Phillips 66 Partners (PSXP) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document and Entity Information [Abstract]
Entity Registrant Name	Phillips 66 Partners LP
Entity Central Index Key	1,572,910
Trading Symbol	PSXP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	81,881,736

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Revenues
Transportation and terminaling services—related parties		$ 65.4	$ 54.8	[1]	$ 190.5	$ 159.8	[1]
Transportation and terminaling services—third parties		0.7	0.7	[1]	2.7	4.4	[1]
Equity in earnings of affiliates		25.2			51.9
Other income		0.1			0.2	0.1	[1]
Total revenues and other income		91.4	55.5	[1]	245.3	164.3	[1]
Costs and Expenses
Operating and maintenance expenses		15.5	13.2	[1]	47.8	38.3	[1]
Depreciation		5.7	4.2	[1]	16.1	11.7	[1]
General and administrative expenses		6.2	5.5	[1]	20	19.1	[1]
Taxes other than income taxes		2.4	1.1	[1]	6.8	3.3	[1]
Interest and debt expense		9.2	1.4	[1]	24.6	3.2	[1]
Other expenses					0.1
Total costs and expenses		39	25.4	[1]	115.4	75.6	[1]
Income before income taxes		52.4	30.1	[1]	129.9	88.7	[1]
Provision for income taxes		0.1	0.1	[1]	0.2	0.6	[1]
Net Income		52.3	30	[1]	129.7	88.1	[1]
Less: Net income attributable to Predecessors	[1]		0.6			8.3
Net income attributable to the Partnership		52.3	29.4	[1]	129.7	79.8	[1]
Less: General partner’s interest in net income attributable to the Partnership		11.5	2	[1]	26.9	4.5	[1]
Limited partners’ interest in net income attributable to the Partnership		$ 40.8	$ 27.4	[1]	$ 102.8	$ 75.3	[1]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Cash Distributions Paid Per Limited Partner Unit (dollars)		$ 0.4000	$ 0.3017		$ 1.1100	$ 0.8008
Common Units [Member]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)		0.50	0.37		1.40	1.04
Diluted, per unit (dollars)		$ 0.50	$ 0.37		$ 1.40	$ 1.04
Average Limited Partner Units Outstanding—Basic and Diluted
Basic, units		81,881,736	38,747,707		63,485,577	37,984,685
Diluted, units		81,881,736	38,747,707		63,485,577	37,984,685
Common Units [Member] | Public [Member]
Costs and Expenses
Net income attributable to the Partnership					$ 30.3	$ 19.3
Average Limited Partner Units Outstanding—Basic and Diluted
Basic, units		24,138,750	18,888,750		23,119,519	18,888,750
Diluted, units		24,138,750	18,888,750		23,119,519	18,888,750
Common Units [Member] | Non-public [Member] | Phillips 66 [Member]
Costs and Expenses
Net income attributable to the Partnership					$ 58.5	$ 20.1
Average Limited Partner Units Outstanding—Basic and Diluted
Basic, units		57,742,986	19,858,957		40,366,058	19,095,935
Diluted, units		57,742,986	19,858,957		40,366,058	19,095,935
Subordinated Units [Member]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)			$ 0.37		$ 0.82	$ 1.02
Diluted, per unit (dollars)			$ 0.37		$ 0.82	$ 1.02
Average Limited Partner Units Outstanding—Basic and Diluted
Basic, units			35,217,112		17,028,054	35,217,112
Diluted, units			35,217,112		17,028,054	35,217,112
Subordinated Units [Member] | Non-public [Member] | Phillips 66 [Member]
Costs and Expenses
Net income attributable to the Partnership					$ 14	$ 35.9
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)			$ 0.37		$ 0.82	$ 1.02
Diluted, per unit (dollars)			$ 0.37		$ 0.82	$ 1.02
Average Limited Partner Units Outstanding—Basic and Diluted
Basic, units			35,217,112		17,028,054	35,217,112
Diluted, units			35,217,112		17,028,054	35,217,112
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	[1]	Sep. 30, 2015	Sep. 30, 2014	[1]
Statement of Comprehensive Income [Abstract]
Net income	$ 52.3	$ 30		$ 129.7	$ 88.1
Comprehensive Income	$ 52.3	$ 30		$ 129.7	$ 88.1
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 72.9	$ 8.3
Accounts receivable—related parties	26.4	21.5
Accounts receivable—third parties	0.7	1.5
Materials and supplies	2.5	2.2
Other current assets	2.8	2.7
Total Current Assets	105.3	36.2
Equity investments	858.4
Net properties, plants and equipment	489	485.1
Goodwill	2.5	2.5
Intangibles		8.4
Deferred rentals—related parties	5.7	5.9
Deferred tax assets		0.5
Other assets	10.1	0.9
Total Assets	1,471	539.5
Liabilities
Accounts payable—related parties	2.6	18
Accounts payable—third parties	9.2	10.2
Accrued property and other taxes	6.6	2.7
Accrued interest	5.1	1.9
Current portion of accrued environmental costs	0.1
Deferred revenues—related parties	6.3	0.6
Other current liabilities	0.2	0.3
Total Current Liabilities	30.1	33.7
Notes payable—related parties		411.6
Long-term debt	1,099.7	18
Asset retirement obligations	3.6	3.5
Accrued environmental costs	0.6
Deferred income taxes	0.3
Other liabilities	0.6	0.5
Total Liabilities	1,134.9	467.3
Equity
General partner—Phillips 66 (2015—1,671,056 units issued and outstanding; 2014—1,531,518 units issued and outstanding)	(649.8)	(517)
Accumulated other comprehensive loss	(1.5)
Total Equity	336.1	72.2
Total Liabilities and Equity	1,471	539.5
Public [Member] | Common Units [Member]
Equity
Unitholders	804.5	415.3
Total Equity	804.5	415.3
Non-public [Member] | Common Units [Member] | Phillips 66 [Member]
Equity
Unitholders	182.9	57.1
Total Equity	$ 182.9	57.1
Non-public [Member] | Subordinated Units [Member] | Phillips 66 [Member]
Equity
Unitholders		116.8
Total Equity		$ 116.8

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
General partner—Phillips 66 units issued	1,671,056	1,531,518
General partner—Phillips 66 units outstanding	1,671,056	1,531,518
Common Units [Member] | Public [Member]
Units issued	24,138,750	18,888,750
Units outstanding	24,138,750	18,888,750
Common Units [Member] | Non-public [Member] | Phillips 66 [Member]
Units issued	57,742,986	20,938,498
Units outstanding	57,742,986	20,938,498
Subordinated Units [Member] | Non-public [Member] | Phillips 66 [Member]
Units issued	0	35,217,112
Units outstanding	0	35,217,112

