Phillips 66 (PSX) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35349
Entity Registrant Name	Phillips 66
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Blvd
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	832
Local Phone Number	765-3010
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	423,952,135
Entity Central Index Key	0001534701
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues and Other Income
Sales and other operating revenues	$ 35,811	$ 34,396
Equity in earnings of affiliates	528	611
Net gain on dispositions	0	34
Other income	97	48
Total Revenues and Other Income	36,436	35,089
Costs and Expenses
Purchased crude oil and products	32,386	29,341
Operating expenses	1,452	1,578
Selling, general and administrative expenses	557	605
Depreciation and amortization	504	476
Impairments	165	8
Taxes other than income taxes	165	207
Accretion on discounted liabilities	9	6
Interest and debt expense	227	192
Foreign currency transaction losses	7	25
Total Costs and Expenses	35,472	32,438
Income before income taxes	964	2,651
Income tax expense	203	574
Net Income	761	2,077
Less: net income attributable to noncontrolling interests	13	116
Net Income Attributable to Phillips 66	$ 748	$ 1,961
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ 1.74	$ 4.21
Diluted (in usd per share)	$ 1.73	$ 4.20
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	428,959	464,810
Diluted (in shares)	431,906	467,034

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 761	$ 2,077
Defined benefit plans
Amortization of net actuarial loss and settlements	2	10
Plans sponsored by equity affiliates	1	3
Income taxes on defined benefit plans	(1)	(3)
Defined benefit plans, net of income taxes	2	10
Foreign currency translation adjustments	(34)	76
Income taxes on foreign currency translation adjustments	2	1
Foreign currency translation adjustments, net of income taxes	(32)	77
Other Comprehensive Income (Loss), Net of Income Taxes	(30)	87
Comprehensive Income	731	2,164
Less: comprehensive income attributable to noncontrolling interests	13	116
Comprehensive Income Attributable to Phillips 66	$ 718	$ 2,048

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,570	$ 3,323
Inventories	6,286	3,750
Prepaid expenses and other current assets	1,316	1,138
Total Current Assets	20,704	19,941
Investments and long-term receivables	15,592	15,302
Net properties, plants and equipment	35,549	35,712
Goodwill	1,553	1,550
Intangibles	911	920
Other assets	2,090	2,076
Total Assets	76,399	75,501
Liabilities
Short-term debt	2,325	1,482
Accrued income and other taxes	1,087	1,200
Employee benefit obligations	459	863
Other accruals	1,322	1,410
Total Current Liabilities	17,667	15,856
Long-term debt	17,829	17,877
Asset retirement obligations and accrued environmental costs	919	864
Deferred income taxes	7,368	7,424
Employee benefit obligations	613	630
Other liabilities and deferred credits	1,210	1,200
Total Liabilities	45,606	43,851
Equity
Common stock, par value	7	7
Capital in excess of par	19,674	19,650
Treasury stock (at cost: 2024—232,332,556 shares; 2023—224,377,439 shares)	(20,489)	(19,342)
Retained earnings	30,846	30,550
Accumulated other comprehensive loss	(312)	(282)
Total Stockholders’ Equity	29,726	30,583
Noncontrolling interests	1,067	1,067
Total Equity	30,793	31,650
Total Liabilities and Equity	76,399	75,501
Nonrelated Party
Assets
Accounts and notes receivable (net of allowances of $75 million in 2024 and $71 million in 2023)	10,078	10,483
Liabilities
Accounts payable	11,745	10,332
Related Party
Assets
Accounts and notes receivable (net of allowances of $75 million in 2024 and $71 million in 2023)	1,454	1,247
Liabilities
Accounts payable	$ 729	$ 569

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 75	$ 71
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	656,284,691	654,842,101
Treasury stock (in shares)	232,332,556	224,377,439

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net income	$ 761	$ 2,077
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	504	476
Impairments	165	8
Accretion on discounted liabilities	9	6
Deferred income taxes	(55)	146
Undistributed equity earnings	(180)	(242)
Loss on early redemption of debt	2	0
Net gain on dispositions	0	(34)
Unrealized investment (gain) loss	(6)	11
Other	11	14
Working capital adjustments
Accounts and notes receivable	199	1,663
Inventories	(2,555)	(2,003)
Prepaid expenses and other current assets	(179)	469
Accounts payable	1,678	(739)
Taxes and other accruals	(590)	(653)
Net Cash Provided by (Used in) Operating Activities	(236)	1,199
Cash Flows From Investing Activities
Capital expenditures and investments	(628)	(378)
Return of investments in equity affiliates	41	60
Proceeds from asset dispositions	2	77
Other	(80)	(24)
Net Cash Used in Investing Activities	(665)	(265)
Cash Flows From Financing Activities
Issuance of debt	3,815	2,488
Repayment of debt	(3,013)	(1,223)
Issuance of common stock	50	10
Repurchase of common stock	(1,164)	(800)
Dividends paid on common stock	(448)	(486)
Distributions to noncontrolling interests	(13)	(58)
Other	(73)	(48)
Net Cash Used in Financing Activities	(846)	(117)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(6)	15
Net Change in Cash and Cash Equivalents	(1,753)	832
Cash and cash equivalents at beginning of period	3,323	6,133
Cash and Cash Equivalents at End of Period	$ 1,570	$ 6,965

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value	Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 34,106	$ 7	$ 19,791	$ (15,276)	$ 25,432	$ (460)	$ 4,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,077				1,961		116
Other comprehensive income (loss)	87					87
Dividends paid on common stock	(486)				(486)
Repurchase of common stock	(807)			(807)
Distributions to noncontrolling interests	(58)						(58)
Benefit plan activity	(3)		4		(4)		(3)
Ending balance at Mar. 31, 2023	$ 34,916	7	19,795	(16,083)	26,903	(373)	4,667
Beginning balance, common stock issued (in shares) at Dec. 31, 2022	652,373,645
Beginning balance, treasury stock (in shares) at Dec. 31, 2022	186,529,667
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	7,874,201
Shares issued - share-based compensation (in shares)	892,539
Ending balance, common stock issued (in shares) at Mar. 31, 2023	653,266,184
Ending balance, treasury stock (in shares) at Mar. 31, 2023	194,403,868
Beginning balance at Dec. 31, 2023	$ 31,650	7	19,650	(19,342)	30,550	(282)	1,067
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	761				748		13
Other comprehensive income (loss)	(30)					(30)
Dividends paid on common stock	(448)				(448)
Repurchase of common stock	(1,147)			(1,147)
Distributions to noncontrolling interests	(13)						(13)
Benefit plan activity	20		24		(4)
Ending balance at Mar. 31, 2024	$ 30,793	$ 7	$ 19,674	$ (20,489)	$ 30,846	$ (312)	$ 1,067
Beginning balance, common stock issued (in shares) at Dec. 31, 2023	654,842,101
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	224,377,439
Stockholders' Equity, Shares [Roll Forward]
Repurchase of common stock (in shares)	7,955,117
Shares issued - share-based compensation (in shares)	1,442,590
Ending balance, common stock issued (in shares) at Mar. 31, 2024	656,284,691
Ending balance, treasury stock (in shares) at Mar. 31, 2024	232,332,556

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid per common stock (in usd per share)	$ 1.05	$ 1.05

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2024
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial InformationThe unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results expected for the full year.

