Phillips 66 Partners (PSXP) 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016shares
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	103,297,689

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015
Revenues and Other Income
Operating revenues—related parties		$ 108.4	$ 71.1	[1]	$ 315.7	$ 204	[1]
Operating revenues—third parties		1.8	0.7	[1]	5.9	2.7	[1]
Equity in earnings of affiliates		33.8	25.2	[1]	88.5	51.9	[1]
Other income		0.3	0.1	[1]	0.8	0.2	[1]
Total revenues and other income		144.3	97.1	[1]	410.9	258.8	[1]
Costs and Expenses
Operating and maintenance expenses		25.5	20.3	[1]	76.4	56.3	[1]
Depreciation		15.1	6.1	[1]	43.5	16.8	[1]
General and administrative expenses		9.2	7.4	[1]	26	23.2	[1]
Taxes other than income taxes		1.2	3.1	[1]	12.3	8.9	[1]
Interest and debt expense		9.9	9.2	[1]	30.8	24.6	[1]
Other expenses		0.1			0.1	0.1	[1]
Total costs and expenses		61	46.1	[1]	189.1	129.9	[1]
Income before income taxes		83.3	51	[1]	221.8	128.9	[1]
Provision for income taxes		0.2	0.1		0.8	0.2
Net Income		83.1	50.9	[1]	221	128.7	[1]
Less: Net income (loss) attributable to Predecessors			(1.4)	[1]	18.1	(1)	[1]
Net income attributable to the Partnership		83.1	52.3	[1]	202.9	129.7	[1]
Less: General partner’s interest in net income attributable to the Partnership		26	11.5	[1]	62.9	26.9	[1]
Limited partners’ interest in net income attributable to the Partnership		$ 57.1	$ 40.8	[1]	$ 140	$ 102.8	[1]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Cash Distributions Paid Per Limited Partner Unit (dollars)		$ 0.505	$ 0.4	[1]	$ 1,444,000	$ 1.11	[1]
Common Units [Member]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)		0.57	0.50	[1]	1.53	1.40	[1]
Diluted, per unit (dollars)		$ 0.57	$ 0.50	[1]	$ 1.53	$ 1.40	[1]
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Basic, units		100,555,277	81,881,736		91,414,459	63,485,577
Diluted, units		100,555,277	81,881,736		91,414,459	63,485,577
Common Units [Member] | Public [Member]
Costs and Expenses
Net income attributable to the Partnership					$ 51.2	$ 30.3
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Basic, units		40,392,000	24,139,000	[1]	32,007,000	23,120,000	[1]
Diluted, units		40,392,000	24,139,000		32,007,000	23,120,000
Common Units [Member] | Non-public [Member] | Phillips 66 [Member]
Costs and Expenses
Net income attributable to the Partnership					$ 88.8	$ 58.5
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Basic, units		60,163,000	57,743,000	[1]	59,408,000	40,366,000	[1]
Diluted, units		60,163,000	57,743,000		59,408,000	40,366,000
Subordinated Units [Member]
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)			$ 0		$ 0	$ 0.82
Diluted, per unit (dollars)			$ 0		$ 0	$ 0.82
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Basic, units			0		0	17,028,054
Diluted, units			0		0	17,028,054
Subordinated Units [Member] | Non-public [Member] | Phillips 66 [Member]
Costs and Expenses
Net income attributable to the Partnership						$ 14
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars)
Basic, per unit (dollars)	[1]		$ 0			$ 0.82
Diluted, per unit (dollars)			$ 0	[1]	$ 0	$ 0.82	[1]
Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Basic, units	[1]		0			17,028,000
Diluted, units		0	0			17,028,000
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	[1]	Sep. 30, 2016	Sep. 30, 2015	[1]
Statement of Comprehensive Income [Abstract]
Net Income	$ 83.1	$ 50.9		$ 221	$ 128.7
Defined benefit plans
Plan sponsored by equity affiliate, net of tax	(0.4)			0.3
Other Comprehensive Income	(0.4)			0.3
Comprehensive Income	$ 82.7	$ 50.9		$ 221.3	$ 128.7
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 19	$ 50.3
Accounts receivable—related parties	39.8	21.4
Accounts receivable—third parties	1.6	3.3
Materials and supplies	5.5	4.5
Prepaid expenses	3.8	1.9
Other current assets	0.4	2.3
Total Current Assets	70.1	83.7
Equity investments	1,103.4	944.9
Net properties, plants and equipment	1,674.3	1,644.1
Goodwill	2.5	2.5
Deferred rentals—related parties	5.3	5.6
Deferred tax assets	0	0.1
Other assets	24.9	0.7
Total Assets	2,880.5	2,681.6
Liabilities
Accounts payable—related parties	7.3	3.9
Accounts payable—third parties	19.6	66.9
Payroll and benefits payable	0	0.7
Accrued property and other taxes	11.8	7.7
Accrued interest	5.1	22.2
Short-term debt	50
Deferred revenues—related parties	10	4.6
Other current liabilities	1.1	0.9
Total Current Liabilities	104.9	106.9
Notes payable—related party		964
Long-term debt	1,091.4	1,090.7
Asset retirement obligations	4	3.9
Accrued environmental costs	0.9	0.8
Deferred income taxes	1	0.3
Deferred revenues—related parties—long-term	19.9	11
Total Liabilities	1,222.1	2,177.6
Equity
General partner—Phillips 66 (2016—1,978,603 units issued and outstanding; 2015—1,683,425 units issued and outstanding)	(599.6)	(650.3)
Accumulated other comprehensive loss	(1.2)	(1.5)
Total Equity	1,658.4	504
Total Liabilities and Equity	2,880.5	2,681.6
Phillips 66 [Member]
Equity
Net investment—Predecessors	0	113.9
Public [Member] | Common Units [Member]
Equity
Unitholders	1,790.3	808.9
Total Equity	1,790.3	808.9
Non-public [Member] | Common Units [Member] | Phillips 66 [Member]
Equity
Unitholders	468.9	233
Total Equity	$ 468.9	$ 233

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - shares	Sep. 30, 2016	Dec. 31, 2015
General partner—Phillips 66 units issued	1,978,603	1,683,425
General partner—Phillips 66 units outstanding	1,978,603	1,683,425
Common Units [Member] | Public [Member]
Units issued	43,134,902	24,138,750
Units outstanding	43,134,902	24,138,750
Common Units [Member] | Non-public [Member] | Phillips 66 [Member]
Units issued	60,162,787	58,349,042
Units outstanding	60,162,787	58,349,042

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities
Net Income		$ 221	$ 128.7	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		43.5	16.8	[1]
Deferred taxes		0.5
Deferred rentals		0.3	0.3	[1]
Accrued environmental costs		0.1	0.6	[1]
Undistributed equity earnings		(3.8)	(2.7)	[1]
Deferred revenues—long-term		8.9	3.3	[1]
Other		4.4	1.6	[1]
Working capital adjustments
Decrease (increase) in accounts receivable		(16.2)	(4.1)	[1]
Decrease (increase) in materials and supplies		(1)	(1.8)	[1]
Decrease (increase) in prepaid expenses and other current assets		(2)	(2.1)	[1]
Increase (decrease) in accounts payable		2.8	(8.6)	[1]
Increase (decrease) in accrued interest		(17.1)	3.2	[1]
Increase (decrease) in deferred revenues		5.4	5.7	[1]
Increase (decrease) in other accruals		3.5	5.6	[1]
Net Cash Provided by Operating Activities		250.3	146.5	[1]
Cash Flows From Investing Activities
Cash capital expenditures and investments		(248.9)	(676.9)	[1]
Return of investment from equity affiliates		10.4	8.2	[1]
Other		(24.2)
Net Cash Used in Investing Activities		(262.7)	(1,403)	[1]
Cash Flows From Financing Activities
Net contributions from Phillips 66 to Predecessors		89.2	36.1	[1]
Acquisition of noncontrolling interest in Sweeny Frac LLC		(655.6)
Issuance of debt		427.6	1,669.7	[1]
Repayment of debt		(686)	(498.6)	[1]
Issuance of common units		983.1	396.4	[1]
Offering costs		(11.3)	(12.5)	[1]
Debt issuance costs	[1]		(9.9)
Distributions to General Partner associated with acquisitions	[1]		(145.7)
Other cash contributions from (to) Phillips 66		10.9	(0.2)	[1]
Net Cash Provided by (Used in) Financing Activities		(18.9)	1,328	[1]
Net Change in Cash and Cash Equivalents		(31.3)	71.5	[1]
Cash and cash equivalents at beginning of period		50.3	17.4	[1]
Cash and Cash Equivalents at End of Period		19	88.9	[1]
Public [Member] | Common Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(41.4)	(25)	[1]
Phillips 66 [Member] | Non-public [Member] | Common Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(85.4)	(38.5)	[1]
Phillips 66 [Member] | Non-public [Member] | Subordinated Units [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders	[1]		(25)
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Cash Flows From Investing Activities
Sand Hills/Southern Hills/Explorer equity investment acquisition	[1]		(734.3)
General Partner [Member]
Cash Flows From Financing Activities
Quarterly distributions to unitholders		$ (50)	$ (18.8)	[1]
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions		Total		Sweeny Fractionator Acquisition [Member]	Subsequent Fractionator Acquisition [Member]	Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	Net Investment [Member]		General Partner [Member]	General Partner [Member]Sweeny Fractionator Acquisition [Member]	General Partner [Member]Subsequent Fractionator Acquisition [Member]	General Partner [Member]Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	Accumulated Other Comprehensive 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]Sweeny Fractionator Acquisition [Member]	Common Units [Member]Non-public [Member]Phillips 66 [Member]Subsequent Fractionator Acquisition [Member]	Common Units [Member]Non-public [Member]Phillips 66 [Member]Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]	Subordinated Units [Member]Non-public [Member]Phillips 66 [Member]
Beginning Balance at Dec. 31, 2014		$ 163.9					$ 91.7	[1]	$ (517)					$ 415.3	$ 57.1				$ 116.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net income (loss) attributable to Predecessors	[1]	(1)					(1)
Net contributions from Phillips 66—Predecessors		36.1					36.1	[1]
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	[1]						26.9					30.3	58.5				14
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	[1]	$ 462.9					126.8		$ (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 in public equity offerings		5,250,000												5,250,000
Units issued associated with acquisition						1,726,914						139,538						1,587,376
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
Beginning Balance at Dec. 31, 2015		$ 504					113.9	[1]	$ (650.3)				(1.5)	$ 808.9	$ 233				$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net income (loss) attributable to Predecessors		18.1					18.1	[1]
Net contributions from Phillips 66—Predecessors		134.5					134.5	[1]
Issuance of common units		971.6												971.6
Allocation of net investment to unitholders							$ (266.5)	[1]	34						232.5
Net income attributable to the Partnership		202.9							62.9					51.2	88.8
Other comprehensive loss		0.3											0.3
Quarterly cash distributions to unitholders and General Partner		(176.8)							(50)					(41.4)	(85.4)
Other contributions from Phillips 66		3.8							3.8
Ending Balance at Sep. 30, 2016		$ 1,658.4							$ (599.6)				$ (1.2)	$ 1,790.3	$ 468.9
Units at Dec. 31, 2015		84,171,217							1,683,425					24,138,750	58,349,042
Units Outstanding [Roll Forward]
Units issued in public equity offerings		18,996,152												18,996,152
Units issued associated with acquisition	[2]			421,248	1,687,675					8,425	286,753					412,823	1,400,922
Units at Sep. 30, 2016		105,276,292							1,978,603					43,134,902	60,162,787
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
[2]	See Note 4—Fractionator Acquisitions, in the Notes to Consolidated Financial Statements.

