Phillips 66 Partners (PSXP) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	110,505,502

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	[1]	Sep. 30, 2017	Sep. 30, 2016
Revenues and Other Income
Operating revenues—related parties	$ 193	$ 181		$ 563	$ 534	[1]
Operating revenues—third parties	11	7		32	22	[1]
Equity in earnings of affiliates	41	33		111	88	[1]
Other income	0	1		7	1	[1]
Total revenues and other income	245	222		713	645	[1]
Costs and Expenses
Operating and maintenance expenses	69	54		188	162	[1]
Depreciation	30	25		82	71	[1]
General and administrative expenses	16	17		48	50	[1]
Taxes other than income taxes	7	4		23	24	[1]
Interest and debt expense	23	10		71	31	[1]
Other expenses	1	0		1	0	[1]
Total costs and expenses	146	110		413	338	[1]
Income before income taxes	99	112		300	307	[1]
Provision for income taxes	0	0		1	1
Net Income	99	112		299	306	[1]
Less: Net income attributable to Predecessors	0	29		0	103	[1]
Net income attributable to the Partnership	99	83		299	203	[1]
Less: General partner’s interest in net income attributable to the Partnership	43	26		112	63	[1]
Limited partners’ interest in net income attributable to the Partnership	$ 56	$ 57		$ 187	$ 140	[1]
Cash Distributions Paid Per Limited Partner Unit (in dollars per share)	$ 0.615	$ 0.505		$ 1.759	$ 1.444	[1]
Weighted-Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Common Units Basic and Diluted (in shares)
Common Units
Costs and Expenses
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (in dollars per share)	$ 0.51	$ 0.57		$ 1.72	$ 1.53	[1]
Common Units | Public
Costs and Expenses
Net income attributable to the Partnership				$ 78	$ 51
Weighted-Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Common Units Basic and Diluted (in shares)	46,459	40,392		44,996	32,007	[1]
Common Units | Non-public | Phillips 66
Costs and Expenses
Net income attributable to the Partnership				$ 109	$ 89
Weighted-Average Limited Partner Units Outstanding—Basic and Diluted (thousands)
Common Units Basic and Diluted (in shares)	64,047	60,163		64,047	59,408	[1]
[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, 2017	Sep. 30, 2016	[1]	Sep. 30, 2017	Sep. 30, 2016	[1]
Statement of Comprehensive Income [Abstract]
Net Income	$ 99	$ 112		$ 299	$ 306
Defined benefit plans
Plan sponsored by equity affiliate, net of tax	0	0		0	1
Other comprehensive income	0	0		0	1
Comprehensive Income	$ 99	$ 112		$ 299	$ 307
[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, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 2	$ 2
Accounts receivable—related parties	66	76
Accounts receivable—third parties	4	7
Materials and supplies	12	11
Prepaid expenses	3	4
Total current assets	87	100
Equity investments	1,265	1,142
Net properties, plants and equipment	2,675	2,675
Goodwill	185	185
Deferred rentals and other	7	7
Total Assets	4,219	4,109
Liabilities
Accounts payable—related parties	10	12
Accounts payable—third parties	31	31
Accrued property and other taxes	21	10
Accrued interest	29	26
Short-term debt	17	15
Deferred revenues	25	14
Other current liabilities	2	3
Total current liabilities	135	111
Long-term debt	2,273	2,396
Asset retirement obligations	10	9
Accrued environmental costs	2	2
Deferred income taxes	3	2
Deferred revenues and other	21	23
Total Liabilities	2,444	2,543
Equity
General partner—Phillips 66 (2017 and 2016—2,187,386 units issued and outstanding)	(662)	(704)
Accumulated other comprehensive loss	(1)	(1)
Total Equity	1,775	1,566
Total Liabilities and Equity	4,219	4,109
Public | Common Units
Equity
Unitholders	1,966	1,795
Total Equity	1,966	1,795
Non-public | Common Units | Phillips 66
Equity
Unitholders	472	476
Total Equity	$ 472	$ 476

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016
General partner—Phillips 66 units issued (in shares)	2,187,386	2,187,386
General partner—Phillips 66 units outstanding (in shares)	2,187,386	2,187,386
Common Units | Public
Units issued (in shares)	46,458,478	43,134,902
Units outstanding (in shares)	46,458,478	43,134,902
Common Units | Non-public | Phillips 66
Units issued (in shares)	64,047,024	64,047,024
Units outstanding (in shares)	64,047,024	64,047,024