DCP Midstream, LP Merger (DCP L

DCP Midstream, LP Merger (DCP LP Merger)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
DCP Midstream, LP Merger (DCP LP Merger)	DCP Midstream, LP Merger (DCP LP Merger) On June 15, 2023, we completed the acquisition of all publicly held common units of DCP Midstream, LP (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 Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills) increased from 62.2% to 91.2%. See Note 20—DCP Midstream Class A Segment, for additional information regarding the equity transaction. On August 1, 2023, our Marketing and Specialties (M&S) segment acquired a marketing business on the U.S. West Coast for total consideration of $272 million. These operations were acquired to support the placement of renewable diesel produced by our Rodeo facility, now referred to as the Rodeo Renewable Energy Complex. At March 31, 2024, we provisionally recorded $146 million of amortizable intangible assets, primarily customer relationships; $82 million of properties, plants and equipment (PP&E), including finance lease right of use assets; $40 million of net working capital; $67 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. We will complete a final determination of the fair values of assets acquired and liabilities assumed within the one-year measurement period from the date of the acquisition.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combinations	DCP Midstream, LP Merger (DCP LP Merger) On June 15, 2023, we completed the acquisition of all publicly held common units of DCP Midstream, LP (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 Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills) increased from 62.2% to 91.2%. See Note 20—DCP Midstream Class A Segment, for additional information regarding the equity transaction. On August 1, 2023, our Marketing and Specialties (M&S) segment acquired a marketing business on the U.S. West Coast for total consideration of $272 million. These operations were acquired to support the placement of renewable diesel produced by our Rodeo facility, now referred to as the Rodeo Renewable Energy Complex. At March 31, 2024, we provisionally recorded $146 million of amortizable intangible assets, primarily customer relationships; $82 million of properties, plants and equipment (PP&E), including finance lease right of use assets; $40 million of net working capital; $67 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. We will complete a final determination of the fair values of assets acquired and liabilities assumed within the one-year measurement period from the date of the acquisition.

Sales and Other Operating Reven

Sales and Other Operating Revenues	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Sales and Other Operating Revenues	Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 2024 2023 Product Line and Services Refined petroleum products $ 25,739 24,718 Crude oil resales 5,578 4,565 Natural gas liquids (NGL) and natural gas 3,334 4,421 Services and other * 1,160 692 Consolidated sales and other operating revenues $ 35,811 34,396 Geographic Location** United States $ 28,377 27,065 United Kingdom 3,890 3,930 Germany 1,303 1,306 Other countries 2,241 2,095 Consolidated sales and other operating revenues $ 35,811 34,396 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. Contract-Related Assets and Liabilities At March 31, 2024, and December 31, 2023, receivables from contracts with customers were $9,592 million and $9,638 million, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At March 31, 2024, and December 31, 2023, our asset balances related to such payments were $546 million and $537 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At March 31, 2024, and December 31, 2023, contract liabilities were $162 million and $187 million, respectively. Remaining Performance Obligations

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil, NGL and natural gas. We assess each counterparty’s ability to pay for the products we sell by conducting a credit review. The credit review considers our expected billing exposure and timing for payment and the counterparty’s established credit rating or our assessment of the counterparty’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We also consider contract terms and conditions, country and political risk, and business strategy in our evaluation. A credit limit is established for each counterparty based on the outcome of this review. We may require collateralized asset support or a prepayment to mitigate credit risk. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. In addition, when events and circumstances arise that may affect certain counterparties’ abilities to fulfill their obligations, we enhance our credit monitoring, and we may seek collateral to support some transactions or require prepayments from higher-risk counterparties. At March 31, 2024, and December 31, 2023, we reported $11,532 million and $11,730 million of accounts and notes receivable, respectively, net of allowances of $75 million and $71 million, respectively. Based on an aging analysis at March 31, 2024, more than 95% of our accounts receivable were outstanding less than 60 days. We are also exposed to credit losses from off-balance sheet exposures, such as guarantees of joint venture debt and standby letters of credit. See Note 11—Guarantees, and Note 12—Contingencies and Commitments, for more information regarding these off-balance sheet exposures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,871 3,330 Materials and supplies 415 420 $ 6,286 3,750 Inventories valued on the last-in, first-out (LIFO) basis totaled $5,698 million and $3,050 million at March 31, 2024, and December 31, 2023, respectively. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $6.3 billion and $5.3 billion at March 31, 2024, and December 31, 2023, respectively. Certain planned reductions in inventory that are not expected to be replaced by the end of the year cause liquidations of LIFO inventory values. LIFO inventory liquidations did not have a material impact on net income for the three months ended March 31, 2024, and 2023.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments, Loans and Long-Term Receivables	Investments, Loans and Long-Term Receivables Equity Investments Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In 2020, the trial court presiding over litigation brought by the Standing Rock Sioux Tribe (the Tribe) ordered the U.S. Army Corps of Engineers (USACE) to prepare an Environmental Impact Statement (EIS) addressing an easement under Lake Oahe in North Dakota. The 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 of the current pipeline and construction of a new line 39 miles upstream from the current location. The public comment period concluded on December 13, 2023. The USACE plans to review the comments and issue its final EIS in the fall of 2024. The Record of Decision will follow within 30 to 60 days after the issuance of the final EIS. Dakota Access and ETCO have guaranteed repayment of senior unsecured notes issued by a wholly owned subsidiary of Dakota Access with an aggregate principal amount outstanding of $1.85 billion at March 31, 2024. In addition, Phillips 66 Partners LP (Phillips 66 Partners), a wholly owned subsidiary of Phillips 66, and its co-venturers in Dakota Access also provided a Contingent Equity Contribution Undertaking (CECU) in conjunction with the notes offering. Under the CECU, the co-venturers may be severally required to make proportionate equity contributions to Dakota Access if there is an unfavorable final judgment in the above-mentioned ongoing litigation. At March 31, 2024, 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 March 31, 2024. At March 31, 2024, the aggregate book value of our investments in Dakota Access and ETCO was $887 million. On April 1, 2024, Dakota Access’ wholly owned subsidiary repaid $1 billion aggregate principal amount of its outstanding senior notes upon maturity. We funded our 25% share of the repayment, or $250 million, with a capital contribution of $171 million in March 2024 and $79 million of distributions we elected not to receive from Dakota Access in the first quarter of 2024. As a result of the debt repayment, on April 1, 2024, our share of the maximum potential equity contributions under the CECU decreased to approximately $215 million, and our share of scheduled interest payments on the notes that we could be required to support decreased to approximately $10 million annually. CF United LLC (CF United) On January 1, 2024, CF United, a retail marketing joint venture with operations primarily on the U.S. West Coast, completed the acquisition of another joint venture in which we had an ownership interest. In connection with this acquisition, the governing agreement for CF United was amended and restated. The amended and restated agreement included removal of a put option that required us to purchase our co-venturer’s interest based on a fixed multiple that was considered a variable interest. As a result of the removal of this put option, CF United ceased to be a variable interest entity (VIE) effective January 1, 2024. At March 31, 2024, we held a 50% voting interest and a 47% economic interest in CF United and the book value of our investment was $340 million. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At March 31, 2024, our maximum exposure to loss was $231 million, which represented the book value of our investment in OnCue of $168 million and guaranteed debt obligations of $63 million.