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2016
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. Business Description 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. Our assets consist of crude oil, refined petroleum products and NGL transportation, terminaling and storage systems, as well as an NGL fractionator. We conduct our operations through both wholly owned and joint venture operations. The majority of our wholly owned assets are associated with, and integral to the operation of, seven of Phillips 66’s owned or joint-venture refineries. We generate revenue primarily by providing fee-based transportation, terminaling, storage and NGL fractionation services to Phillips 66 and other customers. Our equity affiliates generate revenue primarily from transporting and terminaling NGL, refined petroleum products and crude oil. Since we do not own any of the NGL, crude oil and refined petroleum products we handle and do not engage in the trading of NGL, 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. In March and May of 2016, in two separate transactions, we acquired an NGL fractionator and associated storage caverns from Phillips 66, along with a refined petroleum products pipeline system. See Note 4— Fractionator Acquisitions for additional information. On May 10, 2016, we completed a public offering of 12,650,000 common units for total proceeds (net of underwriting discounts and commissions) of $655.6 million (the First 2016 Unit Offering). The net proceeds from the First 2016 Unit Offering were used to repay a portion of the notes assumed as part of the consideration paid for the May acquisition described above. On August 12, 2016, we completed a public offering of 6,000,000 common units for total proceeds (net of underwriting discounts and commissions) of $298.5 million (the Second 2016 Unit Offering). The net proceeds from the Second 2016 Unit Offering were used to repay the note assumed as part of the consideration paid for the March acquisition described above, as well as other short-term borrowings. See Note 8— Equity for additional information. Other developments during the third quarter of 2016 included: • Formation of STACK Pipeline Joint Venture: On August 3, 2016, we and Plains All American Pipeline, L.P. (Plains) formed STACK Pipeline LLC (STACK Pipeline JV), a 50 /50 joint venture that owns and operates a crude oil storage terminal and a common carrier pipeline that transports crude oil. Plains contributed the terminal and pipeline to the joint venture, and we contributed $50.0 million in cash, which was distributed to Plains. See Note 5— Equity Investments for additional information. • Explorer Equity Investment Acquisition: On August 9, 2016, we acquired an additional 2.48 percent equity interest in Explorer Pipeline Company (Explorer). The acquisition increased our interest in Explorer from 19.46 percent to 21.94 percent . See Note 5— Equity Investments for additional information. Basis of Presentation We have acquired assets from Phillips 66 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, 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-method investments, or number of terminals and pipeline miles, and secondarily on activity-based cost allocations. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 are 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. The presentation of prior-period prepaid expenses on the consolidated balance sheet has been recast to conform to the current year’s presentation.

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2016
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 retrospectively adjusted consolidated financial statements and notes included in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on August 1, 2016. The results of operations for the three and nine months ended September 30, 2016 , 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, 2016
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2016, we early adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The new update simplified the presentation of deferred income taxes and required deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The classification was made at the taxpaying component level of an entity, after reflecting any offset of deferred tax liabilities, deferred tax assets and any related valuation allowances. We applied the amendments prospectively to all deferred tax liabilities and assets. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities (VIE) Guidance in Topic 810, Consolidation.” The new standard removes the definition of a development stage entity from the Master Glossary of the Accounting Standard Codification (ASC) and the related financial reporting requirements specific to development stage entities. This ASU is intended to reduce cost and complexity of financial reporting for entities that have not commenced planned principal operations. For financial reporting requirements other than the VIE guidance in ASC Topic 810, “Consolidation,” ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2014. For the financial reporting requirements related to VIEs in ASC Topic 810, “Consolidation,” ASU No. 2014-10 was effective for annual and quarterly reporting periods of public entities beginning after December 15, 2015. We adopted the provisions of this ASU related to the financial reporting requirements other than the VIE guidance effective January 1, 2015. We adopted the remaining provisions effective January 1, 2016, and updated our disclosures about the risks and uncertainties related to our joint venture entities that have not commenced their principal operations.

Fractionator Acquisitions

Fractionator Acquisitions	9 Months Ended
	Sep. 30, 2016
Retrospective Adjustments For Common Control Transactions [Abstract]
Fractionator Acquisitions	Fractionator Acquisitions During 2016, in two separate transactions, we acquired an NGL fractionator and associated storage caverns from Phillips 66, along with a refined petroleum products pipeline system. Details on each of these transactions follow. Initial Fractionator Acquisition On February 17, 2016, we entered into a Contribution, Conveyance and Assumption Agreement (CCAA) with subsidiaries of Phillips 66 to acquire a 25 percent controlling interest in Phillips 66 Sweeny Frac LLC (Sweeny Frac LLC) for total consideration of $236 million (the Initial Fractionator Acquisition). Total consideration consisted of the assumption of a $212 million note payable to a subsidiary of Phillips 66 and the issuance of 412,823 newly issued common units to Phillips 66 Project Development Inc. (P66 PDI) and 8,425 general partner units to Phillips 66 Partners GP LLC (our General Partner) to maintain its 2 percent general partner interest. The Initial Fractionator Acquisition closed on March 1, 2016. Total transaction costs of $0.9 million were expensed as incurred. Because this acquisition was a transfer of businesses between entities under common control, we filed a Form 8-K on May 3, 2016, containing recasted financial statements and related notes, along with management’s discussion and analysis of financial condition and results of operations, with retrospective adjustments to include the results of operations and financial position of the assets acquired for all periods presented in our 2015 Form 10-K. Subsequent Fractionator Acquisition On May 4, 2016, we entered into a CCAA with subsidiaries of Phillips 66 to acquire the remaining 75 percent interest in Sweeny Frac LLC and 100 percent of the Standish Pipeline for total consideration of $775 million (the Subsequent Fractionator Acquisition). Total consideration consisted of the assumption of $675 million of notes payable to a subsidiary of Phillips 66 and the issuance of 1,400,922 newly issued common units to P66 PDI and 286,753 general partner units to our General Partner to maintain its 2 percent general partner interest in us after also taking into account the First 2016 Unit Offering. The Subsequent Fractionator Acquisition closed on May 10, 2016. Total transaction costs of $0.7 million were expensed as incurred. Because this acquisition was a transfer of businesses between entities under common control, we filed a Form 8-K on August 1, 2016, containing recasted financial statements and related notes, along with management’s discussion and analysis of financial condition and results of operations, with retrospective adjustments to include the results of operations and financial position of the assets acquired for all periods presented in our 2015 Form 10-K. Acquired Assets Through the Initial Fractionator Acquisition and Subsequent Fractionator Acquisition (collectively, the Acquisitions), we acquired the following assets (the Acquired Assets): • Sweeny NGL Fractionator. This newly constructed NGL fractionator is located within Phillips 66’s Sweeny refinery complex in Old Ocean, Texas, and has a processing capacity of 100,000 barrels per day. The NGL fractionator uses distillation to process a raw (Y-grade) NGL stream into its individual purity components, such as propane and butane. • Clemens Caverns. This newly constructed underground salt dome NGL storage facility is located near Brazoria, Texas. The Clemens Caverns facilitate handling of Y-grade NGL for input into the Sweeny NGL Fractionator, as well as storage of purity NGL products produced by the fractionator. • Standish Pipeline . This 92 -mile refined petroleum product pipeline extends from Phillips 66’s refinery in Ponca City, Oklahoma, to our terminal in Wichita, Kansas. Construction activities on the Sweeny NGL Fractionator and Clemens Caverns began in 2013. Commercial operations at the Sweeny NGL Fractionator commenced in December 2015, and commercial operations at the Clemens Caverns commenced in September 2015. Commercial Agreements with Phillips 66 In connection with the Acquisitions, we entered into the following arrangements with Phillips 66: • A fractionation agreement under which Sweeny Frac LLC charges fees to Phillips 66 for the fractionation of Y-grade NGL into its purity components. Phillips 66 pays a monthly fee based on the volume of NGL fractionated, with minimum volume commitments. • An NGL storage agreement under which Sweeny Frac LLC charges fees to Phillips 66 for storing Y-grade and purity NGL in the Clemens Caverns. Phillips 66 pays a monthly fee based on minimum storage commitments, a deficiency payment if the actual volume stored is less than the minimum storage volume, and excess fees if the stored volume exceeds specified limits. • A fourth amendment to the Omnibus Agreement with Phillips 66 to, among other things, provide for additional services to be provided to us by Phillips 66 in connection with the Acquired Assets and increase the monthly operational and administrative support fee to $3.0 million . • Third and fourth amendments to the Operational Services Agreement with Phillips 66 to, among other things, provide for additional services to be provided to us by Phillips 66 in support of the Acquired Assets. See Note 12— Related Party Transactions for additional information on our commercial and support agreements with Phillips 66. Common Control Transactions The Acquisitions were considered transfers of businesses between entities under common control, and therefore the Acquired Assets were transferred at historical carrying value. The aggregated net book value of the Acquired Assets, at the time of acquisition, was $1,154 million . Because the Acquisitions were common control transactions in which we acquired businesses, our historical financial statements have been retrospectively adjusted to reflect the results of operations, financial position, and cash flows of the Acquired Assets as if we owned the Acquired Assets for all periods presented. The following tables present our results of operations and financial position giving effect to the Acquisitions. The first column presents our historical financial information prior to the retrospective adjustments, the second column presents the retrospective adjustments, and the third column presents our financial information as retrospectively adjusted. Results of the Acquired Assets after the effective date of each acquisition are presented in the first column. Nine Months Ended September 30, 2016 Millions of Dollars Consolidated Statement of Income Phillips 66 Partners LP Acquired Assets Predecessor Consolidated Results Revenues and Other Income Operating revenues—related parties $ 291.4 24.3 315.7 Operating revenues—third parties 5.9 — 5.9 Equity in earnings of affiliates 88.5 — 88.5 Other income 0.6 0.2 0.8 Total revenues and other income 386.4 24.5 410.9 Costs and Expenses Operating and maintenance expenses 71.0 5.4 76.4 Depreciation 37.9 5.6 43.5 General and administrative expenses 25.1 0.9 26.0 Taxes other than income taxes 10.5 1.8 12.3 Interest and debt expense 30.8 — 30.8 Other expenses 0.1 — 0.1 Total costs and expenses 175.4 13.7 189.1 Income before income taxes 211.0 10.8 221.8 Provision for income taxes 0.8 — 0.8 Net Income 210.2 10.8 221.0 Less: Net income attributable to noncontrolling interests 7.3 (7.3 ) — Less: Net income attributable to Predecessors — 18.1 18.1 Net Income Attributable to the Partnership $ 202.9 — 202.9 Three Months Ended September 30, 2015 Millions of Dollars Consolidated Statement of Income Phillips 66 Acquired Assets Predecessor Phillips 66 Revenues and Other Income Operating revenues—related parties $ 65.4 5.7 71.1 Operating revenues—third parties 0.7 — 0.7 Equity in earnings of affiliates 25.2 — 25.2 Other income 0.1 — 0.1 Total revenues and other income 91.4 5.7 97.1 Costs and Expenses Operating and maintenance expenses 15.5 4.8 20.3 Depreciation 5.7 0.4 6.1 General and administrative expenses 6.2 1.2 7.4 Taxes other than income taxes 2.4 0.7 3.1 Interest and debt expense 9.2 — 9.2 Total costs and expenses 39.0 7.1 46.1 Income (loss) before income taxes 52.4 (1.4 ) 51.0 Provision for income taxes 0.1 — 0.1 Net Income (Loss) 52.3 (1.4 ) 50.9 Less: Net loss attributable to Predecessors — (1.4 ) (1.4 ) Net Income Attributable to the Partnership $ 52.3 — 52.3 Nine Months Ended September 30, 2015 Millions of Dollars Consolidated Statement of Income Phillips 66 Acquired Assets Predecessor Phillips 66 Revenues and Other Income Operating revenues—related parties $ 190.5 13.5 204.0 Operating revenues—third parties 2.7 — 2.7 Equity in earnings of affiliates 51.9 — 51.9 Other income 0.2 — 0.2 Total revenues and other income 245.3 13.5 258.8 Costs and Expenses Operating and maintenance expenses 47.8 8.5 56.3 Depreciation 16.1 0.7 16.8 General and administrative expenses 20.0 3.2 23.2 Taxes other than income taxes 6.8 2.1 8.9 Interest and debt expense 24.6 — 24.6 Other expenses 0.1 — 0.1 Total costs and expenses 115.4 14.5 129.9 Income (loss) before income taxes 129.9 (1.0 ) 128.9 Provision for income taxes 0.2 — 0.2 Net Income (Loss) 129.7 (1.0 ) 128.7 Less: Net loss attributable to Predecessors — (1.0 ) (1.0 ) Net Income Attributable to the Partnership $ 129.7 — 129.7