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities
Net income		$ 129.7	$ 88.1	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		16.1	11.7	[1]
Deferred rentals—related parties		0.3	0.3	[1]
Accrued environmental costs		0.6
Undistributed equity earnings		(2.7)
Other		1.7	0.8	[1]
Working capital adjustments
Decrease (increase) in accounts receivable		(4.1)	(7.3)	[1]
Decrease (increase) in materials and supplies		(0.3)	(0.2)	[1]
Decrease (increase) in other current assets		(0.2)	(0.6)	[1]
Increase (decrease) in accounts payable		(10.9)	(3.1)	[1]
Increase (decrease) in accrued interest		3.2	1.2	[1]
Increase (decrease) in deferred revenues		5.7	3	[1]
Increase (decrease) in environmental accruals		0.1
Increase (decrease) in other accruals		3.7	0.8	[1]
Net Cash Provided by Operating Activities		142.9	94.7	[1]
Cash Flows From Investing Activities
Capital expenditures and investments		(137.7)	(96.4)	[1]
Return of investment from equity affiliates		8.2
Other		(5.5)	(7.2)	[1]
Net Cash Used in Investing Activities		(869.3)	(241.6)	[1]
Cash Flows From Financing Activities
Net contributions from Phillips 66 to Predecessors	[1]		82.2
Project prefunding from Phillips 66	[1]		2.2
Issuance of debt		1,168.7
Repayment of debt		(498.6)
Issuance of common units		396.4
Offering costs		(12.5)
Debt issuance costs		(9.9)
Distributions to General Partner associated with acquisitions		(145.7)	(262)	[1]
Other cash contributions from (to) Phillips 66		(0.1)	3.6	[1]
Net Cash Provided by (Used in) Financing Activities		791	(235.2)	[1]
Net Change in Cash and Cash Equivalents		64.6	(382.1)	[1]
Cash and cash equivalents at beginning of period		8.3	425.1	[1]
Cash and Cash Equivalents at End of Period		72.9	43	[1]
Public [Member] | Common Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(25)	(15.2)	[1]
Phillips 66 [Member] | Non-public [Member] | Subordinated Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(25)	(28.2)	[1]
Phillips 66 [Member] | Non-public [Member] | Common Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(38.5)	(15.1)	[1]
Gold Line Products System and Medford Spheres [Member] | Phillips 66 [Member]
Cash Flows From Investing Activities
Acquisition	[1]		(138)
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member]
Cash Flows From Investing Activities
Acquisition		(734.3)
General Partner [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		$ (18.8)	$ (2.7)	[1]
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions		Total		Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	Gold Line Products System and Medford Spheres [Member]	Net Investment [Member]	General Partner [Member]	General Partner [Member]Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	General Partner [Member]Gold Line Products System and Medford Spheres [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Common Units [Member]Public [Member]	Common Units [Member]Non-public [Member]Phillips 66 [Member]	Common Units [Member]Non-public [Member]Phillips 66 [Member]Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	Common Units [Member]Non-public [Member]Phillips 66 [Member]Gold Line Products System and Medford Spheres [Member]	Subordinated Units [Member]Non-public [Member]Phillips 66 [Member]
Beginning Balance at Dec. 31, 2013		$ 744				$ 169.9	$ 11.5				$ 409.1	$ 48.6			$ 104.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Predecessors	[1]	8.3				8.3
Net transfers to Phillips 66 from Predecessors	[1]	87.5				87.5
Contributions from Phillips 66 prior to acquisitions		4				4
Project prefunding from Phillips 66		2.2				2.2
Allocation of net investment—Predecessors and deemed net distributions to General Partner		(560)				(138)	(422)
Net income attributable to the Partnership		79.8	[1]				4.5				19.3	20.1			35.9
Quarterly cash distributions to unitholders and General Partner		(61.2)					(2.7)				(15.2)	(15.1)			(28.2)
Other contributions from Phillips 66		2.3					2.3
Ending Balance at Sep. 30, 2014	[1]	$ 306.9				$ 133.9	$ (406.4)				$ 413.2	$ 53.6			$ 112.6
Units at Dec. 31, 2013		71,871,657					1,437,433				18,888,750	16,328,362			35,217,112
Units Outstanding [Roll Forward]
Units issued associated with acquisition					3,602,648				72,053					3,530,595
Units at Sep. 30, 2014		75,474,305					1,509,486				18,888,750	19,858,957			35,217,112
Beginning Balance at Dec. 31, 2014		$ 72.2					$ (517)				$ 415.3	$ 57.1			$ 116.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units		383.9									383.9
Conversion of subordinated units												105.8			(105.8)
Deemed net distributions to General Partner associated with acquisitions		(145)					(145)
Net income attributable to the Partnership		129.7					26.9				30.3	58.5			14
Acquired accumulated other comprehensive loss		(1.5)								$ (1.5)
Quarterly cash distributions to unitholders and General Partner		(107.3)					(18.8)				(25)	(38.5)			$ (25)
Other contributions from Phillips 66		4.1					4.1
Ending Balance at Sep. 30, 2015		$ 336.1					$ (649.8)			$ (1.5)	$ 804.5	$ 182.9
Units at Dec. 31, 2014		76,575,878					1,531,518				18,888,750	20,938,498			35,217,112
Units Outstanding [Roll Forward]
Units issued associated with acquisition				1,726,914				139,538					1,587,376
Units issued associated with the public equity offering		5,250,000									5,250,000
Subordinated unit conversion												35,217,112			(35,217,112)
Units at Sep. 30, 2015		83,552,792					1,671,056				24,138,750	57,742,986
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Business and Basis of Presentation [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Unless otherwise stated or the context otherwise indicates, all references to “Phillips 66 Partners,” “the Partnership,” “us,” “our,” “we,” or similar expressions refer to Phillips 66 Partners LP, including its consolidated subsidiaries. References to Phillips 66 may refer to Phillips 66 and/or its subsidiaries, depending on the context. Description of the Business We are a Delaware limited partnership formed in 2013 by Phillips 66 Company and Phillips 66 Partners GP LLC (our General Partner), both wholly owned subsidiaries of Phillips 66. On August 1, 2015, Phillips 66 Company transferred all of its limited partner interest in us and its 100 percent interest in Phillips 66 Partners GP LLC to its wholly owned subsidiary, Phillips 66 Project Development Inc. We are a growth-oriented master limited partnership formed to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. Our common units trade on the New York Stock Exchange under the symbol “PSXP.” In the first quarter of 2015, we formed two joint ventures with Paradigm Energy Partners LLC (Paradigm) to develop midstream logistics infrastructure in North Dakota and we acquired Phillips 66’s one-third equity interests in DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC (Southern Hills), as well as Phillips 66’s 19.46 percent equity interest in Explorer Pipeline Company (Explorer). As of September 30, 2015, our assets consisted of one crude oil pipeline, terminal and storage system; four refined petroleum products pipeline, terminal and storage systems; two crude oil rail racks; two refinery-grade propylene storage spheres; one crude oil gathering system; and five equity investments. The majority of our assets are connected to, and integral to the operation of, seven of Phillips 66’s wholly owned or jointly owned refineries. We generate revenue primarily by charging tariffs and fees for transporting crude oil and refined petroleum products through our pipelines, and for terminaling and storing crude oil and refined petroleum products at our terminals, rail racks and storage facilities. In addition, our equity affiliates generate revenue primarily from transporting NGL and refined petroleum products. Since we do not own any of the crude oil and refined petroleum products we handle and do not engage in the trading of crude oil and refined petroleum products, we have limited direct exposure to risks associated with fluctuating commodity prices, although these risks indirectly influence our activities and results of operations over the long term. Basis of Presentation We acquired assets from Phillips 66 during 2014 that were considered transfers of businesses between entities under common control. This required the transactions to be accounted for as if the transfers had occurred at the beginning of the transfer period, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retrospectively adjusted to include the historical results and financial position of these acquired businesses prior to the effective date of each acquisition. We refer to these pre-acquisition operations as those of our “Predecessors.” The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66 and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities of our Predecessors in these financial statements have been reflected on a historical cost basis because the transfer of the Predecessors to us took place within the Phillips 66 consolidated group. The consolidated statement of income also includes expense allocations for certain functions performed by Phillips 66 and historically not allocated to the Predecessors’ operations, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based primarily on relative values of properties, plants and equipment (PP&E) and equity investments, or number of terminals and pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial results of our Predecessors may not include all of the actual expenses that would have been incurred had our Predecessors been a stand-alone publicly traded partnership during the periods presented. All financial information presented for the periods after each respective business acquisition represents the consolidated results of operations, financial position and cash flows of the Partnership. Accordingly: • Our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2015, consist of the consolidated results of the Partnership. Our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2014, consist of the combined results of our Predecessors prior to the effective date of each acquisition and the consolidated results of the Partnership. • Our consolidated balance sheets at September 30, 2015, and December 31, 2014, consist of the consolidated balances of the Partnership. • Our consolidated statement of cash flows for the nine months ended September 30, 2015, consists of the consolidated results of the Partnership. Our consolidated statement of cash flows for the nine months ended September 30, 2014, consists of the combined results of our Predecessors prior to the effective date of each acquisition and the consolidated results of the Partnership. • Our consolidated statement of changes in equity for the nine months ended September 30, 2015, consists of the consolidated activity of the Partnership. Our consolidated statement of changes in equity for the nine months ended September 30, 2014, consists of both the combined activity of our Predecessors prior to the effective date of each acquisition and the consolidated activity of the Partnership.

