Phillips 66 (PSX) 10-K 21 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35349
Entity Registrant Name	Phillips 66
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Blvd
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 42.4
Entity Common Stock, Shares Outstanding		427,824,429
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 15, 2024 (Part III).
Entity Central Index Key	0001534701
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
DCP Midstream, LP
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Denver, Colorado

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and Other Income
Sales and other operating revenues	$ 147,399	$ 169,990	$ 111,476
Equity in earnings of affiliates	2,017	2,968	2,904
Net gain on dispositions	115	7	18
Other income	359	2,737	454
Total Revenues and Other Income	149,890	175,702	114,852
Costs and Expenses
Purchased crude oil and products	128,086	149,932	102,102
Operating expenses	6,154	6,111	5,147
Selling, general and administrative expenses	2,525	2,168	1,744
Depreciation and amortization	1,977	1,629	1,605
Impairments	24	60	1,498
Taxes other than income taxes	707	530	410
Accretion on discounted liabilities	29	23	24
Interest and debt expense	897	619	581
Foreign currency transaction (gains) losses	22	(9)	1
Total Costs and Expenses	140,421	161,063	113,112
Income before income taxes	9,469	14,639	1,740
Income tax expense	2,230	3,248	146
Net Income	7,239	11,391	1,594
Less: net income attributable to noncontrolling interests	224	367	277
Net Income Attributable to Phillips 66	$ 7,015	$ 11,024	$ 1,317
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 15.56	$ 23.36	$ 2.97
Diluted (in dollars per share)	$ 15.48	$ 23.27	$ 2.97
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	450,136	471,497	440,028
Diluted (in shares)	453,210	473,731	440,364

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 7,239	$ 11,391	$ 1,594
Defined benefit plans
Net actuarial gain (loss) arising during the period	(11)	191	320
Amortization of net actuarial loss, prior service credit and settlements	19	90	122
Plans sponsored by equity affiliates	(8)	80	96
Income taxes on defined benefit plans	2	(85)	(127)
Defined benefit plans, net of income taxes	2	276	411
Foreign currency translation adjustments	182	(295)	(74)
Income taxes on foreign currency translation adjustments	(3)	4	4
Foreign currency translation adjustments, net of income taxes	179	(291)	(70)
Cash flow hedges	(3)	0	3
Income taxes on hedging activities	0	0	0
Hedging activities, net of income taxes	(3)	0	3
Other Comprehensive Income (Loss), Net of Income Taxes	178	(15)	344
Comprehensive Income	7,417	11,376	1,938
Less: comprehensive income attributable to noncontrolling interests	224	367	277
Comprehensive Income Attributable to Phillips 66	$ 7,193	$ 11,009	$ 1,661

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 3,323	$ 6,133
Inventories	3,750	3,276
Prepaid expenses and other current assets	1,138	1,528
Total Current Assets	19,941	21,922
Investments and long-term receivables	15,302	14,950
Net properties, plants and equipment	35,712	35,163
Goodwill	1,550	1,486
Intangibles	920	831
Other assets	2,076	2,090
Total Assets	75,501	76,442
Liabilities
Short-term debt	1,482	529
Accrued income and other taxes	1,200	1,397
Employee benefit obligations	863	764
Other accruals	1,410	1,876
Total Current Liabilities	15,856	15,889
Long-term debt	17,877	16,661
Asset retirement obligations and accrued environmental costs	864	879
Deferred income taxes	7,424	6,671
Employee benefit obligations	630	937
Other liabilities and deferred credits	1,200	1,299
Total Liabilities	43,851	42,336
Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2023—654,842.101 shares; 2022—652,373,645 shares)	7	7
Capital in excess of par	19,650	19,791
Treasury stock (at cost: 2023—224,377,439 shares; 2022—186,529,667 shares)	(19,342)	(15,276)
Retained earnings	30,550	25,432
Accumulated other comprehensive loss	(282)	(460)
Total Stockholders’ Equity	30,583	29,494
Noncontrolling interests	1,067	4,612
Total Equity	31,650	34,106
Total Liabilities and Equity	75,501	76,442
Nonrelated Party
Assets
Accounts and notes receivable	10,483	9,497
Liabilities
Accounts payable	10,332	10,748
Related Party
Assets
Accounts and notes receivable	1,247	1,488
Liabilities
Accounts payable	$ 569	$ 575

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 71	$ 67
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	654,842,101	652,373,645
Treasury stock, shares repurchased (in shares)	224,377,439	186,529,667

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities
Net income	$ 7,239	$ 11,391	$ 1,594
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,977	1,629	1,605
Impairments	24	60	1,498
Accretion on discounted liabilities	29	23	24
Deferred income taxes	840	1,320	(272)
Undistributed equity earnings	(822)	(1,308)	(128)
Loss on early redemption of debt	53	0	0
Net gain on dispositions	(115)	(7)	(7)
Gain related to merger of businesses	0	(3,013)	0
Unrealized investment (gain) loss	38	433	(365)
Other	(419)	217	(51)
Working capital adjustments
Accounts and notes receivable	(696)	(2,073)	(922)
Inventories	(245)	74	511
Prepaid expenses and other current assets	269	(249)	(339)
Accounts payable	(480)	1,736	2,925
Taxes and other accruals	(663)	580	(56)
Net Cash Provided by Operating Activities	7,029	10,813	6,017
Cash Flows From Investing Activities
Capital expenditures and investments	(2,418)	(2,194)	(1,860)
Return of investments in equity affiliates	201	125	267
Proceeds from asset dispositions	392	4	27
Advances/loans—related parties	0	(75)	(310)
Collection of advances/loans—related parties	3	662	2
Other	32	(10)	2
Net Cash Used in Investing Activities	(1,790)	(1,488)	(1,872)
Cash Flows From Financing Activities
Issuance of debt	6,260	453	1,443
Repayment of debt	(4,252)	(2,883)	(2,954)
Issuance of common stock	123	103	26
Repurchase of common stock	(4,014)	(1,513)	0
Dividends paid on common stock	(1,882)	(1,793)	(1,585)
Distributions to noncontrolling interests	(163)	(185)	(324)
Repurchase of noncontrolling interests	(4,067)	(500)	(24)
Other	(97)	(70)	(52)
Net Cash Provided by (Used in) Financing Activities	(8,092)	(6,388)	(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	43	49	(42)
Net Change in Cash and Cash Equivalents	(2,810)	2,986	633
Cash and cash equivalents at beginning of year	6,133	3,147	2,514
Cash and Cash Equivalents at End of Year	$ 3,323	$ 6,133	$ 3,147

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Phillips 66 Partners LP	DCP Midstream, LP	Par Value	Capital in Excess of Par	Capital in Excess of Par Phillips 66 Partners LP	Capital in Excess of Par DCP Midstream, LP	Treasury Stock	Treasury Stock Phillips 66 Partners LP	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests	Noncontrolling Interests Phillips 66 Partners LP	Noncontrolling Interests DCP Midstream, LP
Beginning Balance at Dec. 31, 2020	$ 21,523			$ 6	$ 20,383			$ (17,116)		$ 16,500	$ (789)	$ 2,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,594									1,317		277
Other comprehensive income (Loss)	344										344
Dividends paid on common stock	(1,585)									(1,585)
Distributions to noncontrolling interests	(324)											(324)
Repurchase of noncontrolling interests and Acquisition of noncontrolling interest	(23)									(2)		(21)
Benefit plan activity and other	108			1	121					(14)
Ending Balance at Dec. 31, 2021	$ 21,637			7	20,504			(17,116)		16,216	(445)	2,471
Beginning Balance, Common shares (in shares) at Dec. 31, 2020	648,643,223
Beginning Balance, Treasury stock (in shares) at Dec. 31, 2020	211,771,827
Stockholders' Equity, Shares [Roll Forward]
Shares issued—share-based compensation (in shares)	1,383,095
Ending Balance, Common shares (in shares) at Dec. 31, 2021	650,026,318
Ending Balance, Treasury stock (in shares) at Dec. 31, 2021	211,771,827
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.62
Net income	$ 11,391									11,024		367
Other comprehensive income (Loss)	(15)										(15)
Dividends paid on common stock	(1,793)									(1,793)
Repurchase of common stock	(1,540)							(1,540)
Distributions to noncontrolling interests	(185)											(185)
Repurchase of noncontrolling interests and Acquisition of noncontrolling interest		$ 316	$ (500)			$ (901)			$ 3,380				$ (2,163)	$ (500)
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC	4,622											4,622
Benefit plan activity and other	173				188					(15)
Ending Balance at Dec. 31, 2022	$ 34,106			7	19,791			(15,276)		25,432	(460)	4,612
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	16,583,076
Shares issued—share-based compensation (in shares)	2,347,327
Shares issued—acquisition of noncontrolling interest in Phillips 66 Partners LP	(41,825,236)
Ending Balance, Common shares (in shares) at Dec. 31, 2022	652,373,645
Ending Balance, Treasury stock (in shares) at Dec. 31, 2022	186,529,667
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 3.83
Net income	$ 7,239									7,015		224
Other comprehensive income (Loss)	178										178
Dividends paid on common stock	(1,882)									(1,882)
Repurchase of common stock	(4,066)							(4,066)
Distributions to noncontrolling interests	(163)											(163)
Repurchase of noncontrolling interests and Acquisition of noncontrolling interest			$ (3,974)				$ (361)							$ (3,613)
Benefit plan activity and other	212				220					(15)		7
Ending Balance at Dec. 31, 2023	$ 31,650			$ 7	$ 19,650			$ (19,342)		$ 30,550	$ (282)	$ 1,067
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	37,847,772
Shares issued—share-based compensation (in shares)	2,468,456
Ending Balance, Common shares (in shares) at Dec. 31, 2023	654,842,101
Ending Balance, Treasury stock (in shares) at Dec. 31, 2023	224,377,439
Dividends, Common Stock
Dividends Paid Per Share of Common Stock (in usd per share)	$ 4.20

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Consolidation Principles and Investments Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 29—DCP Midstream Class A Segment for further discussion about a significant VIE that we began consolidating in August 2022, and Note 30—Phillips 66 Partners LP, for further discussion regarding our merger with Phillips 66 Partners LP (Phillips 66 Partners). The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 8—Investments, Loans and Long-Term Receivables, for further discussion on our significant unconsolidated VIEs. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Foreign Currency Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings (loss). Most of our foreign operations use their local currency as the functional currency. Cash Equivalents Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest. Inventories We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies inventories are valued using the weighted-average-cost method. Fair Value Measurements We categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability that are used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the assumptions we believe market participants would use when pricing an asset or liability for which there is little, if any, market activity at the measurement date. Derivative Instruments Derivative instruments, except those designated as normal purchases and normal sales, are recorded on the balance sheet at fair value. We have master netting agreements with most of our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. When applicable, we also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings. Loans and Long-Term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment. Impairment of Investments in Nonconsolidated Entities Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Depreciation and Amortization Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). Capitalized Interest A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset. Impairment of Properties, Plants and Equipment PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future before-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment testing purposes at the lowest level for which identifiable cash flows are available. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; historical market transactions for similar assets, adjusted using principal market participant assumptions when necessary; or replacement cost adjusted for physical deterioration and economic obsolescence. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review. Property Dispositions When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line item on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is assessed for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment assessment requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill impairment cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of assessing goodwill for impairment, we have two reporting units with goodwill balances at our 2023 testing date: Transportation and Marketing and Specialties (M&S). Intangible Assets Other Than Goodwill Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. Asset Retirement Obligations When we have a legal obligation to incur costs to retire an asset, we record a liability in the period in which the obligation was incurred provided that a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made at the time the obligation arises, we record the liability when sufficient information is available to estimate its fair value. When a liability is initially recorded, we capitalize the costs by increasing the carrying amount of the related PP&E. Over time, the liability is increased for changes in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E. Our practice is to keep our refining and other processing assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected retirement dates for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. We will recognize liabilities for these obligations in the period when sufficient information becomes available to estimate a date or range of potential retirement dates. Environmental Costs Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures. Guarantees The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related statement of income line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. Treasury Stock We record treasury stock purchases at cost, which includes related transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet. Common stock reissued from treasury stock is valued based on the average cost of historical repurchases. Revenue Recognition Our revenues are primarily associated with sales of refined petroleum products, crude oil, natural gas liquids (NGL) and natural gas. Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line item on our consolidated statement of income (i.e., these transactions are recorded net). Taxes Collected from Customers and Remitted to Governmental Authorities Excise taxes on sales of refined petroleum products charged to our customers are presented net of taxes on sales of refined petroleum products payable to governmental authorities in the “Taxes other than income taxes” line item on our consolidated statement of income. Other sales and value-added taxes are recorded net in the “Taxes other than income taxes” line item on our consolidated statement of income. Shipping and Handling Costs We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.” Maintenance and Repairs Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred. Share-Based Compensation We recognize share-based compensation expense over the shorter of: (1) the service period (i.e., the stated period of time required to earn the award); or (2) the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement, but not less than ten months for shared-based payment awards granted in 2023 and not less than six months for share-based payment awards granted prior to 2023 as those are the minimum periods of time required for awards not to be subject to forfeiture. Our equity-classified programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time they become eligible for retirement (at age 55 with 5 years of service). We have elected to recognize expense on a straight-line basis over the service period for the entire award, irrespective of whether the award was granted with ratable or cliff vesting, and have elected to recognize forfeitures of awards when they occur. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income. Interest related to unrecognized income tax benefits is reflected in the “Interest and debt expense” line item, and penalties in the “Operating expenses” or “Selling, general and administrative expenses” line items on our consolidated statement of income.

Changes in Accounting Principle

Changes in Accounting Principles	12 Months Ended
	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective 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. Effective January 1, 2022, we early adopted ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This pronouncement requires application of ASC 606 “Revenue from Contracts with Customers” (“Topic 606”) to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. Effective October 1, 2021, we adopted ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” These pronouncements provide temporary optional expedients and exceptions to the current guidance on contracts, hedge relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Amendments in ASU 2021-01 further clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These pronouncements were effective upon issuance and applicable to contract modifications through December 31, 2022. On December 21, 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” The ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This pronouncement was also effective upon issuance. The adoption of these pronouncements did not impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which enhances the transparency, effectiveness, and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-09 and the impact on our financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-07 and the impact on our segment reporting disclosures. In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU provides additional requirements for lessees that are a party to a lease between entities under common control in which there are leasehold improvements. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Effective January 1, 2024, we adopted ASU 2023-01. At the time of adoption, there was no impact on our consolidated financial statements from this ASU.

DCP Midstream, LLC and Gray Oak

DCP Midstream, LLC and Gray Oak Holdings LLC Merger	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
DCP Midstream, LLC and Gray Oak Holdings LLC Merger	DCP Midstream, LLC and DCP Midstream, LP Mergers DCP Midstream, LLC and Gray Oak Holdings LLC Merger (DCP Midstream 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 DCP Midstream 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 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 DCP Midstream 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 DCP Midstream Merger. As a result of the DCP Midstream Merger, our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills increased from 52.2% to 62.2%. Starting on August 18, 2022, we began consolidating the financial results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills and reporting the direct and indirect economic interests held by others in these entities 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 DCP Midstream Merger, we derecognized Enbridge’s noncontrolling interest in Gray Oak Holdings. We accounted for our consolidation of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills as a business combination using the acquisition method of accounting. See Note 4—Business Combinations, for additional information regarding our accounting for this transaction. See Note 29—DCP Midstream Class A Segment, for additional information regarding our variable interest in DCP Midstream Class A Segment. DCP Midstream, LP Merger (DCP LP Merger) On June 15, 2023, we completed the acquisition of all publicly held common units of DCP LP pursuant to the terms of the Agreement and Plan of Merger, dated as of January 5, 2023 (DCP LP Merger Agreement). The DCP LP Merger Agreement was entered into with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries merged with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the DCP LP Merger Agreement, at the effective time of the DCP LP Merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by DCP Midstream and its subsidiaries) issued and outstanding as of immediately prior to the effective time was converted into the right to receive $41.75 per common unit in cash. We accounted for the DCP LP Merger as an equity transaction. The DCP LP Merger increased our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8% and our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills increased from 62.2% to 91.2%. See Note 29—DCP Midstream Class A Segment, for additional information regarding the equity transaction. Marketing and Specialties Acquisition On August 1, 2023, our M&S segment acquired a marketing business on the U.S. West Coast for total consideration of $269 million. These operations were acquired to support the placement of renewable diesel that will be produced by our Rodeo renewable fuels facility. At December 31, 2023, we provisionally recorded $146 million of amortizable intangible assets, primarily customer relationships; $82 million of PP&E, including finance lease right of use assets; $40 million of net working capital; $64 million of goodwill; and $63 million of finance lease liabilities for this acquisition. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for this acquisition. DCP Midstream Merger On August 17, 2022, we realigned our economic interest in, and governance rights over, DCP Midstream and Gray Oak Holdings through the DCP Midstream Merger, with DCP Midstream as the surviving entity. As part of the DCP Midstream 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 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 DCP Midstream 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 their estimated fair values as of the DCP Midstream Merger on August 17, 2022. We finalized the valuation of the assets acquired and liabilities assumed during the three months ended September 30, 2023, prior to the end of the one-year measurement period on August 16, 2023. The following table shows the purchase price allocation as of the date of the DCP Midstream Merger, and cumulative adjustments we made during the measurement period: Millions of Dollars Fair value of assets acquired: As Originally Reported Adjustments As Adjusted Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 238 312 Prepaid expenses and other current assets 439 13 452 Investments and long-term receivables 2,192 (125) 2,067 Properties, plants and equipment 12,837 193 13,030 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 125 17,147 Fair value of liabilities assumed: Accounts payable 912 3 915 Short-term debt 625 (2) 623 Accrued income and other taxes 107 13 120 Employee benefit obligation—current 50 22 72 Other accruals 497 (6) 491 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 36 263 Total liabilities assumed 7,221 136 7,357 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 made to the purchase price allocation to conform with our historical presentation and adjustments we made to the estimated fair value of certain assets acquired and liabilities assumed during the measurement period. The adjustments to our purchase price allocation recorded during the measurement period were not material. See Note 18—Fair Value Measurements, for additional information on the determination of the fair value of the DCP Midstream Merger. In connection with the DCP Midstream Merger, we recognized before-tax gains totaling $2,831 million from remeasuring our previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values and a before tax gain of $182 million related to the transfer of a 35.75% indirect economic interest in Gray Oak Pipeline to our co-venturer. These before-tax gains are included in the “Other income” line item in our consolidated statement of income for the year ended December 31, 2022, and are reported in the Midstream segment. See Note 18—Fair Value Measurements, for additional information on the determination of the fair value of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. The following “Sales and other operating revenues” and “Net Income Attributable to Phillips 66” of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills were included in our consolidated statement of income from August 18, 2022, forward, for the year ended December 31, 2022. Millions of Dollars Sales and other operating revenues $ 4,531 Net Income Attributable to Phillips 66 216 Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents consolidated results for the years ending December 31, 2022, and 2021, as if the DCP Midstream Merger occurred on January 1, 2021. The unaudited pro forma information includes adjustments based on available information, and we believe the estimates and assumptions used are reasonable, and that the significant effects of the transactions are properly reflected in the unaudited pro forma information. An aggregate before-tax gain of $2,831 million was included in the pro forma financial information for the year ended December 31, 2021, which is related to the remeasurement of the previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values in connection with the DCP Midstream Merger. Adjustments related to the economic interest change in our equity investment in Gray Oak Pipeline were excluded from the pro forma financial information. The unaudited pro forma financial information presented is for comparative purposes only and does not give effect to any potential synergies that could be achieved and is not necessarily indicative of the results of future operations. Year Ended December 31 2022 2021 Sales and other operating revenues (millions) $ 177,127 119,027 Net Income Attributable to Phillips 66 (millions) 8,847 3,360 Net Income Attributable to Phillips 66 per share—basic (dollars) 18.74 7.61 Net Income Attributable to Phillips 66 per share—diluted (dollars) 18.68 7.60

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	DCP Midstream, LLC and DCP Midstream, LP Mergers DCP Midstream, LLC and Gray Oak Holdings LLC Merger (DCP Midstream 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 DCP Midstream 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 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 DCP Midstream 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 DCP Midstream Merger. As a result of the DCP Midstream Merger, our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills increased from 52.2% to 62.2%. Starting on August 18, 2022, we began consolidating the financial results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills and reporting the direct and indirect economic interests held by others in these entities 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 DCP Midstream Merger, we derecognized Enbridge’s noncontrolling interest in Gray Oak Holdings. We accounted for our consolidation of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills as a business combination using the acquisition method of accounting. See Note 4—Business Combinations, for additional information regarding our accounting for this transaction. See Note 29—DCP Midstream Class A Segment, for additional information regarding our variable interest in DCP Midstream Class A Segment. DCP Midstream, LP Merger (DCP LP Merger) On June 15, 2023, we completed the acquisition of all publicly held common units of DCP LP pursuant to the terms of the Agreement and Plan of Merger, dated as of January 5, 2023 (DCP LP Merger Agreement). The DCP LP Merger Agreement was entered into with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries merged with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the DCP LP Merger Agreement, at the effective time of the DCP LP Merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by DCP Midstream and its subsidiaries) issued and outstanding as of immediately prior to the effective time was converted into the right to receive $41.75 per common unit in cash. We accounted for the DCP LP Merger as an equity transaction. The DCP LP Merger increased our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8% and our aggregate direct and indirect economic interests in DCP Sand Hills and DCP Southern Hills increased from 62.2% to 91.2%. See Note 29—DCP Midstream Class A Segment, for additional information regarding the equity transaction. Marketing and Specialties Acquisition On August 1, 2023, our M&S segment acquired a marketing business on the U.S. West Coast for total consideration of $269 million. These operations were acquired to support the placement of renewable diesel that will be produced by our Rodeo renewable fuels facility. At December 31, 2023, we provisionally recorded $146 million of amortizable intangible assets, primarily customer relationships; $82 million of PP&E, including finance lease right of use assets; $40 million of net working capital; $64 million of goodwill; and $63 million of finance lease liabilities for this acquisition. The fair values of the assets acquired and liabilities assumed are preliminary and subject to change until we finalize our accounting for this acquisition. DCP Midstream Merger On August 17, 2022, we realigned our economic interest in, and governance rights over, DCP Midstream and Gray Oak Holdings through the DCP Midstream Merger, with DCP Midstream as the surviving entity. As part of the DCP Midstream 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 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 DCP Midstream 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 their estimated fair values as of the DCP Midstream Merger on August 17, 2022. We finalized the valuation of the assets acquired and liabilities assumed during the three months ended September 30, 2023, prior to the end of the one-year measurement period on August 16, 2023. The following table shows the purchase price allocation as of the date of the DCP Midstream Merger, and cumulative adjustments we made during the measurement period: Millions of Dollars Fair value of assets acquired: As Originally Reported Adjustments As Adjusted Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 238 312 Prepaid expenses and other current assets 439 13 452 Investments and long-term receivables 2,192 (125) 2,067 Properties, plants and equipment 12,837 193 13,030 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 125 17,147 Fair value of liabilities assumed: Accounts payable 912 3 915 Short-term debt 625 (2) 623 Accrued income and other taxes 107 13 120 Employee benefit obligation—current 50 22 72 Other accruals 497 (6) 491 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 36 263 Total liabilities assumed 7,221 136 7,357 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 made to the purchase price allocation to conform with our historical presentation and adjustments we made to the estimated fair value of certain assets acquired and liabilities assumed during the measurement period. The adjustments to our purchase price allocation recorded during the measurement period were not material. See Note 18—Fair Value Measurements, for additional information on the determination of the fair value of the DCP Midstream Merger. In connection with the DCP Midstream Merger, we recognized before-tax gains totaling $2,831 million from remeasuring our previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values and a before tax gain of $182 million related to the transfer of a 35.75% indirect economic interest in Gray Oak Pipeline to our co-venturer. These before-tax gains are included in the “Other income” line item in our consolidated statement of income for the year ended December 31, 2022, and are reported in the Midstream segment. See Note 18—Fair Value Measurements, for additional information on the determination of the fair value of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. The following “Sales and other operating revenues” and “Net Income Attributable to Phillips 66” of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills were included in our consolidated statement of income from August 18, 2022, forward, for the year ended December 31, 2022. Millions of Dollars Sales and other operating revenues $ 4,531 Net Income Attributable to Phillips 66 216 Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents consolidated results for the years ending December 31, 2022, and 2021, as if the DCP Midstream Merger occurred on January 1, 2021. The unaudited pro forma information includes adjustments based on available information, and we believe the estimates and assumptions used are reasonable, and that the significant effects of the transactions are properly reflected in the unaudited pro forma information. An aggregate before-tax gain of $2,831 million was included in the pro forma financial information for the year ended December 31, 2021, which is related to the remeasurement of the previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values in connection with the DCP Midstream Merger. Adjustments related to the economic interest change in our equity investment in Gray Oak Pipeline were excluded from the pro forma financial information. The unaudited pro forma financial information presented is for comparative purposes only and does not give effect to any potential synergies that could be achieved and is not necessarily indicative of the results of future operations. Year Ended December 31 2022 2021 Sales and other operating revenues (millions) $ 177,127 119,027 Net Income Attributable to Phillips 66 (millions) 8,847 3,360 Net Income Attributable to Phillips 66 per share—basic (dollars) 18.74 7.61 Net Income Attributable to Phillips 66 per share—diluted (dollars) 18.68 7.60

Sales and Other Operating Reven

Sales and Other Operating Revenues	12 Months Ended
	Dec. 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 2023 2022 2021 Product Line and Services Refined petroleum products $ 108,644 131,798 89,020 Crude oil resales 20,824 20,574 12,801 NGL and natural gas 14,467 16,174 9,074 Services and other* 3,464 1,444 581 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 Geographic Location** United States $ 118,786 136,995 87,973 United Kingdom 14,642 16,741 11,132 Germany 5,547 6,392 4,290 Other countries 8,424 9,862 8,081 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 * Includes derivatives-related activities. See Note 17—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At December 31, 2023 and 2022, receivables from contracts with customers were $9,638 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 December 31, 2023 and 2022, our asset balances related to such payments were $537 million and $505 million, respectively. Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At December 31, 2023 and 2022, contract liabilities were $187 million and $156 million, respectively. Remaining Performance Obligations Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing. At December 31, 2023, the remaining performance obligations related to these minimum volume commitment contracts amounted to $365 million. This amount excludes variable consideration and estimates of variable rate escalation clauses in our contracts with customers, and is expected to be recognized through 2031 with a weighted average remaining life of two years as of December 31, 2023.