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities
Net Income	$ 299	$ 306	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	82	71	[1]
Deferred taxes	1	1	[1]
Adjustment to equity earnings for cash distributions received	2	(4)	[1]
Deferred revenues and other	(2)	9	[1]
Other	9	4	[1]
Working capital adjustments
Decrease (increase) in accounts receivable	13	(15)	[1]
Decrease (increase) in materials and supplies	(1)	(1)	[1]
Decrease (increase) in prepaid expenses and other current assets	1	(2)	[1]
Increase (decrease) in accounts payable	0	7	[1]
Increase (decrease) in accrued interest	3	(17)	[1]
Increase (decrease) in deferred revenues	11	5	[1]
Increase (decrease) in other accruals	4	7	[1]
Net Cash Provided by Operating Activities	422	371	[1]
Cash Flows From Investing Activities
Cash capital expenditures and investments	(227)	(321)	[1]
Return of investment from equity affiliates	28	10	[1]
Other	0	(24)	[1]
Net Cash Used in Investing Activities	(199)	(335)	[1]
Cash Flows From Financing Activities
Net contributions from Phillips 66 to Predecessors	0	41	[1]
Acquisition of noncontrolling interest in Sweeny Frac LLC	0	(656)	[1]
Issuance of debt	1,383	428	[1]
Repayment of debt	(1,506)	(686)	[1]
Issuance of common units	171	972	[1]
Other cash contributions from Phillips 66	16	11	[1]
Net Cash Used in Financing Activities	(223)	(67)	[1]
Net Change in Cash and Cash Equivalents	0	(31)	[1]
Cash and cash equivalents at beginning of period	2	50	[1]
Cash and Cash Equivalents at End of Period	2	19	[1]
Public | Common Units
Cash Flows From Financing Activities
Quarterly distributions to unitholders	(78)	(41)	[1]
Non-public | Common Units
Cash Flows From Financing Activities
Quarterly distributions to unitholders		(86)
Phillips 66 | Non-public | Common Units
Cash Flows From Financing Activities
Quarterly distributions to unitholders	(113)	(86)	[1]
General Partner
Cash Flows From Financing Activities
Quarterly distributions to unitholders	$ (96)	(50)	[1]
Other cash contributions from Phillips 66		$ 11
[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		General Partner	Common UnitsPublic	Common UnitsNon-publicPhillips 66	Accum. Other Comprehensive Loss	Net Investment— Predecessors
Beginning Balance at Dec. 31, 2015		$ 1,444		$ (650)	$ 809	$ 233	$ (2)	$ 1,054	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Predecessors	[1]	103						103
Net contributions from Phillips 66—Predecessors		88						88	[1]
Issuance of common units		971			971
Allocation of net investment to unitholders		0		33		233		(266)	[1]
Net income attributable to the Partnership		203	[1]	63	51	89
Other comprehensive income		1	[1]				1
Quarterly cash distributions to unitholders and General Partner		(177)		(50)	(41)	(86)
Other contributions from Phillips 66		4		4
Ending Balance at Sep. 30, 2016	[1]	$ 2,637		$ (600)	$ 1,790	$ 469	(1)	979
Units (in shares) 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 (in shares)		18,996,152			18,996,152
Units issued associated with acquisitions (in shares)		2,108,923		295,178		1,813,745
Units (in shares) at Sep. 30, 2016		105,276,292		1,978,603	43,134,902	60,162,787
Beginning Balance at Dec. 31, 2016		$ 1,566		$ (704)	$ 1,795	$ 476	(1)	0	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Predecessors		0
Issuance of common units		171			171
Net income attributable to the Partnership		299		112	78	109
Other comprehensive income		0
Quarterly cash distributions to unitholders and General Partner		(287)		(96)	(78)	(113)
Other contributions from Phillips 66		26		26
Ending Balance at Sep. 30, 2017		$ 1,775		$ (662)	$ 1,966	$ 472	$ (1)	$ 0	[1]
Units (in shares) at Dec. 31, 2016		109,369,312		2,187,386	43,134,902	64,047,024
Units Outstanding [Roll Forward]
Units issued in public equity offerings (in shares)		3,323,576			3,323,576
Units (in shares) at Sep. 30, 2017		112,692,888		2,187,386	46,458,478	64,047,024
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2017
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. References to our “General Partner” refer to Phillips 66 Partners GP LLC, and references to Phillips 66 PDI refer to Phillips 66 Project Development Inc., the Phillips 66 subsidiary that holds a limited partner interest in us. Description of the Business 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, processing, 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 are integral to the operation of, nine of Phillips 66’s owned or joint-venture refineries. We primarily generate revenue by providing fee-based transportation, processing, terminaling, storage and NGL fractionation services to Phillips 66 and other customers. Our equity affiliates primarily generate revenue 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. 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 of 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 operational support services such as engineering and logistics and allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement. These allocations were based primarily on relative carrying 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.