Equity Investments

Equity Investments	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity Investments STACK Pipeline JV On August 3, 2016, we and Plains formed STACK Pipeline JV, which owns and operates a crude storage terminal and a common carrier pipeline that transports crude oil from the Sooner Trend, Anadarko Basin, Canadian and Kingfisher Counties play in northwestern Oklahoma to Cushing, Oklahoma. Plains contributed the terminal and pipeline in exchange for its 50 percent interest in the joint venture. We contributed $50.0 million in cash, which was distributed to Plains, in exchange for our 50 percent interest in the joint venture. Additionally, contingent upon execution of a commercial agreement, we would pay an additional $4.0 million to Plains. Bakken Joint Ventures In January 2015, we closed on agreements with Paradigm Energy Partners, LLC (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. As of September 30, 2016, the planned principal operations of Paradigm Pipeline had not commenced. Until the planned principal operations have commenced, Paradigm Pipeline does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations, and thus represents a VIE in which we are not the primary beneficiary. Our maximum exposure to loss represented the carrying value of our investment of $96.3 million . Sand Hills/Southern Hills/Explorer Pipeline Joint Ventures In February 2015, we entered into a CCAA with subsidiaries of Phillips 66 to acquire 100 percent of Phillips 66’s one-third equity interests in DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC (Southern Hills) and its 19.46 percent equity interest in Explorer. The transaction closed in March 2015 . Total consideration for the transaction was $1.01 billion consisting in part 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 P66 PDI 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. On August 9, 2016, we acquired an additional 2.48 percent equity interest in Explorer. The acquisition increased our interest in Explorer from 19.46 percent to 21.94 percent . Bayou Bridge Pipeline In October 2015, we entered into a CCAA with Phillips 66 to acquire its 40 percent interest in Bayou Bridge Pipeline, LLC (Bayou Bridge Pipeline), a joint venture in which Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P. (Sunoco Logistics) each hold a 30 percent interest, with Sunoco Logistics serving as the operator. Bayou Bridge Pipeline began operations on the segment of its pipeline from Nederland, Texas, to Lake Charles, Louisiana, in April. Development continues on the section from Lake Charles to St. James, Louisiana. Total consideration for the transaction, which closed in December 2015, was $69.6 million , consisting of the assumption of a $34.8 million note payable to Phillips 66 that was immediately paid in full; the issuance of 606,056 common units to P66 PDI; and the issuance of 12,369 general partner units of the Partnership to our General Partner to maintain its 2 percent general partner interest. The acquisitions of interests in the Sand Hills, Southern Hills, Explorer and Bayou Bridge Pipeline joint ventures represented transfers of investments between entities under common control. Accordingly, these equity investments were transferred at historical carrying value, but are included in the financial statements prospectively from the effective date of each acquisition. The following table summarizes our equity investments: Millions of Dollars Percentage Ownership Carrying Value September 30 December 31 Sand Hills 33.34 % $ 439.6 430.5 Southern Hills 33.34 213.3 212.9 Explorer* 21.94 128.7 102.4 Phillips 66 Partners Terminal 70.00 73.8 77.0 Paradigm Pipeline 50.00 96.3 52.5 Bayou Bridge Pipeline 40.00 100.1 69.6 STACK Pipeline JV 50.00 51.6 — Total equity investments $ 1,103.4 944.9 *Percentage ownership was 19.46% at December 31, 2015. Earnings (losses) from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2016 2015 2016 2015 Sand Hills $ 16.7 15.1 48.0 33.9 Southern Hills 7.2 3.5 21.3 8.7 Explorer 8.5 6.6 17.6 9.3 Phillips 66 Partners Terminal (0.2 ) — 0.1 — Paradigm Pipeline (0.2 ) — (0.4 ) — Bayou Bridge Pipeline 1.4 — 1.5 — STACK Pipeline JV 0.4 — 0.4 — Total equity in earnings of affiliates $ 33.8 25.2 88.5 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, for enhanced comparability. Millions of Dollars Three Months Ended Nine Months Ended 2016 2015 2016 2015 Revenues $ 71.9 63.8 200.8 175.3 Income before income taxes 50.4 45.8 142.5 122.1 Net income 50.0 45.4 141.6 121.3

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2016
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 2015 Land $ 14.1 13.8 Buildings and improvements 58.2 30.0 Pipelines and related assets * 264.1 259.1 Terminals and related assets * 361.3 345.9 Rail racks and related assets * 136.5 136.3 Fractionator and related assets * 615.6 626.2 Caverns and related assets * 516.3 277.5 Construction-in-progress 33.8 237.7 Gross PP&E 1,999.9 1,926.5 Less: Accumulated depreciation (325.6 ) (282.4 ) Net PP&E $ 1,674.3 1,644.1 *Assets for which we are the lessor. See Note 14—Leases .

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt at September 30, 2016 , and December 31, 2015 , was: Millions of Dollars September 30, 2016 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 302.0 — 302.0 300.0 3.605% Senior Notes due 2025 — 503.8 — 503.8 500.0 4.680% Senior Notes due 2045 — 286.0 — 286.0 300.0 Revolving credit facility 50.0 — — 50.0 50.0 Debt at face value $ 50.0 1,091.8 — 1,141.8 1,150.0 Net unamortized discounts and debt issuance costs (8.6 ) Total debt $ 1,141.4 *The fair value was estimated using quoted market prices of comparable instruments. Millions of Dollars December 31, 2015 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 282.0 — 282.0 300.0 3.605% Senior Notes due 2025 — 431.9 — 431.9 500.0 4.680% Senior Notes due 2045 — 225.2 — 225.2 300.0 Notes payable to Phillips 66 due 2020 at 3.0% — 961.1 — 961.1 964.0 Debt at face value $ — 1,900.2 — 1,900.2 2,064.0 Net unamortized discounts and debt issuance costs (9.3 ) Total debt $ 2,054.7 *The fair value was estimated using quoted market prices of comparable instruments. Revolving Credit Facility At September 30, 2016 , we had an aggregate of $50 million borrowed and outstanding under our $500 million revolving credit facility established by our Credit Agreement dated June 7, 2013 (the Credit Agreement). No amounts were outstanding as of December 31, 2015. In early October 2016, we entered into a Second Amendment (the Second Amendment) to our Credit Agreement. The Second Amendment increased the amount available under the Credit Agreement to $750 million and extended the termination date to October 3, 2021. We have the option to increase the overall capacity of the Credit Agreement by up to an additional $250 million for a total of $1.0 billion , subject to, among other things, the consent of the existing lenders whose commitments will be increased or any additional lenders providing such additional capacity. We also have the option to extend the Credit Agreement for two additional one -year terms after October 3, 2021, 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 Credit Agreement bear interest, at our option, at either: (a) the Eurodollar rate in effect from time to time plus the applicable margin; or (b) the base rate (as described in the Credit Agreement) plus the applicable margin. The pricing levels for the commitment fee and interest-rate margins are determined based on our credit ratings in effect from time to time. The Credit Agreement requires that the Partnership’s ratio of total debt to EBITDA for the prior four fiscal quarters must be no greater than 5.0 to 1.0 as of the last day of each fiscal quarter (and 5.5 to 1.0 during the period following certain specified acquisitions). Notes Payable On March 1, 2016, in connection with the Initial Fractionator Acquisition, we entered into an Assignment and Assumption of Note agreement with subsidiaries of Phillips 66, pursuant to which we assumed the obligations under a term promissory note (the Initial Note) with a $212 million principal balance. In August 2016, using proceeds from the Second 2016 Unit Offering, we repaid the note in its entirety. On May 10, 2016, in connection with the Subsequent Fractionator Acquisition, we entered into three separate Assignment and Assumption of Note agreements with subsidiaries of Phillips 66, pursuant to which we assumed the obligations under three term promissory notes (the Subsequent Notes), each with a $225 million principal balance. Also on May 10, 2016, using proceeds from the First 2016 Unit Offering, we repaid two of the Subsequent Notes in their entirety, and reduced the outstanding balance on the remaining Subsequent Note to $19.4 million , which was repaid on June 30, 2016. Because the Initial Note and Subsequent Notes were held by entities we acquired in common control transactions, prior period debt balances have been recast as if we had held the notes since their inception in January 2014.

