 1,961 582 582 Income allocated to participating securities (3) (1) (2) (2) Net income available to common stockholders $ 1,958 1,960 580 580 Weighted-average common shares outstanding (thousands) : 462,870 464,810 447,206 449,298 Effect of share-based compensation 1,940 2,224 2,092 713 Weighted-average common shares outstanding—EPS 464,810 467,034 449,298 450,011 Earnings Per Share of Common Stock (dollars) $ 4.21 4.20 1.29 1.29

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 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 $ 3,008 (2,834) (1) 173 1,331 (1,110) — 221 Other assets 29 (4) — 25 46 (1) — 45 Liabilities Other accruals 27 (144) 15 (102) 471 (750) 90 (189) Other liabilities and deferred credits 24 (23) — 1 12 (35) — (23) Total $ 3,088 (3,005) 14 97 1,860 (1,896) 90 54
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 March 31, 2023 December 31, 2022 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 $ 3,008 (2,834) (1) 173 1,331 (1,110) — 221 Other assets 29 (4) — 25 46 (1) — 45 Liabilities Other accruals 27 (144) 15 (102) 471 (750) 90 (189) Other liabilities and deferred credits 24 (23) — 1 12 (35) — (23) Total $ 3,088 (3,005) 14 97 1,860 (1,896) 90 54
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 2023 2022 Sales and other operating revenues $ 50 (420) Other income (loss) (14) 25 Purchased crude oil and products 137 (228) Net gain (loss) from commodity derivative activity $ 173 (623)
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 March 31, 2023, and December 31, 2022. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (37) (25) Natural gas (billions of cubic feet) (37) (77)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars March 31, 2023 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 $ 2,914 76 2 2,992 (2,867) (1) — 124 OTC instruments — 13 13 26 — — — 26 Physical forward contracts — 68 2 70 (22) — — 48 Rabbi trust assets 179 — — 179 N/A N/A — 179 Investment in NOVONIX 66 — — 66 N/A N/A — 66 $ 3,159 157 17 3,333 (2,889) (1) — 443 Commodity Derivative Liabilities Exchange-cleared instruments $ 2,883 82 2 2,967 (2,867) (15) — 85 OTC instruments — 4 — 4 — — — 4 Physical forward contracts — 34 — 34 (22) — — 12 Floating-rate debt — 600 — 600 N/A N/A — 600 Fixed-rate debt, excluding finance leases and software obligations — 16,919 — 16,919 N/A N/A 696 17,615 $ 2,883 17,639 2 20,524 (2,889) (15) 696 18,316 Millions of Dollars December 31, 2022 Fair Value Hierarchy Total Fair Value of Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Presented on the Balance Sheet Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 1,615 130 3 1,748 (1,582) — — 166 OTC instruments — 7 16 23 — — — 23 Physical forward contracts — 86 3 89 (12) — — 77 Rabbi trust assets 126 — — 126 N/A N/A — 126 Investment in NOVONIX 78 — — 78 N/A N/A — 78 Other investments 42 1 — 43 N/A N/A — 43 $ 1,861 224 22 2,107 (1,594) — — 513 Commodity Derivative Liabilities Exchange-cleared instruments $ 1,676 164 5 1,845 (1,582) (90) — 173 OTC instruments — 9 — 9 — — — 9 Physical forward contracts — 42 — 42 (12) — — 30 Floating-rate debt — 65 — 65 N/A N/A — 65 Fixed-rate debt, excluding finance leases and software obligations — 15,871 — 15,871 N/A N/A 977 16,848 $ 1,676 16,151 5 17,832 (1,594) (90) 977 17,125