Interim Financial Information

Interim Financial Information	9 Months Ended
	Sep. 30, 2017
Interim Financial Information [Abstract]
Interim Financial Information	Interim Financial Information The interim financial information presented in the financial statements included in this report is unaudited and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2016 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2017 , 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, 2017
Changes in Accounting Principles [Abstract]
Changes in Accounting Principles	Changes in Accounting Principles Effective January 1, 2017, we early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the second step from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU is applied prospectively to goodwill impairment tests performed on or after January 1, 2017. Effective January 1, 2017, we early adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The new update changes the classification and presentation of restricted cash in the statement of cash flows. The amendment requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Adoption of this ASU on a retrospective basis did not impact our financial statements. Effective January 1, 2017, we early adopted ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new update clarifies how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. In addition, the new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Retrospective Adjustments For Common Control Transactions [Abstract]
Acquisitions	Acquisitions River Parish Acquisition In November 2016, we acquired the River Parish NGL System, a non-affiliated party’s NGL logistics assets located in southeast Louisiana, consisting of pipelines and storage caverns connecting multiple fractionation facilities, refineries and a petrochemical facility. At the acquisition date, we recorded $183 million of PP&E and $3 million of goodwill. Our acquisition accounting was finalized during the first quarter of 2017, with no change to the provisional amounts recorded in 2016. During 2016, we completed three acquisitions that were considered transfers of businesses between entities under common control, and therefore the related acquired assets were transferred at historical carrying value. Because these acquisitions were common control transactions in which we acquired businesses, our historical financial statements have been retrospectively adjusted as if we owned the acquired assets for all periods presented. Fractionator Acquisitions Initial Fractionator Acquisition. In February 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 common units to Phillips 66 PDI and 8,425 general partner units to our General Partner to maintain its 2 percent general partner interest. The Initial Fractionator Acquisition closed in March 2016. Subsequent Fractionator Acquisition. In May 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 common units to Phillips 66 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 public offering we completed in May 2016. The Subsequent Fractionator Acquisition closed in May 2016. Eagle Acquisition In October 2016, we entered into a CCAA with subsidiaries of Phillips 66 to acquire certain pipeline and terminal assets supporting four Phillips 66-operated refineries (the Eagle Acquisition). We paid Phillips 66 total consideration of $1,305 million , consisting of $1,109 million in cash and the issuance of 3,884,237 common units to Phillips 66 PDI and 208,783 general partner units to our General Partner to maintain its 2 percent general partner interest. The Eagle Acquisition closed in October 2016. The following tables present our previously reported results of operations and cash flows giving effect to the Eagle Acquisition. The results of operations and cash flows of the Initial Fractionator Acquisition and Subsequent Fractionator Acquisition are included in our previously reported consolidated statement of income and consolidated statement of cash flows for the periods presented, within the first column. The second