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil, 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 December 31, 2023 and 2022, we reported $11,730 million and $10,985 million of accounts and notes receivable, net of allowances of $71 million and $67 million, respectively. Based on an aging analysis at December 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 15—Guarantees, and Note 16—Contingencies and Commitments, for more information on these off-balance sheet exposures.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at December 31 consisted of the following: Millions of Dollars 2023 2022 Crude oil and petroleum products $ 3,330 2,914 Materials and supplies 420 362 $ 3,750 3,276 Inventories valued on the LIFO basis totaled $3,050 million and $2,635 million at December 31, 2023 and 2022, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $5.3 billion and $6.3 billion at December 31, 2023 and 2022, respectively.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Components of investments and long-term receivables at December 31 were: Millions of Dollars 2023 2022 Equity investments $ 14,728 14,414 Other investments 195 207 Loans and long-term receivables 379 329 $ 15,302 14,950 Equity Investments Significant affiliated companies accounted for under the equity method, including nonconsolidated VIEs, at December 31, 2023 and 2022, included: • Chevron Phillips Chemical Company LLC (CPChem) —50 percent-owned joint venture that manufactures and markets petrochemicals and plastics. We have multiple long-term supply and purchase agreements in place with CPChem with extension options. These agreements cover sales and purchases of refined petroleum products, solvents, fuel gas, natural gas, NGL, and other petrochemical feedstocks. All products are purchased and sold under specified pricing formulas based on various published pricing indices. At December 31, 2023 and 2022, the book value of our investment in CPChem was $7,341 million and $6,785 million, respectively. • WRB Refining LP (WRB) —50 percent-owned joint venture that owns the Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively, for which we are the operator and managing partner. We have a basis difference for our investment in WRB because the carrying value of our investment is lower than our share of WRB’s recorded net assets. This basis difference was primarily the result of our contribution of these refineries to WRB. On the contribution closing date, a basis difference was created because the fair value of the contributed assets recorded by WRB exceeded our historical book value. The contribution-related basis difference is primarily being amortized and recognized as a benefit to equity earnings over a period of 26 years, which was the estimated remaining useful life of the refineries’ PP&E at the contribution closing date. At December 31, 2023, the aggregate remaining basis difference for this investment was $1,400 million. Equity earnings for the years ended December 31, 2023, 2022 and 2021, were increased by $198 million, $184 million and $186 million, respectively, due to the amortization of our aggregate basis difference. At December 31, 2023 and 2022, the book value of our investment in WRB was $2,736 million and $2,411 million, respectively. • Gulf Coast Express LLC (Gulf Coast Express) —DCP LP 25 percent-owned joint venture that owns an intrastate pipeline that transports natural gas from the Waha area in West Texas to Agua Dulce, in Nueces County, Texas. The pipeline is operated by a co-venturer. This investment was acquired as part of our consolidation of DCP Midstream Class A Segment starting on August 18, 2022, and was recorded at fair value. We have a basis difference for our investment in Gulf Coast Express because the carrying value of our investment is higher than our share of Gulf Coast Express net assets. The basis difference is the result of recognizing the investment at fair value. The basis difference is being amortized and recognized as a decrease to equity earnings over a period of 20 years, which was the estimated remaining useful life of the joint venture’s PP&E at the acquisition date. At December 31, 2023, the aggregate remaining basis difference for this investment was $415 million. Equity earnings for each of the years ended December 31, 2023 and 2022, were decreased by $22 million and $7 million, respectively, due to the amortization of our basis difference. At December 31, 2023 and 2022, the book value of our investment in Gulf Coast Express was $800 million and $844 million, respectively. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, Note 4—Business Combinations and Note 18—Fair Value Measurements, for additional information on the DCP Midstream Merger and our accounting for this transaction as a business combination. • Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) —Two 25 percent-owned joint ventures. Dakota Access owns a pipeline system that transports crude oil from the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, and ETCO owns a connecting crude oil pipeline system that extends from Patoka to Nederland, Texas. These two pipeline systems collectively form the Bakken Pipeline system, which is operated by a co-venturer. In 2020, the trial court presiding over litigation 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 trial 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 trial court’s decision to order the EIS and vacate the easement. Therefore, the requirement to prepare the EIS stood. 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 in September 2023 the USACE published its draft EIS for public comment. The USACE identified five potential outcomes, but did not indicate which one it preferred. The options comprise two “no action” alternatives where the USACE would deny an easement to Dakota Access and require it to shut down the pipeline and either remove the pipe from under Lake Oahe, or allow the pipeline to be abandoned-in-place under the lake. The USACE also identified three “action” alternatives; two of them contemplate that the USACE would reissue the easement to Dakota Access under essentially the same terms as 2017 with either the same or a larger volume of oil allowed through the pipeline, while the third alternative would require decommissioning the current pipeline and construction of a new line 39 miles upstream from the current location. The USACE has not indicated when it will issue its final decision. 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 December 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, 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 December 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, it may have a material adverse effect on our results of operations and cash flows. Should operations cease and Dakota Access and ETCO not have sufficient funds to pay its expenses, we also 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 December 31, 2023. At December 31, 2023 and 2022, the aggregate book value of our investments in Dakota Access and ETCO was $640 million and $675 million, respectively. • Front Range Pipeline LLC (Front Range) —DCP LP 33 percent-owned joint venture that owns an NGL pipeline that originates in the DJ Basin and extends to Skellytown, Texas. The pipeline is operated by a co-venturer. This investment was acquired as part of our consolidation of DCP Midstream Class A Segment starting on August 18, 2022, and was recorded at fair value. We have a basis difference for our investment in Front Range because the carrying value of our investment is higher than our share of Front Range net assets. The basis difference is the result of recognizing the investment at fair value. The basis difference is being amortized and recognized as a decrease to equity earnings over a period of 20 years, which was the estimated remaining useful life of the joint venture’s PP&E at the acquisition date. At December 31, 2023, the aggregate remaining basis difference for this investment was $292 million. Equity earnings for each of the years ended December 31, 2023 and 2022, were decreased by $16 million and $5 million, respectively, due to the amortization of our basis difference. At December 31, 2023 and 2022, the book value of our investment in Front Range was $477 million and $499 million, respectively. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, Note 4—Business Combinations and Note 18—Fair Value Measurements, for additional information on the DCP Midstream Merger and our accounting for this transaction as a business combination. • Rockies Express Pipeline LLC (REX) —25 percent-owned joint venture that owns a natural gas pipeline system that extends from Wyoming and Colorado to Ohio with a bidirectional section that extends from Ohio to Illinois. The REX Pipeline system is operated by our co-venturer. We have a basis difference for our investment in REX because the carrying value of our investment is lower than our share of REX’s recorded net assets. This basis difference was created by historical impairment charges we recorded for this investment and is being amortized and recognized as a benefit to equity earnings over a period of 25 years, which was the estimated remaining useful life of REX’s PP&E when the impairment charges were recorded. At December 31, 2023, the remaining basis difference for this investment was $261 million. Equity earnings for each of the years ended December 31, 2023, 2022 and 2021, were increased by $19 million due to the amortization of our basis difference. At December 31, 2023 and 2022, the book value of our investment in REX was $451 million and $483 million, respectively. • CF United LLC (CF United) —A retail marketing joint venture with operations primarily on the U.S. West Coast. We own a 50% voting interest and a 48% economic interest in this joint venture. At December 31, 2023, CF United was considered a VIE because our co-venturer had an option to require us to purchase its interest based on a fixed multiple. The put option became effective July 1, 2023, and was scheduled to expire on March 31, 2024. The put option was 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 determined that we were not the primary beneficiary of CF United because we and our co-venturer jointly directed the activities that most significantly impacted economic performance. At December 31, 2023, our maximum exposure to loss was comprised of our $291 million investment in CF United. At December 31, 2022, the book value of our investment in CF United was $296 million. Effective January 1, 2024, in connection with an acquisition by CF United of another joint venture in which we have an ownership interest, the governing agreement for the CF United joint venture was amended and restated. The amended and restated agreement included removal of the put option that required us to purchase our co-venturer’s interest based on a fixed multiple. Accordingly, CF United ceased to be a VIE effective January 1, 2024. • OnCue Holdings, LLC (OnCue) —50 percent-owned joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue, and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At December 31, 2023, our maximum exposure to loss was $231 million, which represented the book value of our investment in OnCue of $166 million and guaranteed debt obligations of $65 million. At December 31, 2022, the book value of our investment in OnCue was $138 million. • DCP Midstream, DCP Sand Hills, DCP Southern Hills, and Gray Oak Pipeline —Prior to the DCP Midstream Merger 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. As a result of the DCP Midstream Merger, effective August 18, 2022, we began consolidating the financial results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills and our indirect economic interest in Gray Oak Pipeline was reduced to 6.5%. After the DCP Midstream Merger, our indirect economic interest in Gray Oak Pipeline is held through our economic interest in DCP Midstream Class B Segment. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, and Note 4—Business Combinations, for additional information regarding the DCP Midstream Merger and associated accounting treatment. At December 31, 2023 and December 31, 2022, the book value of our investment in DCP Midstream Class B Segment was $75 million and $79 million, respectively. • Liberty Pipeline LLC (Liberty) —In the first quarter of 2021, Phillips 66 Partners’ decided to exit the Liberty Pipeline project, which resulted in a $198 million before-tax impairment. The impairment is included in the “Impairments” line item on our consolidated statement of income for the year ended December 31, 2021. In April 2021, Phillips 66 Partners transferred its ownership interest in Liberty to its co-venturer for cash and certain pipeline assets with a value that approximated its book value of $46 million at March 31, 2021. See Note 11—Impairments, and Note 18—Fair Value Measurements, for additional information regarding the impairment and the techniques used to determine the fair value of Phillips 66 Partners’ investment in Liberty. Midstream Investment Disposition On August 1, 2023, we sold our 25% ownership interest in the South Texas Gateway Terminal for approximately $275 million and recognized a before-tax gain of $101 million. The before-tax gain is included in the “Net gain on dispositions” line item on our consolidated statement of income for the year ended December 31, 2023, and is reported in the Midstream segment. Other Investments In September 2021, we acquired 78 million ordinary shares, representing a 16% ownership interest, in NOVONIX Limited (NOVONIX), for $150 million. NOVONIX is a Brisbane, Australia-based company that develops technology and supplies materials for lithium-ion batteries and its shares are traded on the Australian Securities Exchange. 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 gain (losses), is recorded in the “Other income” 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. At December 31, 2023 and 2022, the fair value of our investment in NOVONIX was $39 million and $78 million, respectively. The fair value of our investment in NOVONIX declined by $39 million and $442 million during the years ended December 31, 2023 and 2022, respectively, and increased by $370 million during the year ended December 31, 2021. The declines in fair value in 2023 and 2022 were primarily related to unrealized investment losses, while the increase in 2021 was primarily related to unrealized investment gains. See Note 18—Fair Value Measurements, for additional information regarding the recurring fair value measurement of our investment in NOVONIX. Related Party Loans We and our co-venturer have provided member loans to WRB. At December 31, 2023 and 2022, no member loans were outstanding. Equity Affiliate Distributions Total distributions received from affiliates were $1,396 million, $1,832 million, and $3,043 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, at December 31, 2023, retained earnings included approximately $3.3 billion related to the undistributed earnings of affiliated companies. Summarized Equity Affiliate Financial Information Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2023 2022 2021 Revenues $ 42,078 60,981 49,339 Income before income taxes 5,350 7,616 6,346 Net income 5,160 7,414 6,125 Current assets 6,759 7,511 7,866 Noncurrent assets 46,241 46,527 56,040 Current liabilities 5,750 5,592 7,952 Noncurrent liabilities 10,980 11,412 16,906 Noncontrolling interests 2 2 3,003

Properties, Plants and Equipmen

Properties, Plants and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E is recorded at cost. Investments in refining and processing facilities are generally depreciated on a straight-line basis over a 25-year life, pipeline assets over a 45-year life and terminal assets over a 35-year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2023 2022 Gross Accum. Net Gross Accum. Net Midstream $ 26,124 4,382 21,742 25,422 3,524 21,898 Chemicals — — — — — — Refining 25,421 13,103 12,318 24,200 12,523 11,677 Marketing and Specialties 1,997 1,166 831 1,800 1,058 742 Corporate and Other 1,650 829 821 1,568 722 846 $ 55,192 19,480 35,712 52,990 17,827 35,163

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Marketing and Specialties Total Balance at December 31, 2021 $ 626 858 1,484 Goodwill assigned to acquisitions — 2 2 Balance at December 31, 2022 626 860 1,486 Goodwill assigned to acquisitions — 64 64 Balance at December 31, 2023 $ 626 924 1,550 In August 2023, we acquired a marketing business on the U.S. West Coast, in our M&S segment and recognized goodwill of $64 million associated with this acquisition. Refer to Note 4—Business Combinations for additional information. Intangible Assets The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2023 2022 Trade names and trademarks $ 504 503 Refinery air and operating permits 196 200 $ 700 703 The net book value of our amortized intangible assets was $220 million and $128 million at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022 and 2021, amortization expense was $33 million, $27 million and $26 million, respectively, and is expected to be less than $35 million per year in future years. In August 2023, we acquired a marketing business on the U.S. West Coast, in our M&S segment and recorded additions of $146 million in amortized intangible assets. Acquisitions of amortized intangible assets were not material in 2022.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairments	Impairments Millions of Dollars 2023 2022 2021 Midstream $ 3 1 209 Refining 10 13 1,288 Marketing and Specialties 3 — 1 Corporate and Other 8 46 — Total impairments $ 24 60 1,498 Equity Investments Liberty In the first quarter of 2021, Phillips 66 Partners decided to exit the Liberty Pipeline project in our Midstream segment, which had previously been deferred due to the challenging business environment caused by the COVID-19 pandemic. As a result, Phillips 66 Partners recorded a $198 million before-tax impairment to reduce the book value of its investment in Liberty at March 31, 2021, to estimated fair value. PP&E and Intangible Assets Alliance Refinery In the third quarter of 2021, we identified impairment indicators related to our Alliance Refinery as a result of damages sustained from Hurricane Ida and our reassessment of the role this refinery would play in our refining portfolio. Accordingly, we assessed the refinery asset group for impairment by performing an analysis that considered several usage scenarios, including selling or converting the asset group to an alternative use. Based on our analysis, we concluded that the carrying value of the asset group was not recoverable. As a result, we recorded a $1,298 million before-tax impairment to reduce the carrying value of net PP&E in this asset group to its fair value of approximately $200 million. $1,288 million of the impairment charge was recorded in our Refining segment and $10 million was recorded in our Midstream segment. In the fourth quarter of 2021, we shut down our Alliance Refinery.

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Asset Retirement Obligations and Accrued Environmental Costs	Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2023 2022 Asset retirement obligations $ 537 565 Accrued environmental costs 446 434 Total asset retirement obligations and accrued environmental costs 983 999 Asset retirement obligations and accrued environmental costs due within one year* (119) (120) Long-term asset retirement obligations and accrued environmental costs $ 864 879 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.” Asset Retirement Obligations We have asset retirement obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Our recognized asset retirement obligations primarily involve asbestos abatement at our refineries; decommissioning, removal or dismantlement of certain assets at refineries that have or will be shut down; decommissioning, removal or dismantlement of certain midstream pipelines and processing facilities; and dismantlement or removal of assets at certain leased international marketing sites. Most of our asset retirement obligations are not expected to be paid until many years in the future and are expected to be funded from general company resources at the time of removal. During the years ended December 31, 2023 and 2022, our overall asset retirement obligation changed as follows: Millions of Dollars 2023 2022 Balance at January 1 $ 565 395 Accretion of discount 25 15 New obligations — 7 Acquisition of DCP Midstream Class A Segment, DCP Sand Hills and DCP — 168 Changes in estimates of existing obligations 23 17 Spending on existing obligations (58) (32) Asset dispositions (23) — Foreign currency translation 5 (5) Balance at December 31 $ 537 565 Accrued Environmental Costs Of our total accrued environmental costs at December 31, 2023, $279 million was primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations; $117 million was associated with nonoperator sites; and $50 million was related to sites at which we have been named a potentially responsible party under federal or state laws. A large portion of our expected environmental expenditures have been discounted as these obligations were acquired in various business combinations. Expected expenditures for acquired environmental obligations were discounted using a weighted-average discount rate of approximately 5%. At December 31, 2023, the accrued balance for acquired environmental liabilities was $243 million. The expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are: $24 million in 2024, $18 million in 2025, $20 million in 2026, $17 million in 2027, $16 million in 2028, and $200 million in the aggregate for all years after 2028.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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. 2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 7,015 7,015 11,024 11,024 1,317 1,317 Income allocated to participating securities (11) — (10) — (9) (9) Premium paid for the repurchase of noncontrolling interests — — — — (2) (2) Net income available to common stockholders $ 7,004 7,015 11,014 11,024 1,306 1,306 Weighted-average common shares outstanding (thousands) : 448,381 450,136 469,436 471,497 437,886 440,028 Effect of share-based compensation 1,755 3,074 2,061 2,234 2,142 336 Weighted-average common shares outstanding—EPS 450,136 453,210 471,497 473,731 440,028 440,364 Earnings Per Share of Common Stock (dollars) $ 15.56 15.48 23.36 23.27 2.97 2.97

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Short-term and long-term debt at December 31 was: Millions of Dollars December 31, 2023 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total 0.900% Senior Notes due February 2024 $ 800 — — — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 3.605% Senior Notes due February 2025 — 441 59 — 500 3.850% Senior Notes due April 2025 650 — — — 650 5.375% Senior Notes due July 2025 — — — 825 825 1.300% Senior Notes due February 2026 500 — — — 500 3.550% Senior Notes due October 2026 — 458 34 — 492 5.625% Senior Notes due July 2027 — — — 500 500 4.950% Senior Notes due December 2027 — 750 — — 750 3.750% Senior Notes due March 2028 — 427 73 — 500 3.900% Senior Notes due March 2028 800 — — — 800 5.125% Senior Notes due May 2029 — — — 600 600 3.150% Senior Notes due December 2029 — 570 30 — 600 8.125% Senior Notes due August 2030 — — — 300 300 2.150% Senior Notes due December 2030 850 — — — 850 3.250% Senior Notes due February 2032 — — — 400 400 5.300% Senior Notes due June 2033 — 500 — — 500 4.650% Senior Notes due November 2034 1,000 — — — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 6.750% Senior Notes due September 2037 — — — 450 450 5.875% Senior Notes due May 2042 1,500 — — — 1,500 5.600% Senior Notes due April 2044 — — — 400 400 4.875% Senior Notes due November 2044 1,700 — — — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 4.900% Senior Notes due October 2046 — 605 20 — 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 Securitization facility due August 2024 — — — 350 350 Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 — 1,250 — — 1,250 Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party 25 — — — 25 Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party 265 — — — 265 Revolving credit facility due 2027 at 6.512% at year-end 2023 — — — 25 25 Other 1 — — — 1 Debt at face value 9,091 5,720 247 4,150 19,208 Finance leases 305 Software obligations 13 Net unamortized discounts, debt issuance costs and acquisition fair value adjustments (167) Total debt 19,359 Short-term debt (1,482) Long-term debt $ 17,877 Millions of Dollars December 31, 2022 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total 3.875% Senior Notes due March 2023 $ — — — 500 500 0.900% Senior Notes due February 2024 800 — — — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 3.605% Senior Notes due February 2025 — 441 59 — 500 3.850% Senior Notes due April 2025 650 — — — 650 5.375% Senior Notes due July 2025 — — — 825 825 1.300% Senior Notes due February 2026 500 — — — 500 3.550% Senior Notes due October 2026 — 458 34 — 492 5.625% Senior Notes due July 2027 — — — 500 500 3.750% Senior Notes due March 2028 — 427 73 — 500 3.900% Senior Notes due March 2028 800 — — — 800 5.125% Senior Notes due May 2029 — — — 600 600 3.150% Senior Notes due December 2029 — 570 30 — 600 8.125% Senior Notes due August 2030 — — — 300 300 2.150% Senior Notes due December 2030 850 — — — 850 3.250% Senior Notes due February 2032 — — — 400 400 4.650% Senior Notes due November 2034 1,000 — — — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 6.750% Senior Notes due September 2037 — — — 450 450 5.875% Senior Notes due May 2042 1,500 — — — 1,500 5.850% Junior Subordinated Notes due May 2043 — — — 550 550 5.600% Senior Notes due April 2044 — — — 400 400 4.875% Senior Notes due November 2044 1,700 — — — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 4.900% Senior Notes due October 2046 — 605 20 — 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 Securitization facility due August 2024 — — — 40 40 Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party 25 — — — 25 Other 1 — — — 1 Debt at face value 8,826 3,220 247 4,865 17,158 Finance leases 257 Software obligations 20 Net unamortized discounts, debt issuance costs and acquisition fair value adjustments (245) Total debt 17,190 Short-term debt (529) Long-term debt $ 16,661 Maturities of borrowings outstanding at December 31, 2023, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2024 through 2028 are $1,482 million, $1,999 million, $2,253 million, $1,276 million and $1,313 million, respectively. 2023 Activities Debt Repayments On May 19, 2023, DCP LP redeemed its 5.850% junior subordinated notes due May 2043 with an aggregate principal amount outstanding of $550 million. On the date of redemption, our carrying value of DCP LP’s junior subordinated notes was $497 million, which resulted in a $53 million before-tax loss. DCP LP’s junior subordinated notes were adjusted to fair value on August 17, 2022, in connection with the consolidation of DCP LP. See Note 18—Fair Value Measurements, for additional information regarding the fair value of DCP LP’s junior subordinated notes. On March 15, 2023, DCP LP repaid its 3.875% senior unsecured notes due March 2023 with an aggregate principal amount of $500 million. Debt Issuances 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 and commenced on December 1, 2023. Interest on the 2033 Notes is payable semi-annually on June 30 and December 30 of each year and commenced on December 30, 2023. Term Loan Agreement On March 27, 2023, 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 during a 90-day period commencing on the closing date, which borrowing was contingent upon the completion of the DCP LP Merger. 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 bear interest at either: (a) the adjusted term Secured Overnight Financing Rate (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. At December 31, 2023, $1.25 billion was borrowed under the Term Loan Agreement, which matures in June 2026. Related Party Advance Term Loan Agreements Borrowings under related party Advance Term Loan agreements with WRB increased from $25 million at December 31, 2022, to $290 million at December 31, 2023. Borrowings under these agreements are due in 2035 and 2038 and bear interest at a floating rate based on an adjusted term SOFR plus an applicable margin, payable on the last day of each month. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, for additional information regarding the DCP LP Merger. 2022 Activities Debt Repayments In December 2022, Phillips 66 repaid its 3.700% senior notes due April 2023 with an aggregate principal amount of $500 million. In April 2022, upon maturity, Phillips 66 repaid its 4.300% senior notes with an aggregate principal amount of $1 billion and Phillips 66 Partners repaid its $450 million term loan. DCP Midstream Class A Segment As a result of the DCP Midstream Merger, we recorded the fair value of DCP Midstream Class A Segment’s debt to our consolidated balance sheet as of August 17, 2022. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, Note 4—Business Combinations, and Note 18—Fair Value Measurements, for additional information regarding the DCP Midstream Merger and the associated fair value measurements. All of DCP Midstream Class A Segment’s debt is held by DCP LP. Interest on all of DCP LP’s senior notes and junior subordinated notes is paid on a semi-annual basis. Debt Exchange On May 5, 2022, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, completed offers to exchange (the Exchange Offers) all validly tendered notes of seven different series of notes issued by Phillips 66 Partners (collectively, the Old Notes), with an aggregate principal amount of approximately $3.5 billion, for notes issued by Phillips 66 Company (collectively, the New Notes). The New Notes are fully and unconditionally guaranteed by Phillips 66 and rank equally with Phillips 66 Company’s other unsecured and unsubordinated indebtedness, and the guarantees rank equally with Phillips 66’s other unsecured and unsubordinated indebtedness. Old Notes with an aggregate principal amount of approximately $3.2 billion were tendered in the Exchange Offers. The New Notes have the same interest rates, interest payment dates and maturity dates as the Old Notes. Holders that validly tendered before the end of the early participation period on April 19, 2022 (the Early Participation Date), received New Notes with an aggregate principal amount equivalent to the Old Notes, while holders that validly tendered after the Early Participation Date, but before the Expiration Date, received New Notes with an aggregate principal amount 3% less than the Old Notes. Substantially all of the Old Notes exchanged were tendered during the Early Participation Period. Subsequent Repayment On February 15, 2024, upon maturity, Phillips 66 repaid its 0.900% senior notes due February 2024 with an aggregate principal amount of $800 million. Credit Facilities and Commercial Paper Phillips 66 and Phillips 66 Company On June 23, 2022, we entered into a $5 billion revolving credit facility (the Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor and a scheduled maturity date of June 22, 2027. The Facility replaced our previous $5 billion revolving credit facility with Phillips 66 as the borrower and Phillips 66 Company as the guarantor. The Facility contains usual and customary covenants that are similar to the previous revolving credit facility, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. We have the option to increase the overall capacity to $6 billion, subject to certain conditions. We also have the option to extend the scheduled maturity of the Facility for up to two additional one-year terms, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. Outstanding borrowings under the Facility bear interest at either (a) the adjusted term SOFR (as described in the Facility) in effect from time to time plus the applicable margin; or (b) the reference rate (as described in the Facility) plus the applicable margin. The Facility also provides for customary fees, including commitment fees. The pricing levels for the commitment fees and interest-rate margins are determined based on the ratings in effect for our senior unsecured long-term debt from time to time. We may at any time prepay outstanding borrowings, in whole or in part, without premium or penalty. At December 31, 2023 and 2022, no amount had been drawn under the Facility. Phillips 66 also has a $5 billion uncommitted commercial paper program for short-term working capital needs that is supported by the Facility. Commercial paper maturities are contractually limited to 365 days. At December 31, 2023 and 2022, no borrowings were outstanding under the program. Phillips 66 Partners In connection with entering into the Facility, we terminated Phillips 66 Partners’ $750 million revolving credit facility. DCP Midstream Class A Segment DCP LP has a credit facility under its amended credit agreement (the Credit Agreement), with a borrowing capacity of up to $1.4 billion that matures on March 18, 2027. The Credit Agreement grants DCP LP the option to increase the revolving loan commitment by an aggregate principal amount of up to $500 million and to extend the term for up to two additional one-year periods, subject to requisite lender approval. Indebtedness under the Credit Agreement bears interest at either: (a) an adjusted SOFR (as described in the Credit Agreement) plus the applicable margin; or (b) the base rate (as described in the Credit Agreement) plus the applicable margin. The Credit Agreement also provides for customary fees, including commitment fees. The cost of borrowing under the Credit Agreement is determined by a ratings-based pricing grid based on DCP LP’s credit rating. At December 31, 2023, DCP LP had $25 million in borrowings outstanding under the Credit Agreement. At December 31, 2022, DCP LP had no borrowings outstanding under the Credit Agreement. At December 31, 2023, and December 31, 2022, respectively, $2 million and $10 million in letters of credit had been issued that are supported by the Credit Agreement. DCP LP has an accounts receivable securitization facility (the Securitization Facility) that provides for up to $350 million of borrowing capacity through August 2024 at an adjusted SOFR and includes an uncommitted option to increase the total commitments under the Securitization Facility by up to an additional $400 million. Under the Securitization Facility, certain of DCP LP’s wholly owned subsidiaries sell or contribute receivables to another of DCP LP’s consolidated subsidiaries, DCP Receivables LLC, a bankruptcy-remote special purpose entity created for the sole purpose of the Securitization Facility. At December 31, 2023, and December 31, 2022, respectively, $350 million and $40 million of borrowings were outstanding under the Securitization Facility, which are secured by accounts receivable at DCP Receivables LLC. After our consolidation of DCP Midstream Class A Segment on August 17, 2022, DCP LP repaid $470 million of borrowing under its accounts receivable securitization and revolving credit facilities that were outstanding on the acquisition date. Total Committed Capacity Available At December 31, 2023, and 2022, we had approximately $6.4 billion and $6.7 billion, respectively, of total committed capacity available under the credit facilities described above.