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended March 31, 2023 and 2022, were as follows: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 27 3 35 8 1 1 Interest cost 29 8 21 6 2 1 Expected return on plan assets (31) (10) (39) (16) — — Amortization of net actuarial loss (gain) 3 (1) 6 3 (2) (1) Settlements 10 — 1 — — — Net periodic benefit cost* $ 38 — 24 1 1 1 * 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)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ (122) (336) (2) (460) Other comprehensive income before reclassifications 2 77 — 79 Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss and settlements 8 — — 8 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 10 77 — 87 March 31, 2023 $ (112) (259) (2) (373) December 31, 2021 $ (398) (45) (2) (445) Other comprehensive income (loss) before reclassifications 4 (82) — (78) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 9 — — 9 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 13 (82) — (69) March 31, 2022 $ (385) (127) (2) (514) * Included in the computation of net periodic benefit cost. See Note 16—Pension and Postretirement Plans, for additional information.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended 2023 2022 Operating revenues and other income (a)(d) $ 1,304 1,340 Purchases (b)(d) 3,699 4,681 Operating expenses and selling, general and administrative expenses (c) 72 70 (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 (M&S) segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB Refining LP (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.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2023 2022 Sales and Other Operating Revenues * Midstream Total sales $ 5,292 4,022 Intersegment eliminations (695) (826) Total Midstream 4,597 3,196 Chemicals — — Refining Total sales 22,341 24,141 Intersegment eliminations (14,095) (15,576) Total Refining 8,246 8,565 Marketing and Specialties Total sales 22,399 25,211 Intersegment eliminations (855) (798) Total Marketing and Specialties 21,544 24,413 Corporate and Other 9 5 Consolidated sales and other operating revenues $ 34,396 36,179 * See Note 5—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 702 212 Chemicals 198 396 Refining 1,608 173 Marketing and Specialties 426 296 Corporate and Other (283) (249) Consolidated income before income taxes $ 2,651 828
Schedule of Reconciliation of Assets from Segment to Consolidated	Millions of Dollars March 31 December 31 Total Assets Midstream $ 29,358 30,273 Chemicals 6,981 6,785 Refining 22,750 21,581 Marketing and Specialties 9,443 9,939 Corporate and Other 8,730 7,864 Consolidated total assets $ 77,262 76,442

DCP Midstream Class A Segment (

DCP Midstream Class A Segment (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31 December 31 Accounts receivable, trade* $ 713 988 Net properties, plants and equipment 9,280 9,297 Investments in unconsolidated affiliates** 2,182 2,161 Accounts payable 755 1,239 Short-term debt 4 504 Long-term debt 4,808 4,248 * Included in the “Accounts and notes receivable” line item on the Phillips 66 consolidated balance sheet.

DCP Midstream, LLC and Gray O_2

DCP Midstream, LLC and Gray Oak Holdings LLC Merger (Details) - class	Aug. 17, 2022	Aug. 16, 2022
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of classes of membership created	2
Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		65%
DCP LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Indirect economic interests	43.30%
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	62.20%
Direct and indirect economic 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		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 | Enbridge Inc | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		35%
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		52.20%
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 Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions	Apr. 10, 2023	Aug. 17, 2022
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Cash contributed		$ 404
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 | Enbridge Inc
Schedule of Equity Method Investments [Line Items]
Transferred indirect economic interest		35.75%
US West Coast Marketing Assets | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Cash contributed	$ 260

Business Combinations - Schedul

Business Combinations - 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 Combinations - Sched_2

Business Combinations - Schedule of Purchase Price Allocation (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC - USD ($) $ in Millions	7 Months Ended
	Mar. 31, 2023	Aug. 17, 2022
Fair value of assets acquired:
Cash and cash equivalents	$ 98	$ 98
Accounts and notes receivable	1,003	1,003
Inventories	240	74
Inventories	166
Prepaid expenses and other current assets	439	439
Investments and long-term receivables	2,249	2,192
Investments and long-term receivables	57
Properties, plants and equipment	12,850	12,837
Properties, plants and equipment	13
Intangibles	0	36
Intangibles	(36)
Other assets	185	343
Other assets	(158)
Total assets acquired	17,064	17,022
Total assets acquired	42
Fair value of liabilities assumed:
Accounts payable	912	912
Short-term debt	623	625
Short-term debt	(2)
Accrued income and other taxes	96	107
Accrued income and other taxes	(11)
Employee benefit obligation—current	72	50
Employee benefit obligation—current	22
Other accruals	476	497
Other accruals	(21)
Long-term debt	4,581	4,541
Long-term debt	40
Asset retirement obligations and accrued environmental costs	184	168
Asset retirement obligations and accrued environmental costs	16
Deferred income taxes	54	40
Deferred income taxes	14
Employee benefit obligations	54	54
Other liabilities and deferred credits	222	227
Other liabilities and deferred credits	(5)
Total liabilities assumed	7,274	7,221
Total liabilities assumed	53
Fair value of net assets	9,790	9,801
Fair value of net assets	(11)
Less: Fair value of noncontrolling interests	4,899	4,910
Less: Fair value of noncontrolling interests	(11)
Total merger consideration	$ 4,891	$ 4,891