Equity

Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Equity	Equity ATM Program On June 6, 2016, we filed a prospectus supplement to the shelf registration statement for our continuous offering program that became effective with the SEC on May 13, 2016, related to the continuous issuance of up to an aggregate of $250 million of common units, in amounts, at prices and on terms to be determined by market conditions and other factors at the time of our offerings (such continuous offering program, or at-the-market program, referred to as our ATM Program). During the three and nine months ended September 30, 2016 , on a settlement-date basis, we issued an aggregate of 83,294 and 346,152 common units, respectively, under our ATM Program, generating net proceeds of approximately $4.5 million and $18.7 million , respectively, after broker commissions of $0.2 million for the nine months ended September 30, 2016. The net proceeds from sales under the ATM Program are used for general partnership purposes, which may include debt repayment, future acquisitions, capital expenditures and additions to working capital. Common Unit Offerings On August 12, 2016, we completed a public offering of 6,000,000 common units representing limited partner interests at a price of $50.22 per common unit, for total proceeds (net of underwriting discounts and commissions) of $298.5 million (Second 2016 Unit Offering). The net proceeds from the Second 2016 Unit Offering were used to repay the note assumed as part of the Initial Fractionator Acquisition, as well as other short-term borrowings incurred to fund our acquisition of an additional interest in Explorer and our contribution to the recently formed STACK Pipeline JV. See Note 4— Fractionator Acquisitions and Note 7— Debt for additional information. On May 10, 2016, we completed the First 2016 Unit Offering, consisting of an aggregate of 12,650,000 common units representing limited partner interests at a price of $52.40 per common unit. We received proceeds (net of underwriting discounts and commissions) of $655.6 million from the offering. We utilized the net proceeds to partially repay debt assumed as part of the Subsequent Fractionator Acquisition. See Note 4— Fractionator Acquisitions and Note 7— Debt for additional information. 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 (the 2015 Unit Offering). We received proceeds (net of underwriting discounts and commissions) of $384.5 million from the offering. We utilized a portion of the net proceeds 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 used the remaining proceeds to fund expansion capital expenditures and for general partnership purposes. See Note 5— Equity Investments for additional information on the Sand Hills, Southern Hills and Explorer acquisition.

Net Income Per Limited Partner

Net Income Per Limited Partner Unit	9 Months Ended
	Sep. 30, 2016
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 (for the period subordinated units were outstanding) 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, 2016 , 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. 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. When our financial statements are retrospectively adjusted after a dropdown transaction, the earnings of the acquired business, prior to the closing of the transaction, are allocated entirely to our General Partner and presented as net income (loss) attributable to Predecessors. The earnings per unit of our limited partners prior to the close of the transaction do not change as a result of the dropdown. After the closing of a dropdown transaction, the earnings of the acquired business are allocated in accordance with our partnership agreement as previously described. Millions of Dollars Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Net income attributable to the Partnership $ 83.1 52.3 202.9 129.7 Less: General partner’s distribution declared (including IDRs)* 25.6 11.1 62.0 26.3 Limited partners’ distribution declared on common units* 56.9 35.1 145.9 85.1 Limited partner’s distribution declared on subordinated units* — — — 13.0 Distributions less than (in excess of) net income attributable to the Partnership $ 0.6 6.1 (5.0 ) 5.3 *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, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 25.6 56.9 — 82.5 Distribution less than net income attributable to the Partnership 0.4 0.2 — 0.6 Net income attributable to the Partnership $ 26.0 57.1 — 83.1 Weighted average units outstanding: Basic 1,978,603 100,555,277 — 102,533,880 Diluted 1,978,603 100,555,277 — 102,533,880 Net income per limited partner unit (dollars): Basic $ 0.57 — Diluted 0.57 — 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 — General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Nine Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 62.0 145.9 — 207.9 Distribution less than (in excess of) net income attributable to the Partnership 0.9 (5.9 ) — (5.0 ) Net income attributable to the Partnership $ 62.9 140.0 — 202.9 Weighted average units outstanding: Basic 1,840,707 91,414,459 — 93,255,166 Diluted 1,840,707 91,414,459 — 93,255,166 Net income per limited partner unit (dollars): Basic $ 1.53 — Diluted 1.53 — Nine Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distribution declared $ 26.3 85.1 13.0 124.4 Distribution 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 On October 19, 2016 , the Board of Directors of our General Partner declared a quarterly cash distribution of $0.531 per common unit which, when combined with distributions to our General Partner, will result in total distributions of $82.5 million attributable to the third quarter of 2016. This distribution is payable November 14, 2016 , to unitholders of record as of November 2, 2016 .

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2016
Contingencies [Abstract]
Contingencies	Contingencies From time to time, lawsuits involving a variety of claims that arise in the ordinary course of business are 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 contingent 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. At September 30, 2016 , we had $1.4 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, 2016 , and December 31, 2015 , we did not have any material accrued contingent liabilities associated with litigation matters. Indemnification and Excluded Liabilities Under our amended omnibus agreement and pursuant to the terms of various agreements under which we acquired assets from Phillips 66, Phillips 66 will indemnify us, or assume responsibility, for certain environmental liabilities, tax liabilities, litigation and any other liabilities attributable to the ownership or operation of the assets contributed to us and that arose prior to the effective date of each acquisition. These indemnifications and exclusions from liability have, in some cases, time limits and deductibles. When Phillips 66 performs under any of these indemnifications or exclusions from liability, we recognize a non-cash expense and an associated non-cash capital contribution from our General Partner, as these are considered liabilities paid for by a principal unitholder. 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, 2016
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information Subsequent Fractionator Acquisition The Subsequent Fractionator Acquisition had both cash and noncash elements. The historical book value of the net assets acquired was $871 million . Of this amount, $656 million was a financing cash outflow, representing the acquisition of the noncontrolling interest in Sweeny Frac LLC, through the repayment of a portion of the debt assumed in the transaction. The remaining debt financing balance of $19 million represents a noncash investing and financing activity. The remaining $196 million of book value was attributed to the common and general partner units issued (a noncash investing and financing activity). Initial Fractionator Acquisition The Initial Fractionator Acquisition was a noncash transaction. The historical book value of the net assets of our 25 percent interest acquired was $283 million . Of this amount, $212 million was attributed to the note payable assumed (a noncash investing and financing activity). The remaining $71 million was attributed to the common and general partner units issued (a noncash investing and financing activity). Sand Hills, Southern Hills and Explorer Acquisition Our 2015 acquisition of equity investments in Sand Hills, Southern Hills and Explorer had both cash and noncash elements. We attributed $734 million of the total $880 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 $146 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 2016 2015 Capital Expenditures and Investments Capital expenditures attributable to Predecessors* $ 22.5 531.7 Capital expenditures and investments attributable to the Partnership 206.9 137.7 Total capital expenditures and investments* $ 229.4 669.4 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2016 2015* Capital Expenditures and Investments Cash capital expenditures and investments $ 248.9 676.9 Change in capital expenditure accruals (19.5 ) (7.5 ) Total capital expenditures and investments $ 229.4 669.4 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2016 2015 Other Noncash Investing and Financing Activities Contributions of net assets into joint ventures $ — 43.3 Transfer of net liabilities to Phillips 66—Acquisitions 45.3 —

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Commercial Agreements In connection with our Initial Public Offering (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, a fractionation service agreement and rail terminal services agreements. Under these long-term, fee-based agreements, we provide transportation, terminaling, storage, stevedoring, fractionation and rail terminal services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil, NGL 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 the assets we acquired in connection with the Offering, 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 due to 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. 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 2016 2015* 2016 2015* Operating and maintenance expenses $ 15.2 11.1 38.2 29.5 General and administrative expenses 6.3 6.4 19.9 19.5 Interest and debt expense 0.7 — 2.9 1.9 Total $ 22.2 17.5 61.0 50.9 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. We pay Phillips 66 a monthly operational and administrative support fee under the terms of our amended omnibus agreement in the amount of $3.0 million . On October 14, 2016, in connection with the transaction described in Note 16— Subsequent Events , the omnibus agreement was amended and our monthly operational and administrative support fee was increased to $6.9 million , going forward. 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, fractionator, 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. During the third quarter of 2016, we paid $24.2 million to Phillips 66 to assume Phillips 66’s rights and obligations under an agreement to acquire a third-party NGL logistics system in southeast Louisiana. This amount is presented on the consolidated balance sheet under “Other assets.” We have reflected our $24.2 million payment to Phillips 66 in the third quarter as an “other” investing cash outflow in the consolidated statement of cash flows. In October 2016, we were successful in restructuring the transaction, and we now expect to close the acquisition with the third party later this year.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rates were 0.2 percent and 0.4 percent for the three- and nine-month periods ended September 30, 2016 , respectively, compared with 0.2 percent for both corresponding periods of 2015. 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 the laws of states, primarily Texas, that apply to entities organized as partnerships.

Leases

Leases	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Leases	Leases We are the lessor under transportation service agreements, terminal services agreements, storage services agreements and a fractionation service agreement, in each case with Phillips 66 as lessee, that are considered operating leases under accounting principles generally accepted in the United States (GAAP). Certain of these agreements include escalation clauses to adjust transportation tariffs and terminaling and storage fees to reflect changes in price indices. Revenues from all of these agreements are recorded within “Operating revenues—related parties” on our consolidated statement of income. As of September 30, 2016 , future minimum payments to be received related to these agreements were estimated to be: Millions of Dollars Remainder of 2016 $ 80.0 2017 361.8 2018 343.0 2019 312.3 2020 308.8 2021 300.4 2022 and thereafter 928.6 Total $ 2,634.9