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
Guarantees	Guarantees At December 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 December 31, 2023. We also have residual value guarantees associated with railcar, airplane and truck leases with maximum potential future exposures totaling $168 million. These leases have remaining terms of one 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 regarding Dakota Access and the CECU. At December 31, 2023, we also had other guarantees outstanding primarily for our portion of certain joint venture debt, which have remaining terms of up to two years. The maximum potential future exposures under these guarantees were approximately $214 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 December 31, 2023 and 2022, the carrying amount of recorded indemnifications was $159 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 December 31, 2023 and 2022, environmental accruals for known contamination of $114 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 12—Asset Retirement Obligations and Accrued Environmental Costs and Note 16—Contingencies and Commitments. Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips, we entered into an Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
	Dec. 31, 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. See Note 23—Income Taxes, for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites for which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 12—Asset Retirement Obligations and Accrued Environmental Costs, for a summary of our accrued environmental liabilities. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At December 31, 2023, we had performance obligations secured by letters of credit and bank guarantees of $1,124 million related to various purchase and other commitments incident to the ordinary conduct of business. Long-Term Throughput Agreements and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of third-party financing arrangements. The agreements typically provide for crude oil transportation to be used in the ordinary course of our business. At December 31, 2023, the estimated aggregate future payments under these agreements were $319 million per year for each year from 2024 through 2028 and $692 million in aggregate for all years after 2028. For the years ended December 31, 2023, 2022 and 2021, total payments under these agreements were $319 million, $323 million and $327 million, respectively.

Derivatives and Financial Instr

Derivatives and Financial Instruments	12 Months Ended
	Dec. 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” 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 18—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. The information below includes DCP LP’s financial instruments from the effective date of the DCP Midstream Merger. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, for additional information regarding the DCP Midstream 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 December 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 $ 2,148 (2,005) — 143 1,331 (1,110) — 221 Other assets 19 (2) — 17 46 (1) — 45 Liabilities Other accruals 1,034 (1,127) 18 (75) 471 (750) 90 (189) Other liabilities and deferred credits — (14) — (14) 12 (35) — (23) Total $ 3,201 (3,148) 18 71 1,860 (1,896) 90 54 At December 31, 2023, there was $7 million of net collateral received that was not offset on our consolidated balance sheet. At December 31, 2022, there was $93 million of 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 2023 2022 2021 Sales and other operating revenues $ 137 (128) (468) Other income 99 79 34 Purchased crude oil and products (269) (348) (313) Net gain (loss) from commodity derivative activity $ (33) (397) (747) 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 December 31, 2023 and 2022. Open Position 2023 2022 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (22) (25) Natural gas (billions of cubic feet) (25) (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 December 31, 2023 and 2022.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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. When applicable, 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 December 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 $ 3,075 54 — 3,129 (3,039) — — 90 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 70 1 71 (2) — — 69 Rabbi trust assets 155 — — 155 N/A N/A — 155 Investment in NOVONIX 39 — — 39 N/A N/A — 39 $ 3,269 125 1 3,395 (3,041) — — 354 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,057 41 — 3,098 (3,039) (18) — 41 Physical forward contracts — 50 — 50 (2) — — 48 Floating-rate debt — 1,915 — 1,915 N/A N/A — 1,915 Fixed-rate debt, excluding finance leases and software obligations — 16,718 — 16,718 N/A N/A 408 17,126 $ 3,057 18,724 — 21,781 (3,041) (18) 408 19,130 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 17—Derivatives and Financial Instruments, for information regarding where the assets and liabilities related to our commodity derivatives are recorded on our consolidated balance sheet. Nonrecurring Fair Value Measurements Equity Investments In the first quarter of 2021, Phillips 66 Partners wrote down the book value of its investment in Liberty to estimated fair value using a Level 3 nonrecurring fair value measurement. This nonrecurring measurement was based on the estimated fair value of Phillips 66 Partners’ share of the joint venture’s pipeline assets and net working capital at March 31, 2021. See Note 8—Investments, Loans and Long-Term Receivables, for more information regarding Phillips 66 Partners’ transfer of its ownership in Liberty to its co-venturer in April 2021. PP&E and Intangible Assets Alliance Refinery In the third quarter of 2021, we remeasured the carrying value of the net PP&E of our Alliance Refinery asset group to fair value. The fair value of PP&E was determined using a combination of the income, cost and sales comparison approaches. The income approach used a discounted cash flow model that required various observable and non-observable inputs, such as commodity prices, margins, operating rates, sales volumes, operating expenses, capital expenditures, terminal-year values and a risk-adjusted discount rate. The cost approach used assumptions for the current replacement costs of similar plant and equipment assets adjusted for estimated physical deterioration, functional obsolescence and economic obsolescence. The sales comparison approach used the value of similar properties recently sold or currently offered for sale. This valuation resulted in a Level 3 nonrecurring fair value measurement. DCP Midstream 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 required 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 DCP Midstream Merger. Equity Method Investments The fair value of the investments we acquired that are accounted for under the equity method was $2,034 million. The 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 fair value of PP&E was $13,030 million. The 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 fair value of properties was determined using a sales comparison approach. These valuations resulted in Level 3 nonrecurring fair value measurements. Debt The 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 DCP Midstream Class A Segment, the noncontrolling interests held in DCP Midstream Class A Segment were recorded at their fair values on the DCP Midstream Merger date. These noncontrolling interests on the DCP Midstream Merger date primarily included Enbridge’s indirect economic interest in DCP LP, the public holders of DCP LP’s common units and the public 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 DCP Midstream 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 DCP Midstream Merger, August 17, 2022. These valuations resulted in Level 1 nonrecurring fair value measurements. The 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. Gains Related to DCP Midstream Merger In connection with the DCP Midstream Merger, we recognized before-tax gains totaling $2,831 million from remeasuring our previously held equity investments to their fair values and a before-tax gain of $182 million related to the transfer of a 35.75% indirect economic interest in Gray Oak Pipeline to our co-venturer. The fair values of our previously held equity interest in DCP Midstream and the equity interest in Gray Oak Pipeline we transferred were primarily based on DCP LP’s publicly traded common unit market price on the effective date of the merger, August 17, 2022, the cash consideration contributed and obligations that were deemed to be effectively settled. This valuation resulted in Level 1 nonrecurring fair value measurements. The fair values of our previously held equity interests in DCP Sand Hills and DCP Southern Hills were determined using the income approach. The income approach used discounted cash flow models that require various observable and non-observable inputs, such as tariffs, volumes, operating expenses, capital expenditures, terminal-year values and risk-adjusted discount rates. These valuations resulted in Level 3 nonrecurring fair value measurements.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Preferred Stock Phillips 66 has 500 million shares of preferred stock authorized, with a par value of $0.01 per share, none of which have been issued. Treasury Stock On October 25, 2023, our Board of Directors approved a $5 billion increase to our share repurchase authorization. Since the inception of our share repurchase program in 2012, our Board of Directors has authorized an aggregate of $25 billion of repurchases of our outstanding common stock, and we have repurchased 213.8 million shares at an aggregate cost of $18 billion. In 2023, we repurchased 37.8 million shares at an aggregate cost of $4 billion. Our share repurchase authorizations do not expire. Any future share repurchases will be made at the discretion of management and will depend on various factors including our share price, results of operations, financial condition and cash required for future business plans. Shares of stock repurchased are held as treasury shares. Our Board of Directors separately authorized two transactions in 2014 and 2018, which resulted in the repurchase of 52.4 million shares of Phillips 66 common stock with an aggregate value of $4.6 billion. In March 2022, in connection with the Phillips 66 Partners merger, we issued 41.8 million shares of common stock from our treasury stock with an aggregate cost of $3.4 billion. See Note 30—Phillips 66 Partners LP, for information on the merger with Phillips 66 Partners. Common Stock Dividends On February 7, 2024, our Board of Directors declared a quarterly cash dividend of $1.05 per common share, payable March 1, 2024, to holders of record at the close of business on February 20, 2024. Noncontrolling Interests At December 31, 2023, our noncontrolling interests primarily represented Enbridge’s indirect economic interest in DCP LP. On June 15, 2023, as part of the DCP LP Merger, we acquired all publicly held common units of DCP LP and eliminated the public common unit noncontrolling interest in our consolidated financial statements from the DCP LP Merger date, forward. During 2023, DCP LP also redeemed its Series B and Series C preferred units. See Note 29—DCP Midstream Class A Segment, for further information on the DCP LP Merger and preferred unit redemptions. At December 31, 2022, our noncontrolling interests primarily represented Enbridge’s indirect economic interest in DCP LP, the public holders of DCP LP’s common units and the holders of DCP LP’s Series B and Series C preferred units. In December 2022, DCP LP redeemed its Series A preferred units. In March 2022, we completed a merger between us and Phillips 66 Partners, which resulted in the acquisition of all limited partnership interests in Phillips 66 Partners not already owned by us. See Note 29—DCP Midstream Class A Segment, for further information on the preferred unit redemption. See

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases We lease marine vessels, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether third-party participation or vendor substitution rights limit our control. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. We discount lease obligations using our incremental borrowing rate. We separate costs for lease and service components for contracts involving marine vessels and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we account for the lease and service components on a combined basis. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised, we do not recognize the right-of-use (ROU) asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2023 2022 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 298 — 259 — Other assets — 1,116 — 995 Total right-of-use assets $ 298 1,116 259 995 Lease Liabilities Short-term debt $ 25 — 23 — Other accruals — 362 — 282 Long-term debt 280 — 234 — Other liabilities and deferred credits — 790 — 745 Total lease liabilities $ 305 1,152 257 1,027 Future minimum lease payments at December 31, 2023, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2024 $ 39 406 2025 32 295 2026 34 206 2027 28 127 2028 29 75 Remaining years 250 180 Future minimum lease payments 412 1,289 Amount representing interest or discounts (107) (137) Total lease liabilities $ 305 1,152 Our finance lease liabilities relate primarily to service station consignment agreements with a marketing joint venture and a crude oil terminal in the United Kingdom. The lease liability for the terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the years ended December 31, 2023, 2022 and 2021, were: Millions of Dollars 2023 2022 2021 Finance lease cost Amortization of right-of-use assets $ 30 24 23 Interest on lease liabilities 9 9 9 Total finance lease cost 39 33 32 Operating lease cost 390 387 461 Short-term lease cost 76 63 104 Variable lease cost 55 19 3 Sublease income (12) (13) (15) Total net lease cost $ 548 489 585 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2023, 2022 and 2021, was: Millions of Dollars 2023 2022 2021 Operating cash outflows—finance leases $ 15 11 9 Operating cash outflows—operating leases 390 392 438 Financing cash outflows—finance leases 19 32 21 During the years ended December 31, 2023, 2022 and 2021, we recorded noncash ROU assets and corresponding operating lease liabilities totaling $398 million, $269 million and $260 million, respectively, related to new and modified lease agreements. At December 31, 2023 and 2022, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2023 2022 Weighted-average remaining lease term—finance leases (years) 13.4 12.5 Weighted-average remaining lease term—operating leases (years) 4.9 5.8 Weighted-average discount rate—finance leases 3.9 % 3.3 Weighted-average discount rate—operating leases 4.5 % 3.8
Leases	Leases We lease marine vessels, pipelines, storage tanks, railcars, service station sites, office buildings, corporate aircraft, land and other facilities and equipment. In determining whether an agreement contains a lease, we consider our ability to control the asset and whether third-party participation or vendor substitution rights limit our control. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property. Renewal options have been included only when reasonably certain of exercise. There are no significant restrictions imposed on us in our lease agreements with regards to dividend payments, asset dispositions or borrowing ability. Certain leases have residual value guarantees, which may require additional payments at the end of the lease term if future fair values decline below contractual lease balances. We discount lease obligations using our incremental borrowing rate. We separate costs for lease and service components for contracts involving marine vessels and consignment service stations. For these contracts, we allocate the consideration payable between the lease and service components using the relative standalone prices of each component. For contracts involving all other asset types, we account for the lease and service components on a combined basis. For short-term leases, which are leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised, we do not recognize the right-of-use (ROU) asset and corresponding lease liability on our consolidated balance sheet. The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2023 2022 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 298 — 259 — Other assets — 1,116 — 995 Total right-of-use assets $ 298 1,116 259 995 Lease Liabilities Short-term debt $ 25 — 23 — Other accruals — 362 — 282 Long-term debt 280 — 234 — Other liabilities and deferred credits — 790 — 745 Total lease liabilities $ 305 1,152 257 1,027 Future minimum lease payments at December 31, 2023, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2024 $ 39 406 2025 32 295 2026 34 206 2027 28 127 2028 29 75 Remaining years 250 180 Future minimum lease payments 412 1,289 Amount representing interest or discounts (107) (137) Total lease liabilities $ 305 1,152 Our finance lease liabilities relate primarily to service station consignment agreements with a marketing joint venture and a crude oil terminal in the United Kingdom. The lease liability for the terminal finance lease is subject to foreign currency translation adjustments each reporting period. Components of net lease cost for the years ended December 31, 2023, 2022 and 2021, were: Millions of Dollars 2023 2022 2021 Finance lease cost Amortization of right-of-use assets $ 30 24 23 Interest on lease liabilities 9 9 9 Total finance lease cost 39 33 32 Operating lease cost 390 387 461 Short-term lease cost 76 63 104 Variable lease cost 55 19 3 Sublease income (12) (13) (15) Total net lease cost $ 548 489 585 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2023, 2022 and 2021, was: Millions of Dollars 2023 2022 2021 Operating cash outflows—finance leases $ 15 11 9 Operating cash outflows—operating leases 390 392 438 Financing cash outflows—finance leases 19 32 21 During the years ended December 31, 2023, 2022 and 2021, we recorded noncash ROU assets and corresponding operating lease liabilities totaling $398 million, $269 million and $260 million, respectively, related to new and modified lease agreements. At December 31, 2023 and 2022, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2023 2022 Weighted-average remaining lease term—finance leases (years) 13.4 12.5 Weighted-average remaining lease term—operating leases (years) 4.9 5.8 Weighted-average discount rate—finance leases 3.9 % 3.3 Weighted-average discount rate—operating leases 4.5 % 3.8

Pension and Postretirement Plan

Pension and Postretirement Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 2,209 675 3,033 1,409 156 197 Service cost 108 13 123 28 3 4 Interest cost 118 31 100 21 8 5 Plan participant contributions — 2 — 2 7 6 Actuarial loss (gain) 58 30 (528) (502) 2 (37) Benefits paid (233) (33) (519) (44) (26) (19) Settlements — — — (101) — — Foreign currency exchange rate change — 34 — (138) — — Benefit obligations at December 31 $ 2,260 752 2,209 675 150 156 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 1,778 707 2,547 1,280 — — Actual return on plan assets 203 44 (375) (329) — — Company contributions 391 20 125 23 19 13 Plan participant contributions — 2 — 2 7 6 Benefits paid (233) (33) (519) (44) (26) (19) Settlements — — — (101) — — Foreign currency exchange rate change — 38 — (124) — — Fair value of plan assets at December 31 $ 2,139 778 1,778 707 — — Funded Status at December 31 $ (121) 26 (431) 32 (150) (156) Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 157 — 140 — — Current liabilities (55) — (50) — (20) (15) Noncurrent liabilities (66) (131) (381) (108) (130) (141) Total recognized $ (121) 26 (431) 32 (150) (156) Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 111 2 159 (27) (51) (59) Unrecognized prior service credit — — — — — — Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income Net actuarial gain (loss) arising during the period $ 20 (26) 18 136 (2) 37 Amortization of net actuarial loss (gain) and settlements 28 (3) 74 21 (6) (2) Amortization of prior service credit — — — (1) — (2) Total recognized in other comprehensive income $ 48 (29) 92 156 (8) 33 The accumulated benefit obligations for all U.S. and international pension plans were $2,101 million and $661 million, respectively, at December 31, 2023, and $2,055 million and $593 million, respectively, at December 31, 2022. Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 101 136 2,055 114 Fair value of plan assets — 13 1,778 13 Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,260 144 2,209 121 Fair value of plan assets 2,139 13 1,778 13 Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 108 13 123 28 146 36 3 4 5 Interest cost 118 31 100 21 81 19 8 5 5 Expected return on plan assets (126) (43) (135) (56) (160) (59) — — — Amortization of prior service credit — — — (1) — (1) — (2) (2) Amortization of net actuarial loss (gain) 11 (3) 21 12 46 25 (6) (2) (1) Settlements 17 — 53 9 55 — — — — Net periodic benefit cost (credit)* $ 128 (2) 162 13 168 20 5 5 7 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income. In determining net periodic benefit cost, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10% of the unamortized balance each year. The amount subject to amortization is determined on a plan-by-plan basis. The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 5.35 % 4.36 5.70 4.64 5.45 5.70 Rate of compensation increase 4.30 3.34 4.30 3.32 — — Interest crediting rate on cash balance plan 3.98 — 3.88 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 5.70 % 4.64 3.94 1.65 5.70 2.90 Expected return on plan assets 7.50 5.91 6.50 4.90 — — Rate of compensation increase 4.30 3.32 4.30 3.05 — — Interest crediting rate on cash balance plan 3.88 — 2.59 — — — For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. For the year ended December 31, 2023, actuarial losses resulted in increases in our U.S. and international pension benefit obligations of $58 million and $30 million, respectively. For the year ended December 31, 2022, actuarial gains resulted in decreases in our U.S. and international pension benefit obligations of $528 million and $502 million, respectively. The primary driver for the actuarial losses in 2023 was decreases in the discount rates. The primary driver for the actuarial gains in 2022 was increases in the discount rates. For the year ended December 31, 2023, the weighted-average actual return on plan assets was 10%, which resulted in an increase in our U.S. and international plan assets of $203 million and $44 million, respectively. For the year ended December 31, 2022, the weighted-average actual return on plan assets was negative 20%, which resulted in a decrease in our U.S. and international plan assets of $375 million and $329 million, respectively. The primary driver of the return on plan assets in 2023 and 2022 was fluctuations in the equity and fixed income markets. Our other postretirement benefit plans for health insurance are contributory. Effective December 31, 2012, we terminated the subsidy for retiree medical plans. Since January 1, 2013, eligible employees have been able to utilize notional amounts credited to an account during their period of service with the company to pay all, or a portion, of their cost to participate in postretirement health insurance. In general, employees hired after December 31, 2012, will not receive credits to an account, but will have unsubsidized access to health insurance through the plan. The cost of health insurance will be adjusted annually by the company’s actuary to reflect actual experience and expected health care cost trends. The measurement of the accumulated benefit obligation assumes a health care cost trend rate of 7% in 2024 that declines to 5% by 2031. Plan Assets The investment strategy for managing pension plan assets is to seek a reasonable rate of return relative to an appropriate level of risk and provide adequate liquidity for benefit payments and portfolio management. We follow a policy of diversifying pension plan assets across asset classes, investment managers, and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include equities, fixed income, cash, real estate and infrastructure investments and insurance contracts. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets are approximately 47% equity securities, 37% debt securities, 8% real estate investments and 8% in all other types of investments as of December 31, 2023. Generally, the investments in the plans are publicly traded, therefore minimizing the liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. • Fair values of equity securities and government debt securities are based on quoted market prices. • Fair values of corporate debt securities are estimated using recently executed transactions and market price quotations. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. • Fair values of cash and cash equivalents approximate their carrying amounts. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of investments in common/collective trusts (CCT) and real estate and infrastructure investments, which include a CCT, limited partnerships, and other real estate funds, are valued at the net asset value (NAV) as a practical expedient. The NAV is based on the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. These investments valued at NAV are not classified within the fair value hierarchy, but are presented in the fair value table to permit reconciliation of total plan assets to the amounts presented in the fair value table. The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2023 Equity securities $ 295 — — 295 — — — — Government debt securities 388 — — 388 — — — — Corporate debt securities — 101 — 101 — — — — Cash and cash equivalents 31 — — 31 4 — — 4 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 714 101 — 815 4 — 13 17 Common/collective trusts measured at NAV 1,013 636 Real estate and infrastructure investments measured at NAV 311 125 Total $ 714 101 — 2,139 4 — 13 778 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2022 Equity securities $ 239 — — 239 — — — — Government debt securities 268 — — 268 — — — — Corporate debt securities — 89 — 89 — — — — Cash and cash equivalents 19 — — 19 64 — — 64 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 526 89 — 615 64 — 13 77 Common/collective trusts measured at NAV 841 567 Real estate and infrastructure investments measured at NAV 322 63 Total $ 526 89 — 1,778 64 — 13 707 Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to international plans are subject to local laws and tax regulations. Actual contribution amounts are dependent upon plan asset returns, changes in pension obligations, regulatory environments, and other economic factors. In 2024, we expect to contribute approximately $75 million to our U.S. pension plans and other postretirement benefit plans and $5 million to our international pension plans. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2024 $ 251 24 18 2025 207 27 17 2026 213 28 17 2027 217 30 16 2028 216 34 16 2029-2033 1,096 184 74 Defined Contribution Plans Most U.S. employees are eligible to participate in the Phillips 66 Savings Plan (Savings Plan). Employees can contribute up to 75% of their eligible pay, subject to certain statutory limits, in the Savings Plan to a choice of investment funds. For the years ended December 31, 2023 and 2022, Phillips 66 provided a company match of participant contributions up to 8% of eligible pay, with an additional Success Share contribution ranging from 0% to 4% of eligible pay based on management discretion. For the year ended December 31, 2021, Phillips 66 provided a company match of participant contributions up to 6% of eligible pay, with an additional Success Share contribution ranging from 0% to 6% of eligible pay based on management discretion. For the years ended December 31, 2023, 2022 and 2021, we recorded expense of $196 million, $210 million and $142 million, respectively, related to our contributions to the Savings Plan.