column in all tables presents the retrospective adjustments made to our historical financial information for the related acquired assets prior to the effective date of acquisition. The third column in all tables presents our consolidated financial information as retrospectively adjusted. Millions of Dollars Three Months Ended September 30, 2016 Consolidated Statement of Income Phillips 66 Acquired Eagle Assets Predecessor Consolidated Revenues and Other Income Operating revenues—related parties $ 108 73 181 Operating revenues—third parties 2 5 7 Equity in earnings of affiliates 33 — 33 Other income 1 — 1 Total revenues and other income 144 78 222 Costs and Expenses Operating and maintenance expenses 26 28 54 Depreciation 15 10 25 General and administrative expenses 9 8 17 Taxes other than income taxes 1 3 4 Interest and debt expense 10 — 10 Total costs and expenses 61 49 110 Income before income taxes 83 29 112 Provision for income taxes — — — Net income 83 29 112 Less: Net income attributable to Predecessors — 29 29 Net income attributable to the Partnership 83 — 83 Less: General partner’s interest in net income attributable to the Partnership 26 — 26 Limited partners’ interest in net income attributable to the Partnership $ 57 — 57 Millions of Dollars Nine Months Ended September 30, 2016 Consolidated Statement of Income Phillips 66 Acquired Eagle Assets Predecessor Consolidated Revenues and Other Income Operating revenues—related parties $ 315 219 534 Operating revenues—third parties 6 16 22 Equity in earnings of affiliates 88 — 88 Other income 1 — 1 Total revenues and other income 410 235 645 Costs and Expenses Operating and maintenance expenses 76 86 162 Depreciation 44 27 71 General and administrative expenses 26 24 50 Taxes other than income taxes 11 13 24 Interest and debt expense 31 — 31 Total costs and expenses 188 150 338 Income before income taxes 222 85 307 Provision for income taxes 1 — 1 Net income 221 85 306 Less: Net income attributable to Predecessors 18 85 103 Net income attributable to the Partnership 203 — 203 Less: General partner’s interest in net income attributable to the Partnership 63 — 63 Limited partners’ interest in net income attributable to the Partnership $ 140 — 140 Millions of Dollars Nine Months Ended September 30, 2016 Phillips 66 Acquired Eagle Assets Predecessor Consolidated Cash Flows From Operating Activities Net income $ 221 85 306 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 44 27 71 Deferred taxes 1 — 1 Adjustment to equity earnings for cash distributions received (4 ) — (4 ) Deferred revenues and other 9 — 9 Other 4 — 4 Working capital adjustments Decrease (increase) in accounts receivable (16 ) 1 (15 ) Decrease (increase) in materials and supplies (1 ) — (1 ) Decrease (increase) in prepaid expenses and other current assets (2 ) — (2 ) Increase (decrease) in accounts payable 4 3 7 Increase (decrease) in accrued interest (17 ) — (17 ) Increase (decrease) in deferred revenues 5 — 5 Increase (decrease) in other accruals 3 4 7 Net Cash Provided by Operating Activities 251 120 371 Cash Flows From Investing Activities Cash capital expenditures and investments (249 ) (72 ) (321 ) Return of investment from equity affiliates 10 — 10 Other (24 ) — (24 ) Net Cash Used in Investing Activities (263 ) (72 ) (335 ) Cash Flows From Financing Activities Net contributions from (to) Phillips 66 to (from) Predecessors 89 (48 ) 41 Acquisition of noncontrolling interest in Sweeny Frac LLC (656 ) — (656 ) Issuance of debt 428 — 428 Repayment of debt (686 ) — (686 ) Issuance of common units 972 — 972 Quarterly distributions to common unitholders—public (41 ) — (41 ) Quarterly distributions to common unitholder—Phillips 66 (86 ) — (86 ) Quarterly distributions to General Partner—Phillips 66 (50 ) — (50 ) Other cash contributions from Phillips 66 11 — 11 Net Cash Used in Financing Activities (19 ) (48 ) (67 ) Net Change in Cash and Cash Equivalents (31 ) — (31 ) Cash and cash equivalents at beginning of period 50 — 50 Cash and Cash Equivalents at End of Period $ 19 — 19