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2015
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our financial position, 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 audited consolidated financial statements and notes included in our 2014 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the full year.

Changes in Accounting Principle

Changes in Accounting Principles	9 Months Ended
	Sep. 30, 2015
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-06, “Earnings Per Share (Topic 260) - Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions.” This ASU specifies that for purposes of calculating historical earnings per unit under the two-class method, the earnings of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner and, therefore, the previously reported earnings per unit of the limited partners would not change as a result of the dropdown transaction. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and shall be applied retrospectively to each period presented. We have historically calculated earnings per unit after a dropdown transaction consistent with the approach required by ASU 2015-06. We adopted ASU 2015-06 effective in the third quarter of 2015. The adoption did not impact our consolidated financial statements or related disclosures.

Equity Investments

Equity Investments	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity Investments Bakken Joint Ventures In January 2015, we closed on agreements with Paradigm to form two joint ventures to develop midstream logistics infrastructure in North Dakota. At closing, we contributed our Palermo Rail Terminal project for a 70 percent ownership interest in Phillips 66 Partners Terminal LLC (Phillips 66 Partners Terminal), and $4.9 million in cash for a 50 percent ownership interest in Paradigm Pipeline LLC (Paradigm Pipeline). We account for both joint ventures under the equity method of accounting due to governance provisions that require supermajority voting on all decisions that significantly impact the governance, management and economic performance of the joint ventures. Sand Hills/Southern Hills/Explorer Pipeline Joint Ventures In February 2015, we entered into a Contribution, Conveyance and Assumption Agreement with subsidiaries of Phillips 66 to acquire 100 percent of Phillips 66’s one-third equity interests in Sand Hills and Southern Hills and 19.46 percent equity interest in Explorer. The Sand Hills Pipeline is a 1,190 -mile (including laterals), fee-based pipeline that transports NGL from plants in the Permian Basin and Eagle Ford Shale to facilities along the Texas Gulf Coast and the Mont Belvieu market hub. The Southern Hills Pipeline is a 940 -mile (including laterals), fee-based pipeline that transports NGL from the Midcontinent region to the Mont Belvieu market hub. The Explorer Pipeline is an approximately 1,830 -mile, refined petroleum product pipeline extending from the Texas Gulf Coast to Indiana, transporting refined petroleum products to more than 70 major cities in 16 U.S. states. The transaction closed on March 2, 2015 . Total consideration for the transaction was $1.01 billion consisting of $880 million in cash, funded by a portion of the proceeds from a public offering of unsecured senior notes and a public offering of common units; in addition, the Partnership issued 1,587,376 common units to Phillips 66 and 139,538 general partner units to our General Partner to maintain its 2 percent interest. Total transaction costs of $0.9 million were expensed as incurred in general and administrative expenses. The following table summarizes our equity investments: Millions of Dollars Percentage Ownership Carrying Value September 30, 2015 December 31, 2014 Sand Hills 33.34 % $ 432.1 — Southern Hills* 33.34 212.5 — Explorer** 19.46 104.4 — Phillips 66 Partners Terminal 70.00 74.5 — Paradigm Pipeline 50.00 34.9 — Total equity investments $ 858.4 — *Investment has a negative basis difference of $98.9 million . **Investment has a positive basis difference of $83.7 million . Earnings from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sand Hills $ 15.1 — 33.9 — Southern Hills 3.5 — 8.7 — Explorer 6.6 — 9.3 — Phillips 66 Partners Terminal — — — — Paradigm Pipeline — — — — Total equity in earnings of affiliates $ 25.2 — 51.9 — Summarized 100 percent financial information for Sand Hills follows. Although the acquisition of Sand Hills closed on March 2, 2015, the entire nine-month period ended September 30, 2015, is presented in the table below, along with the three- and nine-month periods ended September 30, 2014, for enhanced comparability. Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 63.8 41.7 175.3 96.4 Income before income taxes 45.8 26.6 122.1 52.1 Net income 45.4 26.3 121.3 51.5

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties, Plants and Equipment	Properties, Plants and Equipment Our investment in PP&E, with the associated accumulated depreciation, was: Millions of Dollars September 30 December 31 2014 Land $ 5.9 17.4 Buildings and improvements 30.0 27.3 Pipelines and related assets 214.7 165.0 Terminals and related assets 339.3 334.7 Rail racks and related assets 136.2 133.5 Construction-in-progress 25.4 54.5 Gross PP&E 751.5 732.4 Less: Accumulated depreciation (262.5 ) (247.3 ) Net PP&E $ 489.0 485.1

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Long-term debt at September 30, 2015, and December 31, 2014, was: Millions of Dollars September 30 December 31 2.646% Senior Notes due 2020 $ 300.0 — 3.605% Senior Notes due 2025 500.0 — 4.680% Senior Notes due 2045 300.0 — Revolving credit facility — 18.0 Note payable to Phillips 66 due 2019 at 3.0% — 160.0 Note payable to Phillips 66 due 2019 at 3.1% — 244.0 Note payable to Phillips 66 due 2019 at 2.9% — 7.6 Debt at face value 1,100.0 429.6 Net unamortized discounts (0.3 ) — Total debt 1,099.7 429.6 Short-term debt — — Long-term debt $ 1,099.7 429.6 Senior Notes In February 2015, we closed on a public offering of $1.1 billion aggregate principal amount of unsecured senior notes (Notes Offering), consisting of: • $300 million of 2.646% Senior Notes due February 15, 2020. • $500 million of 3.605% Senior Notes due February 15, 2025. • $300 million of 4.680% Senior Notes due February 15, 2045. Total proceeds (net of underwriting discounts) received from the Notes Offering were $1,092.0 million . We utilized a portion of the net proceeds to partially fund the acquisition of the Sand Hills, Southern Hills and Explorer equity investments. In addition, the Partnership used a portion of the proceeds to repay the three notes payable to a subsidiary of Phillips 66. Interest on each series of senior notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2015. As of September 30, 2015, the aggregate fair value of the senior notes was $984.2 million , which we estimated using quoted market prices. The fair value was determined using Level 2 inputs. Revolving Credit Facility During the first quarter of 2015, we repaid all amounts borrowed under our $500 million revolving credit facility. No amounts were outstanding at September 30, 2015. Intra-period borrowings and repayments under this facility are presented on a gross basis in our consolidated statement of cash flows.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Equity Common Units Offering In February 2015, we completed the public offering of an aggregate of 5,250,000 common units representing limited partner interests at a price of $75.50 per common unit (Units Offering). The Partnership received proceeds (net of underwriting discounts) of $384.5 million from the Units Offering. The Partnership utilized a portion of the net proceeds from the Units Offering to partially fund the acquisition of the Sand Hills, Southern Hills and Explorer equity investments and to repay amounts outstanding under our revolving credit facility. We are using the remaining proceeds to fund expansion capital expenditures and for general partnership purposes.