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2016
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which clarifies the treatment of several cash flow categories. In addition, ASU No. 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. Public business entities should apply the guidance in ASU No. 2016-15 for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the provisions of ASU No. 2016-15 and assessing the impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” In the new standard, the FASB modified its determination of whether a contract is a lease rather than whether a lease is a capital or operating lease under the previous GAAP. A contract represents a lease if a transfer of control occurs over an identified property, plant and equipment for a period of time in exchange for consideration. Control over the use of the identified asset includes the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct its use. The FASB continued to maintain two classifications of leases - financing and operating - which are substantially similar to capital and operating leases in the previous lease guidance. Under the new standard, recognition of assets and liabilities arising from operating leases will require recognition on the balance sheet. The effect of all leases in the statement of comprehensive income and the statement of cash flows will be largely unchanged. Lessor accounting will also be largely unchanged. Additional disclosures will be required for financing and operating leases for both lessors and lessees. Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” to meet its objective of providing more decision-useful information about financial instruments. The majority of this ASU’s provisions amend only the presentation or disclosures of financial instruments; however, one provision will also affect net income. Equity investments carried under the cost method or lower of cost or fair value method of accounting, in accordance with current GAAP, will have to be carried at fair value upon adoption of ASU No. 2016-01, with changes in fair value recorded in net income. For equity investments that do not have readily determinable fair values, a company may elect to carry such investments at cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. Public business entities should apply the guidance in ASU No. 2016-01 for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption prohibited. We are currently evaluating the provisions of ASU No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited impact on our financial statements. 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 GAAP 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 No. 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 No. 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU No. 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. ASU No. 2014-09 was further amended in March 2016 by the provisions of ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” in April 2016 by the provisions of ASU No. 2016-10, “Identifying Performance Obligations and Licensing,” and in May 2016 by the provisions of ASU No. 2016-12, “Narrow-Scope Improvements and Practical Expedients.” We are currently evaluating the provisions of ASU No. 2014-09, as amended, and assessing the impact on our financial statements. As part of our assessment work-to-date, we have formed an implementation work team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 11, 2016, we entered into a CCAA with subsidiaries of Phillips 66 for us to acquire certain pipeline and terminal assets supporting four Phillips 66 refineries (the Eagle Acquisition), as described in more detail below: • Ponca City Refinery Crude Assets : A crude pipeline and terminal system that provides crude supply for Phillips 66’s Ponca City Refinery, consisting of 503 miles of pipeline and 1.7 million barrels of storage. • Ponca City Refinery Products Assets : A refined products and NGL pipeline and terminal system that provides product takeaway transportation services for Phillips 66’s Ponca City Refinery, consisting of 524 miles of pipeline and 1.7 million barrels of storage. • Billings Refinery Crude Assets : A crude pipeline and terminal system that provides crude supply for Phillips 66’s Billings Refinery, consisting of a 79 percent undivided interest in a 623 -mile pipeline and 570,000 barrels of storage. • Billings Refinery Products Assets : A refined products pipeline and terminal system that provides product takeaway transportation services for Phillips 66’s Billings Refinery, consisting of 342 miles of pipeline and 386,000 barrels of storage. • Bayway Refinery Products Assets : A refined products and NGL terminal system that provides storage services for Phillips 66’s Bayway Refinery, consisting of 2.0 million barrels of storage. • Borger Refinery Crude Assets : A crude pipeline and terminal system that provides crude supply for the Phillips 66-operated Borger Refinery, consisting of 1,089 miles of pipeline and 400,000 barrels of storage. • Borger Refinery Products Assets : A refined products pipeline and terminal system that provides product takeaway transportation services for the Phillips 66-operated Borger Refinery, consisting of 93 miles of pipeline, a 33 percent undivided interest in a 102 -mile segment and a 54 percent undivided interest in a 19 -mile segment of a 121 -mile pipeline, a 50 percent interest in a 293 -mile pipeline and 700,000 barrels of storage. In connection with the Eagle Acquisition, we and Phillips 66 entered into multiple throughput and deficiency and terminal services agreements, each with a 10 -year term, that include minimum contract volume commitments from Phillips 66 on the acquired pipeline assets and at the acquired terminal assets, respectively. The Eagle Acquisition closed on October 14, 2016, at which time we paid Phillips 66 total consideration of approximately $1.3 billion , consisting of approximately $1.1 billion in cash and the issuance of 4,093,020 newly issued units, which were allocated as 3,884,237 common units to P66 PDI and 208,783 general partner units to our General Partner to allow it to maintain its 2 percent general partner interest in us. The Eagle Acquisition increased our total assets by over $1 billion , including approximately $800 million of PP&E and $180 million of goodwill. To fund the cash portion of the Eagle Acquisition, on October 14, 2016, we closed on a public debt offering pursuant to our effective shelf registration statement and issued the following unsecured senior notes: • $500 million aggregate principal amount of 3.55% Senior Notes due October 1, 2026. • $625 million aggregate principal amount of 4.90% Senior Notes due October 1, 2046. Total proceeds (net of underwriting discounts and commission) received from the notes offering were $1,111.4 million . Interest on each series of senior notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2017.

Business and Basis of Present24

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Business and Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation We have acquired assets from Phillips 66 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, 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-method investments, or number of terminals and pipeline miles, and secondarily on activity-based cost allocations. Our management believes the assumptions underlying the allocation of expenses from Phillips 66 are 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. The presentation of prior-period prepaid expenses on the consolidated balance sheet has been recast to conform to the current year’s presentation.
Earnings Per Share	Net income per unit applicable to common and subordinated units (for the period subordinated units were outstanding) 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, 2016 , 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. 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.

Fractionator Acquisitions (Tabl

Fractionator Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Retrospective Adjustments For Common Control Transactions [Abstract]
Schedule of Results of Operations Giving Effect to Acquisitions	The following tables present our results of operations and financial position giving effect to the Acquisitions. The first column presents our historical financial information prior to the retrospective adjustments, the second column presents the retrospective adjustments, and the third column presents our financial information as retrospectively adjusted. Results of the Acquired Assets after the effective date of each acquisition are presented in the first column. Nine Months Ended September 30, 2016 Millions of Dollars Consolidated Statement of Income Phillips 66 Partners LP Acquired Assets Predecessor Consolidated Results Revenues and Other Income Operating revenues—related parties $ 291.4 24.3 315.7 Operating revenues—third parties 5.9 — 5.9 Equity in earnings of affiliates 88.5 — 88.5 Other income 0.6 0.2 0.8 Total revenues and other income 386.4 24.5 410.9 Costs and Expenses Operating and maintenance expenses 71.0 5.4 76.4 Depreciation 37.9 5.6 43.5 General and administrative expenses 25.1 0.9 26.0 Taxes other than income taxes 10.5 1.8 12.3 Interest and debt expense 30.8 — 30.8 Other expenses 0.1 — 0.1 Total costs and expenses 175.4 13.7 189.1 Income before income taxes 211.0 10.8 221.8 Provision for income taxes 0.8 — 0.8 Net Income 210.2 10.8 221.0 Less: Net income attributable to noncontrolling interests 7.3 (7.3 ) — Less: Net income attributable to Predecessors — 18.1 18.1 Net Income Attributable to the Partnership $ 202.9 — 202.9 Three Months Ended September 30, 2015 Millions of Dollars Consolidated Statement of Income Phillips 66 Acquired Assets Predecessor Phillips 66 Revenues and Other Income Operating revenues—related parties $ 65.4 5.7 71.1 Operating revenues—third parties 0.7 — 0.7 Equity in earnings of affiliates 25.2 — 25.2 Other income 0.1 — 0.1 Total revenues and other income 91.4 5.7 97.1 Costs and Expenses Operating and maintenance expenses 15.5 4.8 20.3 Depreciation 5.7 0.4 6.1 General and administrative expenses 6.2 1.2 7.4 Taxes other than income taxes 2.4 0.7 3.1 Interest and debt expense 9.2 — 9.2 Total costs and expenses 39.0 7.1 46.1 Income (loss) before income taxes 52.4 (1.4 ) 51.0 Provision for income taxes 0.1 — 0.1 Net Income (Loss) 52.3 (1.4 ) 50.9 Less: Net loss attributable to Predecessors — (1.4 ) (1.4 ) Net Income Attributable to the Partnership $ 52.3 — 52.3 Nine Months Ended September 30, 2015 Millions of Dollars Consolidated Statement of Income Phillips 66 Acquired Assets Predecessor Phillips 66 Revenues and Other Income Operating revenues—related parties $ 190.5 13.5 204.0 Operating revenues—third parties 2.7 — 2.7 Equity in earnings of affiliates 51.9 — 51.9 Other income 0.2 — 0.2 Total revenues and other income 245.3 13.5 258.8 Costs and Expenses Operating and maintenance expenses 47.8 8.5 56.3 Depreciation 16.1 0.7 16.8 General and administrative expenses 20.0 3.2 23.2 Taxes other than income taxes 6.8 2.1 8.9 Interest and debt expense 24.6 — 24.6 Other expenses 0.1 — 0.1 Total costs and expenses 115.4 14.5 129.9 Income (loss) before income taxes 129.9 (1.0 ) 128.9 Provision for income taxes 0.2 — 0.2 Net Income (Loss) 129.7 (1.0 ) 128.7 Less: Net loss attributable to Predecessors — (1.0 ) (1.0 ) Net Income Attributable to the Partnership $ 129.7 — 129.7

Equity Investments (Tables)

Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2016
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 December 31 Sand Hills 33.34 % $ 439.6 430.5 Southern Hills 33.34 213.3 212.9 Explorer* 21.94 128.7 102.4 Phillips 66 Partners Terminal 70.00 73.8 77.0 Paradigm Pipeline 50.00 96.3 52.5 Bayou Bridge Pipeline 40.00 100.1 69.6 STACK Pipeline JV 50.00 51.6 — Total equity investments $ 1,103.4 944.9 *Percentage ownership was 19.46% at December 31, 2015. Earnings (losses) from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2016 2015 2016 2015 Sand Hills $ 16.7 15.1 48.0 33.9 Southern Hills 7.2 3.5 21.3 8.7 Explorer 8.5 6.6 17.6 9.3 Phillips 66 Partners Terminal (0.2 ) — 0.1 — Paradigm Pipeline (0.2 ) — (0.4 ) — Bayou Bridge Pipeline 1.4 — 1.5 — STACK Pipeline JV 0.4 — 0.4 — Total equity in earnings of affiliates $ 33.8 25.2 88.5 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, for enhanced comparability. Millions of Dollars Three Months Ended Nine Months Ended 2016 2015 2016 2015 Revenues $ 71.9 63.8 200.8 175.3 Income before income taxes 50.4 45.8 142.5 122.1 Net income 50.0 45.4 141.6 121.3

Properties, Plants and Equipm27

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
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 2015 Land $ 14.1 13.8 Buildings and improvements 58.2 30.0 Pipelines and related assets * 264.1 259.1 Terminals and related assets * 361.3 345.9 Rail racks and related assets * 136.5 136.3 Fractionator and related assets * 615.6 626.2 Caverns and related assets * 516.3 277.5 Construction-in-progress 33.8 237.7 Gross PP&E 1,999.9 1,926.5 Less: Accumulated depreciation (325.6 ) (282.4 ) Net PP&E $ 1,674.3 1,644.1 *Assets for which we are the lessor. See Note 14—Leases .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Debt at September 30, 2016 , and December 31, 2015 , was: Millions of Dollars September 30, 2016 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 302.0 — 302.0 300.0 3.605% Senior Notes due 2025 — 503.8 — 503.8 500.0 4.680% Senior Notes due 2045 — 286.0 — 286.0 300.0 Revolving credit facility 50.0 — — 50.0 50.0 Debt at face value $ 50.0 1,091.8 — 1,141.8 1,150.0 Net unamortized discounts and debt issuance costs (8.6 ) Total debt $ 1,141.4 *The fair value was estimated using quoted market prices of comparable instruments. Millions of Dollars December 31, 2015 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 282.0 — 282.0 300.0 3.605% Senior Notes due 2025 — 431.9 — 431.9 500.0 4.680% Senior Notes due 2045 — 225.2 — 225.2 300.0 Notes payable to Phillips 66 due 2020 at 3.0% — 961.1 — 961.1 964.0 Debt at face value $ — 1,900.2 — 1,900.2 2,064.0 Net unamortized discounts and debt issuance costs (9.3 ) Total debt $ 2,054.7 *The fair value was estimated using quoted market prices of comparable instruments.