Share-Based Compensation Plans

Share-Based Compensation Plans	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Plans	Share-Based Compensation Plans Share-based payment awards, including stock options, stock appreciation rights, stock awards (including restricted stock and RSU awards), cash awards, and performance awards, are granted to our employees, nonemployee directors and other plan participants by the Human Resources and Compensation Committee (HRCC) of our Board of Directors under the applicable Omnibus Stock and Performance Incentive Plan of Phillips 66. Prior to May 11, 2022, share-based payment awards were granted under the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the 2013 P66 Omnibus Plan). On May 11, 2022, Phillips 66’s shareholders approved the 2022 Omnibus Stock and Performance Incentive Plan of Phillips 66 (the 2022 P66 Omnibus Plan), which replaced the 2013 P66 Omnibus Plan. No future awards will be made under the 2013 P66 Omnibus Plan. As of December 31, 2023, approximately 13 million shares of Phillips 66’s common stock remained available to be issued to settle share-based payment awards under the 2022 P66 Omnibus Plan. Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2023 2022 2021 Restricted stock units $ 130 101 100 Performance share units 139 68 23 Stock options 19 17 19 Other 9 24 2 Total share-based compensation expense $ 297 210 144 Income tax benefit $ (87) (55) (33) Restricted Stock Units Generally, RSUs are granted annually under the provisions of the applicable Phillips 66 incentive plan, and vest either ratably over three years following the grant date or cliff vest at the end of three years for awards granted in 2023. For awards granted prior to 2023, RSUs cliff vest at the end of three years. The grant date fair value is equal to the average of the high and low market price of our stock on the grant date. The recipients receive a quarterly dividend equivalent cash payment until the RSU is settled by issuing one share of our common stock for each RSU at the end of the service period. RSUs granted to retirement-eligible employees are not subject to forfeiture ten months after the grant date for RSUs granted in 2023 and six months after the grant date for RSUs granted prior to 2023. Special RSUs are granted to attract or retain key personnel and the terms and conditions may vary by award. The following table summarizes our RSU activity from January 1, 2023, to December 31, 2023: Millions of Dollars Stock Units Weighted-Average Total Fair Value Outstanding at January 1, 2023 3,266,475 $ 82.76 Granted 1,583,095 100.39 Forfeited (92,090) 93.04 Issued (1,225,397) 84.48 $ 126 Outstanding at December 31, 2023 3,532,083 $ 89.80 Not Vested at December 31, 2023 2,491,170 $ 90.40 At December 31, 2023, the remaining unrecognized compensation cost from unvested RSU awards was $92 million, which will be recognized over a weighted-average period of 18 months, the longest period being 35 months. During 2022 and 2021, we granted RSUs with a weighted-average grant-date fair value of $88.16 and $75.91, respectively. During 2022 and 2021, we issued shares with an aggregate fair value of $102 million and $61 million, respectively, to settle RSUs. Performance Share Units Under the applicable Phillips 66 incentive plan, senior management is annually awarded restricted performance share units (PSUs) with three-year performance periods. These awards vest when the HRCC approves the three-year performance results, which represents the grant date. Retirement-eligible employees may retain a prorated share of the award if they retire prior to the grant date. PSUs are classified as liability awards and compensation expense is recognized over the three-year performance periods. PSUs granted under the applicable Phillips 66 incentive plan are settled by cash payments equal to the fair value of the awards, which is based on the market prices of our stock near the end of the performance periods. The HRCC must approve the three-year performance results prior to payout. Dividend equivalents are not paid on these awards. PSUs granted under prior incentive compensation plans were classified as equity awards. These equity awards are settled upon an employee’s retirement by issuing one share of our common stock for each PSU held. Dividend equivalents are paid on these awards. The following table summarizes our PSU activity from January 1, 2023, to December 31, 2023: Millions of Dollars Performance Weighted-Average Total Fair Value Outstanding at January 1, 2023 703,169 $ 38.54 Granted 347,668 102.66 Forfeited (243) 63.64 Issued (168,665) 41.56 $ 13 Cash settled (347,668) 102.66 36 Outstanding at December 31, 2023 534,261 $ 37.57 Not Vested at December 31, 2023 — $ — At December 31, 2023, there was no remaining unrecognized compensation cost from unvested PSU awards. During 2022 and 2021, we granted PSUs with a weighted-average grant-date fair value of $71.82 and $68.18, respectively. During 2022 and 2021, we issued shares with an aggregate fair value of $9 million and $12 million, respectively, to settle PSUs. During 2022 and 2021, we cash settled PSUs with an aggregate fair value of $18 million and $27 million, respectively. Stock Options Stock options granted under the provisions of the applicable Phillips 66 incentive plan and earlier plans permit purchases of our common stock at exercise prices equivalent to the average of the high and low market price of our stock on the date the options were granted. The options have terms of 10 years and vest ratably over three years following the grant date, with one-third of the options becoming exercisable each year on the grant date anniversary. Options granted to retirement-eligible employees are not subject to forfeiture ten months after the grant date for options granted in 2023 and six months after the grant date for options granted prior to 2023. The following table summarizes our stock option activity from January 1, 2023, to December 31, 2023: Millions of Dollars Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2023 5,842,915 $ 84.97 Granted 792,000 100.32 $ 27.45 Forfeited (33,372) 97.41 Exercised (1,483,629) 82.84 $ 52 Outstanding at December 31, 2023 5,117,914 $ 87.89 Vested at December 31, 2023 4,604,847 $ 87.35 $ 212 Exercisable at December 31, 2023 3,198,901 $ 86.59 $ 149 The weighted-average remaining contractual terms of vested options and exercisable options at December 31, 2023, were 6.37 years and 5.6 years, respectively. During 2023, we received $123 million in cash and realized an income tax benefit of $12 million from the exercise of options. At December 31, 2023, the remaining unrecognized compensation expense from unvested options was $6 million, which will be recognized over a weighted-average period of 21 months, the longest period being 30 months. During 2022 and 2021, we granted options with a weighted-average grant-date fair value of $17.02 and $12.06, respectively. During 2022 and 2021, employees exercised options with an aggregate intrinsic value of $42 million and $24 million, respectively. The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2023 2022 2021 Risk-free interest rate 3.84 % 1.97 0.93 Dividend yield 3.80 % 5.10 5.30 Volatility factor 35.19 % 33.67 32.11 Expected life (years) 6.78 6.61 6.76 We calculate the volatility factor using historical Phillips 66 end-of-week closing stock prices. We periodically calculate the average period of time elapsed between grant dates and exercise dates of past grants to estimate the expected life of new option grants. Other As a result of the DCP Midstream Merger, we began consolidating DCP Midstream Class A Segment starting on August 18, 2022. DCP Midstream Class A Segment had a Long-Term Incentive Plan under which phantom units, performance units and distribution equivalent rights were awarded to key employees. On June 15, 2023, DCP Midstream Class A Segment’s share-based payment awards were converted to Phillips 66 share-based payment awards and are included in the share-based payment award tables above. Share-based compensation expense recognized for DCP Midstream Class A Segment’s share-based payment awards totaled $23 million for the period from August 18, 2022, through December 31, 2022, and $6 million for the period from January 1, 2023, through June 14, 2023.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Components of income tax expense (benefit) were: Millions of Dollars 2023 2022 2021 Income Tax Expense (Benefit) Federal Current $ 661 1,263 363 Deferred 830 1,171 (85) Foreign Current 394 492 50 Deferred (23) (109) (39) State and local Current 335 173 5 Deferred 33 258 (148) $ 2,230 3,248 146 On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (IRA) that includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on adjusted financial statement income as defined in the IRA, which was effective after December 31, 2022. We do not owe corporate alternative minimum tax in 2023 as the regular U.S. tax liability exceeds the corporate alternative minimum tax. The IRA also included provisions that allow a company to purchase transferable tax credits. In 2023, we executed agreements to purchase eligible tax credits for a total of $262 million. In 2023, we paid $196 million to our counterparties and the remainder will be paid in 2024. These tax credits were used to offset estimated tax payments in 2023. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2023 2022 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,320 3,309 Investment in joint ventures 1,979 1,854 Investment in subsidiaries 2,628 1,974 Other 268 238 Total deferred tax liabilities 8,195 7,375 Deferred Tax Assets Benefit plan accruals 362 307 Loss and credit carryforwards 151 113 Asset retirement obligations and accrued environmental costs 127 137 Other financial accruals and deferrals 68 51 Inventory 34 62 Other 274 220 Total deferred tax assets 1,016 890 Less: valuation allowance 121 97 Net deferred tax assets 895 793 Net deferred tax liabilities $ 7,300 6,582 At December 31, 2023, the loss and credit carryforward deferred tax assets were primarily related to a foreign tax credit carryforward in the United States of $113 million; a state tax net operating loss carryforward of $30 million; and capital loss and net operating loss carryforwards in the United Kingdom of $8 million. State net operating loss carryforwards begin to expire in 2040. Foreign tax credit carryforwards, which have a full valuation allowance against them, begin to expire in 2029. The other loss and credit carryforwards, all of which relate to foreign operations, and have a full valuation allowance against them, have indefinite lives. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. During the year ended December 31, 2023, our total valuation allowance balance increased by $24 million. Based on our historical taxable income, expectations for the future and available tax planning strategies, management expects the remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and the tax consequences of future taxable income. Earnings of our foreign subsidiaries and foreign joint ventures after December 31, 2017, are generally not subject to incremental income taxes in the United States or withholding taxes in foreign countries upon repatriation. As such, we only assert that the earnings of one of our foreign subsidiaries are indefinitely reinvested. At December 31, 2023 and 2022, the unrecorded deferred tax liability related to the undistributed earnings of this foreign subsidiary was not material. A deferred income tax liability has not been recognized on the excess of the book basis over the tax basis of an investment in a controlled foreign subsidiary that is essentially permanent in duration. Recognition of a deferred tax liability will only be required if it becomes apparent that this subsidiary will be sold or liquidated in the foreseeable future. At December 31, 2023, the temporary difference resulting from the investment book basis exceeding the tax basis was $1,430 million. Determination of the unrecognized deferred income tax liability related to this temporary difference is not practicable given the variables involved in performing such a calculation. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Unrecognized tax benefits reflect the difference between positions taken on income tax returns and the amounts recognized in the financial statements. The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 54 54 56 Additions for tax positions of current year — 1 — Additions for tax positions of prior years 66 2 — Reductions for tax positions of prior years (4) (3) (2) Balance at December 31 $ 116 54 54 Included in the balance of unrecognized income tax benefits at December 31, 2023, 2022 and 2021, were $100 million, $37 million and $35 million, respectively, which, if recognized, would affect our effective income tax rate. With respect to various unrecognized income tax benefits and the related accrued liabilities, we expect $28 million to be recognized or paid within the next twelve months. At December 31, 2023, 2022 and 2021, accrued liabilities for interest and penalties, net of accrued income taxes, totaled $8 million, $7 million and $6 million, respectively. These accruals decreased our results for each of the years ended December 31, 2023, 2022 and 2021 by $1 million, $3 million and $3 million, respectively. Audits in significant jurisdictions are generally complete as follows: United Kingdom (2021), Germany (2017) and United States (2013). Certain issues remain in dispute for audited years, and unrecognized income tax benefits for years still subject to or currently undergoing an audit are subject to change. As a consequence, the balance in unrecognized income tax benefits can be expected to fluctuate from period to period. Although it is reasonably possible such changes could be significant when compared with our total unrecognized income tax benefits, the amount of change is not estimable. The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of 2023 2022 2021 2023 2022 2021 Income before income taxes United States $ 7,887 12,628 1,737 83.3 % 86.3 99.8 Foreign 1,582 2,011 3 16.7 13.7 0.2 $ 9,469 14,639 1,740 100.0 % 100.0 100.0 Federal statutory income tax $ 1,989 3,074 365 21.0 % 21.0 21.0 State income tax, net of federal income tax benefit 290 341 (65) 3.1 2.3 (3.7) Noncontrolling interests (51) (74) (57) (0.5) (0.5) (3.3) Non-taxable equity earnings (42) (33) (53) (0.4) (0.2) (3.0) Tax law changes — (25) (26) — (0.2) (1.5) Other* 44 (35) (18) 0.4 (0.2) (1.1) $ 2,230 3,248 146 23.6 22.2 8.4 * Other includes individually immaterial items but is primarily attributable to foreign operations and change in valuation allowance. For the year ended December 31, 2021, state income tax, net of federal income tax benefit, includes a $58 million benefit, primarily to reflect the impact of updated apportionment factors. For the years ended December 31, 2023 and 2022, income tax benefits of $113 million and $323 million, respectively, are reflected in “Capital in Excess of Par” on the consolidated statement of changes in equity. There is no income tax reflected in “Capital in Excess of Par” for the year ended December 31, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 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 Foreign Hedging Accumulated December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 318 (70) 2 250 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 93 — — 93 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 411 (70) 3 344 December 31, 2021 (398) (45) (2) (445) Other comprehensive income (loss) before reclassifications 204 (291) — (87) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 72 — — 72 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 276 (291) — (15) December 31, 2022 (122) (336) (2) (460) Other comprehensive income (loss) before reclassifications (12) 179 (3) 164 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 14 — — 14 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 2 179 (3) 178 December 31, 2023 $ (120) (157) (5) (282) * Included in the computation of net periodic benefit cost. See Note 21—Pension and Postretirement Plans, for additional information.

Cash Flow Information

Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Supplemental Cash Flow Information Millions of Dollars 2023 2022 2021 Cash Payments (Receipts) Interest $ 816 572 549 Income taxes* 1,397 2,071 (1,065) * 2023 includes $196 million of cash paid to counterparties to purchase IRA eligible tax credits. 2021 reflects a net cash refund position. Cash payments for income taxes were $110 million in 2021.

Other Financial Information

Other Financial Information	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other Financial Information	Other Financial Information Millions of Dollars 2023 2022 2021 Interest and Debt Expense Incurred Debt $ 842 611 567 Other 86 41 41 928 652 608 Capitalized (31) (33) (27) Expensed $ 897 619 581 Other Income Interest income $ 269 82 11 Unrealized investment gain (loss)—NOVONIX (38) (433) 365 Gain related to merger of businesses — 3,013 — Other, net* 128 75 78 $ 359 2,737 454 * Includes derivatives-related activities. See Note 17—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 27 42 47 Advertising Expenses $ 54 56 52 Foreign Currency Transaction (Gains) Losses Midstream $ 1 9 (5) Chemicals — — — Refining 19 (7) 4 Marketing and Specialties 4 (10) — Corporate and Other (2) (1) 2 $ 22 (9) 1

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2023 2022 2021 Operating revenues and other income (a)(d) $ 4,623 6,111 3,759 Purchases (b)(d) 17,208 21,244 14,645 Operating expenses and selling, general and administrative expenses (c) 295 281 284 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes LLC (Excel Paralubes), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB and acted as an agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our equity affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b) We purchased crude oil, refined petroleum products, NGL and solvents from WRB. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel Paralubes for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates. (d) As a result of the DCP Midstream Merger, we began consolidating DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. As such, transactions with these parties after August 17, 2022, are not presented in the table above.

Segment Disclosures and Related

Segment Disclosures and Related Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Disclosures and Related Information	Segment Disclosures and Related Information Our operating segments are: 1) Midstream— Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing services, mainly in the United States. As a result of the DCP Midstream Merger on August 17, 2022, we began consolidating DCP Midstream Class A Segment, as well as DCP Sand Hills and DCP Southern Hills. See Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers. 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. This segment includes 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 income, 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 31—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 2023 2022 2021 Sales and Other Operating Revenues* Midstream Total sales $ 18,605 19,121 11,714 Intersegment eliminations (2,825) (2,932) (2,901) Total Midstream 15,780 16,189 8,813 Chemicals — — 3 Refining Total sales 96,011 112,725 75,096 Intersegment eliminations (59,846) (71,127) (46,122) Total Refining 36,165 41,598 28,974 Marketing and Specialties Total sales 98,769 115,622 75,583 Intersegment eliminations (3,351) (3,453) (1,929) Total Marketing and Specialties 95,418 112,169 73,654 Corporate and Other 36 34 32 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 * See Note 5—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings (Losses) of Affiliates Midstream $ 649 916 877 Chemicals 586 842 1,832 Refining 439 747 (184) Marketing and Specialties 343 463 379 Corporate and Other — — — Consolidated equity in earnings of affiliates $ 2,017 2,968 2,904 Depreciation, Amortization and Impairments* Midstream $ 926 569 634 Chemicals — — — Refining 849 879 2,272 Marketing and Specialties 124 110 114 Corporate and Other 102 131 83 Consolidated depreciation, amortization and impairments $ 2,001 1,689 3,103 * See Note 11—Impairments, for further details on impairments by segment. Millions of Dollars 2023 2022 2021 Interest Income and Expense Interest income Corporate and Other $ 269 82 11 Interest and debt expense Corporate and Other $ 897 619 581 Income (Loss) Before Income Taxes Midstream $ 2,774 4,734 1,500 Chemicals 600 856 1,844 Refining 5,266 7,816 (2,353) Marketing and Specialties 2,135 2,402 1,723 Corporate and Other (1,306) (1,169) (974) Consolidated income before income taxes $ 9,469 14,639 1,740 Investments In and Advances To Affiliates Midstream $ 3,766 4,271 3,978 Chemicals 7,341 6,785 6,369 Refining 2,802 2,484 2,340 Marketing and Specialties 825 883 750 Corporate and Other 2 2 2 Consolidated investments in and advances to affiliates $ 14,736 14,425 13,439 Total Assets Midstream $ 29,107 30,273 15,546 Chemicals 7,357 6,785 6,453 Refining 22,432 21,581 20,338 Marketing and Specialties 11,411 9,939 8,505 Corporate and Other 5,194 7,864 4,752 Consolidated total assets $ 75,501 76,442 55,594 Millions of Dollars 2023 2022 2021 Capital Expenditures and Investments Midstream $ 625 1,043 733 Chemicals — — — Refining 1,339 928 784 Marketing and Specialties 364 89 202 Corporate and Other 90 134 141 Consolidated capital expenditures and investments $ 2,418 2,194 1,860 Geographic Information Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2023 2022 2021 United States $ 49,124 48,286 34,882 United Kingdom 1,406 1,349 1,323 Germany 394 391 605 Other countries 90 87 96 Worldwide consolidated $ 51,014 50,113 36,906

DCP Midstream Class A Segment

DCP Midstream Class A Segment	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DCP Midstream Class A Segment	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 DCP Midstream, LP Mergers and Note 4—Business Combinations, for more details regarding the DCP Midstream Merger and related accounting. DCP LP is a 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 the DCP Midstream Merger, we began consolidating DCP Midstream Class A Segment from the merger date forward, and we reflected the interests held by DCP LP’s public common and preferred unitholders’ and Enbridge’s indirect economic interest in DCP LP at the time of the merger as noncontrolling interests in our consolidated financial statements. On June 15, 2023, as part of the DCP LP Merger, we acquired all publicly held common units of DCP LP and eliminated the public common unit noncontrolling interest in our consolidated financial statements from the DCP LP Merger date, forward. The DCP LP Merger increased our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%. See below and Note 3—DCP Midstream, LLC and DCP Midstream, LP Mergers, for additional information about the DCP Midstream and DCP LP Mergers, as well as information on preferred unit redemptions that also decreased the “Noncontrolling interests” balance on our consolidated balance sheet since December 31, 2022. 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 December 31, 2023 December 31, 2022 Accounts receivable, trade* $ 601 988 Net properties, plants and equipment 9,319 9,297 Investments in unconsolidated affiliates** 1,901 2,161 Accounts payable 815 1,239 Short-term debt 357 504 Long-term debt 3,759 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. DCP LP Merger On June 15, 2023, we completed the acquisition of approximately 91 million publicly held common units of DCP LP pursuant to the terms of the DCP LP Merger Agreement. The DCP LP Merger Agreement was entered into with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries merged with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the DCP LP Merger Agreement, at the effective time of the DCP LP Merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by DCP Midstream and its subsidiaries) issued and outstanding as of immediately prior to the effective time was converted into the right to receive $41.75 per common unit in cash. We paid $3,796 million in cash consideration to common unitholders, funded with a combination of available cash and proceeds from the offering of the Notes and borrowings under the Term Loan Agreement. See Note 11—Debt, for additional information. The DCP LP Merger was accounted for as an equity transaction and resulted in decreases to “Cash and cash equivalents” of $3,814 million, which includes cash consideration paid to common unitholders of $3,796 million plus fees paid of $18 million, “Noncontrolling interests” of $3,343 million, “Capital in excess of par” of $361 million and “Deferred income taxes” of $110 million on our consolidated balance sheet. Preferred Units On October 16, 2023, DCP LP redeemed its Series C preferred units at the aggregated liquidation preference of $110 million, which approximated the book value of the preferred units. In June 2023, DCP LP redeemed its Series B preferred units at the aggregated liquidation preference of $161 million, which approximated the book value of the preferred units. In December 2022, DCP LP redeemed its Series A preferred units with an aggregate liquidation preference of $500 million, which approximated the book value of the preferred units. Trading and Reporting Status DCP LP’s common units, Series B preferred units and Series C preferred units have been delisted and deregistered from the New York Stock Exchange. In addition, DCP LP has suspended its reporting obligations to the Securities and Exchange Commission under Sections 13 and 15(d) of the Exchange Act. Distributions

Phillips 66 Partners LP

Phillips 66 Partners LP	12 Months Ended
	Dec. 31, 2023
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Partners LP	Phillips 66 Partners LP On March 9, 2022, we completed 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. Upon closing, Phillips 66 Partners became a wholly owned subsidiary of Phillips 66 and its common units are no longer publicly traded. The merger was accounted for as an equity transaction and resulted in decreases to “Treasury stock” of $3,380 million, “Noncontrolling interests” of $2,163 million, “Capital in excess of par” of $901 million, “Deferred income taxes” of $323 million, and “Cash and cash equivalents” of $2 million, and an increase to “Other accruals” of $5 million on our consolidated balance sheet.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In 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 years ended December 31, 2023, and 2022, we recorded restructuring costs totaling $177 million and $160 million, respectively, primarily related to consulting fees and severance costs. Restructuring costs for the year ended December 31, 2022, also included an impairment related to assets held for sale. These costs are primarily recorded in the “Selling, general and administrative expenses” and “Impairments” line items on our consolidated statement of income and are reported in our Corporate segment. In addition, for the years ended December 31, 2023 and 2022, we recorded restructuring costs of $38 million and $18 million, respectively, associated with the integration of DCP Midstream Class A Segment primarily related to severance and contract exit costs. 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.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	Changes in Accounting Principles Effective 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. Effective January 1, 2022, we early adopted ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This pronouncement requires application of ASC 606 “Revenue from Contracts with Customers” (“Topic 606”) to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. Effective October 1, 2021, we adopted ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” These pronouncements provide temporary optional expedients and exceptions to the current guidance on contracts, hedge relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Amendments in ASU 2021-01 further clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These pronouncements were effective upon issuance and applicable to contract modifications through December 31, 2022. On December 21, 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” The ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This pronouncement was also effective upon issuance. The adoption of these pronouncements did not impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which enhances the transparency, effectiveness, and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-09 and the impact on our financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-07 and the impact on our segment reporting disclosures. In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU provides additional requirements for lessees that are a party to a lease between entities under common control in which there are leasehold improvements. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Effective January 1, 2024, we adopted ASU 2023-01. At the time of adoption, there was no impact on our consolidated financial statements from this ASU.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,015	$ 11,024	$ 1,317

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities (VIEs) where we are the primary beneficiary. Undivided interests in pipelines, natural gas plants and terminals are consolidated on a proportionate basis. See Note 29—DCP Midstream Class A Segment for further discussion about a significant VIE that we began consolidating in August 2022, and Note 30—Phillips 66 Partners LP, for further discussion regarding our merger with Phillips 66 Partners LP (Phillips 66 Partners). The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies, including VIEs, of which we are not the primary beneficiary. Other securities and investments are generally carried at fair value, or cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. See Note 8—Investments, Loans and Long-Term Receivables, for further discussion on our significant unconsolidated VIEs.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Foreign Currency	Foreign Currency Adjustments resulting from the process of translating financial statements with foreign functional currencies into U.S. dollars are included in accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses result from remeasuring monetary assets and liabilities denominated in a foreign currency into the functional currency of our subsidiary holding the asset or liability. We include these transaction gains and losses in current earnings (loss). Most of our foreign operations use their local currency as the functional currency.
Cash Equivalents	Cash Equivalents Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and will mature within 90 days or less from the date of acquisition. We carry these investments at cost plus accrued interest.
Inventories	Inventories
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. When applicable, 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.
Derivative Instruments	Derivative Instruments Derivative instruments, except those designated as normal purchases and normal sales, are recorded on the balance sheet at fair value. We have master netting agreements with most of our exchange-cleared instrument counterparties and certain of our counterparties to other commodity instrument contracts (e.g., physical commodity forward contracts). We have elected to net derivative assets and liabilities with the same counterparty on the balance sheet if the legal right of offset exists and certain other criteria are met. When applicable, we also net collateral payables and receivables against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. All realized and unrealized gains and losses from derivative instruments for which we do not apply hedge accounting are immediately recognized in our consolidated statement of income. Unrealized gains or losses from derivative instruments that qualify for and are designated as cash flow hedges are recognized in other comprehensive income (loss) and appear on the balance sheet in accumulated other comprehensive income (loss) until the hedged transactions are recognized in earnings. However, to the extent the change in the fair value of a derivative instrument exceeds the change in the anticipated cash flows of the hedged transaction, the excess gain or loss is recognized immediately in earnings.
Loans and Long-Term Receivables	Loans and Long-Term Receivables We enter into agreements with other parties to pursue business opportunities, which may require us to provide loans or advances to certain affiliated and nonaffiliated companies. Loans are recorded when cash is transferred or seller financing is provided to the affiliated or nonaffiliated company pursuant to a loan agreement. The loan balance will increase as interest is earned on the outstanding loan balance and will decrease as interest and principal payments are received. Interest is earned at the loan agreement’s stated interest rate. Loans and long-term receivables are evaluated for impairment based on an expected credit loss assessment.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities Investments in nonconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is determined based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies.
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization of properties, plants and equipment (PP&E) are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Capitalized Interest	Capitalized Interest A portion of interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the related asset, and is amortized over the useful life of the related asset.
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment PP&E used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted expected future before-tax cash flows of an asset group is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&E included in the asset group is written down to estimated fair value and the write down is reported in the “Impairments” line item on our consolidated statement of income in the period in which the impairment determination is made. Individual assets are grouped for impairment testing purposes at the lowest level for which identifiable cash flows are available. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; historical market transactions for similar assets, adjusted using principal market participant assumptions when necessary; or replacement cost adjusted for physical deterioration and economic obsolescence. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, estimated replacement cost, or present value of expected future cash flows as previously described. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.
Property Dispositions	Property Dispositions When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Net gain on dispositions” line item on our consolidated statement of income. When less than complete units of depreciable property are disposed of or retired, the difference between asset cost and salvage value is charged or credited to accumulated depreciation.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination. Goodwill is not amortized, but is assessed for impairment annually and when events or changes in circumstance indicate that the fair value of a reporting unit with goodwill is below its carrying value. The impairment assessment requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, an impairment is recognized for the amount by which the book value exceeds the reporting unit’s fair value. A goodwill impairment cannot exceed the total amount of goodwill allocated to that reporting unit. For purposes of assessing goodwill for impairment, we have two reporting units with goodwill balances at our 2023 testing date: Transportation and Marketing and Specialties (M&S).
Intangible Assets Other Than Goodwill	Intangible Assets Other Than Goodwill Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives. Intangible assets with indefinite useful lives are not amortized, but are tested at least annually for impairment. Each reporting period, we evaluate intangible assets with indefinite useful lives to determine whether events and circumstances continue to support this classification. Indefinite-lived intangible assets are considered impaired if their fair value is lower than their net book value. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable.
Asset Retirement Obligations	Asset Retirement Obligations When we have a legal obligation to incur costs to retire an asset, we record a liability in the period in which the obligation was incurred provided that a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made at the time the obligation arises, we record the liability when sufficient information is available to estimate its fair value. When a liability is initially recorded, we capitalize the costs by increasing the carrying amount of the related PP&E. Over time, the liability is increased for changes in present value, and the capitalized costs in PP&E are depreciated over the useful life of the related assets. If our estimate of the liability changes after initial recognition, we record an adjustment to the liability and PP&E.
Environmental Costs	Environmental Costs Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. When environmental assessments or cleanups are probable and the costs can be reasonably estimated, environmental expenditures are accrued on an undiscounted basis (unless acquired in a business combination). Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as a reduction to environmental expenditures.
Guarantees	Guarantees The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. We amortize the guarantee liability to the related statement of income line item based on the nature of the guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information to support the reversal. When the performance on the guarantee becomes probable and the liability can be reasonably estimated, we accrue a separate liability for the excess amount above the guarantee’s book value based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Treasury Stock	Treasury Stock We record treasury stock purchases at cost, which includes related transaction costs. Amounts are recorded as reductions of stockholders’ equity on the consolidated balance sheet. Common stock reissued from treasury stock is valued based on the average cost of historical repurchases.
Revenue Recognition	Revenue Recognition Our revenues are primarily associated with sales of refined petroleum products, crude oil, natural gas liquids (NGL) and natural gas. Each gallon, or other unit of measure of product, is separately identifiable and represents a distinct performance obligation to which a transaction price is allocated. The transaction prices of our contracts with customers are either fixed or variable, with variable pricing based upon various market indices. For our contracts that include variable consideration, we utilize the variable consideration allocation exception, whereby the variable consideration is only allocated to the performance obligations that are satisfied during the period. The related revenue is recognized at a point in time when control passes to the customer, which is when title and the risk of ownership passes to the customer and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. The payment terms with our customers vary based on the product or service provided, but usually are 30 days or less. Revenues associated with pipeline transportation services are recognized at a point in time when the volumes are delivered based on contractual rates. Revenues associated with terminaling and storage services are recognized over time as the services are performed based on throughput volume or capacity utilization at contractual rates. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported in the “Purchased crude oil and products” line item on our consolidated statement of income (i.e., these transactions are recorded net).
Taxes Collected from Customers and Remitted to Government Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities
Shipping and Handling Costs	Shipping and Handling Costs We have elected to account for shipping and handling costs as fulfillment activities and include these activities in the “Purchased crude oil and products” line item on our consolidated statement of income. Freight costs billed to customers are recorded in “Sales and other operating revenues.”
Maintenance and Repairs	Maintenance and Repairs Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. Major refinery maintenance turnarounds are expensed as incurred.
Stock-Based Compensation	Share-Based Compensation
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income. Interest related to unrecognized income tax benefits is reflected in the “Interest and debt expense” line item, and penalties in the “Operating expenses” or “Selling, general and administrative expenses” line items on our consolidated statement of income.
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.
Commitments and Contingencies	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. See Note 23—Income Taxes, for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.
New Accounting Standards	New Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which enhances the transparency, effectiveness, and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-09 and the impact on our financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the provisions of ASU 2023-07 and the impact on our segment reporting disclosures. In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU provides additional requirements for lessees that are a party to a lease between entities under common control in which there are leasehold improvements. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Effective January 1, 2024, we adopted ASU 2023-01. At the time of adoption, there was no impact on our consolidated financial statements from this ASU.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 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 DCP Midstream Merger consideration are: Millions of Dollars Cash contributed $ 404 Fair value of transferred equity interest 634 Fair value of previously held equity interests 3,853 Total merger consideration $ 4,891 The following “Sales and other operating revenues” and “Net Income Attributable to Phillips 66” of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills were included in our consolidated statement of income from August 18, 2022, forward, for the year ended December 31, 2022. Millions of Dollars Sales and other operating revenues $ 4,531 Net Income Attributable to Phillips 66 216
Schedule of Purchase Price Allocation	The following table shows the purchase price allocation as of the date of the DCP Midstream Merger, and cumulative adjustments we made during the measurement period: Millions of Dollars Fair value of assets acquired: As Originally Reported Adjustments As Adjusted Cash and cash equivalents $ 98 — 98 Accounts and notes receivable 1,003 — 1,003 Inventories 74 238 312 Prepaid expenses and other current assets 439 13 452 Investments and long-term receivables 2,192 (125) 2,067 Properties, plants and equipment 12,837 193 13,030 Intangibles 36 (36) — Other assets 343 (158) 185 Total assets acquired 17,022 125 17,147 Fair value of liabilities assumed: Accounts payable 912 3 915 Short-term debt 625 (2) 623 Accrued income and other taxes 107 13 120 Employee benefit obligation—current 50 22 72 Other accruals 497 (6) 491 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 36 263 Total liabilities assumed 7,221 136 7,357 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
Schedule of Unaudited Pro Forma Financial Information	The following unaudited pro forma financial information presents consolidated results for the years ending December 31, 2022, and 2021, as if the DCP Midstream Merger occurred on January 1, 2021. The unaudited pro forma information includes adjustments based on available information, and we believe the estimates and assumptions used are reasonable, and that the significant effects of the transactions are properly reflected in the unaudited pro forma information. An aggregate before-tax gain of $2,831 million was included in the pro forma financial information for the year ended December 31, 2021, which is related to the remeasurement of the previously held equity investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills to their fair values in connection with the DCP Midstream Merger. Adjustments related to the economic interest change in our equity investment in Gray Oak Pipeline were excluded from the pro forma financial information. The unaudited pro forma financial information presented is for comparative purposes only and does not give effect to any potential synergies that could be achieved and is not necessarily indicative of the results of future operations. Year Ended December 31 2022 2021 Sales and other operating revenues (millions) $ 177,127 119,027 Net Income Attributable to Phillips 66 (millions) 8,847 3,360 Net Income Attributable to Phillips 66 per share—basic (dollars) 18.74 7.61 Net Income Attributable to Phillips 66 per share—diluted (dollars) 18.68 7.60