Net Income Per Limited Partner

Net Income Per Limited Partner Unit	9 Months Ended
	Sep. 30, 2015
Partners' Capital Notes [Abstract]
Net Income Per Limited Partner Unit	Net Income Per Limited Partner Unit Net income per unit applicable to common and subordinated units is computed by dividing these limited partners’ respective interests in net income attributable to the Partnership by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method to calculate the net income per unit applicable to the limited partners. The classes of participating securities as of September 30, 2015, included common units, general partner units and incentive distribution rights (IDRs). Basic and diluted net income per unit are the same because we do not have potentially dilutive instruments outstanding for the periods presented. Net income earned by the Partnership is allocated between the limited partners and the General Partner (including the General Partner’s IDRs) in accordance with our partnership agreement. First, earnings are allocated based on actual cash distributions made to our unitholders, including those attributable to the General Partner’s IDRs. To the extent net income attributable to the Partnership exceeds or is less than cash distributions, this difference is allocated based on the unitholders’ respective ownership percentages, after consideration of any priority allocations of earnings. Millions of Dollars Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Net income attributable to the Partnership $ 52.3 29.4 129.7 79.8 Less: General partner’s distributions declared (including IDRs)* 11.1 1.9 26.3 4.3 Limited partners’ distributions declared on common units* 35.1 12.3 85.1 34.6 Limited partner’s distributions declared on subordinated units* — 11.1 13.0 31.4 Distributions less than net income attributable to the Partnership $ 6.1 4.1 5.3 9.5 *Distribution declared attributable to the indicated periods. General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Three Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distribution declared $ 11.1 35.1 — 46.2 Distribution less than net income attributable to the Partnership 0.4 5.7 — 6.1 Net income attributable to the Partnership $ 11.5 40.8 — 52.3 Weighted average units outstanding: Basic 1,671,056 81,881,736 — 83,552,792 Diluted 1,671,056 81,881,736 — 83,552,792 Net income per limited partner unit (dollars): Basic $ 0.50 — Diluted 0.50 — Three Months Ended September 30, 2014 Net income attributable to the Partnership (millions): Distribution declared $ 1.9 12.3 11.1 25.3 Distribution less than net income attributable to the Partnership 0.1 2.0 2.0 4.1 Net income attributable to the Partnership $ 2.0 14.3 13.1 29.4 Weighted average units outstanding: Basic 1,509,486 38,747,707 35,217,112 75,474,305 Diluted 1,509,486 38,747,707 35,217,112 75,474,305 Net income per limited partner unit (dollars): Basic $ 0.37 0.37 Diluted 0.37 0.37 General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Nine Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distributions declared $ 26.3 85.1 13.0 124.4 Distributions less than net income attributable to the Partnership 0.6 3.7 1.0 5.3 Net income attributable to the Partnership $ 26.9 88.8 14.0 129.7 Weighted average units outstanding: Basic 1,640,388 63,485,577 17,028,054 82,154,019 Diluted 1,640,388 63,485,577 17,028,054 82,154,019 Net income per limited partner unit (dollars): Basic $ 1.40 0.82 Diluted 1.40 0.82 Nine Months Ended September 30, 2014 Net income attributable to the Partnership (millions): Distributions declared $ 4.3 34.6 31.4 70.3 Distributions less than net income attributable to the Partnership 0.2 4.8 4.5 9.5 Net income attributable to the Partnership $ 4.5 39.4 35.9 79.8 Weighted average units outstanding: Basic 1,493,914 37,984,685 35,217,112 74,695,711 Diluted 1,493,914 37,984,685 35,217,112 74,695,711 Net income per limited partner unit (dollars): Basic $ 1.04 1.02 Diluted 1.04 1.02 On October 21, 2015 , the Board of Directors of our General Partner declared a quarterly cash distribution of $0.428 per common unit which, combined with distributions to our General Partner, will result in total distributions of $46.2 million attributable to the third quarter of 2015. This distribution is payable November 12, 2015 , to unitholders of record as of November 3, 2015 . Subordinated Unit Conversion Following the May 12, 2015 , payment of the cash distribution attributable to the first quarter of 2015, the requirements under the partnership agreement for the conversion of all subordinated units into common units were satisfied. As a result, in the second quarter of 2015, the 35,217,112 subordinated units held by Phillips 66 converted into common units on a one-for-one basis and thereafter participate on terms equal with all other common units in distributions of available cash. The conversion of the subordinated units does not impact the amount of cash distributions paid by us or the total number of outstanding units.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2015
Contingencies [Abstract]
Contingencies	Contingencies From time to time, lawsuits involving a variety of claims that arise in the ordinary course of business may be filed against 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 sites. We regularly assess the need for accounting 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 less than certain. 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 any 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 federal, state and local environmental laws and regulations. We record accruals for environmental liabilities based on management’s best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency 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. In April 2015, our pipeline that transports products from the Hartford Terminal to a dock on the Mississippi River experienced a diesel fuel release of approximately 800 barrels. The release was halted on the same day, and cleanup and remediation efforts followed. Costs recognized during the second and third quarters of 2015 associated with cleanup and remediation of the release were $3.8 million . We continue to work with the appropriate authorities and costs are subject to change if additional information regarding the extent of the environmental impact of the release becomes known. We carry property and third-party liability insurance, each in excess of $5.0 million self-insured retentions. At September 30, 2015, we had $0.7 million of environmental accruals. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Under our amended omnibus agreement, Phillips 66 provides certain services for our benefit, including legal support services, and we pay an operational and administrative support fee for these services. Phillips 66’s 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. The process facilitates the early evaluation and quantification of potential exposures in individual cases and enables 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, Phillips 66’s legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. As of September 30, 2015 , and December 31, 2014, we did not have any material accrued contingent liabilities associated with litigation matters. Indemnification Under our amended omnibus agreement, Phillips 66 will indemnify us for certain environmental liabilities, tax liabilities, and litigation and other matters attributable to the ownership or operation of the assets contributed to us in connection with our Initial Public Offering (the Offering) (the Initial Assets) and which arose prior to the closing of the Offering. Indemnification for any unknown environmental liabilities provided therein is limited to liabilities due to occurrences prior to the closing of the Offering and that are identified before the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.1 million before we are entitled to indemnification. Indemnification for litigation matters provided therein (other than legal actions pending at the closing of the Offering) is subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. Phillips 66 will also indemnify us under our amended omnibus agreement for failure to obtain certain consents, licenses and permits necessary to conduct our business, including the cost of curing any such condition, in each case that is identified prior to the fifth anniversary of the closing of the Offering, subject to an aggregate deductible of $0.2 million before we are entitled to indemnification. We have agreed to indemnify Phillips 66 for events and conditions associated with the ownership or operation of the Initial Assets that occur on or after the closing of the Offering and for certain environmental liabilities related to the Initial Assets to the extent Phillips 66 is not required to indemnify us. Excluded Liabilities of Acquired Assets Pursuant to the terms of the various agreements under which we acquired assets from Phillips 66 since the Offering, Phillips 66 assumed the responsibility for any liabilities arising out of or attributable to the ownership or operation of the assets, or other activities occurring in connection with and attributable to the ownership or operation of the assets, prior to the effective date of each acquisition. We have assumed, and have agreed to pay, discharge and perform as and when due, all liabilities arising out of or attributable to the ownership or operation of the assets, or other activities occurring in connection with and attributable to the ownership or operation of the assets, from and after the effective date of each acquisition.