Net Income Per Limited Partne29

Net Income Per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 2016
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 2016 2015 2016 2015 Net income attributable to the Partnership $ 83.1 52.3 202.9 129.7 Less: General partner’s distribution declared (including IDRs)* 25.6 11.1 62.0 26.3 Limited partners’ distribution declared on common units* 56.9 35.1 145.9 85.1 Limited partner’s distribution declared on subordinated units* — — — 13.0 Distributions less than (in excess of) net income attributable to the Partnership $ 0.6 6.1 (5.0 ) 5.3 *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, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 25.6 56.9 — 82.5 Distribution less than net income attributable to the Partnership 0.4 0.2 — 0.6 Net income attributable to the Partnership $ 26.0 57.1 — 83.1 Weighted average units outstanding: Basic 1,978,603 100,555,277 — 102,533,880 Diluted 1,978,603 100,555,277 — 102,533,880 Net income per limited partner unit (dollars): Basic $ 0.57 — Diluted 0.57 — 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 — General Partner (including IDRs) Limited Partners’ Common Units Limited Partner’s Subordinated Units Total Nine Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 62.0 145.9 — 207.9 Distribution less than (in excess of) net income attributable to the Partnership 0.9 (5.9 ) — (5.0 ) Net income attributable to the Partnership $ 62.9 140.0 — 202.9 Weighted average units outstanding: Basic 1,840,707 91,414,459 — 93,255,166 Diluted 1,840,707 91,414,459 — 93,255,166 Net income per limited partner unit (dollars): Basic $ 1.53 — Diluted 1.53 — Nine Months Ended September 30, 2015 Net income attributable to the Partnership (millions): Distribution declared $ 26.3 85.1 13.0 124.4 Distribution 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

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Information [Abstract]
Summary of Capital Expenditures and Noncash Investing and Financing Activities	Our capital expenditures and investments consisted of: Millions of Dollars Nine Months Ended 2016 2015 Capital Expenditures and Investments Capital expenditures attributable to Predecessors* $ 22.5 531.7 Capital expenditures and investments attributable to the Partnership 206.9 137.7 Total capital expenditures and investments* $ 229.4 669.4 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2016 2015* Capital Expenditures and Investments Cash capital expenditures and investments $ 248.9 676.9 Change in capital expenditure accruals (19.5 ) (7.5 ) Total capital expenditures and investments $ 229.4 669.4 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2016 2015 Other Noncash Investing and Financing Activities Contributions of net assets into joint ventures $ — 43.3 Transfer of net liabilities to Phillips 66—Acquisitions 45.3 —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2016
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 2016 2015* 2016 2015* Operating and maintenance expenses $ 15.2 11.1 38.2 29.5 General and administrative expenses 6.3 6.4 19.9 19.5 Interest and debt expense 0.7 — 2.9 1.9 Total $ 22.2 17.5 61.0 50.9 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Schedule of Future Minimum Payments Receivable for Operating Leases	As of September 30, 2016 , future minimum payments to be received related to these agreements were estimated to be: Millions of Dollars Remainder of 2016 $ 80.0 2017 361.8 2018 343.0 2019 312.3 2020 308.8 2021 300.4 2022 and thereafter 928.6 Total $ 2,634.9

Business and Basis of Present33

Business and Basis of Presentation (Narrative) (Details) $ in Millions

Aug. 12, 2016USD ($)shares

Aug. 09, 2016

Aug. 03, 2016USD ($)

Jul. 20, 2016

May 10, 2016USD ($)shares

Feb. 28, 2015USD ($)shares

May 31, 2016transaction

Sep. 30, 2016transactionrefineryshares

Sep. 30, 2015shares

Aug. 08, 2016

Jul. 19, 2016

Dec. 31, 2015

Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]

Number of separate transactions | transaction

2

2

Units issued in public equity offerings | shares

18,996,152

5,250,000

Common Units [Member]

Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]

Units issued in public equity offerings | shares

6,000,000

12,650,000

5,250,000

Proceeds from public offering, net of underwriting discounts | $

$ 298.5

$ 655.6

$ 384.5

Phillips 66 [Member]

Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]

Number Of Refineries | refinery

7

Explorer Pipeline Company [Member]

Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]

Ownership interest acquired, percentage

2.48%

2.48%

Ownership interest, percentage

21.94%

21.94%

21.94%

[1]

19.46%

19.46%

19.46%

STACK Pipeline JV [Member]

Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract]

Ownership interest, percentage

50.00%

50.00%

Payments to acquire interest in joint venture | $

$ 50

[1]

Percentage ownership was 19.46% at December 31, 2015.

Fractionator Acquisitions (Sche

Fractionator Acquisitions (Schedule of Results of Operations Giving Effect to Acquisitions) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015
Revenues and Other Income
Operating revenues—related parties	$ 108.4	$ 71.1	[1]	$ 315.7	$ 204	[1]
Operating revenues—third parties	1.8	0.7	[1]	5.9	2.7	[1]
Equity in earnings of affiliates	33.8	25.2	[1]	88.5	51.9	[1]
Other income	0.3	0.1	[1]	0.8	0.2	[1]
Revenues And Other Income	144.3	97.1	[1]	410.9	258.8	[1]
Costs and Expenses
Operating and maintenance expenses	25.5	20.3	[1]	76.4	56.3	[1]
Depreciation	15.1	6.1	[1]	43.5	16.8	[1]
General and administrative expenses	9.2	7.4	[1]	26	23.2	[1]
Taxes other than income taxes	1.2	3.1	[1]	12.3	8.9	[1]
Interest and debt expense	9.9	9.2	[1]	30.8	24.6	[1]
Other expenses	0.1			0.1	0.1	[1]
Total costs and expenses	61	46.1	[1]	189.1	129.9	[1]
Income before income taxes	83.3	51	[1]	221.8	128.9	[1]
Provision for income taxes	0.2	0.1		0.8	0.2
Net Income	83.1	50.9	[1]	221	128.7	[1]
Less: Net income attributable to noncontrolling interests				0
Less: Net income (loss) attributable to Predecessors		(1.4)	[1]	18.1	(1)	[1]
Net income attributable to the Partnership	$ 83.1	52.3	[1]	202.9	129.7	[1]
Phillips 66 Partners LP (As Previously Reported) [Member]
Revenues and Other Income
Operating revenues—related parties		65.4		291.4	190.5
Operating revenues—third parties		0.7		5.9	2.7
Equity in earnings of affiliates		25.2		88.5	51.9
Other income		0.1		0.6	0.2
Revenues And Other Income		91.4		386.4	245.3
Costs and Expenses
Operating and maintenance expenses		15.5		71	47.8
Depreciation		5.7		37.9	16.1
General and administrative expenses		6.2		25.1	20
Taxes other than income taxes		2.4		10.5	6.8
Interest and debt expense		9.2		30.8	24.6
Other expenses				0.1	0.1
Total costs and expenses		39		175.4	115.4
Income before income taxes		52.4		211	129.9
Provision for income taxes		0.1		0.8	0.2
Net Income		52.3		210.2
Net Income					129.7
Less: Net income attributable to noncontrolling interests				7.3
Less: Net income (loss) attributable to Predecessors		0		0	0
Net income attributable to the Partnership		52.3		202.9	129.7
Acquired Assets Predecessor [Member] | Standish And Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Revenues and Other Income
Operating revenues—related parties		5.7		24.3	13.5
Operating revenues—third parties		0		0	0
Equity in earnings of affiliates		0		0	0
Other income		0		0.2	0
Revenues And Other Income		5.7		24.5	13.5
Costs and Expenses
Operating and maintenance expenses		4.8		5.4	8.5
Depreciation		0.4		5.6	0.7
General and administrative expenses		1.2		0.9	3.2
Taxes other than income taxes		0.7		1.8	2.1
Interest and debt expense		0		0	0
Other expenses				0	0
Total costs and expenses		7.1		13.7	14.5
Income before income taxes		(1.4)		10.8	(1)
Provision for income taxes		0		0	0
Net Income		(1.4)		10.8
Net Income					(1)
Less: Net income attributable to noncontrolling interests				(7.3)
Less: Net income (loss) attributable to Predecessors		(1.4)		18.1	(1)
Net income attributable to the Partnership		$ 0		$ 0	$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Fractionator Acquisitions (Narr

Fractionator Acquisitions (Narrative) (Details) $ in Millions		May 10, 2016USD ($)bbl / dmishares	Mar. 01, 2016USD ($)shares	Dec. 31, 2015	Mar. 31, 2015	May 10, 2016USD ($)bbl / dmi	May 31, 2016transaction	May 10, 2016USD ($)bbl / dmi	Sep. 30, 2016transactionshares
Business Acquisition [Line Items]
Number of separate transactions | transaction							2		2
General partner interest, percent		2.00%	2.00%	2.00%	2.00%
Processing capacity, in barrels per day | bbl / d		100,000				100,000		100,000
Fourth Amendment To Omnibus Agreement [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Monthly operational and administrative support fee								$ 3
Standish Pipeline [Member]
Business Acquisition [Line Items]
Pipeline system, length | mi		92				92		92
Sweeny Fractionator Acquisition [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares	[1]								421,248
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | General Partner Units [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares			8,425
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Controlling interest acquired, percentage			25.00%
Total consideration			$ 236
Assumption of a note payable to a subsidiary of Phillips 66			212
Transaction costs			0.9
Net book value of interest acquired			$ 283
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member] | Common Units [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares			412,823
Subsequent Fractionator Acquisition [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares	[1]								1,687,675
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | General Partner Units [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares		286,753
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Total consideration		$ 775
Assumption of a note payable to a subsidiary of Phillips 66		675
Transaction costs		0.7
Net book value of interest acquired		$ 871
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member] | Common Units [Member]
Business Acquisition [Line Items]
Units issued associated with acquisition | shares		1,400,922
Subsequent Fractionator Acquisition [Member] | Phillips 66 Sweeny Frac LLC [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Controlling interest acquired, percentage		75.00%				75.00%		75.00%
Subsequent Fractionator Acquisition [Member] | Standish Pipeline [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Controlling interest acquired, percentage		100.00%				100.00%		100.00%
Standish And Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Net book value of interest acquired						$ 1,154
[1]	See Note 4—Fractionator Acquisitions, in the Notes to Consolidated Financial Statements.

Equity Investments (Schedule of

Equity Investments (Schedule of Equity Investments) (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015		Sep. 30, 2016		Sep. 30, 2015		Aug. 09, 2016	Aug. 08, 2016	Aug. 03, 2016	Jul. 20, 2016	Jul. 19, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 1,103.4				$ 1,103.4									$ 944.9
Equity in earnings of affiliates	$ 33.8		$ 25.2	[1]	$ 88.5		$ 51.9	[1]
DCP Sand Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	33.34%				33.34%
Carrying Value	$ 439.6				$ 439.6									430.5
Equity in earnings of affiliates	$ 16.7		15.1		$ 48		33.9
DCP Southern Hills Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	33.34%				33.34%
Carrying Value	$ 213.3				$ 213.3									$ 212.9
Equity in earnings of affiliates	$ 7.2		3.5		$ 21.3		8.7
Explorer Pipeline Company [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	21.94%	[2]			21.94%	[2]			21.94%	19.46%		21.94%	19.46%	19.46%
Carrying Value	$ 128.7				$ 128.7									$ 102.4
Equity in earnings of affiliates	$ 8.5		6.6		$ 17.6		9.3
Phillips 66 Partners Terminal LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	70.00%				70.00%
Carrying Value	$ 73.8				$ 73.8									77
Equity in earnings of affiliates	$ (0.2)				$ 0.1
Paradigm Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	50.00%				50.00%
Carrying Value	$ 96.3				$ 96.3									52.5
Equity in earnings of affiliates	$ (0.2)				$ (0.4)
Bayou Bridge Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	40.00%				40.00%
Carrying Value	$ 100.1				$ 100.1									69.6
Equity in earnings of affiliates	$ 1.4		$ 0		$ 1.5		0
STACK Pipeline JV [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	50.00%				50.00%						50.00%
Carrying Value	$ 51.6				$ 51.6									$ 0
Equity in earnings of affiliates	$ 0.4				$ 0.4		$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
[2]	Percentage ownership was 19.46% at December 31, 2015.