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 34,396	$ 36,179
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	27,065	28,885
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,930	3,640
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,306	1,382
Other countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,095	2,272
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	24,718	29,382
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	4,565	3,755
Natural gas liquids (NGL) and natural gas
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	4,421	3,230
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 692	$ (188)

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 7,317	$ 8,749
Contract with customer, asset	509	505
Contract with customer, liability	203	$ 156
Remaining performance obligations	$ 446
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term	15 years
Weighted Average
Revenue from External Customer [Line Items]
Remaining performance obligation life	3 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Accounts and notes receivable	$ 9,326	$ 10,985
Allowance for credit losses	$ 67	$ 67
Accounts and notes receivable, percent outstanding less than 60 days	95%

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 5,046	$ 2,914
Materials and supplies	399	362
Inventories	$ 5,445	$ 3,276

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 4,837		$ 2,635
Estimated excess of current replacement cost over LIFO cost of inventories	6,000		$ 6,300
Increase (decrease) on net income (loss) from LIFO inventory liquidations	$ 4	$ 40

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
	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest			25%		25%
Capital contribution		$ 89
Deferred distributions				$ 74
Maximum exposure, undiscounted			$ 467
Equity investments			659
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	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50%
Economic interest acquired	47%
Equity investments	$ 292

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (Details) - OnCue Holdings, LLC $ in Millions	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Maximum loss exposure	$ 213
Equity investments	145
Maximum potential amount of future payments under the guarantees	$ 68

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables - DCP Midstream and Gray Oak Holdings Merger (Details)	Aug. 16, 2022
Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	65%
DCP Sand Hills Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Direct and indirect economic 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%
Gray Oak Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Indirect economic interest	42.25%
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 | Enbridge Inc | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	35%

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
	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Unrealized investment loss			$ 11	$ 169
NOVONIX Limited
Debt and Equity Securities, FV-NI [Line Items]
Shares acquired (in shares)		78
Percent ownership of equity securities investment	16%
Equity securities			66
Unrealized investment loss			12
Equity securities, FV-NI, unrealized loss			11
Unrealized foreign currency loss			$ 1

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 53,194	$ 52,990
Accum. D&A	18,083	17,827
Net PP&E	35,111	35,163
Corporate, Non-Segment [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	1,580	1,568
Accum. D&A	745	722
Net PP&E	835	846
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	25,549	25,422
Accum. D&A	3,743	3,524
Net PP&E	21,806	21,898
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 Segment [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	24,236	24,200
Accum. D&A	12,500	12,523
Net PP&E	11,736	11,677
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	1,829	1,800
Accum. D&A	1,095	1,058
Net PP&E	$ 734	$ 742

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
	Mar. 31, 2023	Mar. 31, 2022
Basic
Net Income Attributable to Phillips 66	$ 1,961	$ 582
Income allocated to participating securities	(3)	(2)
Net income available to common stockholders	$ 1,958	$ 580
Weighted-average common shares outstanding (in shares)	462,870	447,206
Effect of share-based compensation (in shares)	1,940	2,092
Weighted-average commons shares outstanding - EPS (in shares)	464,810	449,298
Earnings Per Share of Common Stock (in usd per share)	$ 4.21	$ 1.29
Diluted
Net Income Attributable to Phillips 66	$ 1,961	$ 582
Income allocated to participating securities	(1)	(2)
Net income available to common stockholders	$ 1,960	$ 580
Weighted-average common shares outstanding (in shares)	464,810	449,298
Effect of share-based compensation (in shares)	2,224	713
Weighted-average commons shares outstanding - EPS (in shares)	467,034	450,011
Earnings Per Share of Common Stock (in usd per share)	$ 4.20	$ 1.29