Equity Investments

Equity Investments	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity Investments The following table summarizes our equity investments. Millions of Dollars Percentage Ownership Carrying Value September 30 December 31 DCP Sand Hills Pipeline, LLC (Sand Hills) 33.34 % $ 478 445 DCP Southern Hills Pipeline, LLC (Southern Hills) 33.34 208 212 Explorer Pipeline Company (Explorer) 21.94 124 126 Phillips 66 Partners Terminal LLC (Phillips 66 Partners Terminal) 70.00 57 72 Paradigm Pipeline LLC (Paradigm) 50.00 130 117 Bayou Bridge Pipeline, LLC (Bayou Bridge) 40.00 171 115 STACK Pipeline LLC (STACK) 50.00 97 55 Total equity investments $ 1,265 1,142 Earnings from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sand Hills $ 21 16 58 48 Southern Hills 6 7 20 21 Explorer 7 8 18 17 Phillips 66 Partners Terminal 2 — 5 — Paradigm (1 ) — (2 ) — Bayou Bridge 4 2 8 2 STACK 2 — 4 — Total equity in earnings of affiliates $ 41 33 111 88

Properties, Plants and Equipmen

Properties, Plants and Equipment	9 Months Ended
	Sep. 30, 2017
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 Land $ 19 19 Buildings and improvements 87 88 Pipelines and related assets * 1,352 1,335 Terminals and related assets * 631 610 Rail racks and related assets * 137 137 Fractionator and related assets * 616 615 Caverns and related assets * 583 569 Construction-in-progress 53 27 Gross PP&E 3,478 3,400 Less: Accumulated depreciation 803 725 Net PP&E $ 2,675 2,675 *Assets for which we are the lessor.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Debt at September 30, 2017 , and December 31, 2016 , was: Millions of Dollars September 30, 2017 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 302 — 302 300 3.605% Senior Notes due 2025 — 499 — 499 500 3.550% Senior Notes due 2026 — 490 — 490 500 4.680% Senior Notes due 2045 — 291 — 291 300 4.900% Senior Notes due 2046 — 631 — 631 625 Revolving credit facility at 2.45% at September 30, 2017 — 87 — 87 87 Total $ — 2,300 — 2,300 2,312 Net unamortized discounts and debt issuance costs (22 ) Total debt 2,290 Short-term debt (17 ) Long-term debt $ 2,273 *Fair value was estimated using observable market prices. Millions of Dollars December 31, 2016 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 298 — 298 300 3.605% Senior Notes due 2025 — 490 — 490 500 3.550% Senior Notes due 2026 — 483 — 483 500 4.680% Senior Notes due 2045 — 277 — 277 300 4.900% Senior Notes due 2046 — 599 — 599 625 Revolving credit facility at 1.98% at December 31, 2016 — 210 — 210 210 Total $ — 2,357 — 2,357 2,435 Net unamortized discounts and debt issuance costs (24 ) Total debt 2,411 Short-term debt (15 ) Long-term debt $ 2,396 *Fair value was estimated using observable market prices. Revolving Credit Facility At September 30, 2017 , and December 31, 2016, we had an aggregate of $87 million and $210 million , respectively, borrowed and outstanding under our $750 million revolving credit facility.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	Equity ATM Program In June 2016, we filed a prospectus supplement to the shelf registration statement for our continuous offering program that became effective with the Securities and Exchange Commission in May 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, is referred to as our ATM Program). We did not issue any common units under the ATM Program during the three months ended September 30, 2017. For the nine months ended September 30, 2017 , on a settlement date basis, we issued 3,323,576 common units under our ATM Program, which generated net proceeds of $171 million . For the three and nine months ended September 30, 2016 , on a settlement date basis, we issued 83,294 and 346,152 common units, respectively, under our ATM Program, generating net proceeds of $5 million and $19 million , respectively. Since inception through September 30, 2017 , we have issued an aggregate of 3,669,728 common units under our ATM Program, generating net proceeds of $190 million , after broker commissions of $2 million . 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 In August 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. We received proceeds (net of underwriting discounts and commissions) of $299 million from the offering. We utilized the net proceeds to repay the note assumed as part of the Initial Fractionator Acquisition and to repay other short-term borrowings incurred to fund our acquisition of an additional interest in Explorer and our contribution to form STACK Pipeline. See Note 4— Acquisitions for additional information. In May 2016, we completed a public 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 $656 million from the offering. We utilized the net proceeds to partially repay debt assumed as part of the Subsequent Fractionator Acquisition. See Note 4— Acquisitions for additional information.