Properties, Plants and Equipmen

Properties, Plants and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2024 December 31, 2023 Gross Accum. Net Gross Accum. Net Midstream $ 26,207 4,665 21,542 26,124 4,382 21,742 Chemicals — — — — — — Refining 25,199 12,801 12,398 25,421 13,103 12,318 Marketing and Specialties 2,000 1,185 815 1,997 1,166 831 Corporate and Other 1,646 852 794 1,650 829 821 $ 55,052 19,503 35,549 55,192 19,480 35,712

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. Three Months Ended 2024 2023 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 748 748 1,961 1,961 Income allocated to participating securities (2) (1) (3) (1) Net income available to common stockholders $ 746 747 1,958 1,960 Weighted-average common shares outstanding (thousands) : 427,165 428,959 462,870 464,810 Effect of share-based compensation 1,794 2,947 1,940 2,224 Weighted-average common shares outstanding—EPS 428,959 431,906 464,810 467,034 Earnings Per Share of Common Stock (dollars) $ 1.74 1.73 4.21 4.20

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Senior Notes and Term Loan Issuances and Repayments Issuances On February 28, 2024, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, issued $1.5 billion aggregate principal amount of senior unsecured notes that are fully and unconditionally guaranteed by Phillips 66. The senior unsecured notes issuance consisted of: • $600 million aggregate principal amount of 5.250% Senior Notes due 2031 (2031 Notes). • $400 million aggregate principal amount of 5.300% Senior Notes due 2033 (Additional 2033 Notes). • $500 million aggregate principal amount of 5.650% Senior Notes due 2054 (2054 Notes). Interest on the 2031 Notes and 2054 Notes is payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2024. Interest on the Additional 2033 Notes is payable semi-annually on June 30 and December 30 of each year, commencing on June 30, 2024. 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 that are fully and unconditionally guaranteed by Phillips 66. The senior unsecured notes issuance consisted 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). Repayments On March 29, 2024, DCP LP early redeemed $300 million of its 5.375% Senior Notes due July 2025 at par with an aggregate principal amount of $825 million. On March 4, 2024, Phillips 66 Company repaid $700 million of the $1.25 billion borrowed under its delayed draw term loan that matures in June 2026. 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. On March 15, 2023, DCP LP repaid its 3.875% senior unsecured notes due March 2023 with an aggregate principal amount of $500 million. Credit Facilities and Commercial Paper Phillips 66 and Phillips 66 Company On February 28, 2024, we entered into a new $5 billion revolving credit agreement (the Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor and a scheduled maturity date of February 28, 2029. The Facility replaced our previous $5 billion revolving credit facility dated as of June 23, 2022, with Phillips 66 Company as the borrower and Phillips 66 as guarantor, and the previous revolving credit facility was terminated. The Facility contains customary covenants 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. The Facility 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 Facility, in whole or in part, without premium or penalty. We have the option to increase the overall capacity to $6 billion, subject to certain conditions. We also have the option to extend the scheduled maturity of the Facility for up to two additional one-year terms, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. Outstanding borrowings under the Facility bear interest at either: (a) the adjusted term Secured Overnight Financing Rate (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 pricing levels for the commitment fee and interest-rate margins are determined based on the ratings in effect for our senior unsecured long-term debt from time to time. At March 31, 2024, and December 31, 2023, no amount had been drawn under our revolving credit facilities. 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 less than one year. At March 31, 2024, $1.5 billion of commercial paper had been issued under this program. At December 31, 2023, no borrowings were outstanding under this program. DCP Midstream Class A Segment On March 15, 2024, DCP LP terminated its $1.4 billion credit facility and its accounts receivable securitization facility that previously provided for up to $350 million of borrowing capacity. At December 31, 2023, DCP LP had $25 million in borrowings outstanding under its $1.4 billion credit facility and $350 million of borrowings outstanding under its accounts receivable securitization facility, which were repaid during the three months ended March 31, 2024.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2024
Guarantees [Abstract]
Guarantees	Guarantees At March 31, 2024, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. Lease Residual Value Guarantees Under the operating lease agreement for our headquarters facility in Houston, Texas, we have the option, at the end of the lease term in September 2025, to request to renew the lease, purchase the facility or assist the lessor in marketing it for resale. We have a residual value guarantee associated with the operating lease agreement with a maximum potential future exposure of $514 million at March 31, 2024. We also have residual value guarantees associated with railcar, airplane and truck leases with maximum potential future exposures totaling $171 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 7—Investments, Loans and Long-Term Receivables, for additional information regarding Dakota Access and the CECU. At March 31, 2024, 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 $78 million. Payment would be required if a joint venture defaults on its obligations. Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to indemnifications. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses, employee claims, and real estate tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At March 31, 2024, and December 31, 2023, the carrying amount of recorded indemnifications was $155 million and $159 million, respectively. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information to support the reversal. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. At March 31, 2024, and December 31, 2023, environmental accruals for known contamination of $110 million and $114 million, respectively, were included in the carrying amount of the recorded indemnifications noted above. These environmental accruals were primarily included in the “Asset retirement obligations and accrued environmental costs” line item on our consolidated balance sheet. For additional information about environmental liabilities, see Note 12—Contingencies and Commitments. Indemnification and Release Agreement In 2012, in connection with our separation from ConocoPhillips, we entered into an Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the 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. At March 31, 2024, our total environmental accruals were $442 million, compared with $446 million at December 31, 2023. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At March 31, 2024, we had performance obligations secured by letters of credit and bank guarantees of $847 million related to various purchase and other commitments incident to the ordinary conduct of business.

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 regarding the fair value of derivatives, see Note 14—Fair Value Measurements. Commodity Derivative Contracts —We sell into or receive supply from the worldwide crude oil, refined petroleum product, NGL, natural gas, renewable feedstock, and electric power markets, exposing our revenues, purchases, cost of operating activities and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars March 31, 2024 December 31, 2023 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 $ 190 (26) — 164 2,148 (2,005) — 143 Other assets 26 (13) — 13 19 (2) — 17 Liabilities Other accruals 4,515 (4,818) 171 (132) 1,034 (1,127) 18 (75) Other liabilities and deferred credits 3 (11) — (8) — (14) — (14) Total $ 4,734 (4,868) 171 37 3,201 (3,148) 18 71 At March 31, 2024, there was $13 million of cash collateral paid that was not offset on our consolidated balance sheet. At December 31, 2023, there was $7 million of net cash collateral received that was not offset on our consolidated balance sheet. The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2024 2023 Sales and other operating revenues $ (202) 50 Other income (loss) 38 (14) Purchased crude oil and products (256) 137 Net gain (loss) from commodity derivative activity $ (420) 173 The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at March 31, 2024, and December 31, 2023. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (47) (22) Natural gas (billions of cubic feet) (13) (25) Credit Risk from Derivative and Financial Instruments Financial instruments potentially exposed to concentrations of credit risk consist primarily of trade receivables and derivative contracts. Our trade receivables result primarily from the sale of products from, or related to, our refinery operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less. We continually monitor this exposure and the creditworthiness of the counterparties and recognize bad debt expense based on a probability assessment of credit loss. Generally, we do not require collateral to limit the exposure to loss; however, we will sometimes use letters of credit, prepayments or master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us to others to be offset against amounts owed to us. The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit ratings. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at March 31, 2024, and December 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Fair Value Hierarchy Total Fair Value of Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Presented on the Balance Sheet Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 4,565 41 — 4,606 (4,553) — — 53 Physical forward contracts — 125 3 128 (4) — — 124 Rabbi trust assets 159 — — 159 N/A N/A — 159 Investment in NOVONIX 44 — — 44 N/A N/A — 44 $ 4,768 166 3 4,937 (4,557) — — 380 Commodity Derivative Liabilities Exchange-cleared instruments $ 4,724 45 — 4,769 (4,553) (171) — 45 Physical forward contracts — 98 1 99 (4) — — 95 Floating-rate debt — 840 — 840 N/A N/A — 840 Fixed-rate debt, excluding finance leases and software obligations — 18,423 — 18,423 N/A N/A 584 19,007 $ 4,724 19,406 1 24,131 (4,557) (171) 584 19,987 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 The rabbi trust assets and investment in NOVONIX are recorded in the “Investments and long-term receivables” line item, and floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” line items on our consolidated balance sheet. See Note 13—Derivatives and Financial Instruments, for information regarding where the assets and liabilities related to our commodity derivatives are recorded on our consolidated balance sheet.