Debt - Debt Issuances And Repay

Debt - Debt Issuances And Repayments (Details) - USD ($) $ in Millions			3 Months Ended
	Mar. 29, 2023	Mar. 15, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 19, 2023
Debt Instrument [Line Items]
Issuance of debt			$ 2,488	$ 0
Senior Notes Due December 2027 And June 2033 | Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 1,250
Redemption price, percent	101%
4.950% Senior Notes Due December 2027 | Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 750
Debt interest rate	4.95%
5.300% Senior Notes Due June 2033 | Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 500
Debt interest rate	5.30%
3.875% Senior Unsecured Notes Due March 2023 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt interest rate		3.875%
Repayments of debt		$ 500
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | DCP LP | Subsequent Event
Debt Instrument [Line Items]
Debt interest rate					5.85%
Aggregate principal amount intended to be redeemed					$ 550

Debt - Term Loan Agreement (Det

Debt - Term Loan Agreement (Details) - Secured Debt - Term Loan Agreement - Line of Credit - USD ($) $ in Millions	Mar. 27, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500
Funding period	90 days
Debt to capitalization ratio	65%
Borrowings outstanding		$ 0

Debt - Credit Facilities and Co

Debt - Credit Facilities and Commercial Paper (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 23, 2022
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000	$ 5,000
Revolving Credit Facility | The Facility | Line of Credit
Debt Instrument [Line Items]
Amount borrowed	0	0
Line of credit facility, maximum borrowing capacity	5,000	5,000	$ 5,000
Secured Debt | The Credit Agreement | Line of Credit | DCP LP
Debt Instrument [Line Items]
Amount borrowed	225	0
Line of credit facility, maximum borrowing capacity	1,400	1,400
Performance obligations secured by letters of credit and bank guarantees	2	10
Secured Debt | Securitization Facility | Line of Credit | DCP LP
Debt Instrument [Line Items]
Borrowings outstanding	$ 350	$ 40

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	$ 439	$ 434
Joint Venture Debt Obligation Guarantees | Other joint ventures and entities
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 83
Joint venture debt obligations, period (up to)	3 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 134	137
Environmental accruals for known contaminations	105	$ 108
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	$ 164
Railcar and Airplane | Residual Value Guarantees | Minimum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (up to)	5 years
Railcar and Airplane | Residual Value Guarantees | Maximum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total environmental accrual	$ 439	$ 434
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	$ 749

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Summary of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Liabilities	$ (2,889)	$ (1,594)
Effect of Collateral Netting	(1)	0
Liabilities
Assets	2,889	1,594
Effect of Collateral Netting	15	90
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	14	90
Total
Assets	3,088	1,860
Liabilities	(3,005)	(1,896)
Net Carrying Value Presented on the Balance Sheet	97	54
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	3,008	1,331
Liabilities	(2,834)	(1,110)
Effect of Collateral Netting	(1)	0
Net Carrying Value Presented on the Balance Sheet	173	221
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	29	46
Liabilities	(4)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	25	45
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	27	471
Liabilities	(144)	(750)
Effect of Collateral Netting	15	90
Net Carrying Value Presented on the Balance Sheet	(102)	(189)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	24	12
Liabilities	(23)	(35)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ 1	$ (23)

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Summary of Gains/(Losses) From Commodity Derivatives (Details) - Commodity derivatives - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ 173	$ (623)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	50	(420)
Other income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	(14)	25
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ 137	$ (228)