Cash Flow Information

Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Acquisition The transaction that resulted in our acquisition of equity investments in Sand Hills, Southern Hills and Explorer had both cash and noncash elements. We attributed $734.3 million of the total $880.0 million cash consideration paid to the investment balance of the Sand Hills, Southern Hills and Explorer pipeline joint ventures acquired (an investing cash outflow). The remaining $145.7 million of excess cash consideration was deemed a distribution to our General Partner (a financing cash outflow). The common and general partner units issued to Phillips 66 in the transaction were assigned no value, because the cash consideration exceeded the historical net book value of the acquired assets in the transaction. Accordingly, the units issued for these acquisitions had no impact on partner capital balances, other than changing ownership percentages. Capital Expenditures Our capital expenditures and investments consisted of: Millions of Dollars Nine Months Ended 2015 2014* Capital Expenditures and Investments Capital expenditures attributable to Predecessors $ — 85.1 Capital expenditures and investments attributable to the Partnership 137.7 11.3 Total capital expenditures and investments $ 137.7 96.4 *Prior-period financial information has been retrospectively adjusted for acquisitions under common control. Millions of Dollars Nine Months Ended 2015 2014 Noncash Investing and Financing Activities Contributions of net assets into joint ventures $ 43.3 — Note payable—related parties associated with an acquisition — 160.0

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Commercial Agreements In connection with the Offering and subsequent acquisitions from Phillips 66, we entered into multiple commercial agreements with Phillips 66, including transportation services agreements, terminal services agreements, storage services agreements, stevedoring services agreements and rail terminal services agreements. Under these long-term, fee-based agreements, we provide transportation, terminaling, storage, stevedoring and rail terminal services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil and refined petroleum products or minimum monthly service fees. Under our transportation and terminaling services agreements, if Phillips 66 fails to transport, throughput or store its minimum throughput volume during any quarter, then Phillips 66 will pay us a deficiency payment based on the calculation described in the agreement. Amended Operational Services Agreement Under our amended operational services agreement, we reimburse Phillips 66 for providing certain operational services to us in support of our pipelines, terminaling and storage facilities. These services include routine and emergency maintenance and repair services, routine operational activities, routine administrative services, construction and related services and such other services as we and Phillips 66 may mutually agree upon from time to time. Amended Omnibus Agreement The amended omnibus agreement addresses our payment of an annual operating and administrative support fee and our obligation to reimburse Phillips 66 for all other direct or allocated costs and expenses incurred by Phillips 66 in providing general and administrative services. Additionally, the omnibus agreement addresses Phillips 66’s indemnification to us and our indemnification to Phillips 66 for certain environmental and other liabilities related to our assets, and the prefunding of certain projects by Phillips 66. Further, it addresses the granting of a license from Phillips 66 to us with respect to the use of certain Phillips 66 trademarks. Tax Sharing Agreement In connection with the Offering, we entered into a tax sharing agreement with Phillips 66 pursuant to which we will reimburse Phillips 66 for our share of state and local income and other taxes incurred by Phillips 66 as a result of our results of operations being included in a combined or consolidated tax return filed by Phillips 66 with respect to taxable periods including or beginning on or after the closing date of the Offering. The amount of any such reimbursement will be limited to the tax that we (and our subsidiaries) would have paid had we not been included in a combined group with Phillips 66. Phillips 66 may use its tax attributes to cause its combined or consolidated group, of which we may be a member for this purpose, to owe no tax. However, we would nevertheless reimburse Phillips 66 for the tax we would have owed had the attributes not been available or used for our benefit, even though Phillips 66 had no cash expense for that period. For additional information on our commercial and other agreements with Phillips 66, see our 2014 Annual Report on Form 10-K. Related Party Transactions Significant related party transactions included in operating and maintenance expenses, general and administrative expenses and interest and debt expense were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014* 2015 2014* Operating and maintenance expenses $ 9.8 8.1 25.8 23.5 General and administrative expenses 5.2 5.2 16.3 16.2 Interest and debt expense — 1.2 1.9 2.8 Total $ 15.0 14.5 44.0 42.5 *Prior-period financial information has been retrospectively adjusted for acquisitions under common control. Currently, we pay Phillips 66 a monthly operational and administrative support fee under the terms of our amended omnibus agreement in the amount of $2.5 million . The operational and administrative support fee is for the provision of certain services, including: executive services; financial and administrative services (including treasury and accounting); information technology; legal services; corporate health, safety and environmental services; facility services; human resources services; procurement services; corporate engineering services, including asset integrity and regulatory services; logistical services; asset oversight, such as operational management and supervision; business development services; investor relations; tax matters; and public company reporting services. We also reimburse Phillips 66 for all other direct or allocated costs incurred on behalf of us, pursuant to the terms of our amended omnibus agreement. The classification of these charges between operating and maintenance expenses and general and administrative expenses is based on the functional nature of the services being performed for our operations. Under our amended operational services agreement, we reimburse Phillips 66 for the provision of certain operational services to us in support of our pipelines, rail racks and terminaling and storage facilities. Additionally, we pay Phillips 66 for insurance services provided to us. Operating and maintenance expenses also include volumetric gain/loss associated with volumes transported by Phillips 66.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are not a taxable entity for U.S. federal income tax purposes or for the majority of states that impose an income tax. Taxes on our net income generally are borne by our partners through the allocation of taxable income. Our income tax provision results from state laws that apply to entities organized as partnerships, primarily Texas. Our effective tax rate was 0.2 percent for both the three- and nine-month periods ended September 30, 2015 , compared with 0.3 percent and 0.7 percent , respectively for the corresponding periods of 2014 . The decrease in the 2015 nine-month period was primarily attributable to a legislated reduction in the Texas margin tax rate.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2015
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015, applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” This standard states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing these costs when they relate to a line-of-credit arrangement. We currently have debt issuance costs included as deferred charges in our balance sheet which will be reclassified as a reduction of debt when we adopt ASU 2015-03. At September 30, 2015, this amount was $9.3 million . In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new standard converged guidance on recognizing revenues in contracts with customers under accounting principles generally accepted in the United States and International Financial Reporting Standards. This ASU is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. In August, 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendment in this ASU defers the effective date of ASU 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. Retrospective or modified retrospective application of the accounting standard is required. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 29, 2015, we entered into a Contribution, Conveyance and Assumption agreement with subsidiaries of Phillips 66 to acquire Phillips 66’s 40 percent interest in Bayou Bridge Pipeline LLC for consideration estimated to be $70 million . Actual consideration will be based on Phillip 66’s investment balance in Bayou Bridge Pipeline at closing. Bayou Bridge Pipeline is constructing a pipeline system that will deliver crude oil from the Beaumont, Texas, area to Lake Charles, Louisiana, with further service from Lake Charles to St. James, Louisiana. We expect to fund one-half of the consideration with cash on hand and/or through our revolver, and to fund the remaining one-half with the issuance of new common units to Phillips 66 Project Development Inc. and general partner units to our General Partner. The transaction is expected to close on December 1, 2015. After closing, we will assume responsibility for our share of the remaining capital investments necessary to complete the pipeline project.

Business and Basis of Present22

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Business and Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation We acquired assets from Phillips 66 during 2014 that were considered transfers of businesses between entities under common control. This required the transactions to be accounted for as if the transfers had occurred at the beginning of the transfer period, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying financial statements and related notes have been retrospectively adjusted to include the historical results and financial position of these acquired businesses prior to the effective date of each acquisition. We refer to these pre-acquisition operations as those of our “Predecessors.” The combined financial statements of our Predecessors were derived from the accounting records of Phillips 66 and reflect the combined historical results of operations, financial position and cash flows of our Predecessors as if such businesses had been combined for all periods presented. All intercompany transactions and accounts within our Predecessors have been eliminated. The assets and liabilities of our Predecessors in these financial statements have been reflected on a historical cost basis because the transfer of the Predecessors to us took place within the Phillips 66 consolidated group. The consolidated statement of income also includes expense allocations for certain functions performed by Phillips 66 and historically not allocated to the Predecessors’ operations, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement; and operational support services such as engineering and logistics. These allocations were based primarily on relative values of properties, plants and equipment (PP&E) and equity investments, or number of terminals and pipeline miles. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 were reasonable. Nevertheless, the financial results of our Predecessors may not include all of the actual expenses that would have been incurred had our Predecessors been a stand-alone publicly traded partnership during the periods presented. All financial information presented for the periods after each respective business acquisition represents the consolidated results of operations, financial position and cash flows of the Partnership. Accordingly: • Our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2015, consist of the consolidated results of the Partnership. Our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2014, consist of the combined results of our Predecessors prior to the effective date of each acquisition and the consolidated results of the Partnership. • Our consolidated balance sheets at September 30, 2015, and December 31, 2014, consist of the consolidated balances of the Partnership. • Our consolidated statement of cash flows for the nine months ended September 30, 2015, consists of the consolidated results of the Partnership. Our consolidated statement of cash flows for the nine months ended September 30, 2014, consists of the combined results of our Predecessors prior to the effective date of each acquisition and the consolidated results of the Partnership. • Our consolidated statement of changes in equity for the nine months ended September 30, 2015, consists of the consolidated activity of the Partnership. Our consolidated statement of changes in equity for the nine months ended September 30, 2014, consists of both the combined activity of our Predecessors prior to the effective date of each acquisition and the consolidated activity of the Partnership.
Earnings Per Share, Policy	Net income per unit applicable to common and subordinated units is computed by dividing these limited partners’ respective interests in net income attributable to the Partnership by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method to calculate the net income per unit applicable to the limited partners. The classes of participating securities as of September 30, 2015, included common units, general partner units and incentive distribution rights (IDRs). Basic and diluted net income per unit are the same because we do not have potentially dilutive instruments outstanding for the periods presented. Net income earned by the Partnership is allocated between the limited partners and the General Partner (including the General Partner’s IDRs) in accordance with our partnership agreement. First, earnings are allocated based on actual cash distributions made to our unitholders, including those attributable to the General Partner’s IDRs. To the extent net income attributable to the Partnership exceeds or is less than cash distributions, this difference is allocated based on the unitholders’ respective ownership percentages, after consideration of any priority allocations of earnings.