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	12 Months Ended
	Dec. 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 2023 2022 2021 Product Line and Services Refined petroleum products $ 108,644 131,798 89,020 Crude oil resales 20,824 20,574 12,801 NGL and natural gas 14,467 16,174 9,074 Services and other* 3,464 1,444 581 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 Geographic Location** United States $ 118,786 136,995 87,973 United Kingdom 14,642 16,741 11,132 Germany 5,547 6,392 4,290 Other countries 8,424 9,862 8,081 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 * Includes derivatives-related activities. See Note 17—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories at December 31 consisted of the following: Millions of Dollars 2023 2022 Crude oil and petroleum products $ 3,330 2,914 Materials and supplies 420 362 $ 3,750 3,276

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Long Term Investments and Receivables	Components of investments and long-term receivables at December 31 were: Millions of Dollars 2023 2022 Equity investments $ 14,728 14,414 Other investments 195 207 Loans and long-term receivables 379 329 $ 15,302 14,950
Schedule of Financial Information for Equity Method Investments in Affiliated Companies	Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, was: Millions of Dollars 2023 2022 2021 Revenues $ 42,078 60,981 49,339 Income before income taxes 5,350 7,616 6,346 Net income 5,160 7,414 6,125 Current assets 6,759 7,511 7,866 Noncurrent assets 46,241 46,527 56,040 Current liabilities 5,750 5,592 7,952 Noncurrent liabilities 10,980 11,412 16,906 Noncontrolling interests 2 2 3,003

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was: Millions of Dollars 2023 2022 Gross Accum. Net Gross Accum. Net Midstream $ 26,124 4,382 21,742 25,422 3,524 21,898 Chemicals — — — — — — Refining 25,421 13,103 12,318 24,200 12,523 11,677 Marketing and Specialties 1,997 1,166 831 1,800 1,058 742 Corporate and Other 1,650 829 821 1,568 722 846 $ 55,192 19,480 35,712 52,990 17,827 35,163

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The carrying amount of goodwill by segment at December 31 was: Millions of Dollars Midstream Marketing and Specialties Total Balance at December 31, 2021 $ 626 858 1,484 Goodwill assigned to acquisitions — 2 2 Balance at December 31, 2022 626 860 1,486 Goodwill assigned to acquisitions — 64 64 Balance at December 31, 2023 $ 626 924 1,550
Schedule of Changes in Carrying Value of Intangible Assets	The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following: Millions of Dollars 2023 2022 Trade names and trademarks $ 504 503 Refinery air and operating permits 196 200 $ 700 703

Impairments (Tables)

Impairments (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impairments	Millions of Dollars 2023 2022 2021 Midstream $ 3 1 209 Refining 10 13 1,288 Marketing and Specialties 3 — 1 Corporate and Other 8 46 — Total impairments $ 24 60 1,498

Asset Retirement Obligations _2

Asset Retirement Obligations and Accrued Environmental Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Schedule of Asset Retirement Obligations and Accrual for Environmental Costs	Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2023 2022 Asset retirement obligations $ 537 565 Accrued environmental costs 446 434 Total asset retirement obligations and accrued environmental costs 983 999 Asset retirement obligations and accrued environmental costs due within one year* (119) (120) Long-term asset retirement obligations and accrued environmental costs $ 864 879 * Classified as a current liability on the consolidated balance sheet, under the caption “Other accruals.”
Schedule of Change in Asset Retirement Obligation	During the years ended December 31, 2023 and 2022, our overall asset retirement obligation changed as follows: Millions of Dollars 2023 2022 Balance at January 1 $ 565 395 Accretion of discount 25 15 New obligations — 7 Acquisition of DCP Midstream Class A Segment, DCP Sand Hills and DCP — 168 Changes in estimates of existing obligations 23 17 Spending on existing obligations (58) (32) Asset dispositions (23) — Foreign currency translation 5 (5) Balance at December 31 $ 537 565

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 7,015 7,015 11,024 11,024 1,317 1,317 Income allocated to participating securities (11) — (10) — (9) (9) Premium paid for the repurchase of noncontrolling interests — — — — (2) (2) Net income available to common stockholders $ 7,004 7,015 11,014 11,024 1,306 1,306 Weighted-average common shares outstanding (thousands) : 448,381 450,136 469,436 471,497 437,886 440,028 Effect of share-based compensation 1,755 3,074 2,061 2,234 2,142 336 Weighted-average common shares outstanding—EPS 450,136 453,210 471,497 473,731 440,028 440,364 Earnings Per Share of Common Stock (dollars) $ 15.56 15.48 23.36 23.27 2.97 2.97

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long Term Debt	Short-term and long-term debt at December 31 was: Millions of Dollars December 31, 2023 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total 0.900% Senior Notes due February 2024 $ 800 — — — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 3.605% Senior Notes due February 2025 — 441 59 — 500 3.850% Senior Notes due April 2025 650 — — — 650 5.375% Senior Notes due July 2025 — — — 825 825 1.300% Senior Notes due February 2026 500 — — — 500 3.550% Senior Notes due October 2026 — 458 34 — 492 5.625% Senior Notes due July 2027 — — — 500 500 4.950% Senior Notes due December 2027 — 750 — — 750 3.750% Senior Notes due March 2028 — 427 73 — 500 3.900% Senior Notes due March 2028 800 — — — 800 5.125% Senior Notes due May 2029 — — — 600 600 3.150% Senior Notes due December 2029 — 570 30 — 600 8.125% Senior Notes due August 2030 — — — 300 300 2.150% Senior Notes due December 2030 850 — — — 850 3.250% Senior Notes due February 2032 — — — 400 400 5.300% Senior Notes due June 2033 — 500 — — 500 4.650% Senior Notes due November 2034 1,000 — — — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 6.750% Senior Notes due September 2037 — — — 450 450 5.875% Senior Notes due May 2042 1,500 — — — 1,500 5.600% Senior Notes due April 2044 — — — 400 400 4.875% Senior Notes due November 2044 1,700 — — — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 4.900% Senior Notes due October 2046 — 605 20 — 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 Securitization facility due August 2024 — — — 350 350 Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 — 1,250 — — 1,250 Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party 25 — — — 25 Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party 265 — — — 265 Revolving credit facility due 2027 at 6.512% at year-end 2023 — — — 25 25 Other 1 — — — 1 Debt at face value 9,091 5,720 247 4,150 19,208 Finance leases 305 Software obligations 13 Net unamortized discounts, debt issuance costs and acquisition fair value adjustments (167) Total debt 19,359 Short-term debt (1,482) Long-term debt $ 17,877 Millions of Dollars December 31, 2022 Phillips 66 Phillips 66 Company Phillips 66 Partners DCP LP Total 3.875% Senior Notes due March 2023 $ — — — 500 500 0.900% Senior Notes due February 2024 800 — — — 800 2.450% Senior Notes due December 2024 — 277 23 — 300 3.605% Senior Notes due February 2025 — 441 59 — 500 3.850% Senior Notes due April 2025 650 — — — 650 5.375% Senior Notes due July 2025 — — — 825 825 1.300% Senior Notes due February 2026 500 — — — 500 3.550% Senior Notes due October 2026 — 458 34 — 492 5.625% Senior Notes due July 2027 — — — 500 500 3.750% Senior Notes due March 2028 — 427 73 — 500 3.900% Senior Notes due March 2028 800 — — — 800 5.125% Senior Notes due May 2029 — — — 600 600 3.150% Senior Notes due December 2029 — 570 30 — 600 8.125% Senior Notes due August 2030 — — — 300 300 2.150% Senior Notes due December 2030 850 — — — 850 3.250% Senior Notes due February 2032 — — — 400 400 4.650% Senior Notes due November 2034 1,000 — — — 1,000 6.450% Senior Notes due November 2036 — — — 300 300 6.750% Senior Notes due September 2037 — — — 450 450 5.875% Senior Notes due May 2042 1,500 — — — 1,500 5.850% Junior Subordinated Notes due May 2043 — — — 550 550 5.600% Senior Notes due April 2044 — — — 400 400 4.875% Senior Notes due November 2044 1,700 — — — 1,700 4.680% Senior Notes due February 2045 — 442 8 — 450 4.900% Senior Notes due October 2046 — 605 20 — 625 3.300% Senior Notes due March 2052 1,000 — — — 1,000 Securitization facility due August 2024 — — — 40 40 Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party 25 — — — 25 Other 1 — — — 1 Debt at face value 8,826 3,220 247 4,865 17,158 Finance leases 257 Software obligations 20 Net unamortized discounts, debt issuance costs and acquisition fair value adjustments (245) Total debt 17,190 Short-term debt (529) Long-term debt $ 16,661

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 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 $ 2,148 (2,005) — 143 1,331 (1,110) — 221 Other assets 19 (2) — 17 46 (1) — 45 Liabilities Other accruals 1,034 (1,127) 18 (75) 471 (750) 90 (189) Other liabilities and deferred credits — (14) — (14) 12 (35) — (23) Total $ 3,201 (3,148) 18 71 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 December 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 $ 2,148 (2,005) — 143 1,331 (1,110) — 221 Other assets 19 (2) — 17 46 (1) — 45 Liabilities Other accruals 1,034 (1,127) 18 (75) 471 (750) 90 (189) Other liabilities and deferred credits — (14) — (14) 12 (35) — (23) Total $ 3,201 (3,148) 18 71 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 2023 2022 2021 Sales and other operating revenues $ 137 (128) (468) Other income 99 79 34 Purchased crude oil and products (269) (348) (313) Net gain (loss) from commodity derivative activity $ (33) (397) (747)
Schedule of Material Net Exposures from Outstanding Commodity Derivative Contracts	The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at December 31, 2023 and 2022. Open Position 2023 2022 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (22) (25) Natural gas (billions of cubic feet) (25) (77)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 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 $ 3,075 54 — 3,129 (3,039) — — 90 OTC instruments — 1 — 1 — — — 1 Physical forward contracts — 70 1 71 (2) — — 69 Rabbi trust assets 155 — — 155 N/A N/A — 155 Investment in NOVONIX 39 — — 39 N/A N/A — 39 $ 3,269 125 1 3,395 (3,041) — — 354 Commodity Derivative Liabilities Exchange-cleared instruments $ 3,057 41 — 3,098 (3,039) (18) — 41 Physical forward contracts — 50 — 50 (2) — — 48 Floating-rate debt — 1,915 — 1,915 N/A N/A — 1,915 Fixed-rate debt, excluding finance leases and software obligations — 16,718 — 16,718 N/A N/A 408 17,126 $ 3,057 18,724 — 21,781 (3,041) (18) 408 19,130 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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of ROU Assets and Lease Liabilities	The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases at December 31: Millions of Dollars 2023 2022 Finance Operating Finance Operating Right-of-Use Assets Net properties, plants and equipment $ 298 — 259 — Other assets — 1,116 — 995 Total right-of-use assets $ 298 1,116 259 995 Lease Liabilities Short-term debt $ 25 — 23 — Other accruals — 362 — 282 Long-term debt 280 — 234 — Other liabilities and deferred credits — 790 — 745 Total lease liabilities $ 305 1,152 257 1,027
Schedule of Finance Lease Liability	Future minimum lease payments at December 31, 2023, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2024 $ 39 406 2025 32 295 2026 34 206 2027 28 127 2028 29 75 Remaining years 250 180 Future minimum lease payments 412 1,289 Amount representing interest or discounts (107) (137) Total lease liabilities $ 305 1,152
Schedule of Operating Lease Liability	Future minimum lease payments at December 31, 2023, for finance and operating lease liabilities were: Millions of Dollars Finance Operating 2024 $ 39 406 2025 32 295 2026 34 206 2027 28 127 2028 29 75 Remaining years 250 180 Future minimum lease payments 412 1,289 Amount representing interest or discounts (107) (137) Total lease liabilities $ 305 1,152
Schedule of Lease Cost	Components of net lease cost for the years ended December 31, 2023, 2022 and 2021, were: Millions of Dollars 2023 2022 2021 Finance lease cost Amortization of right-of-use assets $ 30 24 23 Interest on lease liabilities 9 9 9 Total finance lease cost 39 33 32 Operating lease cost 390 387 461 Short-term lease cost 76 63 104 Variable lease cost 55 19 3 Sublease income (12) (13) (15) Total net lease cost $ 548 489 585 Cash paid for amounts included in the measurement of our lease liabilities for the years ended December 31, 2023, 2022 and 2021, was: Millions of Dollars 2023 2022 2021 Operating cash outflows—finance leases $ 15 11 9 Operating cash outflows—operating leases 390 392 438 Financing cash outflows—finance leases 19 32 21 At December 31, 2023 and 2022, the weighted-average remaining lease terms and discount rates for our lease liabilities were: 2023 2022 Weighted-average remaining lease term—finance leases (years) 13.4 12.5 Weighted-average remaining lease term—operating leases (years) 4.9 5.8 Weighted-average discount rate—finance leases 3.9 % 3.3 Weighted-average discount rate—operating leases 4.5 % 3.8

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Reconciliation of Projected Benefit Obligations and Plan Assets	The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Change in Benefit Obligations Benefit obligations at January 1 $ 2,209 675 3,033 1,409 156 197 Service cost 108 13 123 28 3 4 Interest cost 118 31 100 21 8 5 Plan participant contributions — 2 — 2 7 6 Actuarial loss (gain) 58 30 (528) (502) 2 (37) Benefits paid (233) (33) (519) (44) (26) (19) Settlements — — — (101) — — Foreign currency exchange rate change — 34 — (138) — — Benefit obligations at December 31 $ 2,260 752 2,209 675 150 156 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 1,778 707 2,547 1,280 — — Actual return on plan assets 203 44 (375) (329) — — Company contributions 391 20 125 23 19 13 Plan participant contributions — 2 — 2 7 6 Benefits paid (233) (33) (519) (44) (26) (19) Settlements — — — (101) — — Foreign currency exchange rate change — 38 — (124) — — Fair value of plan assets at December 31 $ 2,139 778 1,778 707 — — Funded Status at December 31 $ (121) 26 (431) 32 (150) (156)
Schedule of Amounts Recognized in the Consolidated Balance Sheet	Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet Noncurrent assets $ — 157 — 140 — — Current liabilities (55) — (50) — (20) (15) Noncurrent liabilities (66) (131) (381) (108) (130) (141) Total recognized $ (121) 26 (431) 32 (150) (156)
Schedule of Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income	Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 111 2 159 (27) (51) (59) Unrecognized prior service credit — — — — — —
Schedule of Sources of Change in Other Comprehensive Income (Loss)	Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income Net actuarial gain (loss) arising during the period $ 20 (26) 18 136 (2) 37 Amortization of net actuarial loss (gain) and settlements 28 (3) 74 21 (6) (2) Amortization of prior service credit — — — (1) — (2) Total recognized in other comprehensive income $ 48 (29) 92 156 (8) 33
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Accumulated benefit obligations $ 101 136 2,055 114 Fair value of plan assets — 13 1,778 13
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 was: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Projected benefit obligations $ 2,260 144 2,209 121 Fair value of plan assets 2,139 13 1,778 13
Schedule of Components of Net Periodic Benefit Cost	Components of net periodic benefit cost for all defined benefit plans are presented in the table below: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 108 13 123 28 146 36 3 4 5 Interest cost 118 31 100 21 81 19 8 5 5 Expected return on plan assets (126) (43) (135) (56) (160) (59) — — — Amortization of prior service credit — — — (1) — (1) — (2) (2) Amortization of net actuarial loss (gain) 11 (3) 21 12 46 25 (6) (2) (1) Settlements 17 — 53 9 55 — — — — Net periodic benefit cost (credit)* $ 128 (2) 162 13 168 20 5 5 7 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs	The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Assumptions Used to Determine Benefit Obligations: Discount rate 5.35 % 4.36 5.70 4.64 5.45 5.70 Rate of compensation increase 4.30 3.34 4.30 3.32 — — Interest crediting rate on cash balance plan 3.98 — 3.88 — — — Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate 5.70 % 4.64 3.94 1.65 5.70 2.90 Expected return on plan assets 7.50 5.91 6.50 4.90 — — Rate of compensation increase 4.30 3.32 4.30 3.05 — — Interest crediting rate on cash balance plan 3.88 — 2.59 — — —
Schedule of Fair Values of Pension Plan Assets	The fair values of our pension plan assets at December 31, by asset class, were: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2023 Equity securities $ 295 — — 295 — — — — Government debt securities 388 — — 388 — — — — Corporate debt securities — 101 — 101 — — — — Cash and cash equivalents 31 — — 31 4 — — 4 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 714 101 — 815 4 — 13 17 Common/collective trusts measured at NAV 1,013 636 Real estate and infrastructure investments measured at NAV 311 125 Total $ 714 101 — 2,139 4 — 13 778 Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2022 Equity securities $ 239 — — 239 — — — — Government debt securities 268 — — 268 — — — — Corporate debt securities — 89 — 89 — — — — Cash and cash equivalents 19 — — 19 64 — — 64 Insurance contracts — — — — — — 13 13 Total assets in the fair value hierarchy 526 89 — 615 64 — 13 77 Common/collective trusts measured at NAV 841 567 Real estate and infrastructure investments measured at NAV 322 63 Total $ 526 89 — 1,778 64 — 13 707
Schedule of Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated: Millions of Dollars Pension Benefits Other Benefits U.S. Int’l. 2024 $ 251 24 18 2025 207 27 17 2026 213 28 17 2027 217 30 16 2028 216 34 16 2029-2033 1,096 184 74

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense Recognized in Income and the Associated Tax Benefit	Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: Millions of Dollars 2023 2022 2021 Restricted stock units $ 130 101 100 Performance share units 139 68 23 Stock options 19 17 19 Other 9 24 2 Total share-based compensation expense $ 297 210 144 Income tax benefit $ (87) (55) (33)
Schedule of Stock Unit Activity	The following table summarizes our RSU activity from January 1, 2023, to December 31, 2023: Millions of Dollars Stock Units Weighted-Average Total Fair Value Outstanding at January 1, 2023 3,266,475 $ 82.76 Granted 1,583,095 100.39 Forfeited (92,090) 93.04 Issued (1,225,397) 84.48 $ 126 Outstanding at December 31, 2023 3,532,083 $ 89.80 Not Vested at December 31, 2023 2,491,170 $ 90.40
Schedule of Performance Share Program Activity	The following table summarizes our PSU activity from January 1, 2023, to December 31, 2023: Millions of Dollars Performance Weighted-Average Total Fair Value Outstanding at January 1, 2023 703,169 $ 38.54 Granted 347,668 102.66 Forfeited (243) 63.64 Issued (168,665) 41.56 $ 13 Cash settled (347,668) 102.66 36 Outstanding at December 31, 2023 534,261 $ 37.57 Not Vested at December 31, 2023 — $ —
Schedule of Stock Option Activity	The following table summarizes our stock option activity from January 1, 2023, to December 31, 2023: Millions of Dollars Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2023 5,842,915 $ 84.97 Granted 792,000 100.32 $ 27.45 Forfeited (33,372) 97.41 Exercised (1,483,629) 82.84 $ 52 Outstanding at December 31, 2023 5,117,914 $ 87.89 Vested at December 31, 2023 4,604,847 $ 87.35 $ 212 Exercisable at December 31, 2023 3,198,901 $ 86.59 $ 149
Schedule of Significant Assumptions Used to Calculate Grant Date Fair Market Values of Options Granted	The following table provides the significant assumptions used to calculate the grant-date fair values of options granted over the years shown below, as calculated using the Black-Scholes-Merton option-pricing model: 2023 2022 2021 Risk-free interest rate 3.84 % 1.97 0.93 Dividend yield 3.80 % 5.10 5.30 Volatility factor 35.19 % 33.67 32.11 Expected life (years) 6.78 6.61 6.76

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Components of income tax expense (benefit) were: Millions of Dollars 2023 2022 2021 Income Tax Expense (Benefit) Federal Current $ 661 1,263 363 Deferred 830 1,171 (85) Foreign Current 394 492 50 Deferred (23) (109) (39) State and local Current 335 173 5 Deferred 33 258 (148) $ 2,230 3,248 146
Schedule of Deferred Tax Assets and Liabilities	Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2023 2022 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 3,320 3,309 Investment in joint ventures 1,979 1,854 Investment in subsidiaries 2,628 1,974 Other 268 238 Total deferred tax liabilities 8,195 7,375 Deferred Tax Assets Benefit plan accruals 362 307 Loss and credit carryforwards 151 113 Asset retirement obligations and accrued environmental costs 127 137 Other financial accruals and deferrals 68 51 Inventory 34 62 Other 274 220 Total deferred tax assets 1,016 890 Less: valuation allowance 121 97 Net deferred tax assets 895 793 Net deferred tax liabilities $ 7,300 6,582
Schedule of Unrecognized Tax Benefits Roll Forward	The following table is a reconciliation of the changes in our unrecognized income tax benefits balance: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 54 54 56 Additions for tax positions of current year — 1 — Additions for tax positions of prior years 66 2 — Reductions for tax positions of prior years (4) (3) (2) Balance at December 31 $ 116 54 54
Schedule of Effective Income Tax Rate Reconciliation	The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were: Millions of Dollars Percentage of 2023 2022 2021 2023 2022 2021 Income before income taxes United States $ 7,887 12,628 1,737 83.3 % 86.3 99.8 Foreign 1,582 2,011 3 16.7 13.7 0.2 $ 9,469 14,639 1,740 100.0 % 100.0 100.0 Federal statutory income tax $ 1,989 3,074 365 21.0 % 21.0 21.0 State income tax, net of federal income tax benefit 290 341 (65) 3.1 2.3 (3.7) Noncontrolling interests (51) (74) (57) (0.5) (0.5) (3.3) Non-taxable equity earnings (42) (33) (53) (0.4) (0.2) (3.0) Tax law changes — (25) (26) — (0.2) (1.5) Other* 44 (35) (18) 0.4 (0.2) (1.1) $ 2,230 3,248 146 23.6 22.2 8.4 * Other includes individually immaterial items but is primarily attributable to foreign operations and change in valuation allowance.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 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 Foreign Hedging Accumulated December 31, 2020 $ (809) 25 (5) (789) Other comprehensive income (loss) before reclassifications 318 (70) 2 250 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 93 — — 93 Foreign currency translation — — — — Hedging — — 1 1 Net current period other comprehensive income (loss) 411 (70) 3 344 December 31, 2021 (398) (45) (2) (445) Other comprehensive income (loss) before reclassifications 204 (291) — (87) Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss, prior service credit and settlements 72 — — 72 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 276 (291) — (15) December 31, 2022 (122) (336) (2) (460) Other comprehensive income (loss) before reclassifications (12) 179 (3) 164 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 14 — — 14 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 2 179 (3) 178 December 31, 2023 $ (120) (157) (5) (282) * Included in the computation of net periodic benefit cost. See Note 21—Pension and Postretirement Plans, for additional information.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Information	Supplemental Cash Flow Information Millions of Dollars 2023 2022 2021 Cash Payments (Receipts) Interest $ 816 572 549 Income taxes* 1,397 2,071 (1,065) * 2023 includes $196 million of cash paid to counterparties to purchase IRA eligible tax credits. 2021 reflects a net cash refund position. Cash payments for income taxes were $110 million in 2021.