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral paid	$ 32	$ 93
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	Mar. 31, 2023 bbl Bcf	Dec. 31, 2022 Bcf bbl
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
Derivative [Line Items]
Commodity | bbl	(37)	(25)
Natural gas (billions of cubic feet)
Derivative [Line Items]
Commodity | Bcf	(37,000)	(77,000)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Total Fair Value of Gross Assets & Liabilities	$ 3,333	$ 2,107
Effect of Counterparty Netting	(2,889)	(1,594)
Effect of Collateral Netting	(1)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	443	513
Liabilities
Total fair value gross liabilities	20,524	17,832
Effect of Counterparty Netting	(2,889)	(1,594)
Effect of Collateral Netting	(15)	(90)
Difference in Carrying Value and Fair Value	696	977
Net Carrying Value Presented on the Balance Sheet	18,316	17,125
Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	3,159	1,861
Liabilities
Total fair value gross liabilities	2,883	1,676
Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	157	224
Liabilities
Total fair value gross liabilities	17,639	16,151
Level 3
Assets
Total Fair Value of Gross Assets & Liabilities	17	22
Liabilities
Total fair value gross liabilities	2	5
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Commodity Derivative Assets	2,992	1,748
Effect of Counterparty Netting	(2,867)	(1,582)
Effect of Collateral Netting	(1)	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	124	166
Liabilities
Commodity Derivative Liabilities	2,967	1,845
Effect of Counterparty Netting	(2,867)	(1,582)
Effect of Collateral Netting	(15)	(90)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	85	173
Commodity Derivative Assets | OTC instruments
Assets
Commodity Derivative Assets	26	23
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	26	23
Liabilities
Commodity Derivative Liabilities	4	9
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	4	9
Commodity Derivative Assets | Physical forward contracts
Assets
Commodity Derivative Assets	70	89
Effect of Counterparty Netting	(22)	(12)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	48	77
Liabilities
Commodity Derivative Liabilities	34	42
Effect of Counterparty Netting	(22)	(12)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	12	30
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	2,914	1,615
Liabilities
Commodity Derivative Liabilities	2,883	1,676
Commodity Derivative Assets | Level 1 | OTC instruments
Assets
Commodity Derivative Assets	0	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	76	130
Liabilities
Commodity Derivative Liabilities	82	164
Commodity Derivative Assets | Level 2 | OTC instruments
Assets
Commodity Derivative Assets	13	7
Liabilities
Commodity Derivative Liabilities	4	9
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Commodity Derivative Assets	68	86
Liabilities
Commodity Derivative Liabilities	34	42
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	2	3
Liabilities
Commodity Derivative Liabilities	2	5
Commodity Derivative Assets | Level 3 | OTC instruments
Assets
Commodity Derivative Assets	13	16
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Commodity Derivative Assets	2	3
Liabilities
Commodity Derivative Liabilities	0	0
Rabbi trust assets
Assets
Rabbi trust assets	179	126
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	179	126
Rabbi trust assets | Level 2
Assets
Rabbi trust assets	0	0
Rabbi trust assets | Level 3
Assets
Rabbi trust assets	0	0
Investment in NOVONIX
Assets
Rabbi trust assets	66	78
Difference in Carrying Value and Fair Value	0	0
Investment in NOVONIX | Level 1
Assets
Rabbi trust assets	66	78
Investment in NOVONIX | Level 2
Assets
Rabbi trust assets	0	0
Investment in NOVONIX | Level 3
Assets
Rabbi trust assets	0	0
Other investments
Assets
Rabbi trust assets		43
Difference in Carrying Value and Fair Value		0
Other investments | Level 1
Assets
Rabbi trust assets		42
Other investments | Level 2
Assets
Rabbi trust assets		1
Other investments | Level 3
Assets
Rabbi trust assets		0
Floating-rate debt
Liabilities
Debt	600	65
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	600	65
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	600	65
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	16,919	15,871
Difference in Carrying Value and Fair Value	696	977
Fixed-rate debt, excluding finance leases and software obligations | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	17,615	16,848
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	16,919	15,871
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC - USD ($) $ in Millions	Mar. 31, 2023	Aug. 17, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	$ 2,215
Properties, plants and equipment	$ 12,850	$ 12,837

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits | U.S.
Components of Net Periodic Benefit Cost
Service cost	$ 27	$ 35
Interest cost	29	21
Expected return on plan assets	(31)	(39)
Amortization of net actuarial loss (gain)	3	6
Settlements	10	1
Net periodic benefit cost	38	24
Pension Benefits | Int’l.
Components of Net Periodic Benefit Cost
Service cost	3	8
Interest cost	8	6
Expected return on plan assets	(10)	(16)
Amortization of net actuarial loss (gain)	(1)	3
Settlements	0	0
Net periodic benefit cost	0	1
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	1	1
Interest cost	2	1
Expected return on plan assets	0	0
Amortization of net actuarial loss (gain)	(2)	(1)
Settlements	0	0
Net periodic benefit cost	$ 1	$ 1

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	$ 29
Additional contributions expected to be made during remainder of fiscal year	40
Int’l. | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	5
Additional contributions expected to be made during remainder of fiscal year	$ 15