Pension and Postretirement Plan

Pension and Postretirement Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension and Postretirement Plans	Pension and Postretirement Plans The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023, were as follows: Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 29 3 27 3 1 1 Interest cost 28 8 29 8 2 2 Expected return on plan assets (38) (11) (31) (10) — — Amortization of net actuarial loss (gain) 3 — 3 (1) (1) (2) Settlements 1 — 10 — — — Net periodic benefit cost* $ 23 — 38 — 2 1 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income. During the three months ended March 31, 2024, we contributed $5 million to our U.S. pension and other postretirement benefit plans and $1 million to our international pension plans. We currently expect to make additional contributions of approximately $70 million to our U.S. pension and other postretirement benefit plans and approximately $4 million to our international pension plans during the remainder of 2024. Cash contributions are included in the “Other” line item of the “Cash Flows From Operating Activities” section of our consolidated statement of cash flows.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2023 $ (120) (157) (5) (282) Other comprehensive income (loss) before reclassifications 1 (32) — (31) Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss and settlements 1 — — 1 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 2 (32) — (30) March 31, 2024 $ (118) (189) (5) (312) December 31, 2022 $ (122) (336) (2) (460) Other comprehensive income before reclassifications 2 77 — 79 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 8 — — 8 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 10 77 — 87 March 31, 2023 $ (112) (259) (2) (373) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Significant transactions with related parties were: Millions of Dollars Three Months Ended 2024 2023 Operating revenues and other income (a) $ 1,133 1,304 Purchases (b) 5,231 3,699 Operating expenses and selling, general and administrative expenses (c) 69 72 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), 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 CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel Paralubes for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.

Segment Disclosures and Related

Segment Disclosures and Related Information	3 Months Ended
	Mar. 31, 2024
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. 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, business transformation restructuring costs, and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. See Note 21—Restructuring for additional information regarding restructuring costs. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2024 2023 Sales and Other Operating Revenues * Midstream Total sales $ 4,841 5,292 Intersegment eliminations (717) (695) Total Midstream 4,124 4,597 Chemicals — — Refining Total sales 22,130 22,341 Intersegment eliminations (13,001) (14,095) Total Refining 9,129 8,246 Marketing and Specialties Total sales 23,176 22,399 Intersegment eliminations (628) (855) Total Marketing and Specialties 22,548 21,544 Corporate and Other 10 9 Consolidated sales and other operating revenues $ 35,811 34,396 * See Note 4—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 554 702 Chemicals 205 198 Refining 131 1,608 Marketing and Specialties 404 426 Corporate and Other (330) (283) Consolidated income before income taxes $ 964 2,651 Millions of Dollars March 31 December 31 Total Assets Midstream $ 28,948 29,107 Chemicals 7,512 7,357 Refining 25,123 22,432 Marketing and Specialties 11,560 11,411 Corporate and Other 3,256 5,194 Consolidated total assets $ 76,399 75,501

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate for the three months ended March 31, 2024, was 21%, compared to 22% for the corresponding period of 2023. The decrease in our effective rate for the three months ended March 31, 2024, was primarily attributable to a decrease related to tax benefits from share-based compensation plans, partially offset by an increase in our foreign tax rate.

DCP Midstream Class A Segment

DCP Midstream Class A Segment	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DCP Midstream Class A Segment	Note 20—DCP Midstream Class A Segment DCP Midstream Class A Segment is comprised of the businesses, activities, assets and liabilities of DCP LP and its subsidiaries and its general partner entities. 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. DCP Midstream Class A Segment is a consolidated VIE as we are the primary beneficiary. The most significant assets of DCP Midstream Class A Segment that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars March 31 December 31 Accounts receivable, trade* $ 459 601 Net properties, plants and equipment 9,240 9,319 Investments in unconsolidated affiliates** 1,872 1,901 Accounts payable 630 815 Short-term debt 8 357 Long-term debt 3,433 3,759 * 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, which increased our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%. 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 debt proceeds. 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 included 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. Distributions During the three months ended March 31, 2024 and 2023, DCP LP made cash distributions of $12 million and $51 million to common unit holders other than Phillips 66 and its subsidiaries.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	RestructuringIn April 2022, we began a multi-year business transformation focused on enterprise-wide opportunities to improve our cost structure. For the three months ended March 31, 2023, we recorded restructuring costs totaling $35 million, primarily related to consulting fees. These costs were primarily recorded in the “Selling, general and administrative expenses” line item on our consolidated statement of income and were reported in our Corporate segment. In addition, in the first quarter of 2023, we recorded restructuring costs of $12 million associated with the integration of DCP Midstream Class A Segment primarily related to severance. These costs were primarily recorded in the “Selling, general and administrative expenses” line item on our consolidated statement of income and were reported in our Midstream segment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 748	$ 1,961

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [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.
Contingencies and Commitments	A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is uncertain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.
Recurring Fair Value Measurements	Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: • Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. • Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. • Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the significance of its observable or unobservable inputs to the measurement. However, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. We used the following methods and assumptions to estimate the fair value of financial instruments: • Cash and cash equivalents —The carrying amount reported on our consolidated balance sheet approximates fair value. • Accounts and notes receivable —The carrying amount reported on our consolidated balance sheet approximates fair value. • Derivative instruments —The fair value of our exchange-traded contracts is based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and is reported as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity, or are valued using either adjusted exchange-provided prices or nonexchange quotes, we classify those contracts as Level 2 or Level 3 based on the degree to which inputs are observable. Physical commodity forward purchase and sales contracts and over-the-counter (OTC) financial swaps are generally valued using forward quotes provided by brokers and price index developers, such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, physical commodity purchase and sales contracts and OTC swaps are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Physical and OTC commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a midmarket pricing convention (the midpoint between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. 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.