Other Financial Information (Ta

Other Financial Information (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Financial Information	Millions of Dollars 2023 2022 2021 Interest and Debt Expense Incurred Debt $ 842 611 567 Other 86 41 41 928 652 608 Capitalized (31) (33) (27) Expensed $ 897 619 581 Other Income Interest income $ 269 82 11 Unrealized investment gain (loss)—NOVONIX (38) (433) 365 Gain related to merger of businesses — 3,013 — Other, net* 128 75 78 $ 359 2,737 454 * Includes derivatives-related activities. See Note 17—Derivatives and Financial Instruments, for additional information. Research and Development Expenses $ 27 42 47 Advertising Expenses $ 54 56 52 Foreign Currency Transaction (Gains) Losses Midstream $ 1 9 (5) Chemicals — — — Refining 19 (7) 4 Marketing and Specialties 4 (10) — Corporate and Other (2) (1) 2 $ 22 (9) 1

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars 2023 2022 2021 Operating revenues and other income (a)(d) $ 4,623 6,111 3,759 Purchases (b)(d) 17,208 21,244 14,645 Operating expenses and selling, general and administrative expenses (c) 295 281 284 (a) We sold NGL, other petrochemical feedstocks and solvents to CPChem, NGL and certain feedstocks to DCP Midstream, gas oil and hydrogen feedstocks to Excel Paralubes LLC (Excel Paralubes), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB and acted as an agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our equity affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b) We purchased crude oil, refined petroleum products, NGL and solvents from WRB. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel Paralubes for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates. (d) As a result of the DCP Midstream Merger, we began consolidating DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills. As such, transactions with these parties after August 17, 2022, are not presented in the table above.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Millions of Dollars 2023 2022 2021 Sales and Other Operating Revenues* Midstream Total sales $ 18,605 19,121 11,714 Intersegment eliminations (2,825) (2,932) (2,901) Total Midstream 15,780 16,189 8,813 Chemicals — — 3 Refining Total sales 96,011 112,725 75,096 Intersegment eliminations (59,846) (71,127) (46,122) Total Refining 36,165 41,598 28,974 Marketing and Specialties Total sales 98,769 115,622 75,583 Intersegment eliminations (3,351) (3,453) (1,929) Total Marketing and Specialties 95,418 112,169 73,654 Corporate and Other 36 34 32 Consolidated sales and other operating revenues $ 147,399 169,990 111,476 * See Note 5—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Equity in Earnings (Losses) of Affiliates Midstream $ 649 916 877 Chemicals 586 842 1,832 Refining 439 747 (184) Marketing and Specialties 343 463 379 Corporate and Other — — — Consolidated equity in earnings of affiliates $ 2,017 2,968 2,904 Depreciation, Amortization and Impairments* Midstream $ 926 569 634 Chemicals — — — Refining 849 879 2,272 Marketing and Specialties 124 110 114 Corporate and Other 102 131 83 Consolidated depreciation, amortization and impairments $ 2,001 1,689 3,103 * See Note 11—Impairments, for further details on impairments by segment. Millions of Dollars 2023 2022 2021 Interest Income and Expense Interest income Corporate and Other $ 269 82 11 Interest and debt expense Corporate and Other $ 897 619 581 Income (Loss) Before Income Taxes Midstream $ 2,774 4,734 1,500 Chemicals 600 856 1,844 Refining 5,266 7,816 (2,353) Marketing and Specialties 2,135 2,402 1,723 Corporate and Other (1,306) (1,169) (974) Consolidated income before income taxes $ 9,469 14,639 1,740 Investments In and Advances To Affiliates Midstream $ 3,766 4,271 3,978 Chemicals 7,341 6,785 6,369 Refining 2,802 2,484 2,340 Marketing and Specialties 825 883 750 Corporate and Other 2 2 2 Consolidated investments in and advances to affiliates $ 14,736 14,425 13,439 Total Assets Midstream $ 29,107 30,273 15,546 Chemicals 7,357 6,785 6,453 Refining 22,432 21,581 20,338 Marketing and Specialties 11,411 9,939 8,505 Corporate and Other 5,194 7,864 4,752 Consolidated total assets $ 75,501 76,442 55,594 Millions of Dollars 2023 2022 2021 Capital Expenditures and Investments Midstream $ 625 1,043 733 Chemicals — — — Refining 1,339 928 784 Marketing and Specialties 364 89 202 Corporate and Other 90 134 141 Consolidated capital expenditures and investments $ 2,418 2,194 1,860
Schedule of Reconciliation of Assets from Segment to Consolidated	Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: Millions of Dollars 2023 2022 2021 United States $ 49,124 48,286 34,882 United Kingdom 1,406 1,349 1,323 Germany 394 391 605 Other countries 90 87 96 Worldwide consolidated $ 51,014 50,113 36,906

DCP Midstream Class A Segment (

DCP Midstream Class A Segment (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 December 31, 2022 Accounts receivable, trade* $ 601 988 Net properties, plants and equipment 9,319 9,297 Investments in unconsolidated affiliates** 1,901 2,161 Accounts payable 815 1,239 Short-term debt 357 504 Long-term debt 3,759 4,248 * Included in the “Accounts and notes receivable” line item on the Phillips 66 consolidated balance sheet.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2023 reporting_unit	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Number of reporting units for purposes of testing goodwill for impairment	2
Payment term (in days)	30 days
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Summary of Significant Accounting Policies [Line Items]
Minimum time required for an award not to be subject to forfeiture (in months)	10 months	6 months
Eligible retirement age	55
Years of service (in years)	5 years
Minimum
Summary of Significant Accounting Policies [Line Items]
Length of construction period for interest capitalization (in years)	1 year

DCP Midstream, LLC and Gray O_2

DCP Midstream, LLC and Gray Oak Holdings LLC Merger (Details)	Aug. 17, 2022 class	Jun. 15, 2023 $ / shares	Jun. 14, 2023	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 | class	2
Acquisition Of DCP LP Common Units Held By Public
Schedule of Equity Method Investments [Line Items]
Cash consideration (in dollars per share) | $ / shares		$ 41.75
Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership				65%
DCP Midstream, LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Indirect economic interests	43.30%
DCP Midstream Class A Segment | DCP Midstream, 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 Sand Hills And DCP Southern Hills | Merger With DCP LP
Schedule of Equity Method Investments [Line Items]
Economic interest percent after merger		91.20%
DCP Midstream, LP | Merger With DCP LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Economic interest percent after merger		86.80%	43.30%
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 Midstream, 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 | 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 ownership interest				52.20%
DCP Sand Hills and Southern Hills | DCP Midstream, LP | Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	66.67%

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 01, 2023	Aug. 17, 2022	Dec. 31, 2021	Dec. 31, 2023	Aug. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
PP&E, including finance lease right of use assets		$ 13,030
Goodwill			$ 1,484	$ 1,550		$ 1,486
Marketing and Specialties Acquisition
Schedule of Equity Method Investments [Line Items]
Total consideration	$ 269
PP&E, including finance lease right of use assets				82
Net working capital				40
Goodwill				64	$ 64
Finance lease, liability				63
Marketing and Specialties Acquisition | Customer-Related Intangible Assets
Schedule of Equity Method Investments [Line Items]
Amortization of assumed intangible assets				146	$ 146	$ 0
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
PP&E, including finance lease right of use assets		12,837		$ 13,030
Cash contributed		404
Gain from remeasuring previously held equity investments to fair value		$ 2,831	$ 2,831
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired (as a percent)		15.05%
Gray Oak Pipeline LLC | Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Gain from remeasuring previously held equity investments to fair value		$ 182
Enbridge Inc | Gray Oak Pipeline LLC | Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Transferred indirect economic interest (as a percent)		35.75%

Business Combination - Schedule

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

Business Combination - Schedu_2

Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions	16 Months Ended
	Dec. 31, 2023	Aug. 17, 2022
Fair value of assets acquired:
Investments and long-term receivables		$ 2,034
Properties, plants and equipment		13,030
Fair value of liabilities assumed:
Accounts payable, adjustments	$ 3
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Fair value of assets acquired:
Cash and cash equivalents	98	98
Accounts and notes receivable	1,003	1,003
Inventories	312	74
Inventories, Adjustments	238
Prepaid expenses and other current assets	452	439
Prepaid expenses and other current assets, Adjustments	13
Investments and long-term receivables	2,067	2,192
Investments and long-term receivables, Adjustments	(125)
Properties, plants and equipment	13,030	12,837
Properties, plants and equipment, Adjustments	193
Intangibles	0	36
Intangibles, Adjustments	(36)
Other assets	185	343
Other assets, Adjustments	(158)
Total assets acquired	17,147	17,022
Total assets acquired, Adjustments	125
Fair value of liabilities assumed:
Accounts payable	915	912
Short-term debt	623	625
Short-term debt, Adjustments	(2)
Accrued income and other taxes	120	107
Accrued income and other taxes, Adjustments	13
Employee benefit obligation—current	72	50
Employee benefit obligation—current, Adjustments	22
Other accruals	491	497
Other accruals, Adjustments	(6)
Long-term debt	4,581	4,541
Long-term debt, Adjustments	40
Asset retirement obligations and accrued environmental costs	184	168
Asset retirement obligations and accrued environmental costs, Adjustments	16
Deferred income taxes	54	40
Deferred income taxes, Adjustments	14
Employee benefit obligations	54	54
Other liabilities and deferred credits	263	227
Other liabilities and deferred credits, Adjustments	36
Total liabilities assumed	7,357	7,221
Total liabilities assumed, Adjustments	136
Fair value of net assets	9,790	9,801
Fair value of net assets, Adjustments	(11)
Less: Fair value of noncontrolling interests	4,899	4,910
Less: Fair value of noncontrolling interests, Adjustments	(11)
Total merger consideration	$ 4,891	$ 4,891

Business Combination - Schedu_3

Business Combination - Schedule of Other Operating Cost and Expense (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC $ in Millions	4 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Sales and other operating revenues	$ 4,531
Net Income Attributable to Phillips 66	$ 216

Business Combination - Schedu_4

Business Combination - Schedule of Unaudited Pro Forma Financial Information (Details) - Merger of DCP Midstream, LLC and Gray Oak Holdings LLC - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Sales and other operating revenues (millions)	$ 177,127	$ 119,027
Net Income Attributable to Phillips 66 (millions)	$ 8,847	$ 3,360
Net Income Attributable to Phillips 66 per share—basic (in dollars per share)	$ 18.74	$ 7.61
Net Income Attributable to Phillips 66 per share—diluted (in dollars per share)	$ 18.68	$ 7.60

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	$ 147,399	$ 169,990	$ 111,476
United States
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	118,786	136,995	87,973
United Kingdom
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	14,642	16,741	11,132
Germany
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	5,547	6,392	4,290
Other countries
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	8,424	9,862	8,081
Refined petroleum products
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	108,644	131,798	89,020
Crude oil resales
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	20,824	20,574	12,801
NGL and natural gas
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	14,467	16,174	9,074
Services and other
Revenue from External Customer [Line Items]
Sales and Other Operating Revenues	$ 3,464	$ 1,444	$ 581

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 9,638	$ 8,749
Contract with customer	537	505
Contract with customer, liability	187	$ 156
Remaining performance obligations	$ 365
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term (in years)	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term (in years)	15 years
Weighted Average
Revenue from External Customer [Line Items]
Weighted average remaining life (in years)	2 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Accounts and notes receivable	$ 11,730	$ 10,985
Allowance for accounts and notes receivable	$ 71	$ 67
Accounts and notes receivable, percent outstanding less than 60 days (as a percent)	95%

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 3,330	$ 2,914
Materials and supplies	420	362
Inventories	$ 3,750	$ 3,276

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 3,050	$ 2,635
Estimated excess of current replacement cost over LIFO cost of inventories	5,300	6,300
Increase (decrease) on net income (loss) from LIFO inventory liquidations	$ 94	$ 75	$ (101)

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables - Schedule of Components of Investments, Loans, and Long-Term Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Equity investments	$ 14,728	$ 14,414
Other investments	195	207
Loans and long-term receivables	379	329
Total	$ 15,302	$ 14,950

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - Chevron Phillips Chemical Company LLC (CPChem) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
Chevron Phillips Chemical Company LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Equity investments	$ 7,341	$ 6,785

Investments, Loans and Long-T_5

Investments, Loans and Long-Term Receivables - WRB Refining LP (WRB) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
WRB Refining LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Amortization period (in years)	26 years
Equity investments, basis difference	$ 1,400
Equity investment, amortization of basis difference	198	184	$ 186
Equity investments	$ 2,736	$ 2,411

Investments, Loans and Long-T_6

Investments, Loans and Long-Term Receivables - Gulf Coast Express LLC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Gulf Coast Express LLC
Schedule of Equity Method Investments [Line Items]
Equity investments, basis difference	$ 415
Equity investment, amortization of basis difference	22	$ 7
Fair value of investment	$ 800	$ 844
Gulf Coast Express LLC
Schedule of Equity Method Investments [Line Items]
Amortization period (in years)	20 years
Gulf Coast Express LLC | Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25%

Investments, Loans and Long-T_7

Investments, Loans and Long-Term Receivables - Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) (Details) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 01, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) joint_venture pipeline	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity investments				$ 14,728	$ 14,414
Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually				20
Dakota Access, LLC | Senior Notes
Schedule of Equity Method Investments [Line Items]
Repayments of debt	$ 650
Debt issued and guaranteed				$ 1,850
DAPL and ETCOP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25%	25%	25%
Capital contribution		$ 89
Deferred distributions			$ 74
Maximum exposure, undiscounted				$ 467
Equity investments				$ 640	$ 675
DAPL and ETCOP | Senior Notes
Schedule of Equity Method Investments [Line Items]
Share of debt repayment		$ 163
Variable Interest Entity, Primary Beneficiary | DAPL and ETCOP | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture				2
Percentage of ownership interest				25%
Number of pipelines | pipeline				2

Investments, Loans and Long-T_8

Investments, Loans and Long-Term Receivables - Front Range Pipeline LLC (Front Range) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Amortization period (in years)	20 years
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Front Range Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Equity investments, basis difference	$ 292
Equity investment, amortization of basis difference	16	$ 5
Fair value of previously held equity interests	$ 477	$ 499
Variable Interest Entity, Primary Beneficiary | Front Range Pipeline LLC | DCP Midstream, LP
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	33%

Investments, Loans and Long-T_9

Investments, Loans and Long-Term Receivables - Rockies Express Pipeline LLC (REX) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
Rockies Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25%
Amortization period (in years)	25 years
Equity investments, basis difference	$ 261
Equity investment, amortization of basis difference	19	19	$ 19
Equity investments	$ 451	$ 483

Investments, Loans and Long-_10

Investments, Loans and Long-Term Receivables - CF United LLC (CF United) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
CF United LLC
Schedule of Equity Method Investments [Line Items]
Voting interest acquired (as a percent)	50%
Economic interest acquired	48%
Equity investments	$ 291	$ 296

Investments, Loans and Long-_11

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (OnCue) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
OnCue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Maximum loss exposure	$ 231
Equity investments	166	$ 138
Maximum exposure of loss/potential amount of future payments	$ 65

Investments, Loans and Long-_12

Investments, Loans and Long-Term Receivables - DCP Midstream, DCP Sand Hills, DCP Southern Hills, and Gray Oak Pipeline (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Aug. 17, 2022	Aug. 16, 2022
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 14,728	$ 14,414
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 Southern 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 | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 75	$ 79
Gray Oak Holdings LLC | Enbridge Inc | Gray Oak Holdings LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				35%

Investments, Loans and Long-_13

Investments, Loans and Long-Term Receivables - Liberty Pipeline LLC (Liberty) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Impairment charges		$ 24	$ 60	$ 1,498
Equity investments		$ 14,728	$ 14,414
Liberty Pipeline, LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP
Schedule of Equity Method Investments [Line Items]
Impairment charges	$ 198
Equity investments	$ 46

Investments, Loans and Long-_14

Investments, Loans and Long-Term Receivables - Midstream Investment Disposition (Details) - South Texas Gateway Terminal $ in Millions	Aug. 01, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	25%
Proceeds from sale of ownership interests	$ 275
Before-tax gain	$ 101

Investments, Loans and Long-_15

Investments, Loans and Long-Term Receivables - Other Investments (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Unrealized investment gain (loss)—NOVONIX		$ (38)	$ (433)	$ 365
NOVONIX Limited
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares)	78
Shares acquired	$ 150
Percent ownership of equity securities investment (as a percent)	16%
Equity securities		39	78
Unrealized investment gain (loss)—NOVONIX		$ (39)	$ (442)	$ 370

Investments, Loans and Long-_16

Investments, Loans and Long-Term Receivables - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Total distributions received from affiliates	$ 1,396	$ 1,832	$ 3,043
Retained earnings related to undistributed earnings of affiliated companies	$ 3,300

Investments, Loans and Long-_17

Investments, Loans and Long-Term Receivables - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Income before income taxes	$ 9,469	$ 14,639	$ 1,740
Net income	7,239	11,391	1,594
Current assets	19,941	21,922
Current liabilities	15,856	15,889
Noncontrolling interests	1,067	4,612
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues	42,078	60,981	49,339
Income before income taxes	5,350	7,616	6,346
Net income	5,160	7,414	6,125
Current assets	6,759	7,511	7,866
Noncurrent assets	46,241	46,527	56,040
Current liabilities	5,750	5,592	7,952
Noncurrent liabilities	10,980	11,412	16,906
Noncontrolling interests	$ 2	$ 2	$ 3,003

Properties, Plants and Equipm_3

Properties, Plants and Equipment - Narrative (Details)	Dec. 31, 2023
Refining and Processing Facilities
Property, Plant and Equipment [Line Items]
Useful life (in years)	25 years
Pipeline Assets
Property, Plant and Equipment [Line Items]
Useful life (in years)	45 years
Terminal Assets
Property, Plant and Equipment [Line Items]
Useful life (in years)	35 years

Properties, Plants and Equipm_4

Properties, Plants and Equipment - Schedule of Property Plant And Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 55,192	$ 52,990
Accum. D&A	19,480	17,827
Net PP&E	35,712	35,163
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,650	1,568
Accum. D&A	829	722
Net PP&E	821	846
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	26,124	25,422
Accum. D&A	4,382	3,524
Net PP&E	21,742	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 | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	25,421	24,200
Accum. D&A	13,103	12,523
Net PP&E	12,318	11,677
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	1,997	1,800
Accum. D&A	1,166	1,058
Net PP&E	$ 831	$ 742

Goodwill and Intangibles - Carr

Goodwill and Intangibles - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 1,486	$ 1,484
Goodwill assigned to acquisitions	64	2
Ending balance	1,550	1,486
Midstream
Goodwill [Roll Forward]
Beginning balance	626	626
Goodwill assigned to acquisitions	0	0
Ending balance	626	626
Marketing and Specialties
Goodwill [Roll Forward]
Beginning balance	860	858
Goodwill assigned to acquisitions	64	2
Ending balance	$ 924	$ 860

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023
Goodwill [Line Items]
Goodwill	$ 1,550	$ 1,486	$ 1,484
Net amortized intangible asset balance	220	128
Amortization of intangible assets	33	$ 27	$ 26
Estimated future amortization expense (less than)	35
Marketing and Specialties Acquisition
Goodwill [Line Items]
Goodwill	$ 64			$ 64

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 700	$ 703
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	504	503
Refinery air and operating permits
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 196	$ 200

Impairments - Schedule of Impai

Impairments - Schedule of Impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	$ 24	$ 60	$ 1,498
Corporate and Other
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	8	46	0
Midstream | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	3	1	209
Refining | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	10	13	1,288
Marketing and Specialties | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments	$ 3	$ 0	$ 1

Impairments - Narrative (Detail

Impairments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges			$ 24	$ 60	$ 1,498
Alliance Refinery
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 1,298
Fair value of PP&E	200
Alliance Refinery | Refining
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	1,288
Alliance Refinery | Midstream
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges	$ 10
Liberty Pipeline, LLC | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges		$ 198

Asset Retirement Obligations _3

Asset Retirement Obligations and Accrued Environmental Costs - Summary of Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation And Accrual For Environmental Cost Disclosure [Abstract]
Asset retirement obligations	$ 537	$ 565	$ 395
Accrued environmental costs	446	434
Total asset retirement obligations and accrued environmental costs	983	999
Asset retirement obligations and accrued environmental costs due within one year	(119)	(120)
Long-term asset retirement obligations and accrued environmental costs	$ 864	$ 879
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

Asset Retirement Obligations _4

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Change in Overall Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1	$ 565	$ 395
Accretion of discount	25	15
New obligations	0	7
Acquisition of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills	0	168
Changes in estimates of existing obligations	23	17
Spending on existing obligations	(58)	(32)
Asset dispositions	(23)	0
Foreign currency translation	5	(5)
Balance at December 31	$ 537	$ 565

Asset Retirement Obligations _5

Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Site Contingency [Line Items]
Accrued environmental costs	$ 446	$ 434
Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs	243
Expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted
Expected future undiscounted payments, due in 2024	24
Expected future undiscounted payments, due in 2025	18
Expected future undiscounted payments, due in 2026	20
Expected future undiscounted payments, due in 2027	17
Expected future undiscounted payments, due in 2028	16
Expected future undiscounted payments, due for all future years after 2028	$ 200
Weighted Average | Acquired through Business Combination
Site Contingency [Line Items]
Accrued environmental costs, discount rate, percent	5%
Domestic Refineries and Underground Sites
Site Contingency [Line Items]
Accrued environmental costs	$ 279
Nonoperator sites
Site Contingency [Line Items]
Accrued environmental costs	117
Other sites
Site Contingency [Line Items]
Accrued environmental costs	$ 50

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic
Net Income Attributable to Phillips 66	$ 7,015	$ 11,024	$ 1,317
Income allocated to participating securities	(11)	(10)	(9)
Net income available to common stockholders	$ 7,004	$ 11,014	$ 1,306
Weighted-average common shares outstanding (in shares)	448,381	469,436	437,886
Effect of share-based compensation (in shares)	1,755	2,061	2,142
Weighted-average commons shares outstanding (in shares)	450,136	471,497	440,028
Earnings Per Share of Common Stock (in dollars per share)	$ 15.56	$ 23.36	$ 2.97
Diluted
Net Income Attributable to Phillips 66	$ 7,015	$ 11,024	$ 1,317
Income allocated to participating securities	0	0	(9)
Net income available to common stockholders	$ 7,015	$ 11,024	$ 1,306
Weighted-average commons shares outstanding (in shares)	450,136	471,497	440,028
Effect of share-based compensation (in shares)	3,074	2,234	336
Weighted-average common shares outstanding—EPS (in shares)	453,210	473,731	440,364
Earnings Per Share of Common Stock (in dollars per share)	$ 15.48	$ 23.27	$ 2.97
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary
Basic
Premium paid for the repurchase of noncontrolling interests	$ 0	$ 0	$ (2)
Diluted
Premium paid for the repurchase of noncontrolling interests	$ 0	$ 0	$ (2)