Equity Investments (Tables)

Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Investments	The following table summarizes our equity investments: Millions of Dollars Percentage Ownership Carrying Value September 30, 2015 December 31, 2014 Sand Hills 33.34 % $ 432.1 — Southern Hills* 33.34 212.5 — Explorer** 19.46 104.4 — Phillips 66 Partners Terminal 70.00 74.5 — Paradigm Pipeline 50.00 34.9 — Total equity investments $ 858.4 — *Investment has a negative basis difference of $98.9 million . **Investment has a positive basis difference of $83.7 million . Earnings from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Sand Hills $ 15.1 — 33.9 — Southern Hills 3.5 — 8.7 — Explorer 6.6 — 9.3 — Phillips 66 Partners Terminal — — — — Paradigm Pipeline — — — — Total equity in earnings of affiliates $ 25.2 — 51.9 —
Summary of Financial Information	Summarized 100 percent financial information for Sand Hills follows. Although the acquisition of Sand Hills closed on March 2, 2015, the entire nine-month period ended September 30, 2015, is presented in the table below, along with the three- and nine-month periods ended September 30, 2014, for enhanced comparability. Millions of Dollars Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 63.8 41.7 175.3 96.4 Income before income taxes 45.8 26.6 122.1 52.1 Net income 45.4 26.3 121.3 51.5

Properties, Plants and Equipm24

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Our investment in PP&E, with the associated accumulated depreciation, was: Millions of Dollars September 30 December 31 2014 Land $ 5.9 17.4 Buildings and improvements 30.0 27.3 Pipelines and related assets 214.7 165.0 Terminals and related assets 339.3 334.7 Rail racks and related assets 136.2 133.5 Construction-in-progress 25.4 54.5 Gross PP&E 751.5 732.4 Less: Accumulated depreciation (262.5 ) (247.3 ) Net PP&E $ 489.0 485.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt at September 30, 2015, and December 31, 2014, was: Millions of Dollars September 30 December 31 2.646% Senior Notes due 2020 $ 300.0 — 3.605% Senior Notes due 2025 500.0 — 4.680% Senior Notes due 2045 300.0 — Revolving credit facility — 18.0 Note payable to Phillips 66 due 2019 at 3.0% — 160.0 Note payable to Phillips 66 due 2019 at 3.1% — 244.0 Note payable to Phillips 66 due 2019 at 2.9% — 7.6 Debt at face value 1,100.0 429.6 Net unamortized discounts (0.3 ) — Total debt 1,099.7 429.6 Short-term debt — — Long-term debt $ 1,099.7 429.6

Net Income Per Limited Partne26

Net Income Per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 2015
Partners' Capital Notes [Abstract]
Schedule of Distributions Declared, Partners Interest in Partnership Net Income and Net Income per Unit by Class	Millions of Dollars Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Net income attributable to the Partnership $ 52.3 29.4 129.7 79.8 Less: General partner’s distributions declared (including IDRs)* 11.1 1.9 26.3 4.3 Limited partners’ distributions declared on common units* 35.1 12.3 85.1 34.6 Limited partner’s distributions declared on subordinated units* — 11.1 13.0 31.4 Distributions less than net income attributable to the Partnership $ 6.1 4.1 5.3 9.5 *Distribution declared attributable to the indicated periods. General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Three Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distribution declared $ 11.1 35.1 — 46.2 Distribution less than net income attributable to the Partnership 0.4 5.7 — 6.1 Net income attributable to the Partnership $ 11.5 40.8 — 52.3 Weighted average units outstanding: Basic 1,671,056 81,881,736 — 83,552,792 Diluted 1,671,056 81,881,736 — 83,552,792 Net income per limited partner unit (dollars): Basic $ 0.50 — Diluted 0.50 — Three Months Ended September 30, 2014 Net income attributable to the Partnership (millions): Distribution declared $ 1.9 12.3 11.1 25.3 Distribution less than net income attributable to the Partnership 0.1 2.0 2.0 4.1 Net income attributable to the Partnership $ 2.0 14.3 13.1 29.4 Weighted average units outstanding: Basic 1,509,486 38,747,707 35,217,112 75,474,305 Diluted 1,509,486 38,747,707 35,217,112 75,474,305 Net income per limited partner unit (dollars): Basic $ 0.37 0.37 Diluted 0.37 0.37 General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Nine Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distributions declared $ 26.3 85.1 13.0 124.4 Distributions less than net income attributable to the Partnership 0.6 3.7 1.0 5.3 Net income attributable to the Partnership $ 26.9 88.8 14.0 129.7 Weighted average units outstanding: Basic 1,640,388 63,485,577 17,028,054 82,154,019 Diluted 1,640,388 63,485,577 17,028,054 82,154,019 Net income per limited partner unit (dollars): Basic $ 1.40 0.82 Diluted 1.40 0.82 Nine Months Ended September 30, 2014 Net income attributable to the Partnership (millions): Distributions declared $ 4.3 34.6 31.4 70.3 Distributions less than net income attributable to the Partnership 0.2 4.8 4.5 9.5 Net income attributable to the Partnership $ 4.5 39.4 35.9 79.8 Weighted average units outstanding: Basic 1,493,914 37,984,685 35,217,112 74,695,711 Diluted 1,493,914 37,984,685 35,217,112 74,695,711 Net income per limited partner unit (dollars): Basic $ 1.04 1.02 Diluted 1.04 1.02

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Cash Flow Information [Abstract]
Summary of Capital Expenditures and Noncash Investing and Financing Activities	Millions of Dollars Nine Months Ended 2015 2014* Capital Expenditures and Investments Capital expenditures attributable to Predecessors $ — 85.1 Capital expenditures and investments attributable to the Partnership 137.7 11.3 Total capital expenditures and investments $ 137.7 96.4 *Prior-period financial information has been retrospectively adjusted for acquisitions under common control. Millions of Dollars Nine Months Ended 2015 2014 Noncash Investing and Financing Activities Contributions of net assets into joint ventures $ 43.3 — Note payable—related parties associated with an acquisition — 160.0

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Summary of Related Party Transactions	Significant related party transactions included in operating and maintenance expenses, general and administrative expenses and interest and debt expense were: Millions of Dollars Three Months Ended Nine Months Ended 2015 2014* 2015 2014* Operating and maintenance expenses $ 9.8 8.1 25.8 23.5 General and administrative expenses 5.2 5.2 16.3 16.2 Interest and debt expense — 1.2 1.9 2.8 Total $ 15.0 14.5 44.0 42.5 *Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Business and Basis of Present29