Sales and Other Operating Rev_2

Sales and Other Operating Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our disaggregated sales and other operating revenues: Millions of Dollars Three Months Ended 2024 2023 Product Line and Services Refined petroleum products $ 25,739 24,718 Crude oil resales 5,578 4,565 Natural gas liquids (NGL) and natural gas 3,334 4,421 Services and other * 1,160 692 Consolidated sales and other operating revenues $ 35,811 34,396 Geographic Location** United States $ 28,377 27,065 United Kingdom 3,890 3,930 Germany 1,303 1,306 Other countries 2,241 2,095 Consolidated sales and other operating revenues $ 35,811 34,396 * Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. ** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: Millions of Dollars March 31 December 31 Crude oil and petroleum products $ 5,871 3,330 Materials and supplies 415 420 $ 6,286 3,750

Properties, Plants and Equipm_2

Properties, Plants and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization	Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows: Millions of Dollars March 31, 2024 December 31, 2023 Gross Accum. Net Gross Accum. Net Midstream $ 26,207 4,665 21,542 26,124 4,382 21,742 Chemicals — — — — — — Refining 25,199 12,801 12,398 25,421 13,103 12,318 Marketing and Specialties 2,000 1,185 815 1,997 1,166 831 Corporate and Other 1,646 852 794 1,650 829 821 $ 55,052 19,503 35,549 55,192 19,480 35,712

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings Per Share	Three Months Ended 2024 2023 Basic Diluted Basic Diluted Amounts Attributed to Phillips 66 Common Stockholders (millions) : Net Income Attributable to Phillips 66 $ 748 748 1,961 1,961 Income allocated to participating securities (2) (1) (3) (1) Net income available to common stockholders $ 746 747 1,958 1,960 Weighted-average common shares outstanding (thousands) : 427,165 428,959 462,870 464,810 Effect of share-based compensation 1,794 2,947 1,940 2,224 Weighted-average common shares outstanding—EPS 428,959 431,906 464,810 467,034 Earnings Per Share of Common Stock (dollars) $ 1.74 1.73 4.21 4.20

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars March 31, 2024 December 31, 2023 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 $ 190 (26) — 164 2,148 (2,005) — 143 Other assets 26 (13) — 13 19 (2) — 17 Liabilities Other accruals 4,515 (4,818) 171 (132) 1,034 (1,127) 18 (75) Other liabilities and deferred credits 3 (11) — (8) — (14) — (14) Total $ 4,734 (4,868) 171 37 3,201 (3,148) 18 71
Schedule of Offsetting Liabilities	The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. Millions of Dollars March 31, 2024 December 31, 2023 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 $ 190 (26) — 164 2,148 (2,005) — 143 Other assets 26 (13) — 13 19 (2) — 17 Liabilities Other accruals 4,515 (4,818) 171 (132) 1,034 (1,127) 18 (75) Other liabilities and deferred credits 3 (11) — (8) — (14) — (14) Total $ 4,734 (4,868) 171 37 3,201 (3,148) 18 71
Schedule of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts	The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were: Millions of Dollars Three Months Ended 2024 2023 Sales and other operating revenues $ (202) 50 Other income (loss) 38 (14) Purchased crude oil and products (256) 137 Net gain (loss) from commodity derivative activity $ (420) 173
Schedule of Material Net Exposures and Notional Amount of Derivative Contracts	The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at March 31, 2024, and December 31, 2023. Open Position March 31 December 31 Commodity Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) (47) (22) Natural gas (billions of cubic feet) (13) (25)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting	The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were: Millions of Dollars March 31, 2024 Fair Value Hierarchy Total Fair Value of Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value Presented on the Balance Sheet Level 1 Level 2 Level 3 Commodity Derivative Assets Exchange-cleared instruments $ 4,565 41 — 4,606 (4,553) — — 53 Physical forward contracts — 125 3 128 (4) — — 124 Rabbi trust assets 159 — — 159 N/A N/A — 159 Investment in NOVONIX 44 — — 44 N/A N/A — 44 $ 4,768 166 3 4,937 (4,557) — — 380 Commodity Derivative Liabilities Exchange-cleared instruments $ 4,724 45 — 4,769 (4,553) (171) — 45 Physical forward contracts — 98 1 99 (4) — — 95 Floating-rate debt — 840 — 840 N/A N/A — 840 Fixed-rate debt, excluding finance leases and software obligations — 18,423 — 18,423 N/A N/A 584 19,007 $ 4,724 19,406 1 24,131 (4,557) (171) 584 19,987 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

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023, were as follows: Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 29 3 27 3 1 1 Interest cost 28 8 29 8 2 2 Expected return on plan assets (38) (11) (31) (10) — — Amortization of net actuarial loss (gain) 3 — 3 (1) (1) (2) Settlements 1 — 10 — — — Net periodic benefit cost* $ 23 — 38 — 2 1 * Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in the balances of each component of accumulated other comprehensive loss were as follows: Millions of Dollars Defined Benefit Plans Foreign Currency Translation Hedging Accumulated Other Comprehensive Loss December 31, 2023 $ (120) (157) (5) (282) Other comprehensive income (loss) before reclassifications 1 (32) — (31) Amounts reclassified from accumulated other Defined benefit plans* Amortization of net actuarial loss and settlements 1 — — 1 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income (loss) 2 (32) — (30) March 31, 2024 $ (118) (189) (5) (312) December 31, 2022 $ (122) (336) (2) (460) Other comprehensive income before reclassifications 2 77 — 79 Amounts reclassified from accumulated other comprehensive loss Defined benefit plans* Amortization of net actuarial loss and settlements 8 — — 8 Foreign currency translation — — — — Hedging — — — — Net current period other comprehensive income 10 77 — 87 March 31, 2023 $ (112) (259) (2) (373) * Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Significant Transactions with Related Parties	Significant transactions with related parties were: Millions of Dollars Three Months Ended 2024 2023 Operating revenues and other income (a) $ 1,133 1,304 Purchases (b) 5,231 3,699 Operating expenses and selling, general and administrative expenses (c) 69 72 (a) We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), 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 CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel Paralubes for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c) We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.

Segment Disclosures and Relat_2

Segment Disclosures and Related Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Analysis of Results by Operating Segment	Analysis of Results by Operating Segment Millions of Dollars Three Months Ended 2024 2023 Sales and Other Operating Revenues * Midstream Total sales $ 4,841 5,292 Intersegment eliminations (717) (695) Total Midstream 4,124 4,597 Chemicals — — Refining Total sales 22,130 22,341 Intersegment eliminations (13,001) (14,095) Total Refining 9,129 8,246 Marketing and Specialties Total sales 23,176 22,399 Intersegment eliminations (628) (855) Total Marketing and Specialties 22,548 21,544 Corporate and Other 10 9 Consolidated sales and other operating revenues $ 35,811 34,396 * See Note 4—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. Income (Loss) Before Income Taxes Midstream $ 554 702 Chemicals 205 198 Refining 131 1,608 Marketing and Specialties 404 426 Corporate and Other (330) (283) Consolidated income before income taxes $ 964 2,651
Schedule of Reconciliation of Assets from Segment to Consolidated	Millions of Dollars March 31 December 31 Total Assets Midstream $ 28,948 29,107 Chemicals 7,512 7,357 Refining 25,123 22,432 Marketing and Specialties 11,560 11,411 Corporate and Other 3,256 5,194 Consolidated total assets $ 76,399 75,501

DCP Midstream Class A Segment (

DCP Midstream Class A Segment (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The most significant assets of DCP Midstream Class A Segment that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were: Millions of Dollars March 31 December 31 Accounts receivable, trade* $ 459 601 Net properties, plants and equipment 9,240 9,319 Investments in unconsolidated affiliates** 1,872 1,901 Accounts payable 630 815 Short-term debt 8 357 Long-term debt 3,433 3,759 * Included in the “Accounts and notes receivable” line item on the Phillips 66 consolidated balance sheet.