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	May 19, 2023	Mar. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt at face value	$ 19,208			$ 17,158
Finance leases	305			257
Software obligations	13			20
Net unamortized discounts, debt issuance costs and acquisition fair value adjustments	(167)			(245)
Total debt	19,359			17,190
Short-term debt	(1,482)			(529)
Long-term debt	17,877			16,661
Phillips 66
Debt Instrument [Line Items]
Debt at face value	9,091			8,826
Phillips 66 Company
Debt Instrument [Line Items]
Debt at face value	5,720			3,220
Phillips 66 Partners
Debt Instrument [Line Items]
Debt at face value	247			247
DCP LP
Debt Instrument [Line Items]
Debt at face value	$ 4,150			$ 4,865
3.875% Senior Notes due March 2023 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)				3.875%
Debt				$ 500
3.875% Senior Notes due March 2023 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt				0
3.875% Senior Notes due March 2023 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt				0
3.875% Senior Notes due March 2023 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
3.875% Senior Notes due March 2023 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt				$ 500
0.900% Senior Notes due February 2024 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	0.90%			0.90%
Debt	$ 800			$ 800
0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	800			800
0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
0.900% Senior Notes due February 2024 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
2.450% Senior Notes due December 2024 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	2.45%			2.45%
Debt	$ 300			$ 300
2.450% Senior Notes due December 2024 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
2.450% Senior Notes due December 2024 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	277			277
2.450% Senior Notes due December 2024 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	23
2.450% Senior Notes due December 2024 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				23
2.450% Senior Notes due December 2024 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.605% Senior Notes due February 2025 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.605%			3.605%
Debt	$ 500			$ 500
3.605% Senior Notes due February 2025 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
3.605% Senior Notes due February 2025 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	441			441
3.605% Senior Notes due February 2025 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	59
3.605% Senior Notes due February 2025 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				59
3.605% Senior Notes due February 2025 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.850% Senior Notes due April 2025 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.85%			3.85%
Debt	$ 650			$ 650
3.850% Senior Notes due April 2025 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	650			650
3.850% Senior Notes due April 2025 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
3.850% Senior Notes due April 2025 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
3.850% Senior Notes due April 2025 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
3.850% Senior Notes due April 2025 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
5.375% Senior Notes due July 2025 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.375%			5.375%
Debt	$ 825			$ 825
5.375% Senior Notes due July 2025 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
5.375% Senior Notes due July 2025 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
5.375% Senior Notes due July 2025 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.375% Senior Notes due July 2025 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.375% Senior Notes due July 2025 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 825			$ 825
1.300% Senior Notes due February 2026 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	1.30%			1.30%
Debt	$ 500			$ 500
1.300% Senior Notes due February 2026 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	500			500
1.300% Senior Notes due February 2026 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
1.300% Senior Notes due February 2026 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
1.300% Senior Notes due February 2026 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
1.300% Senior Notes due February 2026 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.550% Senior Notes due October 2026 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.55%			3.55%
Debt	$ 492			$ 492
3.550% Senior Notes due October 2026 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
3.550% Senior Notes due October 2026 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	458			458
3.550% Senior Notes due October 2026 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	34
3.550% Senior Notes due October 2026 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				34
3.550% Senior Notes due October 2026 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
5.625% Senior Notes due July 2027 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.625%			5.625%
Debt	$ 500			$ 500
5.625% Senior Notes due July 2027 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
5.625% Senior Notes due July 2027 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
5.625% Senior Notes due July 2027 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.625% Senior Notes due July 2027 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.625% Senior Notes due July 2027 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 500			$ 500
4.950% Senior Notes due December 2027 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	4.95%		4.95%
Debt	$ 750
4.950% Senior Notes due December 2027 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0
4.950% Senior Notes due December 2027 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	750
4.950% Senior Notes due December 2027 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
4.950% Senior Notes due December 2027 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
3.750% Senior Notes due March 2028 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.75%			3.75%
Debt	$ 500			$ 500
3.750% Senior Notes due March 2028 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
3.750% Senior Notes due March 2028 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	427			427
3.750% Senior Notes due March 2028 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	73
3.750% Senior Notes due March 2028 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				73
3.750% Senior Notes due March 2028 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.900% Senior Notes due March 2028 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.90%			3.90%
Debt	$ 800			$ 800
3.900% Senior Notes due March 2028 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	800			800
3.900% Senior Notes due March 2028 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
3.900% Senior Notes due March 2028 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
3.900% Senior Notes due March 2028 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
3.900% Senior Notes due March 2028 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
5.125% Senior Notes due May 2029 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.125%			5.125%
Debt	$ 600			$ 600
5.125% Senior Notes due May 2029 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
5.125% Senior Notes due May 2029 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
5.125% Senior Notes due May 2029 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.125% Senior Notes due May 2029 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.125% Senior Notes due May 2029 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 600			$ 600
3.150% Senior Notes due December 2029 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.15%			3.15%
Debt	$ 600			$ 600
3.150% Senior Notes due December 2029 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
3.150% Senior Notes due December 2029 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	570			570
3.150% Senior Notes due December 2029 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	30
3.150% Senior Notes due December 2029 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				30
3.150% Senior Notes due December 2029 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
8.125% Senior Notes due August 2030 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	8.125%			8.125%
Debt	$ 300			$ 300
8.125% Senior Notes due August 2030 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
8.125% Senior Notes due August 2030 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
8.125% Senior Notes due August 2030 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
8.125% Senior Notes due August 2030 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
8.125% Senior Notes due August 2030 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 300			$ 300
2.150% Senior Notes due December 2030 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	2.15%			2.15%
Debt	$ 850			$ 850
2.150% Senior Notes due December 2030 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	850			850
2.150% Senior Notes due December 2030 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
2.150% Senior Notes due December 2030 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
2.150% Senior Notes due December 2030 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
2.150% Senior Notes due December 2030 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.250% Senior Notes due February 2032 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.25%			3.25%
Debt	$ 400			$ 400
3.250% Senior Notes due February 2032 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
3.250% Senior Notes due February 2032 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
3.250% Senior Notes due February 2032 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
3.250% Senior Notes due February 2032 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
3.250% Senior Notes due February 2032 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 400			$ 400
5.300% Senior Notes due June 2033 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.30%
Debt	$ 500
5.300% Senior Notes due June 2033 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0
5.300% Senior Notes due June 2033 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	500
5.300% Senior Notes due June 2033 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.300% Senior Notes due June 2033 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
4.650% Senior Notes due November 2034 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	4.65%			4.65%
Debt	$ 1,000			$ 1,000
4.650% Senior Notes due November 2034 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	1,000			1,000
4.650% Senior Notes due November 2034 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
4.650% Senior Notes due November 2034 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
4.650% Senior Notes due November 2034 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
4.650% Senior Notes due November 2034 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
6.450% Senior Notes due November 2036 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	6.45%			6.45%
Debt	$ 300			$ 300
6.450% Senior Notes due November 2036 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
6.450% Senior Notes due November 2036 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
6.450% Senior Notes due November 2036 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
6.450% Senior Notes due November 2036 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
6.450% Senior Notes due November 2036 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 300			$ 300
6.750% Senior Notes due September 2037 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	6.75%			6.75%
Debt	$ 450			$ 450
6.750% Senior Notes due September 2037 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
6.750% Senior Notes due September 2037 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
6.750% Senior Notes due September 2037 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
6.750% Senior Notes due September 2037 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
6.750% Senior Notes due September 2037 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 450			$ 450
5.875% Senior Notes due May 2042 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.875%			5.875%
Debt	$ 1,500			$ 1,500
5.875% Senior Notes due May 2042 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	1,500			1,500
5.875% Senior Notes due May 2042 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
5.875% Senior Notes due May 2042 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.875% Senior Notes due May 2042 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.875% Senior Notes due May 2042 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
5.600% Senior Notes due April 2044 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	5.60%			5.60%
Debt	$ 400			$ 400
5.600% Senior Notes due April 2044 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
5.600% Senior Notes due April 2044 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
5.600% Senior Notes due April 2044 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
5.600% Senior Notes due April 2044 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.600% Senior Notes due April 2044 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 400			$ 400
4.875% Senior Notes due November 2044 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	4.875%			4.875%
Debt	$ 1,700			$ 1,700
4.875% Senior Notes due November 2044 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	1,700			1,700
4.875% Senior Notes due November 2044 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
4.875% Senior Notes due November 2044 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
4.875% Senior Notes due November 2044 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
4.875% Senior Notes due November 2044 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
4.680% Senior Notes due February 2045 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	4.68%			4.68%
Debt	$ 450			$ 450
4.680% Senior Notes due February 2045 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
4.680% Senior Notes due February 2045 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	442			442
4.680% Senior Notes due February 2045 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	8
4.680% Senior Notes due February 2045 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				8
4.680% Senior Notes due February 2045 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
4.900% Senior Notes due October 2046 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	4.90%			4.90%
Debt	$ 625			$ 625
4.900% Senior Notes due October 2046 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0			0
4.900% Senior Notes due October 2046 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	605			605
4.900% Senior Notes due October 2046 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	20
4.900% Senior Notes due October 2046 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				20
4.900% Senior Notes due October 2046 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
3.300% Senior Notes due March 2052 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)	3.30%			3.30%
Debt	$ 1,000			$ 1,000
3.300% Senior Notes due March 2052 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	1,000			1,000
3.300% Senior Notes due March 2052 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
3.300% Senior Notes due March 2052 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
3.300% Senior Notes due March 2052 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
3.300% Senior Notes due March 2052 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	0			0
Securitization facility due August 2024 | Senior Notes
Debt Instrument [Line Items]
Debt	350
Securitization facility due August 2024 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt				0
Securitization facility due August 2024 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt				0
Securitization facility due August 2024 | Senior Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
Securitization facility due August 2024 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt				40
Securitization facility due August 2024 | Line of Credit
Debt Instrument [Line Items]
Debt				40
Securitization facility due August 2024 | Line of Credit | Phillips 66
Debt Instrument [Line Items]
Debt	0
Securitization facility due August 2024 | Line of Credit | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Securitization facility due August 2024 | Line of Credit | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Securitization facility due August 2024 | Line of Credit | DCP LP
Debt Instrument [Line Items]
Debt	350
Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0
Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	1,250
Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 0
Floating Rate Term Loan due June 2026 at 6.456% at year-end 2023 | Loans Payable | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Long-term debt (as a percent)	6.456%
Debt	$ 1,250
Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party | Loans Payable | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Long-term debt (as a percent)	6.096%
Debt	$ 25
Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party | Loans Payable | Phillips 66 | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	25
Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party | Loans Payable | Phillips 66 Company | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	0
Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party | Loans Payable | Phillips 66 Partners | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	0
Floating Rate Advance Term Loan due 2035 at 6.096% at year end 2023—related party | Loans Payable | DCP LP | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	$ 0
Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party | Loans Payable | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Long-term debt (as a percent)	6.49%
Debt	$ 265
Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party | Loans Payable | Phillips 66 | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	265
Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party | Loans Payable | Phillips 66 Company | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	0
Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party | Loans Payable | Phillips 66 Partners | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	0
Floating Rate Advance Term Loan due 2038 at 6.490% at year-end 2023—related party | Loans Payable | DCP LP | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt	0
Revolving credit facility due 2027 at 6.512% at year-end 2023 | Senior Notes | Phillips 66
Debt Instrument [Line Items]
Debt	0
Revolving credit facility due 2027 at 6.512% at year-end 2023 | Senior Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0
Revolving credit facility due 2027 at 6.512% at year-end 2023 | Senior Notes | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Revolving credit facility due 2027 at 6.512% at year-end 2023 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt	$ 25
Revolving credit facility due 2027 at 6.512% at year-end 2023 | Loans Payable | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Long-term debt (as a percent)	6.512%
Debt	$ 25
Other
Debt Instrument [Line Items]
Debt	1			1
Other | Phillips 66
Debt Instrument [Line Items]
Debt	1			1
Other | Phillips 66 Company
Debt Instrument [Line Items]
Debt	0			0
Other | Phillips 66 Partners
Debt Instrument [Line Items]
Debt	0
Other | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
Other | DCP LP
Debt Instrument [Line Items]
Debt	$ 0			$ 0
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes
Debt Instrument [Line Items]
Debt interest rate (as a percent)				5.85%
Debt				$ 550
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | Phillips 66
Debt Instrument [Line Items]
Debt				0
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | Phillips 66 Company
Debt Instrument [Line Items]
Debt				0
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt				0
5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | DCP LP
Debt Instrument [Line Items]
Debt interest rate (as a percent)		5.85%
Debt		$ 497		$ 550
Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party | Loans Payable | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Long-term debt (as a percent)				4.72%
Debt				$ 25
Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party | Loans Payable | Phillips 66 | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt				25
Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party | Loans Payable | Phillips 66 Company | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt				0
Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party | Loans Payable | Phillips 66 Partners | Variable Interest Entity, Primary Beneficiary | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt				0
Floating Rate Advance Term Loan due December 2034 at 4.720% at year-end 2022—related party | Loans Payable | DCP LP | WRB Refining LP | Equity Method Investee
Debt Instrument [Line Items]
Debt				$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions

1 Months Ended

12 Months Ended

Feb. 15, 2024 USD ($)

May 19, 2023 USD ($)

Mar. 29, 2023 USD ($)

Mar. 27, 2023 USD ($)

Mar. 15, 2023 USD ($)

Aug. 17, 2022 USD ($)

Jun. 23, 2022 USD ($) option

May 03, 2022

Apr. 30, 2022 USD ($)

Dec. 31, 2023 USD ($) option

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jun. 22, 2022 USD ($)

May 05, 2022 USD ($) instrument

Apr. 19, 2022 USD ($)

Jul. 30, 2019 USD ($)

Debt Instrument [Line Items]

Long-term borrowing maturities, 2024

$ 1,482

Long-term borrowing maturities, 2025

1,999

Long-term borrowing maturities, 2026

2,253

Long-term borrowing maturities, 2027

1,276

Long-term borrowing maturities, 2028

1,313

Loss on early redemption of debt

53

$ 0

$ 0

Issuance of debt

6,260

453

$ 1,443

Commercial Paper

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

5,000

Amount borrowed

$ 0

0

Maximum | Commercial Paper

Debt Instrument [Line Items]

Debt term

365 days

DCP Midstream, LP | Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Long-term debt

$ 3,759

4,248

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

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 750

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Remaining outstanding borrowing capacity

$ 6,400

$ 6,700

Line of Credit | DCP Midstream, LP | Secured Debt

Debt Instrument [Line Items]

Number of options to extend | option

2

Extension term (in years)

1 year

5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

5.85%

Debt

$ 550

5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | DCP Midstream, LP

Debt Instrument [Line Items]

Debt interest rate (as a percent)

5.85%

Aggregate principal amount intended to be redeemed

$ 550

Debt

497

550

Loss on early redemption of debt

$ 53

5.850% Junior Subordinated Notes due May 2043 | Junior Subordinated Notes | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Debt

$ 0

Senior Notes Due December 2027 And June 2033 | Senior Notes

Debt Instrument [Line Items]

Issuance of debt

$ 1,250

4.950% Senior Notes due December 2027 | Senior Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

4.95%

4.95%

Debt

$ 750

Issuance of debt

$ 750

4.950% Senior Notes due December 2027 | Senior Notes | DCP Midstream, LP

Debt Instrument [Line Items]

Debt

0

4.950% Senior Notes due December 2027 | Senior Notes | Phillips 66 Partners LP

Debt Instrument [Line Items]

Debt

$ 0

5.300% Senior Notes Due June 2033 | Senior Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

5.30%

Issuance of debt

$ 500

3.875% Senior Notes Due March 2023 | Senior Notes | DCP Midstream, LP

Debt Instrument [Line Items]

Debt interest rate (as a percent)

3.875%

Repayments of debt

$ 500

3.700% Senior Notes due April 2023 | Senior Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

3.70%

Repayments of debt

$ 500

4.300% Senior Notes due April 2022 | Senior Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

4.30%

Repayments of debt

$ 1,000

Term Loan Due April 2022 | Loans Payable

Debt Instrument [Line Items]

Repayments of debt

$ 450

Senior Notes, Old Notes | Senior Notes

Debt Instrument [Line Items]

Number of instruments | instrument

7

Long-term debt

$ 3,500

Aggregate principal early tendered for exchange

$ 3,200

Percent discount (as a percent)

3%

0.900% Senior Notes due February 2024 | Senior Notes

Debt Instrument [Line Items]

Debt interest rate (as a percent)

0.90%

0.90%

Debt

$ 800

$ 800

0.900% Senior Notes due February 2024 | Senior Notes | Subsequent Event

Debt Instrument [Line Items]

Debt interest rate (as a percent)

0.90%

Repayments of debt

$ 800

0.900% Senior Notes due February 2024 | Senior Notes | DCP Midstream, LP

Debt Instrument [Line Items]

Debt

0

0

0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66 Partners LP

Debt Instrument [Line Items]

Debt

0

0.900% Senior Notes due February 2024 | Senior Notes | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Debt

0

The Facility | Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 5,000

$ 5,000

Debt instrument covenant, debt to capitalization ratio (as a percent)

65%

Line of credit facility, accordion feature, increase limit

$ 6,000

Number of options to extend | option

2

Extension term (in years)

1 year

Amount borrowed

0

0

The Credit Agreement | Line of Credit | DCP Midstream, LP | Secured Debt

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

1,400

Line of credit facility, accordion feature, increase limit

500

Amount borrowed

25

0

Performance obligations secured by letters of credit and bank guarantees

2

10

Securitization Facility | Senior Notes

Debt Instrument [Line Items]

Debt

350

Securitization Facility | Senior Notes | DCP Midstream, LP

Debt Instrument [Line Items]

Debt

40

Securitization Facility | Senior Notes | Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary

Debt Instrument [Line Items]

Debt

0

Securitization Facility | Line of Credit

Debt Instrument [Line Items]

Debt

40

Securitization Facility | Line of Credit | DCP Midstream, LP

Debt Instrument [Line Items]

Debt

350

Securitization Facility | Line of Credit | DCP Midstream, LP | Secured Debt

Debt Instrument [Line Items]

Debt

350

40

Line of credit facility, maximum borrowing capacity

350

Repayments of debt

$ 470

Line of credit facility, accordion feature, increase limit

400

Securitization Facility | Line of Credit | Phillips 66 Partners LP

Debt Instrument [Line Items]

Debt

0

Term Loan Agreement | Line of Credit | Secured Debt

Debt Instrument [Line Items]

Debt

1,250

Line of credit facility, maximum borrowing capacity

$ 1,500

Funding period

90 days

Debt instrument covenant, debt to capitalization ratio (as a percent)

65%

Advanced Term Loan Agreement | Line of Credit | Secured Debt

Debt Instrument [Line Items]

Debt

$ 290

$ 25

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	$ 446	$ 434
Joint Venture Debt Obligation Guarantees | Other Joint Ventures
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	$ 214
Joint venture debt obligations, period (in years) (up to)	2 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 159	137
Environmental accruals for known contaminations	114	$ 108
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	514
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum exposure of loss/potential amount of future payments	$ 168
Railcar and Airplane | Residual Value Guarantees | Minimum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (in years) (up to)	1 year
Railcar and Airplane | Residual Value Guarantees | Maximum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (in years) (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2024	$ 319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2025	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2026	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2027	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2028	319
Aggregate amounts of estimated payments under long-term throughput and take-or-pay agreements - 2028 and after	692
Total payments under long-term throughput and take-or-pay agreements	319	$ 323	$ 327
Performance Guarantee
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 1,124

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Schedule of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Liabilities	$ (3,041)	$ (1,594)
Effect of Collateral Netting	0	0
Liabilities
Assets	3,041	1,594
Effect of Collateral Netting	18	90
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	18	90
Total
Assets	3,201	1,860
Liabilities	(3,148)	(1,896)
Net Carrying Value Presented on the Balance Sheet	71	54
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	2,148	1,331
Liabilities	(2,005)	(1,110)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	143	221
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	19	46
Liabilities	(2)	(1)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	17	45
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	1,034	471
Liabilities	(1,127)	(750)
Effect of Collateral Netting	18	90
Net Carrying Value Presented on the Balance Sheet	(75)	(189)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	0	12
Liabilities	(14)	(35)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (14)	$ (23)

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral paid	$ 7	$ 93
Estimated percentage of derivative contract volume expiring within twelve months (as a percent)	90%	90%
Payment term of receivables (in days)	30 days

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Schedule of Gains/(Losses) From Commodity Derivatives (Details) - Commodity derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (33)	$ (397)	$ (747)
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	137	(128)	(468)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	99	79	34
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (269)	$ (348)	$ (313)

Derivatives and Financial Ins_6

Derivatives and Financial Instruments - Schedule of Outstanding Commodity Derivative Contracts (Details) - Commodity Derivative Assets - Short bbl in Millions, Bcf in Millions	Dec. 31, 2023 Bcf bbl	Dec. 31, 2022 bbl Bcf
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
Derivative [Line Items]
Commodity | bbl	(22)	(25)
Natural gas (billions of cubic feet)
Derivative [Line Items]
Commodity | Bcf	(25,000)	(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	Dec. 31, 2023	Dec. 31, 2022
Assets
Total Fair Value of Gross Assets & Liabilities	$ 3,395	$ 2,107
Effect of Counterparty Netting	(3,041)	(1,594)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	354	513
Liabilities
Total Fair Value Gross Liabilities	21,781	17,832
Effect of Counterparty Netting	(3,041)	(1,594)
Effect of Collateral Netting	(18)	(90)
Difference in Carrying Value and Fair Value	408	977
Net Carrying Value Presented on the Balance Sheet	19,130	17,125
Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	3,269	1,861
Liabilities
Total Fair Value Gross Liabilities	3,057	1,676
Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	125	224
Liabilities
Total Fair Value Gross Liabilities	18,724	16,151
Level 3
Assets
Total Fair Value of Gross Assets & Liabilities	1	22
Liabilities
Total Fair Value Gross Liabilities	0	5
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	3,129	1,748
Effect of Counterparty Netting	(3,039)	(1,582)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	90	166
Liabilities
Total Fair Value of Gross Assets & Liabilities	3,098	1,845
Effect of Counterparty Netting	(3,039)	(1,582)
Effect of Collateral Netting	(18)	(90)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	41	173
Commodity Derivative Assets | OTC instruments
Assets
Total Fair Value of Gross Assets & Liabilities	1	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	1	23
Liabilities
Total Fair Value of Gross Assets & Liabilities		9
Effect of Counterparty Netting		0
Effect of Collateral Netting		0
Difference in Carrying Value and Fair Value		0
Net Carrying Value Presented on the Balance Sheet		9
Commodity Derivative Assets | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	71	89
Effect of Counterparty Netting	(2)	(12)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	69	77
Liabilities
Total Fair Value of Gross Assets & Liabilities	50	42
Effect of Counterparty Netting	(2)	(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	30
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	3,075	1,615
Liabilities
Total Fair Value of Gross Assets & Liabilities	3,057	1,676
Commodity Derivative Assets | Level 1 | OTC instruments
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities		0
Commodity Derivative Assets | Level 1 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	0	0
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Commodity Derivative Assets | Level 2 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	54	130
Liabilities
Total Fair Value of Gross Assets & Liabilities	41	164
Commodity Derivative Assets | Level 2 | OTC instruments
Assets
Total Fair Value of Gross Assets & Liabilities	1	7
Liabilities
Total Fair Value of Gross Assets & Liabilities		9
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	70	86
Liabilities
Total Fair Value of Gross Assets & Liabilities	50	42
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Total Fair Value of Gross Assets & Liabilities	0	3
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	5
Commodity Derivative Assets | Level 3 | OTC instruments
Assets
Total Fair Value of Gross Assets & Liabilities	0	16
Liabilities
Total Fair Value of Gross Assets & Liabilities		0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Total Fair Value of Gross Assets & Liabilities	1	3
Liabilities
Total Fair Value of Gross Assets & Liabilities	0	0
Rabbi trust assets
Assets
Rabbi trust assets	155	126
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	155	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	39	78
Difference in Carrying Value and Fair Value	0	0
Investment in NOVONIX | Level 1
Assets
Rabbi trust assets	39	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	1,915	65
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	1,915	65
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	16,718	15,871
Difference in Carrying Value and Fair Value	408	977
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	16,718	15,871
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	0	0
Reported Value Measurement | Floating-rate debt
Liabilities
Debt	1,915	65
Reported Value Measurement | Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	$ 17,126	$ 16,848

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 17, 2022	Dec. 31, 2021	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 2,034
Properties, plants and equipment	13,030
Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	2,192		$ 2,067
Properties, plants and equipment	12,837		$ 13,030
Gain from remeasuring previously held equity investments to fair value	2,831	$ 2,831
Gray Oak Pipeline LLC | Merger of DCP Midstream, LLC and Gray Oak Holdings LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain from remeasuring previously held equity investments to fair value	$ 182
Gray Oak Pipeline LLC | Merger of DCP Midstream, LLC and Gray Oak Holdings LLC | Enbridge Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transferred indirect economic interest (as a percent)	35.75%

Equity (Details)

Equity (Details) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended				138 Months Ended
	Feb. 07, 2024 $ / shares	Mar. 09, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($) transaction shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 25, 2023 USD ($)
Class of Stock [Line Items]
Preferred stock authorized, shares (in shares) | shares				500,000,000				500,000,000
Par value of preferred stock, per share (in dollars per share) | $ / shares				$ 0.01				$ 0.01
Preferred stock outstanding, shares (in shares) | shares				0				0
Repurchase of common stock (in shares) | shares				37,847,772	16,583,076
Cost of shares repurchased				$ 4,066	$ 1,540
Repurchase of common stock				$ 4,014	$ 1,513	$ 0
Acquisition Of Phillips 66 Partners Common Units Held By Public
Class of Stock [Line Items]
Number of shares to be issued (in shares) | shares		41,800,000	41,800,000
Decrease of treasury stock		$ 3,380	$ 3,400
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (in dollars per share) | $ / shares	$ 1.05
July 2012 Repurchase Plan
Class of Stock [Line Items]
Amount authorized for stock repurchase									$ 5,000
Cumulative authorized amount								$ 25,000
Repurchase of common stock (in shares) | shares				37,800,000				213,800,000
Cost of shares repurchased								$ 18,000
Repurchase of common stock				$ 4,000
Separately Authorized Share Repurchases In 2014 And 2018
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares							52,400,000
Cost of shares repurchased							$ 4,600
Number of transactions | transaction							2

Leases - Balance Sheet (Details

Leases - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Net properties, plants and equipment	Net properties, plants and equipment
Finance leases, Total right-of-use assets	$ 298	$ 259
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Debt, Current	Debt, Current
Short-term debt	$ 25	$ 23
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Long-term debt	$ 280	$ 234
Finance leases, Total lease liabilities	$ 305	$ 257
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating leases, Total right-of-use assets	$ 1,116	$ 995
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Other accruals	$ 362	$ 282
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Deferred Credits and Other Liabilities, Noncurrent	Deferred Credits and Other Liabilities, Noncurrent
Other liabilities and deferred credits	$ 790	$ 745
Operating leases, Total lease liabilities	$ 1,152	$ 1,027

Leases - Summary of Leases (Det

Leases - Summary of Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finance Leases
2024	$ 39
2025	32
2026	34
2027	28
2028	29
Remaining years	250
Future minimum lease payments	412
Amount representing interest or discounts	(107)
Total lease liabilities	305	$ 257
Operating Leases
2024	406
2025	295
2026	206
2027	127
2028	75
Remaining years	180
Future minimum lease payments	1,289
Amount representing interest or discounts	(137)
Total lease liabilities	$ 1,152	$ 1,027

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 30	$ 24	$ 23
Interest on lease liabilities	9	9	9
Total finance lease cost	39	33	32
Operating lease cost	390	387	461
Short-term lease cost	76	63	104
Variable lease cost	55	19	3
Sublease income	(12)	(13)	(15)
Total net lease cost	$ 548	$ 489	$ 585