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated other comprehensive income (loss)
Beginning balance	$ 34,106	$ 21,637
Other comprehensive income (loss) before reclassifications	79	(78)
Other Comprehensive Income (Loss), Net of Income Taxes	87	(69)
Ending balance	34,916	22,121
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning balance	(122)	(398)
Other comprehensive income (loss) before reclassifications	2	4
Amounts reclassified from accumulated other comprehensive loss	8	9
Other Comprehensive Income (Loss), Net of Income Taxes	10	13
Ending balance	(112)	(385)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning balance	(336)	(45)
Other comprehensive income (loss) before reclassifications	77	(82)
Amounts reclassified from accumulated other comprehensive loss	0	0
Other Comprehensive Income (Loss), Net of Income Taxes	77	(82)
Ending balance	(259)	(127)
Hedging
Accumulated other comprehensive income (loss)
Beginning balance	(2)	(2)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Other Comprehensive Income (Loss), Net of Income Taxes	0	0
Ending balance	(2)	(2)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning balance	(460)	(445)
Other Comprehensive Income (Loss), Net of Income Taxes	87	(69)
Ending balance	$ (373)	$ (514)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Operating revenues and other income	$ 1,304	$ 1,340
Purchases	3,699	4,681
Operating expenses and selling, general and administrative expenses	$ 72	$ 70

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 refinery
Midstream | NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment (as a percent)	16%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Equity investment (as a percent)	50%
Refining Segment [Member] | Mainly United States And Europe
Segment Reporting Information [Line Items]
Number of refineries	12

Segment Disclosures and Relat_4

Segment Disclosures and Related Information - Analysis by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 34,396	$ 36,179
Income (Loss) Before Income Taxes	2,651	828
Total Assets	77,262		$ 76,442
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,597	3,196
Refining Segment [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	8,246	8,565
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	21,544	24,413
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,292	4,022
Income (Loss) Before Income Taxes	702	212
Total Assets	29,358		30,273
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0
Income (Loss) Before Income Taxes	198	396
Total Assets	6,981		6,785
Operating Segments | Refining Segment [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	22,341	24,141
Income (Loss) Before Income Taxes	1,608	173
Total Assets	22,750		21,581
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	22,399	25,211
Income (Loss) Before Income Taxes	426	296
Total Assets	9,443		9,939
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	(695)	(826)
Intersegment eliminations | Refining Segment [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	(14,095)	(15,576)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	(855)	(798)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	9	5
Income (Loss) Before Income Taxes	(283)	$ (249)
Total Assets	$ 8,730		$ 7,864

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate, percent	22%	21%

DCP Midstream Class A Segment -

DCP Midstream Class A Segment - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jan. 05, 2023
Merger With DCP LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash consideration (in dollars per share)				$ 41.75
Merger With DCP LP | Forecast
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash contributed		$ 3,800
DCP LP | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest (as a percent)	43.30%
Common unit, outstanding (in shares)	209,000		209,000
Number of shares to be issued (in shares)	91,000		91,000
Common units, distribution			$ 51
DCP LP | Variable Interest Entity, Primary Beneficiary | Merger With DCP LP | Minimum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest percent after merger				43.30%
DCP LP | Variable Interest Entity, Primary Beneficiary | Merger With DCP LP | Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest percent after merger				86.80%
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%		23.36%
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, liquidation preference	$ 161		$ 161
Preferred units, distribution			$ 3
Preferred units, outstanding (in shares)	6,450		6,450
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, liquidation preference	$ 110		$ 110
Preferred units, distribution			$ 2
Preferred units, outstanding (in shares)	4,400		4,400
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		118,000

DCP Midstream Class A Segment_2

DCP Midstream Class A Segment - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts and notes receivable	$ 9,326	$ 10,985
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	713	988
Net properties, plants and equipment	9,280	9,297
Investments in unconsolidated affiliates	2,182	2,161
Accounts payable	755	1,239
Short-term debt	4	504
Long-term debt	$ 4,808	$ 4,248

Phillips 66 Partners LP (Detail

Phillips 66 Partners LP (Details) - Acquisition Of Phillips 66 Partners Common Units Held By Public	Mar. 09, 2022 shares
Subsidiary or Equity Method Investee [Line Items]
Number of shares to be issued (in shares)	41,800,000
Number of shares issued per acquiree share (in shares)	0.50

Restructuring (Details)

Restructuring (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 35
Variable Interest Entity, Not Primary Beneficiary | DCP LP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 12