DCP Midstream, LP Merger (DCP_2

DCP Midstream, LP Merger (DCP LP Merger) (Details) - $ / shares	Jun. 15, 2023	Jun. 14, 2023	Aug. 17, 2022
DCP Sand Hills And DCP Southern Hills
Schedule of Equity Method Investments [Line Items]
Percentage of ownership			62.20%
Acquisition Of DCP LP Common Units Held By Public
Schedule of Equity Method Investments [Line Items]
Cash consideration (in dollars per share)	$ 41.75
Merger With DCP LP | DCP Sand Hills And DCP Southern Hills
Schedule of Equity Method Investments [Line Items]
Economic interest percent after merger	91.20%
Merger With DCP LP | Variable Interest Entity, Primary Beneficiary | DCP LP
Schedule of Equity Method Investments [Line Items]
Economic interest percent after merger	86.80%	43.30%

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions	Aug. 01, 2023	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Goodwill		$ 1,553	$ 1,550
Marketing and Specialties Acquisition
Schedule of Equity Method Investments [Line Items]
Total consideration	$ 272
Properties, plants and equipment		82
Net working capital		40
Goodwill		67
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

Sales and Other Operating Rev_3

Sales and Other Operating Revenues - Disaggregated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 35,811	$ 34,396
United States
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	28,377	27,065
United Kingdom
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,890	3,930
Germany
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	1,303	1,306
Other countries
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	2,241	2,095
Refined petroleum products
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	25,739	24,718
Crude oil resales
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	5,578	4,565
Natural gas liquids (NGL) and natural gas
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	3,334	4,421
Services and other
Disaggregation of Revenue [Line Items]
Sales and other operating revenues	$ 1,160	$ 692

Sales and Other Operating Rev_4

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Accounts receivable, before allowance for credit loss	$ 9,592	$ 9,638
Contract with customer, asset	546	537
Contract with customer, liability	162	$ 187
Remaining performance obligations	$ 326
Minimum
Revenue from External Customer [Line Items]
Customer contracts, term	5 years
Maximum
Revenue from External Customer [Line Items]
Customer contracts, term	15 years
Weighted Average
Revenue from External Customer [Line Items]
Remaining performance obligation life	2 years

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Accounts and notes receivable	$ 11,532	$ 11,730
Allowance for credit losses	$ 75	$ 71
Accounts and notes receivable, percent outstanding less than 60 days	95%

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and petroleum products	$ 5,871	$ 3,330
Materials and supplies	415	420
Inventories	$ 6,286	$ 3,750

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
LIFO inventory amount	$ 5,698	$ 3,050
Estimated excess of current replacement cost over LIFO cost of inventories	$ 6,300	$ 5,300

Investments, Loans and Long-T_2

Investments, Loans and Long-Term Receivables - Dakota Access, LLC and Energy Transfer Crude Oil, Company, LLC (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024
Dakota Access and ETCO
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		25%
Maximum exposure, undiscounted		$ 467
Equity investments		887
Repayments of debt		250
Capital contribution		171
Deferred distributions		79
Dakota Access and ETCO | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually	$ 10
Share of debt repayment	215
Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Scheduled interest payments annually		20
Senior Notes | Dakota Access, LLC
Schedule of Equity Method Investments [Line Items]
Debt issued and guaranteed		$ 1,850
Senior Notes | Dakota Access, LLC | Subsequent Event | Dakota Senior Notes
Schedule of Equity Method Investments [Line Items]
Repayments of debt	$ 1,000

Investments, Loans and Long-T_3

Investments, Loans and Long-Term Receivables - CF United LLC (Details) - CF United LLC $ in Millions	Mar. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Voting interest acquired	50%
Economic interest acquired	47%
Equity investments	$ 340

Investments, Loans and Long-T_4

Investments, Loans and Long-Term Receivables - OnCue Holdings, LLC (Details) - OnCue Holdings, LLC $ in Millions	Mar. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	50%
Maximum loss exposure	$ 231
Equity investments	168
Maximum potential amount of future payments under the guarantees	$ 63

Properties, Plants and Equipm_3

Properties, Plants and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 55,052	$ 55,192
Accum. D&A	19,503	19,480
Net PP&E	35,549	35,712
Corporate and Other
Property, Plant and Equipment [Line Items]
Gross PP&E	1,646	1,650
Accum. D&A	852	829
Net PP&E	794	821
Midstream | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	26,207	26,124
Accum. D&A	4,665	4,382
Net PP&E	21,542	21,742
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	25,199	25,421
Accum. D&A	12,801	13,103
Net PP&E	12,398	12,318
Marketing and Specialties | Operating Segments
Property, Plant and Equipment [Line Items]
Gross PP&E	2,000	1,997
Accum. D&A	1,185	1,166
Net PP&E	$ 815	$ 831

Properties, Plants and Equipm_4

Properties, Plants and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Impairments	$ 165	$ 8
Crude Processing And Logistics
Property, Plant and Equipment [Line Items]
Impairments	163
Refining | Crude Processing And Logistics
Property, Plant and Equipment [Line Items]
Impairments	104
Midstream | Crude Processing And Logistics
Property, Plant and Equipment [Line Items]
Impairments	$ 59

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic
Net Income Attributable to Phillips 66	$ 748	$ 1,961
Income allocated to participating securities	(2)	(3)
Net income available to common stockholders	$ 746	$ 1,958
Weighted-average common shares outstanding (in shares)	427,165	462,870
Effect of share-based compensation (in shares)	1,794	1,940
Weighted-average commons shares outstanding - EPS (in shares)	428,959	464,810
Earnings Per Share of Common Stock (in usd per share)	$ 1.74	$ 4.21
Diluted
Net Income Attributable to Phillips 66	$ 748	$ 1,961
Income allocated to participating securities	(1)	(1)
Net income available to common stockholders	$ 747	$ 1,960
Weighted-average common shares outstanding (in shares)	428,959	464,810
Effect of share-based compensation (in shares)	2,947	2,224
Weighted-average commons shares outstanding - EPS (in shares)	431,906	467,034
Earnings Per Share of Common Stock (in usd per share)	$ 1.73	$ 4.20