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Revenues	$ 71.9	$ 63.8	$ 200.8	$ 175.3
Income before income taxes	50.4	45.8	142.5	122.1
Net income	$ 50	$ 45.4	$ 141.6	$ 121.3

Equity Investments (Narrative)

Equity Investments (Narrative) (Details) $ in Millions

Oct. 28, 2016USD ($)

Aug. 12, 2016USD ($)shares

Aug. 09, 2016

Aug. 03, 2016USD ($)

Jul. 20, 2016

May 13, 2016USD ($)

May 10, 2016USD ($)shares

Mar. 01, 2016

Dec. 31, 2015USD ($)shares

Mar. 31, 2015USD ($)shares

Feb. 28, 2015USD ($)shares

Jan. 31, 2015USD ($)agreement

Sep. 30, 2016USD ($)shares

Sep. 30, 2016USD ($)shares

Sep. 30, 2015USD ($)shares

Aug. 08, 2016

Jul. 19, 2016

Dec. 01, 2015

Schedule of Equity Method Investments [Line Items]

General partner interest, percent

2.00%

2.00%

2.00%

2.00%

Number of common units issued in public offering | shares

18,996,152

5,250,000

Broker commission paid

$ 11.3

$ 12.5

[1]

Common Units [Member]

Schedule of Equity Method Investments [Line Items]

Number of common units issued in public offering | shares

6,000,000

12,650,000

5,250,000

Proceeds from public offering, net of underwriting discounts

$ 298.5

$ 655.6

$ 384.5

Phillips 66 Partners Terminal LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

70.00%

70.00%

Paradigm Pipeline LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

50.00%

50.00%

Paradigm Energy Partners, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Variable interest entity, nonconsolidated, carrying amount, assets

$ 96.3

$ 96.3

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 | shares

1,726,914

Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | General Partner [Member]

Schedule of Equity Method Investments [Line Items]

Number of units issued | shares

139,538

Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

The percentage of Phillips 66's equity interest owned that was acquired, percentage

100.00%

DCP Sand Hills Pipeline, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

33.34%

33.34%

DCP Southern Hills Pipeline, LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

33.34%

33.34%

Explorer Pipeline Company [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

21.94%

21.94%

19.46%

21.94%

[2]

21.94%

[2]

19.46%

19.46%

Ownership interest acquired, percentage

2.48%

2.48%

Bayou Bridge Pipeline LLC [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

40.00%

40.00%

Bayou Bridge Pipeline LLC [Member] | Energy Transfer Partners [Member]

Schedule of Equity Method Investments [Line Items]

Equity interest held by co-venturer, percentage

30.00%

Bayou Bridge Pipeline LLC [Member] | Sunoco Logistics Partners [Member]

Schedule of Equity Method Investments [Line Items]

Equity interest held by co-venturer, percentage

30.00%

STACK Pipeline JV [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

50.00%

50.00%

50.00%

Payments to acquire interest in joint venture

$ 50

STACK Pipeline JV [Member] | Plains All American Pipeline, L.P. [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest, percentage

50.00%

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 | agreement

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

Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | General Partner [Member]

Schedule of Equity Method Investments [Line Items]

Number of units issued | shares

139,538

Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

Total consideration

$ 1,010

Cash consideration for the transaction partially funded by proceeds from debt and equity offerings

880

Transaction costs expensed

$ 0.9

Phillips 66 [Member] | Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | Phillips 66 [Member] | Common Units [Member]

Schedule of Equity Method Investments [Line Items]

Number of units issued | shares

1,587,376

Phillips 66 [Member] | DCP Sand Hills Pipeline, LLC [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

Percentage of ownership in equity method investment acquired

33.34%

Phillips 66 [Member] | DCP Southern Hills Pipeline, LLC [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

Percentage of ownership in equity method investment acquired

33.34%

Phillips 66 [Member] | Explorer Pipeline Company [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

Percentage of ownership in equity method investment acquired

19.46%

Phillips 66 [Member] | Bayou Bridge Pipeline LLC [Member] | General Partner [Member]

Schedule of Equity Method Investments [Line Items]

Number of units issued | shares

12,369

Phillips 66 [Member] | Bayou Bridge Pipeline LLC [Member] | Phillips 66 [Member]

Schedule of Equity Method Investments [Line Items]

Percentage of ownership in equity method investment acquired

40.00%

Total consideration

$ 69.6

Cash consideration for the transaction partially funded by proceeds from debt and equity offerings

$ 34.8

Phillips 66 [Member] | Bayou Bridge Pipeline LLC [Member] | Phillips 66 [Member] | Common Units [Member]

Schedule of Equity Method Investments [Line Items]

Number of units issued | shares

606,056

Scenario, Forecast [Member] | STACK Pipeline JV [Member]

Schedule of Equity Method Investments [Line Items]

Payments to acquire interest in joint venture

$ 4

AtTheMarketOfferingProgram [Member] | Common Units [Member]

Schedule of Equity Method Investments [Line Items]

Number of common units issued in public offering | shares

83,294

346,152

Proceeds from public offering, net of underwriting discounts

$ 4.5

$ 18.7

Broker commission paid

$ 0.2

AtTheMarketOfferingProgram [Member] | Maximum [Member] | Common Units [Member]

Schedule of Equity Method Investments [Line Items]

Maximum aggregate amount of continuous units issuance authorized

$ 250

[1]

Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

[2]

Percentage ownership was 19.46% at December 31, 2015.

Properties, Plants and Equipm39

Properties, Plants and Equipment (Summary of Properties, Plants and Equipment)(Details) - USD ($) $ in Millions		Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Gross PP&E		$ 1,999.9	$ 1,926.5
Less: Accumulated depreciation		(325.6)	(282.4)
Net PP&E		1,674.3	1,644.1
Land [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E		14.1	13.8
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E		58.2	30
Pipelines and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	264.1	259.1
Terminals and Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	361.3	345.9
Rail Racks And Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	136.5	136.3
Fractionator And Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	615.6	626.2
Caverns And Related Assets [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	516.3	277.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross PP&E		$ 33.8	$ 237.7
[1]	Assets for which we are the lessor. See Note 14—Leases.

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions		Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Note payable to Phillips 66 due 2020 at 3.0%			$ 964
Long-term line of credit		$ 50
Long-term Debt, Including Related Party Debt, Gross, Fair Value		1,141.8	1,900.2
Debt at face value		1,150	2,064
Unamortized discounts and debt issuance costs		(8.6)	(9.3)
Long Debt And Note Payable Related Parties, Fair Value
Total debt		1,141.4	2,054.7
2.646% Senior Notes due 2020 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value		302	282
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]
Long-term debt, fair value		$ 503.8	$ 431.9
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]
Long-term debt, fair value		$ 286	$ 225.2
Senior Notes		$ 300	$ 300
Interest rate, stated percentage		4.68%	4.68%
Note Payable To Phillips 66, Due 2020, 3.0 percent [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Notes payable, related party	[1]		$ 961.1
Note payable to Phillips 66 due 2020 at 3.0%	[1]		$ 964
Interest rate, stated percentage		3.00%	3.00%
Fair Value, Inputs, Level 1 [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 50
Long-term Debt, Including Related Party Debt, Gross, Fair Value		50
Long Debt And Note Payable Related Parties, Fair Value
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term line of credit	[2]	0
Long-term Debt, Including Related Party Debt, Gross, Fair Value	[2]	1,091.8	1,900.2
Long Debt And Note Payable Related Parties, Fair Value	[2]
Fair Value, Inputs, Level 2 [Member] | 2.646% Senior Notes due 2020 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	[2]	302	282
Fair Value, Inputs, Level 2 [Member] | 3.605% Senior Notes due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	[2]	503.8	431.9
Fair Value, Inputs, Level 2 [Member] | 4.680% Senior Notes due 2045 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	[2]	$ 286	225.2
Fair Value, Inputs, Level 2 [Member] | Note Payable To Phillips 66, Due 2020, 3.0 percent [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Notes payable, related party	[1],[2]		$ 961.1
[1]	Prior-Period financial information has been retrospectively adjusted for acquisitions of business under common control
[2]	The fair value was estimated using quoted market prices of comparable instruments.

Debt (Narrative) (Details)

Debt (Narrative) (Details)		May 10, 2016USD ($)agreementnote_payable	Mar. 01, 2016USD ($)	Oct. 28, 2016USD ($)agreement	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Long-term line of credit					$ 50,000,000
Notes payable—related party						$ 964,000,000
Debt to EBITDA					5
Debt to EBITDA, acquisitions					5.5
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit					$ 50,000,000	0
Line of credit facility, maximum borrowing capacity					$ 500,000,000
Note Payable To Phillips 66, Due 2020, 3.0 percent [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Notes payable—related party	[1]					$ 964,000,000
Interest rate, stated percentage					3.00%	3.00%
Phillips 66 [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Number of agreements | agreement		2
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Entities under common control note payble issued or assumed in exchange for assets transfered			$ 212,000,000
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Debt Instrument [Line Items]
Entities under common control note payble issued or assumed in exchange for assets transfered		$ 225,000,000
Number of agreements | agreement		3
Number of notes payable | note_payable		3
Notes payable—related party		$ 19,400,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Number Of Renewal Options | agreement				2
Subsequent Event [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 750,000,000
Line of credit facility maximum borrowing capacity under option				$ 1,000,000,000
Debt Instrument, Term				1 year
Maximum [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility additional capacity increase option				$ 250,000,000
[1]	Prior-Period financial information has been retrospectively adjusted for acquisitions of business under common control

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 12, 2016	Aug. 03, 2016	May 13, 2016	May 10, 2016	Feb. 28, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering							18,996,152	5,250,000
Broker commission paid							$ 11.3	$ 12.5	[1]
Common Units [Member]
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering	6,000,000			12,650,000	5,250,000
Proceeds from public offering, net of underwriting discounts	$ 298.5			$ 655.6	$ 384.5
Price per common limited partner unit	$ 50.22			$ 52.40	$ 75.50
AtTheMarketOfferingProgram [Member] | Common Units [Member]
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering						83,294	346,152
Proceeds from public offering, net of underwriting discounts						$ 4.5	$ 18.7
Broker commission paid						$ 0.2
Maximum [Member] | AtTheMarketOfferingProgram [Member] | Common Units [Member]
Limited Partners' Capital Account [Line Items]
Maximum aggregate amount of continuous units issuance authorized			$ 250
STACK Pipeline JV [Member]
Limited Partners' Capital Account [Line Items]
Payments to acquire interest in joint venture		$ 50
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Net Income Per Limited Partne43

Net Income Per Limited Partner Unit Net Income Per Limited Partner Unit (Schedule of Earnings Per unit of our Limited Partners) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		$ 83.1	$ 52.3	[1]	$ 202.9	$ 129.7	[1]
Distribution declared		82.5	46.2		207.9	124.4
Distributions less than (in excess of) net income attributable to the Partnership		0.6	6.1		(5)	5.3
General Partner [Member]
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		26	11.5		62.9	26.9
Distribution declared	[2]	25.6	11.1		62	26.3
Distributions less than (in excess of) net income attributable to the Partnership		0.4	0.4		0.9	0.6
Common Units [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		57.1	40.8		140	88.8
Distribution declared	[2]	56.9	35.1		145.9	85.1
Distributions less than (in excess of) net income attributable to the Partnership		$ 0.2	5.7		(5.9)	3.7
Subordinated Units [Member] | Limited Partner [Member]
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership			0			14
Distribution declared	[2]		$ 0		0	13
Distributions less than (in excess of) net income attributable to the Partnership					$ 0	$ 1
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
[2]	Distribution declared attributable to the indicated periods.