Net Income Per Limited Partner

Net Income Per Limited Partner Unit	9 Months Ended
	Sep. 30, 2017
Partners' Capital Notes [Abstract]
Net Income Per Limited Partner Unit	Net Income Per Limited Partner Unit Net income per limited partner unit is computed by dividing the limited partners’ interest in net income attributable to the Partnership by the weighted-average number of common units outstanding for the period. The classes of participating securities as of September 30, 2017 , included common units, general partner units and incentive distribution rights (IDRs). Basic and diluted net income per limited partner 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 a dropdown transaction. 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 2017 2016 2017 2016 Net income attributable to the Partnership $ 99 83 299 203 Less: General partner’s distribution declared (including IDRs)* 43 26 111 63 Limited partners’ distribution declared on common units* 78 56 209 145 Distributions less than (in excess of) net income attributable to the Partnership $ (22 ) 1 (21 ) (5 ) *Distribution declared attributable to the indicated periods. General Partner (including IDRs) Limited Partners’ Common Units Total Three Months Ended September 30, 2017 Net income attributable to the Partnership (millions) : Distribution declared $ 43 78 121 Distribution in excess of net income attributable to the Partnership — (22 ) (22 ) Net income attributable to the Partnership $ 43 56 99 Weighted-average units outstanding—basic and diluted 110,505,502 Net income per limited partner unit—basic and diluted (dollars) $ 0.51 Three Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 26 56 82 Distribution less than net income attributable to the Partnership — 1 1 Net income attributable to the Partnership $ 26 57 83 Weighted-average units outstanding—basic and diluted 100,555,277 Net income per limited partner unit—basic and diluted (dollars) $ 0.57 General Partner (including IDRs) Limited Partners’ Common Units Total Nine Months Ended September 30, 2017 Net income attributable to the Partnership (millions) : Distribution declared $ 111 209 320 Distribution less than (in excess of) net income attributable to the Partnership 1 (22 ) (21 ) Net income attributable to the Partnership $ 112 187 299 Weighted-average units outstanding—basic and diluted 109,042,961 Net income per limited partner unit—basic and diluted (dollars) $ 1.72 Nine Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 63 145 208 Distribution in excess of net income attributable to the Partnership — (5 ) (5 ) Net income attributable to the Partnership $ 63 140 203 Weighted-average units outstanding—basic and diluted 91,414,459 Net income per limited partner unit—basic and diluted (dollars) $ 1.53 On October 18, 2017 , the Board of Directors of our General Partner declared a quarterly cash distribution of $0.646 per limited partner unit which, combined with distributions to our General Partner, will result in total distributions of $121 million attributable to the third quarter of 2017 . This distribution is payable November 13, 2017 , to unitholders of record as of October 31, 2017 .

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2017
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 extensive 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 both September 30, 2017 , and December 31, 2016 , our total environmental accrual was $2 million . 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 recommends if adjustment of existing accruals, or establishment of new accruals, is required. As of September 30, 2017 , and December 31, 2016 , 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, 2017
Supplemental Cash Flow Information [Abstract]
Cash Flow Information	Cash Flow Information 2016 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 represented 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). 2016 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). Capital Expenditures Our capital expenditures and investments consisted of: Millions of Dollars Nine Months Ended 2017 2016* Capital Expenditures and Investments Cash capital expenditures and investments $ 227 321 Change in capital expenditure accruals (2 ) (23 ) Total capital expenditures and investments $ 225 298 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2017 2016 Capital Expenditures and Investments Capital expenditures and investments attributable to the Partnership $ 225 207 Capital expenditures attributable to Predecessors* — 91 Total capital expenditures and investments* $ 225 298 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2017 2016 Other Noncash Investing and Financing Activities Certain liabilities of acquired assets retained by Phillips 66 (1) $ — 45 (1) Certain liabilities of assets acquired from Phillips 66 were retained by Phillips 66, pursuant to the terms of various agreements under which we acquired those assets. See Note 10—Contingencies for additional information on excluded liabilities associated with acquisitions from Phillips 66.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Commercial Agreements We have 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, a tolling services agreement, and rail terminal services agreements. Under these long-term, fee-based agreements, we provide transportation, terminaling, storage, stevedoring, fractionation, processing, and rail terminal services to Phillips 66, and Phillips 66 commits to provide us with minimum quarterly throughput volumes of crude oil, NGL, feedstock, and refined petroleum products or minimum monthly service fees. Under our transportation, processing, 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 and terminaling, processing, 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 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. 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 We have entered into a tax sharing agreement with Phillips 66 pursuant to which we 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. Any reimbursement is 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 to owe no tax; however, we would nevertheless reimburse Phillips 66 for the tax we would have owed, 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 2017 2016* 2017 2016* Operating and maintenance expenses $ 31 28 88 79 General and administrative expenses 15 14 44 41 Interest and debt expense — 1 — 3 Total $ 46 43 132 123 *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 $7 million . On October 6, 2017, in connection with the transaction described in Note 14—Subsequent Events, the omnibus agreement was amended and our monthly operational and administrative support fee was increased to $8 million prospectively. The operational and administrative support fee is for the provision of certain services, including: logistical services; asset oversight, such as operational management and supervision; corporate engineering services, including asset integrity and regulatory services; business development services; 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; 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 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 pipeline, rail rack, fractionator, processing, 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 million to Phillips 66 to assume Phillips 66’s rights and obligations under an agreement to acquire the River Parish NGL System in southeast Louisiana. The payment to Phillips 66 is reflected as an “other” investing cash outflow in the consolidated statement of cash flows in 2016. Other related party balances in our consolidated balance sheet consisted of the following, all of which were related to Phillips 66: Millions of Dollars September 30 December 31 Deferred rentals and other $ 5 5 Deferred revenues 24 14 Deferred revenues and other 18 19