Leases - Cash Paid for Leases (

Leases - Cash Paid for Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash outflows—finance leases	$ 15	$ 11	$ 9
Operating cash outflows—operating leases	390	392	438
Financing cash outflows—finance leases	$ 19	$ 32	$ 21

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use asset obtained in exchange for operating lease liability	$ 398	$ 269	$ 260

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term—finance leases (years)	13 years 4 months 24 days	12 years 6 months
Weighted-average remaining lease term—operating leases (years)	4 years 10 months 24 days	5 years 9 months 18 days
Weighted-average discount rate—finance leases (as a percent)	3.90%	3.30%
Weighted-average discount rate—operating leases (as a percent)	4.50%	3.80%

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Reconciliation of Projected Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits | United States
Change in Benefit Obligations
Benefit obligations at January 1	$ 2,209	$ 3,033
Service cost	108	123	$ 146
Interest cost	118	100	81
Plan participant contributions	0	0
Actuarial loss (gain)	58	(528)
Benefits paid	(233)	(519)
Settlements	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	2,260	2,209	3,033
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	1,778	2,547
Actual return on plan assets	203	(375)
Company contributions	391	125
Plan participant contributions	0	0
Benefits paid	(233)	(519)
Settlements	0	0
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	2,139	1,778	2,547
Funded Status at December 31	(121)	(431)
Pension Benefits | Int’l.
Change in Benefit Obligations
Benefit obligations at January 1	675	1,409
Service cost	13	28	36
Interest cost	31	21	19
Plan participant contributions	2	2
Actuarial loss (gain)	30	(502)
Benefits paid	(33)	(44)
Settlements	0	(101)
Foreign currency exchange rate change	34	(138)
Benefit obligations at December 31	752	675	1,409
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	707	1,280
Actual return on plan assets	44	(329)
Company contributions	20	23
Plan participant contributions	2	2
Benefits paid	(33)	(44)
Settlements	0	(101)
Foreign currency exchange rate change	38	(124)
Fair value of plan assets at December 31	778	707	1,280
Funded Status at December 31	26	32
Other Benefits
Change in Benefit Obligations
Benefit obligations at January 1	156	197
Service cost	3	4	5
Interest cost	8	5	5
Plan participant contributions	7	6
Actuarial loss (gain)	2	(37)
Benefits paid	(26)	(19)
Settlements	0	0
Foreign currency exchange rate change	0	0
Benefit obligations at December 31	150	156	197
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Company contributions	19	13
Plan participant contributions	7	6
Benefits paid	(26)	(19)
Settlements	0	0
Foreign currency exchange rate change	0	0
Fair value of plan assets at December 31	0	0	$ 0
Funded Status at December 31	$ (150)	$ (156)

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Summary of Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (630)	$ (937)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(55)	(50)
Noncurrent liabilities	(66)	(381)
Total recognized	(121)	(431)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	157	140
Current liabilities	0	0
Noncurrent liabilities	(131)	(108)
Total recognized	26	32
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(20)	(15)
Noncurrent liabilities	(130)	(141)
Total recognized	$ (150)	$ (156)

Pension and Postretirement Pl_5

Pension and Postretirement Plans - Summary of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss) arising during the period	$ (11)	$ 191	$ 320
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	111	159
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	20	18
Amortization of net actuarial loss (gain) and settlements	28	74
Amortization of prior service credit	0	0
Total recognized in other comprehensive income	48	92
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	2	(27)
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	(26)	136
Amortization of net actuarial loss (gain) and settlements	(3)	21
Amortization of prior service credit	0	(1)
Total recognized in other comprehensive income	(29)	156
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(51)	(59)
Unrecognized prior service credit	0	0
Net actuarial gain (loss) arising during the period	(2)	37
Amortization of net actuarial loss (gain) and settlements	(6)	(2)
Amortization of prior service credit	0	(2)
Total recognized in other comprehensive income	$ (8)	$ 33

Pension and Postretirement Pl_6

Pension and Postretirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, amortization percentage	10%
Maximum employee contribution of eligible pay (as a percent)	75%
Total expense related to participants in the savings plan	$ 196	$ 210	$ 142
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets (as a percent)	47%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets (as a percent)	37%
Real Estate Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets (as a percent)	8%
Other Types of Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets (as a percent)	8%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Semi-annual discretionary company contribution target (as a percent)	0%	0%	0%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Company match of participant's contributions of eligible pay (as a percent)	8%	8%	6%
Semi-annual discretionary company contribution target (as a percent)	4%	4%	6%
United States
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions next fiscal year	$ 75
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	2,101	$ 2,055
Actuarial loss (gain)	58	(528)
Actual (decrease) increase in plan assets	$ 203	$ (375)
Weighted-average actual return on plan assets, (negative) positive return	10%	(20.00%)
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 661	$ 593
Actuarial loss (gain)	30	(502)
Actual (decrease) increase in plan assets	44	(329)
Expected future employer contributions next fiscal year	5
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss (gain)	2	(37)
Actual (decrease) increase in plan assets	$ 0	$ 0
Health care cost trend rate (as a percent)	7%
Health care cost trend rate, ultimate (as a percent)	5%

Pension and Postretirement Pl_7

Pension and Postretirement Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	$ 101	$ 2,055
Fair value of plan assets	0	1,778
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations	136	114
Fair value of plan assets	$ 13	$ 13

Pension and Postretirement Pl_8

Pension and Postretirement Plans - Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 2,260	$ 2,209
Fair value of plan assets	2,139	1,778
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	144	121
Fair value of plan assets	$ 13	$ 13

Pension and Postretirement Pl_9

Pension and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 108	$ 123	$ 146
Interest cost	118	100	81
Expected return on plan assets	(126)	(135)	(160)
Amortization of prior service credit	0	0	0
Amortization of net actuarial loss (gain)	11	21	46
Settlements	17	53	55
Net periodic benefit cost	128	162	168
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
Service cost	13	28	36
Interest cost	31	21	19
Expected return on plan assets	(43)	(56)	(59)
Amortization of prior service credit	0	(1)	(1)
Amortization of net actuarial loss (gain)	(3)	12	25
Settlements	0	9	0
Net periodic benefit cost	(2)	13	20
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	4	5
Interest cost	8	5	5
Expected return on plan assets	0	0	0
Amortization of prior service credit	0	(2)	(2)
Amortization of net actuarial loss (gain)	(6)	(2)	(1)
Settlements	0	0	0
Net periodic benefit cost	$ 5	$ 5	$ 7

Pension and Postretirement P_10

Pension and Postretirement Plans - Summary of Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits | United States
Assumptions Used to Determine Benefit Obligations:
Discount rate	5.35%	5.70%
Rate of compensation increase	4.30%	4.30%
Interest crediting rate on cash balance plan	3.98%	3.88%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	5.70%	3.94%
Expected return on plan assets	7.50%	6.50%
Rate of compensation increase	4.30%	4.30%
Interest crediting rate on cash balance plan	3.88%	2.59%
Pension Benefits | Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate	4.36%	4.64%
Rate of compensation increase	3.34%	3.32%
Interest crediting rate on cash balance plan	0%	0%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	4.64%	1.65%
Expected return on plan assets	5.91%	4.90%
Rate of compensation increase	3.32%	3.05%
Interest crediting rate on cash balance plan	0%	0%
Other Benefits
Assumptions Used to Determine Benefit Obligations:
Discount rate	5.45%	5.70%
Rate of compensation increase	0%	0%
Interest crediting rate on cash balance plan	0%	0%
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	5.70%	2.90%
Expected return on plan assets	0%	0%
Rate of compensation increase	0%	0%
Interest crediting rate on cash balance plan	0%	0%

Pension and Postretirement P_11

Pension and Postretirement Plans - Summary of Pension Plan Asset Fair Values (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,139	$ 1,778	$ 2,547
United States | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	815	615
United States | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	714	526
United States | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	101	89
United States | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	295	239
United States | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	295	239
United States | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	388	268
United States | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	388	268
United States | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	101	89
United States | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	101	89
United States | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	31	19
United States | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	31	19
United States | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
United States | Common/collective trusts measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,013	841
United States | Real estate and infrastructure investments measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	311	322
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	778	707	$ 1,280
Int’l. | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	77
Int’l. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	64
Int’l. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	13
Int’l. | Equity securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Equity securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Government debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	64
Int’l. | Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	64
Int’l. | Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	13
Int’l. | Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Int’l. | Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	13
Int’l. | Common/collective trusts measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	636	567
Int’l. | Real estate and infrastructure investments measured at NAV | NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 125	$ 63

Pension and Postretirement P_12

Pension and Postretirement Plans - Summary of Future Service Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits | United States
Defined Benefit Plan Disclosure [Line Items]
2024	$ 251
2025	207
2026	213
2027	217
2028	216
2029-2033	1,096
Pension Benefits | Int’l.
Defined Benefit Plan Disclosure [Line Items]
2024	24
2025	27
2026	28
2027	30
2028	34
2029-2033	184
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	18
2025	17
2026	17
2027	16
2028	16
2029-2033	$ 74

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	4 Months Ended	5 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 14, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average grant date fair value of options granted (in dollars per share)			$ 27.45	$ 17.02	$ 12.06
Aggregate intrinsic value, exercised			$ 52	$ 42	$ 24
Total share-based compensation expense			$ 297	$ 210	$ 144
Exercise period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.33%
Exercise period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.33%
Exercise period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.33%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued per stock unit (in shares)			1
Unrecognized compensation expense from unvested awards held by employees			$ 92
Weighted-average period for recognition of unrecognized compensation expense from unvested awards (in months)			18 months
Longest period for recognition of unrecognized compensation expense from unvested awards (in months)			35 months
Granted (in dollars per share)			$ 100.39	$ 88.16	$ 75.91
Aggregate fair value, Issued shares			$ 126	$ 102	$ 61
Total share-based compensation expense			$ 130	$ 101	$ 100
Restricted stock units | Employees Eligible for Retirement | Awards Granted In 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			10 months
Restricted stock units | Employees Eligible for Retirement | Awards Granted Prior To 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			6 months
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued per stock unit (in shares)			1
Unrecognized compensation expense from unvested awards held by employees			$ 0
Granted (in dollars per share)			$ 102.66	$ 71.82	$ 68.18
Aggregate fair value, Issued shares			$ 13	$ 9	$ 12
Performance measurement period (in years)			3 years
Fair value of cash settled units			$ 36	18	27
Total share-based compensation expense			139	68	23
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense from unvested awards held by employees			$ 6
Weighted-average period for recognition of unrecognized compensation expense from unvested awards (in months)			21 months
Longest period for recognition of unrecognized compensation expense from unvested awards (in months)			30 months
Performance measurement period (in years)			3 years
Stock option terms (in years)			10 years
Weighted-average remaining contractual terms of vested options (in years)			6 years 4 months 13 days
Weighted-average remaining contractual terms of exercisable options (in years)			5 years 7 months 6 days
Cash received from the exercise of options			$ 123
Tax benefit from the exercise of options			12
Total share-based compensation expense			$ 19	17	19
Stock options | Awards Granted In 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			10 months
Stock options | Awards Granted Prior To 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			6 months
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 23	$ 6	$ 9	$ 24	$ 2
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable under P66 Omnibus Plan, maximum (in shares)			13,000,000
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Restricted stock units | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
2013 Omnibus Stock And Performance Incentive Plan Of Phillips 66 | Restricted stock units | Cliff Vesting, Awards Granted Prior To 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Schedule of Compensation Expense and Tax Benefit (Details) - USD ($) $ in Millions	4 Months Ended	5 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 14, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense			$ 297	$ 210	$ 144
Income tax benefit			(87)	(55)	(33)
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense			130	101	100
Performance share units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense			139	68	23
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense			19	17	19
Other
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 23	$ 6	$ 9	$ 24	$ 2

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Schedule of Stock Unit Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Units
Outstanding, beginning of period (in shares)	3,266,475
Granted (in shares)	1,583,095
Forfeited (in shares)	(92,090)
Issued (in shares)	(1,225,397)
Outstanding, end of period (in shares)	3,532,083	3,266,475
Stock units, not vested, end of period (in shares)	2,491,170
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 82.76
Granted (in dollars per share)	100.39	$ 88.16	$ 75.91
Forfeited (in dollars per share)	93.04
Issued (in dollars per share)	84.48
Outstanding, end of period (in dollars per share)	89.80	$ 82.76
Weighted-average grant date fair value, not vested, end of period (in dollars per share)	$ 90.40
Total fair value, issued	$ 126	$ 102	$ 61

Share-Based Compensation Plan_5

Share-Based Compensation Plans - Schedule of Performance Share Activity (Details) - Performance share units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Share Units
Outstanding, beginning of period (in shares)	703,169
Granted (in shares)	347,668
Forfeited (in shares)	(243)
Issued (in shares)	(168,665)
Cash settled (in shares)	(347,668)
Outstanding, end of period (in shares)	534,261	703,169
Stock units, not vested, end of period (in shares)	0
Weighted-Average Grant-Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 38.54
Granted (in dollars per share)	102.66	$ 71.82	$ 68.18
Forfeited (in dollars per share)	63.64
Issued (in dollars per share)	41.56
Cash settled (in dollars per share)	102.66
Outstanding, end of period (in dollars per share)	37.57	$ 38.54
Weighted-average grant date fair value, not vested, end of period (in dollars per share)	$ 0
Total fair value, issued	$ 13	$ 9	$ 12
Fair value of cash settled units	$ 36	$ 18	$ 27

Share-Based Compensation Plan_6

Share-Based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding at beginning balance (in shares)	5,842,915
Granted (in shares)	792,000
Forfeited (in shares)	(33,372)
Exercised (in shares)	(1,483,629)
Outstanding at ending balance (in shares)	5,117,914	5,842,915
Option, vested at ending balance (in shares)	4,604,847
Option, exercisable at ending balance (in shares)	3,198,901
Weighted-Average Exercise Price
Outstanding at beginning balance (in dollars per share)	$ 84.97
Granted (in dollars per share)	100.32
Forfeited (in dollars per share)	97.41
Exercised (in dollars per share)	82.84
Outstanding at ending balance (in dollars per share)	87.89	$ 84.97
Weighted-average exercise price, vested at ending balance (in dollars per share)	87.35
Weighted-average exercise price, exercisable at ending balance (in dollars per share)	86.59
Weighted-average grant date fair value, granted (in dollars per share)	$ 27.45	$ 17.02	$ 12.06
Aggregate intrinsic value, exercised	$ 52	$ 42	$ 24
Aggregate intrinsic value, vested	212
Aggregate intrinsic value, exercisable	$ 149

Share-Based Compensation Plan_7

Share-Based Compensation Plans - Fair Value Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.84%	1.97%	0.93%
Dividend yield	3.80%	5.10%	5.30%
Volatility factor	35.19%	33.67%	32.11%
Expected life (years)	6 years 9 months 10 days	6 years 7 months 9 days	6 years 9 months 3 days

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Eligible tax credits purchased	$ 262
Payments to counterparties	196
Deferred tax assets, operating loss carryforwards, state	30
Increase in valuation allowance	24
Temporary difference resulting from investment book basis exceeding tax basis	1,430
Unrecognized tax benefits that if recognized would affect our effective tax rate	100	$ 37	$ 35
Amount of unrecognized benefits expected to be recognized in next twelve months	28
Accrued liabilities for interest and penalties	8	7	6
Decrease in net income (loss) related to income tax penalties and interests accrued	1	3	3
State income tax (benefit), impact from updated apportionment factors			58
Income tax (benefit) expense reflected in the capital in excess of par column of the consolidated statement of equity	113	$ (323)	$ 0
United States
Income Tax Contingency [Line Items]
Deferred tax assets, tax credit carryforwards, foreign	113
United Kingdom
Income Tax Contingency [Line Items]
Deferred tax assets, operating loss carryforwards, foreign	$ 8

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 661	$ 1,263	$ 363
Deferred	830	1,171	(85)
Foreign
Current	394	492	50
Deferred	(23)	(109)	(39)
State and local
Current	335	173	5
Deferred	33	258	(148)
Income tax expense	$ 2,230	$ 3,248	$ 146

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$ 3,320	$ 3,309
Investment in joint ventures	1,979	1,854
Investment in subsidiaries	2,628	1,974
Other	268	238
Total deferred tax liabilities	8,195	7,375
Deferred Tax Assets
Benefit plan accruals	362	307
Loss and credit carryforwards	151	113
Asset retirement obligations and accrued environmental costs	127	137
Other financial accruals and deferrals	68	51
Inventory	34	62
Other	274	220
Total deferred tax assets	1,016	890
Less: valuation allowance	121	97
Net deferred tax assets	895	793
Net deferred tax liabilities	$ 7,300	$ 6,582

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 54	$ 54	$ 56
Additions for tax positions of current year	0	1	0
Additions for tax positions of prior years	66	2	0
Reductions for tax positions of prior years	(4)	(3)	(2)
Balance at December 31	$ 116	$ 54	$ 54

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before income taxes
United States	$ 7,887	$ 12,628	$ 1,737
Foreign	1,582	2,011	3
Income before income taxes	9,469	14,639	1,740
Income Tax Expense (Benefit), Income Tax Reconciliation
Federal statutory income tax	1,989	3,074	365
State income tax, net of federal income tax benefit	290	341	(65)
Noncontrolling interests	(51)	(74)	(57)
Non-taxable equity earnings	(42)	(33)	(53)
Tax law changes	0	(25)	(26)
Other	44	(35)	(18)
Income tax expense	$ 2,230	$ 3,248	$ 146
Percentage of Income (Loss) Before Income Taxes
United States	83.30%	86.30%	99.80%
Foreign	16.70%	13.70%	0.20%
Income before income taxes	100%	100%	100%
Effective Income Tax Rate, Tax Rate Reconciliation
Federal statutory income tax	21%	21%	21%
State income tax, net of federal income tax benefit	3.10%	2.30%	(3.70%)
Noncontrolling interests	(0.50%)	(0.50%)	(3.30%)
Non-taxable equity earnings	(0.40%)	(0.20%)	(3.00%)
Tax law changes	0%	(0.20%)	(1.50%)
Other	0.40%	(0.20%)	(1.10%)
Effective income tax rate	23.60%	22.20%	8.40%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive income (loss)
Beginning Balance	$ 34,106	$ 21,637	$ 21,523
Other Comprehensive Income (Loss), Net of Income Taxes	178	(15)	344
Ending Balance	31,650	34,106	21,637
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning Balance	(460)	(445)	(789)
Other comprehensive income (loss) before reclassifications	164	(87)	250
Other Comprehensive Income (Loss), Net of Income Taxes	178	(15)	344
Ending Balance	(282)	(460)	(445)
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning Balance	(122)	(398)	(809)
Other comprehensive income (loss) before reclassifications	(12)	204	318
Amounts reclassified from accumulated other comprehensive loss	14	72	93
Other Comprehensive Income (Loss), Net of Income Taxes	2	276	411
Ending Balance	(120)	(122)	(398)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning Balance	(336)	(45)	25
Other comprehensive income (loss) before reclassifications	179	(291)	(70)
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Other Comprehensive Income (Loss), Net of Income Taxes	179	(291)	(70)
Ending Balance	(157)	(336)	(45)
Hedging
Accumulated other comprehensive income (loss)
Beginning Balance	(2)	(2)	(5)
Other comprehensive income (loss) before reclassifications	(3)	0	2
Amounts reclassified from accumulated other comprehensive loss	0	0	1
Other Comprehensive Income (Loss), Net of Income Taxes	(3)	0	3
Ending Balance	$ (5)	$ (2)	$ (2)

Cash Flow Information - Cash Pa

Cash Flow Information - Cash Payments (Receipts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Payments (Receipts)
Interest	$ 816	$ 572	$ 549
Income taxes	1,397	$ 2,071	(1,065)
Cash payments for income taxes	$ 196		$ 110

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Incurred
Debt	$ 842	$ 611	$ 567
Other	86	41	41
Total incurred	928	652	608
Capitalized	(31)	(33)	(27)
Interest and debt expense	897	619	581
Other Income
Interest income	269	82	11
Unrealized investment gain (loss)—NOVONIX	(38)	(433)	365
Gain related to merger of businesses	0	3,013	0
Other, net	128	75	78
Other Income	359	2,737	454
Research and Development Expenses	27	42	47
Advertising Expenses	54	56	52
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	22	(9)	1
Corporate and Other
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	(2)	(1)	2
Midstream
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	1	9	(5)
Chemicals
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	0	0	0
Refining
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	19	(7)	4
Marketing and Specialties
Segment Reporting Information [Line Items]
Foreign Currency Transaction (Gains) Losses	$ 4	$ (10)	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating revenues and other income
Related Party Transaction [Line Items]
Significant transactions with related parties	$ 4,623	$ 6,111	$ 3,759
Purchases
Related Party Transaction [Line Items]
Significant transactions with related parties	17,208	21,244	14,645
Operating expenses and selling, general and administrative expenses
Related Party Transaction [Line Items]
Significant transactions with related parties	$ 295	$ 281	$ 284

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details) - refinery	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023
NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment (as a percent)	16%
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 | Mainly United States And Europe
Segment Reporting Information [Line Items]
Number of refineries		12

Segment Disclosures and Relat_4

Segment Disclosures and Related Information - Analysis by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	$ 147,399	$ 169,990	$ 111,476
Equity in Earnings (Losses) of Affiliates	2,017	2,968	2,904
Consolidated depreciation, amortization and impairments	2,001	1,689	3,103
Interest income	269	82	11
Interest and debt expense	897	619	581
Income (Loss) Before Income Taxes	9,469	14,639	1,740
Investments In and Advances To Affiliates	14,736	14,425	13,439
Total Assets	75,501	76,442	55,594
Capital expenditures and investments	2,418	2,194	1,860
Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	15,780	16,189	8,813
Consolidated depreciation, amortization and impairments	926	569	634
Chemicals
Segment Reporting Information [Line Items]
Consolidated depreciation, amortization and impairments	0	0	0
Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	36,165	41,598	28,974
Consolidated depreciation, amortization and impairments	849	879	2,272
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	95,418	112,169	73,654
Consolidated depreciation, amortization and impairments	124	110	114
Corporate and Other
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	36	34	32
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	18,605	19,121	11,714
Equity in Earnings (Losses) of Affiliates	649	916	877
Income (Loss) Before Income Taxes	2,774	4,734	1,500
Investments In and Advances To Affiliates	3,766	4,271	3,978
Total Assets	29,107	30,273	15,546
Capital expenditures and investments	625	1,043	733
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	0	0	3
Equity in Earnings (Losses) of Affiliates	586	842	1,832
Income (Loss) Before Income Taxes	600	856	1,844
Investments In and Advances To Affiliates	7,341	6,785	6,369
Total Assets	7,357	6,785	6,453
Capital expenditures and investments	0	0	0
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	96,011	112,725	75,096
Equity in Earnings (Losses) of Affiliates	439	747	(184)
Income (Loss) Before Income Taxes	5,266	7,816	(2,353)
Investments In and Advances To Affiliates	2,802	2,484	2,340
Total Assets	22,432	21,581	20,338
Capital expenditures and investments	1,339	928	784
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	98,769	115,622	75,583
Equity in Earnings (Losses) of Affiliates	343	463	379
Income (Loss) Before Income Taxes	2,135	2,402	1,723
Investments In and Advances To Affiliates	825	883	750
Total Assets	11,411	9,939	8,505
Capital expenditures and investments	364	89	202
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Equity in Earnings (Losses) of Affiliates	0	0	0
Consolidated depreciation, amortization and impairments	102	131	83
Interest income	269	82	11
Interest and debt expense	897	619	581
Income (Loss) Before Income Taxes	(1,306)	(1,169)	(974)
Investments In and Advances To Affiliates	2	2	2
Total Assets	5,194	7,864	4,752
Capital expenditures and investments	90	134	141
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	(2,825)	(2,932)	(2,901)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	(59,846)	(71,127)	(46,122)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and Other Operating Revenues	$ (3,351)	$ (3,453)	$ (1,929)

Segment Disclosures and Relat_5

Segment Disclosures and Related Information - Summary of Geographic Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Worldwide consolidated	$ 51,014	$ 50,113	$ 36,906
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Worldwide consolidated	49,124	48,286	34,882
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Worldwide consolidated	1,406	1,349	1,323
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Worldwide consolidated	394	391	605
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Worldwide consolidated	$ 90	$ 87	$ 96

DCP Midstream Class A Segment -

DCP Midstream Class A Segment - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	12 Months Ended
	Jun. 15, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Oct. 16, 2023	Jun. 30, 2023	Jun. 14, 2023
Acquisition Of DCP LP Common Units Held By Public
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares to be issued (in shares)	91
Cash consideration (in dollars per share)	$ 41.75
Decrease of cash and cash equivalents	$ 3,814
Decrease of noncontrolling interests	3,343
Decrease of capital in excess of par	361
Decrease of deferred income taxes	110
Merger With DCP LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash consideration paid	$ 3,796
Fees paid		$ 18
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common units, distribution			$ 125	$ 51
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Series A Preferred Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, liquidation preference				500
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Series B Preferred Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, liquidation preference						$ 161
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Series C Preferred Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units, liquidation preference					$ 110
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP | Merger With DCP LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest percent after merger	86.80%						43.30%
Preferred units, distribution			$ 15	$ 27

DCP Midstream Class A Segment_2

DCP Midstream Class A Segment - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts receivable, trade	$ 11,730	$ 10,985
Investments in unconsolidated affiliates	14,728	14,414
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts receivable, trade	601	988
Net properties, plants and equipment	9,319	9,297
Investments in unconsolidated affiliates	1,901	2,161
Accounts payable	815	1,239
Short-term debt	357	504
Long-term debt	$ 3,759	$ 4,248

Phillips 66 Partners LP - Narra

Phillips 66 Partners LP - Narrative (Details) - Acquisition Of Phillips 66 Partners Common Units Held By Public - USD ($) $ in Millions		1 Months Ended
	Mar. 09, 2022	Mar. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
Number of shares to be issued (in shares)	41,800,000	41,800,000
Number of shares issued per acquiree share (in shares)	0.50
Decrease of treasury stock	$ 3,380	$ 3,400
Decrease of noncontrolling interests	2,163
Decrease of capital in excess of par	901
Decrease of deferred income taxes	323
Decrease of cash and cash equivalents	2
Increase of other accruals	$ 5

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 177	$ 160
Variable Interest Entity, Primary Beneficiary | DCP Midstream, LP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 38	$ 18