Business and Basis of Presentation (Narrative) (Details)	Aug. 01, 2015	Mar. 02, 2015	Mar. 31, 2015joint_venture	Sep. 30, 2015systeminvestmentrail_racksphere	Jan. 31, 2015agreement
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of refinery-grade propylene storage spheres | sphere				2
Number of equity-method investments | investment				5
Crude Oil [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of rail racks | rail_rack				2
Crude Oil Pipeline, Terminal And Storage Facilities [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of systems				1
Refined Petroleum Products Pipeline, Terminal And Storage System [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of systems				4
Crude Oil Gathering [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of systems				1
Paradigm Energy Partners, LLC [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Number of joint ventures formed			2		2
Phillips 66 [Member] | Explorer Pipeline Company [Member] | Phillips 66 [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Percentage of ownership in equity method investment acquired		19.46%	19.46%
Phillips 66 [Member] | DCP Sand Hills Pipeline, LLC [Member] | Phillips 66 [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Percentage of ownership in equity method investment acquired		33.34%	33.34%
Phillips 66 [Member] | DCP Southern Hills Pipeline, LLC [Member] | Phillips 66 [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Percentage of ownership in equity method investment acquired		33.34%	33.34%
Phillips 66 [Member]
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]
Phillips 66 Company's interest in Phillips 66 Partners GP LLC transferred to Phillips 66 Project Development Inc, percentage	100.00%
Number of refineries to which our assets are connected				7

Equity Investments (Schedule of

Equity Investments (Schedule of Equity Investments) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)		Sep. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 858.4		$ 858.4
Equity in earnings of affiliates	$ 25.2		$ 51.9
DCP Sand Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	33.34%		33.34%
Carrying Value	$ 432.1		$ 432.1
Equity in earnings of affiliates	$ 15.1		$ 33.9
DCP Southern Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	33.34%		33.34%
Carrying Value	$ 212.5	[1]	$ 212.5	[1]
Basis difference	(98.9)		(98.9)
Equity in earnings of affiliates	$ 3.5		$ 8.7
Explorer Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	19.46%		19.46%
Carrying Value	$ 104.4	[2]	$ 104.4	[2]
Basis difference	83.7		83.7
Equity in earnings of affiliates	$ 6.6		$ 9.3
Phillips 66 Partners Terminal LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	70.00%		70.00%
Carrying Value	$ 74.5		$ 74.5
Paradigm Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%		50.00%
Carrying Value	$ 34.9		$ 34.9
[1]	Investment has a negative basis difference of $98.9 million
[2]	Investment has a positive basis difference of $83.7 million

Equity Investments (Summarized

Equity Investments (Summarized Financial Information) (Details) - DCP Sand Hills Pipeline, LLC [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Revenues	$ 63.8	$ 41.7	$ 175.3	$ 96.4
Income before income taxes	45.8	26.6	122.1	52.1
Net income	$ 45.4	$ 26.3	$ 121.3	$ 51.5

Equity Investments (Narrative)

Equity Investments (Narrative) (Details) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2015USD ($)agreement	Mar. 02, 2015USD ($)shares	Mar. 31, 2015joint_venture	Sep. 30, 2015USD ($)statecitymishares
Schedule of Equity Method Investments [Line Items]
General partner interest maintained, percent		2.00%
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of units issued				1,726,914
Paradigm Energy Partners, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures formed to develop midstream logistics infrastructure in North Dakota	2		2
Paradigm Energy Partners, LLC [Member] | Phillips 66 Partners Terminal LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired, percentage	70.00%
Paradigm Energy Partners, LLC [Member] | Paradigm Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired, percentage	50.00%
Cash paid for equity method investment interest acquired | $	$ 4.9
Sand Hills Pipeline [Member] | DCP Sand Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Pipeline length in miles | mi				1,190
Southern Hills Pipeline [Member] | DCP Southern Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Pipeline length in miles | mi				940
Explorer Pipeline [Member] | Explorer Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Pipeline length in miles | mi				1,830
Number of states to which refined petroleum product is transported | state				16
Phillips 66 [Member] | Phillips 66 [Member] | DCP Sand Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment acquired		33.34%	33.34%
Phillips 66 [Member] | Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration for the transaction | $		$ 1,010
Cash consideration for the transaction partially funded by proceeds from debt and equity offerings | $		880		$ 880
Transaction costs expensed | $		$ 0.9
Phillips 66 [Member] | Phillips 66 [Member] | DCP Southern Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment acquired		33.34%	33.34%
Phillips 66 [Member] | Phillips 66 [Member] | Explorer Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment acquired		19.46%	19.46%
Common Units [Member] | Phillips 66 [Member] | Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of units issued		1,587,376
General Partner [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of units issued				139,538
General Partner [Member] | Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of units issued		139,538
Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
The percentage of Phillips 66's equity interest owned that was acquired, percentage		100.00%
Minimum [Member] | Explorer Pipeline [Member] | Explorer Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Number of cities to which refined petroleum product is transported | city				70

Properties, Plants and Equipm33

Properties, Plants and Equipment (Summary of Properties, Plants and Equipment)(Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 751.5	$ 732.4
Less: accumulated depreciation	(262.5)	(247.3)
Net PP&E	489	485.1
Land [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	5.9	17.4
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	30	27.3
Pipelines and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	214.7	165
Terminals and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	339.3	334.7
Rail Racks And Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	136.2	133.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 25.4	$ 54.5

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Feb. 28, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt at face value	$ 1,100		$ 429.6
Net unamortized discounts	(0.3)
Total debt	1,099.7		429.6
Long-term debt	1,099.7		429.6
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	0		18
Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes		$ 1,100
2.646% Senior Notes due 2020 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 300	$ 300
Interest rate, stated percentage	2.646%	2.646%
3.605% Senior Notes due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 500	$ 500
Interest rate, stated percentage	3.605%	3.605%
4.680% Senior Notes due 2045 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 300	$ 300
Interest rate, stated percentage	4.68%	4.68%
Phillips 66 [Member] | Note Payable, 160 million US, 5-year, 3 percent [Member]
Debt Instrument [Line Items]
Note payable to Phillips 66			$ 160
Interest rate, stated percentage			3.00%
Phillips 66 [Member] | Note Payable, 244 million US, 5-year, 3.1 percent [Member]
Debt Instrument [Line Items]
Note payable to Phillips 66			$ 244
Interest rate, stated percentage			3.10%
Phillips 66 [Member] | Note Payable, 7.6 million US, 5-year, 2.9 percent [Member]
Debt Instrument [Line Items]
Note payable to Phillips 66			$ 7.6
Interest rate, stated percentage			2.90%

Debt (Narrative) (Details)

Debt (Narrative) (Details)	1 Months Ended
	Feb. 28, 2015USD ($)note_payable	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Phillips 66 [Member]
Number of notes repaid with portion of proceeds from Notes Offering | note_payable	3
Senior Notes [Member]
Aggregate principal amount of unsecured senior notes	$ 1,100,000,000
Total proceeds (net of underwriting discounts) received from the Notes Offering	1,092,000,000
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Aggregate fair value of the senior notes		$ 984,200,000
Senior Notes [Member] | 2.646% Senior Notes due 2020 [Member]
Aggregate principal amount of unsecured senior notes	$ 300,000,000	$ 300,000,000
Interest rate, stated percentage	2.646%	2.646%
Senior Notes [Member] | 3.605% Senior Notes due 2025 [Member]
Aggregate principal amount of unsecured senior notes	$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	3.605%	3.605%
Senior Notes [Member] | 4.680% Senior Notes due 2045 [Member]
Aggregate principal amount of unsecured senior notes	$ 300,000,000	$ 300,000,000
Interest rate, stated percentage	4.68%	4.68%
Revolving Credit Facility [Member]
Revolving credit facility			$ 500,000,000
Amount outstanding		$ 0		$ 18,000,000

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2015	Sep. 30, 2015
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering		5,250,000
Common Units [Member]
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering	5,250,000
Price per common limited partner unit	$ 75.50
Proceeds from public offering, net of underwriting discounts	$ 384.5