Net Income Per Limited Partne44

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, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015
Partners' Capital [Abstract]
Distribution declared		$ 82.5	$ 46.2		$ 207.9	$ 124.4
Distributions less than (in excess of) net income attributable to the Partnership		0.6	6.1		(5)	5.3
Net income attributable to the Partnership		$ 83.1	$ 52.3	[1]	$ 202.9	$ 129.7	[1]
Weighted average units outstanding, general partner, basic (in shares)		1,978,603	1,671,056		1,840,707	1,640,388
Weighted average units outstanding, basic		102,533,880	83,552,792		93,255,166	82,154,019
Weighted average units outstanding, general partner, diluted		1,978,603	1,671,056		1,840,707	1,640,388
Weighted average units outstanding, diluted		102,533,880	83,552,792		93,255,166	82,154,019
Common Units [Member]
Partners' Capital [Abstract]
Weighted average units outstanding, limited partner, basic (in shares)		100,555,277	81,881,736		91,414,459	63,485,577
Weighted average units outstanding, limited partner, diluted		100,555,277	81,881,736		91,414,459	63,485,577
Net income per limited partner unit, basic (dollars) (in usd per share)		$ 0.57	$ 0.50	[1]	$ 1.53	$ 1.40	[1]
Net income per limited partner unit, diluted (dollars) (in usd per share)		$ 0.57	$ 0.50	[1]	$ 1.53	$ 1.40	[1]
Subordinated Units [Member]
Partners' Capital [Abstract]
Weighted average units outstanding, limited partner, basic (in shares)			0		0	17,028,054
Weighted average units outstanding, limited partner, diluted			0		0	17,028,054
Net income per limited partner unit, basic (dollars) (in usd per share)			$ 0		$ 0	$ 0.82
Net income per limited partner unit, diluted (dollars) (in usd per share)			$ 0		$ 0	$ 0.82
General Partner [Member]
Partners' Capital [Abstract]
Distribution declared	[2]	$ 25.6	$ 11.1		$ 62	$ 26.3
Distributions less than (in excess of) net income attributable to the Partnership		0.4	0.4		0.9	0.6
Net income attributable to the Partnership		26	11.5		62.9	26.9
Limited Partner [Member] | Common Units [Member]
Partners' Capital [Abstract]
Distribution declared	[2]	56.9	35.1		145.9	85.1
Distributions less than (in excess of) net income attributable to the Partnership		0.2	5.7		(5.9)	3.7
Net income attributable to the Partnership		$ 57.1	40.8		140	88.8
Limited Partner [Member] | Subordinated Units [Member]
Partners' Capital [Abstract]
Distribution declared	[2]		0		0	13
Distributions less than (in excess of) net income attributable to the Partnership					$ 0	1
Net income attributable to the Partnership			$ 0			$ 14
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
[2]	Distribution declared attributable to the indicated periods.

Net Income Per Limited Partne45

Net Income Per Limited Partner Unit (Narrative) (Details) $ / shares in Units, $ in Millions	Oct. 19, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)class	Sep. 30, 2015USD ($)
Number of classes of participating securities | class		1
Subsequent Events [Abstract]
Total distributions attributable to the first quarter of 2016		$ 176.8	$ 107.3
Cash Distribution [Member] | Subsequent Event [Member]
Subsequent Events [Abstract]
Total distributions attributable to the first quarter of 2016	$ 82.5
Common Units [Member] | Cash Distribution [Member] | Subsequent Event [Member]
Subsequent Events [Abstract]
Quarterly cash distribution declared per limited partner unit | $ / shares	$ 0.531

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	Sep. 30, 2016USD ($)
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Environmental accruals	$ 1.4

Cash Flow Information (Summary

Cash Flow Information (Summary of Cash Flow Information) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Capital Expenditures And Investments [Abstract]
Capital expenditures attributable to Predecessors	[1]	$ 22.5	$ 531.7
Capital expenditures and investments attributable to the Partnership		206.9	137.7
Cash capital expenditures and investments		248.9	676.9	[1]
Change in capital expenditure accruals		(19.5)	(7.5)	[1]
Total capital expenditures and investments	[1]	229.4	669.4
Other Noncash Investing and Financing Activities
Contributions of net assets into joint ventures			$ 43.3
Transfer of net liabilities to Phillips 66—Acquisitions		$ 45.3
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Cash Flow Information (Narrativ

Cash Flow Information (Narrative) (Details) - USD ($)		May 10, 2016	Mar. 01, 2016	Mar. 31, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Cash consideration deemed a distribution to our General Partner	[1]				$ 145,700,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member]
Business Acquisition [Line Items]
Cash consideration attributed to the investment balance acquired	[1]				$ 734,300,000
Explorer Pipeline Company, DCP Sand Hills Pipeline LLC, DCP Southern Hills Pipeline LLC [Member] | General Partner [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Portion of historical book value of net assets acquired attributed to units issued				$ 0
Cash consideration deemed a distribution to our General Partner				146,000,000
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				734,000,000
Cash consideration paid				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]
Portion of historical book value of net assets acquired attributed to units issued				$ 0
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Historical carrying value of assets transferred		$ 871,000,000
Portion of historical book value of net assets acquired attributable to the note payable assumed		656,000,000
Entities under common control, assumption Of debt balance assigned to assets received		19,000,000
Subsequent Fractionator Acquisition [Member] | Phillips 66 [Member] | Common Partner And General Partner [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Portion of historical book value of net assets acquired attributed to units issued		$ 196,000,000
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Historical carrying value of assets transferred			$ 283,000,000
Portion of historical book value of net assets acquired attributable to the note payable assumed			$ 212,000,000
Controlling interest acquired, percentage			25.00%
Sweeny Fractionator Acquisition [Member] | Phillips 66 [Member] | Common Partner And General Partner [Member] | Phillips 66 [Member]
Business Acquisition [Line Items]
Portion of historical book value of net assets acquired attributed to units issued			$ 71,000,000
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses 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, 2016	Sep. 30, 2015	[1]	Sep. 30, 2016	Sep. 30, 2015	[1]
Related Party Transactions [Abstract]
Operating and maintenance expenses	$ 15.2	$ 11.1		$ 38.2	$ 29.5
General and administrative expenses	6.3	6.4		19.9	19.5
Interest and debt expense	0.7			2.9	1.9
Total	$ 22.2	$ 17.5		$ 61	$ 50.9
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	Oct. 28, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	[1]
Related party agreements and fees
Other cash contributions from (to) Phillips 66		$ (24.2)	$ (10.9)	$ 0.2
Phillips 66 [Member] | Amended Omnibus Agreement [Member] | Phillips 66 [Member]
Related party agreements and fees
Monthly operational and administrative support fee			$ 3
Subsequent Event [Member] | Phillips 66 [Member] | Amended Omnibus Agreement [Member] | Phillips 66 [Member]
Related party agreements and fees
Monthly operational and administrative support fee	$ 6.9
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	0.20%	0.20%	0.40%	0.20%

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Operating Lease Income) (Details) - Phillips 66 [Member] $ in Millions	Sep. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2016	$ 80
2,017	361.8
2,018	343
2,019	312.3
2,020	308.8
2,021	300.4
2022 and thereafter	928.6
Total	$ 2,634.9

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) bbl in Thousands	Oct. 14, 2016USD ($)refinerymisharesbbl	May 10, 2016	Mar. 01, 2016	Dec. 31, 2015USD ($)	Mar. 31, 2015	Sep. 30, 2016USD ($)
Subsequent Event [Line Items]
General partner interest, percent		2.00%	2.00%	2.00%	2.00%
Goodwill | $				$ 2,500,000		$ 2,500,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Number Of Refineries | refinery	4
General partner interest, percent	2.00%
Phillips 66 [Member] | Eagle Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of units issued | shares	4,093,020
Phillips 66 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	121
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Borger Refinery Products Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	93
Storage assets, capacity | bbl	700
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Borger Refinery Products Assets, Ownership, Three [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	293
Entities under common control, ownership percentage transferred	50.00%
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Borger Refinery Products Assets, Ownership, Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	19
Entities under common control, ownership percentage transferred	54.00%
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Borger Refinery Products Assets, Ownership, One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	102
Entities under common control, ownership percentage transferred	33.00%
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Borger Refinery Crude Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	1,089
Storage assets, capacity | bbl	400
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Bayway Refinery Products Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Storage assets, capacity | bbl	2,000
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Billings Refinery Crude Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	623
Storage assets, capacity | bbl	570
Entities under common control, ownership percentage transferred	79.00%
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Billings Refinery Products Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	342
Storage assets, capacity | bbl	386
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition, Ponca City Refinery Products Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	524
Storage assets, capacity | bbl	1,700
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition Ponca City Refinery Crude Assets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Pipeline system, length	503
Storage assets, capacity | bbl	1,700
Phillips 66 [Member] | Phillips 66 [Member] | Eagle Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Agreement, Term	10 years
Total consideration | $	$ 1,300,000,000
Cash consideration paid | $	1,100,000,000
Business combination, assets | $	1,000,000,000
Business combination, property, plant, and equipment | $	800,000,000
Goodwill | $	$ 180,000,000
Common Units [Member] | Phillips 66 [Member] | Eagle Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of units issued | shares	3,884,237
General Partner Units [Member] | Phillips 66 [Member] | Eagle Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of units issued | shares	208,783
Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from debt, net of issuance costs | $	$ 1,111,400,000
Three Point Five Five Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Senior Notes | $	$ 500,000,000
Interest rate, stated percentage	3.55%
Four Point Nine Senior Notes Due Two Thousand Forty Six [Member] | Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Senior Notes | $	$ 625,000,000
Interest rate, stated percentage	4.90%