Debt - Debt Issuances And Repay

Debt - Debt Issuances And Repayments (Details) - USD ($) $ in Millions						3 Months Ended
	Mar. 29, 2024	Mar. 04, 2024	Feb. 15, 2024	Mar. 29, 2023	Mar. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Feb. 28, 2024
Debt Instrument [Line Items]
Issuance of debt						$ 3,815	$ 2,488
Senior Notes Due December 2031, 2033 And 2054 | Senior Notes
Debt Instrument [Line Items]
Debt issued								$ 1,500
5.250% Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Debt issued								$ 600
Debt interest rate								5.25%
5.300% Senior Notes Due 2033 | Senior Notes
Debt Instrument [Line Items]
Debt issued								$ 400
Debt interest rate								5.30%
5.650% Senior Notes Due 2054 | Senior Notes
Debt Instrument [Line Items]
Debt issued								$ 500
Debt interest rate								5.65%
Senior Notes Due 2027 And 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				4.95%
Issuance of debt				$ 750
5.300% Senior Notes Due June 2033 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate				5.30%
Issuance of debt				$ 500
Junior Subordinated Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Repayments of debt	$ 825
Junior Subordinated Notes due 2025 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt interest rate	5.375%
Aggregate principal amount intended to be redeemed	$ 300
Term Loan Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Repayments of debt		$ 700
Borrowings outstanding		$ 1,250
0.900% Senior Notes due February 2024 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate			0.90%
Repayments of debt			$ 800
3.875% Senior Unsecured Notes Due March 2023 | Senior Notes | DCP LP
Debt Instrument [Line Items]
Debt interest rate					3.875%
Repayments of debt					$ 500

Debt - Credit Facilities and Co

Debt - Credit Facilities and Commercial Paper (Details) $ in Millions	Feb. 28, 2024 USD ($) option	Mar. 31, 2024 USD ($)	Mar. 15, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 23, 2022 USD ($)
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000
Amount borrowed		1,500		$ 0
Revolving Credit Facility | The Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000				$ 5,000
Debt to capitalization ratio	65%
Line of credit facility, increase limit	$ 6,000
Number of options to extend | option	2
Extension term	1 year
Amount borrowed		$ 0		0
Secured Debt | The Credit Agreement | Line of Credit | DCP LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,400	1,400
Amount borrowed				25
Secured Debt | Securitization Facility | Line of Credit | DCP LP
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350
Borrowings outstanding				$ 350

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Environmental accruals for known contaminations	$ 442	$ 446
Joint Venture Debt Obligation Guarantees | Other joint ventures and entities
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 78
Joint venture debt obligations, period (up to)	2 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying amount of indemnifications	$ 155	159
Environmental accruals for known contaminations	110	$ 114
Facilities | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	514
Railcar and Airplane | Residual Value Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments under the guarantees	$ 171
Railcar and Airplane | Residual Value Guarantees | Minimum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (up to)	1 year
Railcar and Airplane | Residual Value Guarantees | Maximum
Guarantor Obligations [Line Items]
Lessee operating lease remaining lease term (up to)	10 years

Contingencies and Commitments (

Contingencies and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total environmental accrual	$ 442	$ 446
Expected period to incur a substantial amount of expenditures	30 years
Performance Guarantee
Debt Instrument [Line Items]
Performance obligations secured by letters of credit and bank guarantees	$ 847

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Schedule of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Liabilities	$ (4,557)	$ (3,041)
Effect of Collateral Netting	0	0
Liabilities
Assets	4,557	3,041
Effect of Collateral Netting	171	18
Not Designated as Hedging Instrument | Commodity Derivatives
Liabilities
Effect of Collateral Netting	171	18
Total
Assets	4,734	3,201
Liabilities	(4,868)	(3,148)
Net Carrying Value Presented on the Balance Sheet	37	71
Not Designated as Hedging Instrument | Commodity Derivatives | Prepaid expenses and other current assets
Assets
Assets	190	2,148
Liabilities	(26)	(2,005)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	164	143
Not Designated as Hedging Instrument | Commodity Derivatives | Other assets
Assets
Assets	26	19
Liabilities	(13)	(2)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	13	17
Not Designated as Hedging Instrument | Commodity Derivatives | Other accruals
Liabilities
Assets	4,515	1,034
Liabilities	(4,818)	(1,127)
Effect of Collateral Netting	171	18
Net Carrying Value Presented on the Balance Sheet	(132)	(75)
Not Designated as Hedging Instrument | Commodity Derivatives | Other liabilities and deferred credits
Liabilities
Assets	3	0
Liabilities	(11)	(14)
Effect of Collateral Netting	0	0
Net Carrying Value Presented on the Balance Sheet	$ (8)	$ (14)

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral paid	$ 13	$ 7
Percentage of derivative contract volume expiring within twelve months	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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (420)	$ 173
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	(202)	50
Other income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	38	(14)
Purchased crude oil and products
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from commodity derivative activity	$ (256)	$ 137

Derivatives and Financial Ins_6

Derivatives and Financial Instruments - Schedule of Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Derivative Assets bbl in Millions, Bcf in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 bbl Bcf	Dec. 31, 2023 Bcf bbl
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
Derivative [Line Items]
Commodity | bbl	(47)	(22)
Natural gas (billions of cubic feet)
Derivative [Line Items]
Commodity | Bcf	(13,000)	(25,000)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities and Effect of Counterparty Netting (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Total Fair Value of Gross Assets & Liabilities	$ 4,937	$ 3,395
Effect of Counterparty Netting	(4,557)	(3,041)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	380	354
Liabilities
Total fair value gross liabilities	24,131	21,781
Effect of Counterparty Netting	(4,557)	(3,041)
Effect of Collateral Netting	(171)	(18)
Difference in Carrying Value and Fair Value	584	408
Net Carrying Value Presented on the Balance Sheet	19,987	19,130
Level 1
Assets
Total Fair Value of Gross Assets & Liabilities	4,768	3,269
Liabilities
Total fair value gross liabilities	4,724	3,057
Level 2
Assets
Total Fair Value of Gross Assets & Liabilities	166	125
Liabilities
Total fair value gross liabilities	19,406	18,724
Level 3
Assets
Total Fair Value of Gross Assets & Liabilities	3	1
Liabilities
Total fair value gross liabilities	1	0
Commodity Derivative Assets | Exchange-cleared instruments
Assets
Commodity Derivative Assets	4,606	3,129
Effect of Counterparty Netting	(4,553)	(3,039)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	53	90
Liabilities
Commodity Derivative Liabilities	4,769	3,098
Effect of Counterparty Netting	(4,553)	(3,039)
Effect of Collateral Netting	(171)	(18)
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	45	41
Commodity Derivative Assets | OTC instruments
Assets
Commodity Derivative Assets		1
Effect of Counterparty Netting		0
Effect of Collateral Netting		0
Difference in Carrying Value and Fair Value		0
Net Carrying Value Presented on the Balance Sheet		1
Commodity Derivative Assets | Physical forward contracts
Assets
Commodity Derivative Assets	128	71
Effect of Counterparty Netting	(4)	(2)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	124	69
Liabilities
Commodity Derivative Liabilities	99	50
Effect of Counterparty Netting	(4)	(2)
Effect of Collateral Netting	0	0
Difference in Carrying Value and Fair Value	0	0
Net Carrying Value Presented on the Balance Sheet	95	48
Commodity Derivative Assets | Level 1 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	4,565	3,075
Liabilities
Commodity Derivative Liabilities	4,724	3,057
Commodity Derivative Assets | Level 1 | OTC instruments
Assets
Commodity Derivative Assets		0
Commodity Derivative Assets | Level 1 | Physical forward contracts
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0	0
Commodity Derivative Assets | Level 2 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	41	54
Liabilities
Commodity Derivative Liabilities	45	41
Commodity Derivative Assets | Level 2 | OTC instruments
Assets
Commodity Derivative Assets		1
Commodity Derivative Assets | Level 2 | Physical forward contracts
Assets
Commodity Derivative Assets	125	70
Liabilities
Commodity Derivative Liabilities	98	50
Commodity Derivative Assets | Level 3 | Exchange-cleared instruments
Assets
Commodity Derivative Assets	0	0
Liabilities
Commodity Derivative Liabilities	0
Commodity Derivative Assets | Level 3 | OTC instruments
Assets
Commodity Derivative Assets		0
Commodity Derivative Assets | Level 3 | Physical forward contracts
Assets
Commodity Derivative Assets	3	1
Liabilities
Commodity Derivative Liabilities	1	0
Rabbi trust assets
Assets
Rabbi trust assets	159	155
Difference in Carrying Value and Fair Value	0	0
Rabbi trust assets | Level 1
Assets
Rabbi trust assets	159	155
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	44	39
Difference in Carrying Value and Fair Value	0	0
Investment in NOVONIX | Level 1
Assets
Rabbi trust assets	44	39
Investment in NOVONIX | Level 2
Assets
Rabbi trust assets	0	0
Investment in NOVONIX | Level 3
Assets
Rabbi trust assets	0	0
Floating-rate debt
Liabilities
Debt	840	1,915
Difference in Carrying Value and Fair Value	0	0
Floating-rate debt | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	840	1,915
Floating-rate debt | Level 1
Liabilities
Debt	0	0
Floating-rate debt | Level 2
Liabilities
Debt	840	1,915
Floating-rate debt | Level 3
Liabilities
Debt	0	0
Fixed-rate debt, excluding finance leases and software obligations
Liabilities
Debt	18,423	16,718
Difference in Carrying Value and Fair Value	584	408
Fixed-rate debt, excluding finance leases and software obligations | Net Carrying Value Presented on the Balance Sheet
Liabilities
Debt	19,007	17,126
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	18,423	16,718
Fixed-rate debt, excluding finance leases and software obligations | Level 3
Liabilities
Debt	$ 0	$ 0