Net Income Per Limited Partne37

Net Income Per Limited Partner Unit (Schedule of Net Income By Class of Participating Securities) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Partners' Capital [Abstract]
Net income attributable to the Partnership		$ 52.3	$ 29.4	[1]	$ 129.7	$ 79.8	[1]
Distributions declared		46.2	25.3		124.4	70.3
Distributions less than net income attributable to the Partnership		$ 6.1	$ 4.1		$ 5.3	$ 9.5
Weighted average units outstanding, general partner, basic		1,671,056	1,509,486		1,640,388	1,493,914
Weighted average units outstanding, basic		83,552,792	75,474,305		82,154,019	74,695,711
Weighted average units outstanding, general partner, diluted		1,671,056	1,509,486		1,640,388	1,493,914
Weighted average units outstanding, diluted		83,552,792	75,474,305		82,154,019	74,695,711
Common Units [Member]
Partners' Capital [Abstract]
Weighted average units outstanding, limited partner, basic		81,881,736	38,747,707		63,485,577	37,984,685
Weighted average units outstanding, limited partner, diluted		81,881,736	38,747,707		63,485,577	37,984,685
Net income per limited partner unit, basic (dollars)		$ 0.50	$ 0.37		$ 1.40	$ 1.04
Net income per limited partner unit, diluted (dollars)		$ 0.50	$ 0.37		$ 1.40	$ 1.04
Subordinated Units [Member]
Partners' Capital [Abstract]
Weighted average units outstanding, limited partner, basic			35,217,112		17,028,054	35,217,112
Weighted average units outstanding, limited partner, diluted			35,217,112		17,028,054	35,217,112
Net income per limited partner unit, basic (dollars)			$ 0.37		$ 0.82	$ 1.02
Net income per limited partner unit, diluted (dollars)			$ 0.37		$ 0.82	$ 1.02
General Partner [Member]
Partners' Capital [Abstract]
Net income attributable to the Partnership		$ 11.5	$ 2		$ 26.9	$ 4.5
Distributions declared	[2]	11.1	1.9		26.3	4.3
Distributions less than net income attributable to the Partnership		0.4	0.1		0.6	0.2
Limited Partner [Member] | Common Units [Member]
Partners' Capital [Abstract]
Net income attributable to the Partnership		40.8	14.3		88.8	39.4
Distributions declared	[2]	35.1	12.3		85.1	34.6
Distributions less than net income attributable to the Partnership		$ 5.7	2		3.7	4.8
Limited Partner [Member] | Subordinated Units [Member]
Partners' Capital [Abstract]
Net income attributable to the Partnership			13.1		14	35.9
Distributions declared	[2]		11.1		13	31.4
Distributions less than net income attributable to the Partnership			$ 2		$ 1	$ 4.5
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.
[2]	Distribution declared attributable to the indicated periods.

Net Income Per Limited Partne38

Net Income Per Limited Partner Unit (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 21, 2015	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Events [Abstract]
Total distributions attributable to the third quarter			$ 107.3	$ 61.2
Cash Distribution [Member] | Subsequent Event [Member]
Subsequent Events [Abstract]
Total distributions attributable to the third quarter	$ 46.2
Common Units [Member] | Cash Distribution [Member] | Subsequent Event [Member]
Subsequent Events [Abstract]
Quarterly cash distribution declared per limited partner unit	$ 0.428
Phillips 66 [Member] | Subordinated Units [Member] | Non-public [Member]
Subsequent Events [Abstract]
Total distributions attributable to the third quarter			$ 25	28.2
Partners' Capital [Abstract]
Subordinated units converted into common units		(35,217,112)	(35,217,112)
Phillips 66 [Member] | Common Units [Member] | Non-public [Member]
Subsequent Events [Abstract]
Total distributions attributable to the third quarter			$ 38.5	$ 15.1
Partners' Capital [Abstract]
Subordinated units converted into common units		35,217,112	35,217,112

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Apr. 30, 2015bbl	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Indemnification
Costs associated with cleanup			$ 0.6
Environmental accruals		$ 0.7	0.7
Loss from Catastrophes [Member]
Indemnification
Self-insured retentions/aggregate deductible		5	5
Uninsured Risk [Member]
Indemnification
Self-insured retentions/aggregate deductible		5	5
Losses Related To Contributed Assets Subject to a Deductible before Eligibility For Indemnification Under the Omnibus Agreement[Member]
Indemnification
Aggregate deductible before entitled to indemnification by Phillips 66 for failure to obtain certain consents, licenses and permits		0.2	0.2
Litigation Matters [Member] | Losses Related To Contributed Assets Subject to a Deductible before Eligibility For Indemnification Under the Omnibus Agreement[Member]
Indemnification
Self-insured retentions/aggregate deductible		0.2	0.2
Environmental Liabilities [Member] | Losses Related To Contributed Assets Subject to a Deductible before Eligibility For Indemnification Under the Omnibus Agreement[Member]
Indemnification
Self-insured retentions/aggregate deductible		0.1	$ 0.1
Pipeline Hartford Terminal To A Dock On The Mississippi River [Member]
Indemnification
Fuel release, in barrels | bbl	800
Pipeline Hartford Terminal To A Dock On The Mississippi River [Member] | Diesel Fuel Release [Member]
Indemnification
Costs associated with cleanup		$ 3.8

Cash Flow Information (Summary

Cash Flow Information (Summary of Cash Flow Information) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Capital Expenditures [Abstract]
Capital expenditures attributable to Predecessors	[1]		$ 85.1
Capital expenditures and investments attributable to the Partnership		$ 137.7	11.3	[1]
Total capital expenditures and investments		137.7	96.4	[1]
Noncash Investing and Financing Items [Abstract]
Contributions of net assets into joint ventures		$ 43.3
Note payable—related parties associated with acquisition			$ 160
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Cash Flow Information (Narrativ

Cash Flow Information (Narrative) (Details) - USD ($)	2 Months Ended	9 Months Ended
	Mar. 02, 2015	Sep. 30, 2015	Sep. 30, 2014	[1]
Business Acquisition [Line Items]
Cash consideration deemed a distribution to our General Partner		$ 145,700,000	$ 262,000,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | General Partner [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Cash consideration deemed a distribution to our General Partner		145,700,000
Value assigned to units issued to Phillips 66		0
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Cash consideration attributed to the investment balance acquired		734,300,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Cash consideration attributed to the investment balance acquired		734,300,000
Cash consideration paid	$ 880,000,000	880,000,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member] | Common Units [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Value assigned to units issued to Phillips 66		$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Related Parties Transactions (S

Related Parties Transactions (Summary of Related Party Transactions) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	[1]	Sep. 30, 2015	Sep. 30, 2014	[1]
Related Party Transactions [Abstract]
Operating and maintenance expenses	$ 9.8	$ 8.1		$ 25.8	$ 23.5
General and administrative expenses	5.2	5.2		16.3	16.2
Interest and debt expense		1.2		1.9	2.8
Total	$ 15	$ 14.5		$ 44	$ 42.5
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions under common control.

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Amended Omnibus Agreement [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Related party agreements and fees
Monthly operational and administrative support fee	$ 2.5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	0.20%	0.30%	0.20%	0.70%

New Accounting Standards (Narra

New Accounting Standards (Narrative) (Details) $ in Millions	Sep. 30, 2015USD ($)
New Accounting Standards [Abstract]
Debt issuance costs included as deferred charges	$ 9.3

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Phillips 66 [Member] - Bayou Bridge Pipeline LLC [Member] - Phillips 66 [Member] $ in Millions	1 Months Ended
	Oct. 29, 2015USD ($)
Subsequent Event [Line Items]
Interest to be acquired, percentage	40.00%
Estimated consideration for acquisition	$ 70
Consideration to be funded with cash on hand or through revolver, percentage	50.00%
Common And General Partner Units [Member]
Subsequent Event [Line Items]
Consideration to be funded through issuance of units, percentage	50.00%