Pension and Postretirement Pl_3

Pension and Postretirement Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits | U.S.
Components of Net Periodic Benefit Cost
Service cost	$ 29	$ 27
Interest cost	28	29
Expected return on plan assets	(38)	(31)
Amortization of net actuarial loss (gain)	3	3
Settlements	1	10
Net periodic benefit (credit) cost	23	38
Pension Benefits | Int’l.
Components of Net Periodic Benefit Cost
Service cost	3	3
Interest cost	8	8
Expected return on plan assets	(11)	(10)
Amortization of net actuarial loss (gain)	0	(1)
Settlements	0	0
Net periodic benefit (credit) cost	0	0
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	1	1
Interest cost	2	2
Expected return on plan assets	0	0
Amortization of net actuarial loss (gain)	(1)	(2)
Settlements	0	0
Net periodic benefit (credit) cost	$ 2	$ 1

Pension and Postretirement Pl_4

Pension and Postretirement Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	$ 5
Additional contributions expected to be made during remainder of fiscal year	70
Int’l. | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plans	1
Additional contributions expected to be made during remainder of fiscal year	$ 4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated other comprehensive income (loss)
Beginning balance	$ 31,650	$ 34,106
Other comprehensive income (loss) before reclassifications	(31)	79
Other Comprehensive Income (Loss), Net of Income Taxes	(30)	87
Ending balance	30,793	34,916
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Beginning balance	(282)	(460)
Other Comprehensive Income (Loss), Net of Income Taxes	(30)	87
Ending balance	(312)	(373)
Defined Benefit Plans
Accumulated other comprehensive income (loss)
Beginning balance	(120)	(122)
Other comprehensive income (loss) before reclassifications	1	2
Amounts reclassified from accumulated other comprehensive loss	1	8
Other Comprehensive Income (Loss), Net of Income Taxes	2	10
Ending balance	(118)	(112)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Beginning balance	(157)	(336)
Other comprehensive income (loss) before reclassifications	(32)	77
Other Comprehensive Income (Loss), Net of Income Taxes	(32)	77
Ending balance	(189)	(259)
Hedging
Accumulated other comprehensive income (loss)
Beginning balance	(5)	(2)
Other comprehensive income (loss) before reclassifications	0	0
Other Comprehensive Income (Loss), Net of Income Taxes	0	0
Ending balance	$ (5)	$ (2)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues and other income
Related Party Transaction [Line Items]
Significant transactions with related parties	$ 1,133	$ 1,304
Purchases
Related Party Transaction [Line Items]
Significant transactions with related parties	5,231	3,699
Operating expenses and selling, general and administrative expenses
Related Party Transaction [Line Items]
Significant transactions with related parties	$ 69	$ 72

Segment Disclosures and Relat_3

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 refinery
Midstream | NOVONIX Limited
Segment Reporting Information [Line Items]
Percent ownership of equity securities investment (as a percent)	16%
Chemicals | CPChem
Segment Reporting Information [Line Items]
Equity investment (as a percent)	50%
Refining | Mainly United States And Europe
Segment Reporting Information [Line Items]
Number of refineries	12

Segment Disclosures and Relat_4

Segment Disclosures and Related Information - Analysis by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 35,811	$ 34,396
Income (Loss) Before Income Taxes	964	2,651
Total Assets	76,399		$ 75,501
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,124	4,597
Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	9,129	8,246
Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	22,548	21,544
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,841	5,292
Income (Loss) Before Income Taxes	554	702
Total Assets	28,948		29,107
Operating Segments | Chemicals
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0
Income (Loss) Before Income Taxes	205	198
Total Assets	7,512		7,357
Operating Segments | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	22,130	22,341
Income (Loss) Before Income Taxes	131	1,608
Total Assets	25,123		22,432
Operating Segments | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	23,176	22,399
Income (Loss) Before Income Taxes	404	426
Total Assets	11,560		11,411
Intersegment eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	(717)	(695)
Intersegment eliminations | Refining
Segment Reporting Information [Line Items]
Sales and other operating revenues	(13,001)	(14,095)
Intersegment eliminations | Marketing and Specialties
Segment Reporting Information [Line Items]
Sales and other operating revenues	(628)	(855)
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	10	9
Income (Loss) Before Income Taxes	(330)	$ (283)
Total Assets	$ 3,256		$ 5,194

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate, percent	21%	22%

DCP Midstream Class A Segment -

DCP Midstream Class A Segment - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts receivable, trade	$ 11,532	$ 11,730
DCP LP | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accounts receivable, trade	459	601
Net properties, plants and equipment	9,240	9,319
Investments in unconsolidated affiliates	1,872	1,901
Accounts payable	630	815
Short-term debt	8	357
Long-term debt	$ 3,433	$ 3,759

DCP Midstream Class A Segment_2

DCP Midstream Class A Segment - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 14, 2023
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
Acquisition Of DCP LP Common Units Held By Public
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Acquisition of publicly held common units (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
DCP LP | Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common units, distribution		$ 12	$ 51
DCP LP | Variable Interest Entity, Primary Beneficiary | 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%

Restructuring (Details)

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