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2017
New Accounting Standards [Abstract]
New Accounting Standards	New Accounting Standards In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction is not considered an acquisition of a business. If the screen is not met, then the amendment requires that, to be considered a business, the operation must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendment should be applied prospectively, and no disclosures are required at the effective date. We are currently evaluating the provisions of ASU No. 2017-01. 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 current accounting principles generally accepted in the United States (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 under current guidance. Under the new standard, 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, with early adoption permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply its provisions to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements. As part of our assessment work-to-date, we have formed an implementation team, commenced identification of our lease population and are evaluating lease software packages. 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 affects 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).” This ASU and other related updates issued are intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets and expand disclosure requirements. 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. Early adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. As part of our assessment work-to-date, we have formed an implementation team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. Our expectation is to adopt the standard on January 1, 2018, using the modified retrospective application. Our evaluation of the new ASU is ongoing, which includes understanding the impact of adoption on earnings from equity method investments and revenue generated by lease arrangements. Based on our analysis to-date, we have not identified any material impact on our financial statements, other than disclosure.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Bakken Pipeline/MSLP Acquisition On September 19, 2017, we entered into a CCAA with subsidiaries of Phillips 66 for us to acquire an indirect 25 percent interest in each of Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC (together, Dakota/ETCO) and a direct 100 percent interest in Merey Sweeny, L.P. (MSLP and the acquisitions pursuant to the CCAA, collectively, the Bakken Pipeline/MSLP Acquisition). The assets owned by Dakota/ETCO and MSLP are described below: • Dakota/ETCO owns the Bakken Pipeline, which includes 1,926 combined pipeline miles which has 520,000 barrels per day (BPD) of crude oil capacity expandable to 570,000 BPD. There are receipt stations in North Dakota to access Bakken and Three Forks production, a delivery and receipt point in Patoka, Illinois, and delivery points in Nederland, Texas, including at the Phillips 66 Beaumont Terminal. The pipeline, which commenced commercial operations on June 1, 2017, is supported by long-term, fee-based contracts. • MSLP owns a 125,000 BPD capacity vacuum distillation unit and a 70,000 BPD capacity delayed coker unit. MSLP processes residue from heavy sour crude oil into liquid products and fuel-grade petroleum coke at the Phillips 66 Sweeny Refinery in Old Ocean, Texas. In connection with the closing of the acquisition, MSLP and Phillips 66 entered into an amended and restated tolling services agreement, effective October 1, 2017, with a 15 -year term that includes a base throughput fee and a minimum volume commitment from Phillips 66. The Bakken Pipeline/MSLP Acquisition closed on October 6, 2017. We paid Phillips 66 total consideration of $1.65 billion , consisting of $372 million in cash, the assumption of $588 million of promissory notes payable to Phillips 66 and a $450 million term loan under which Phillips 66 was the obligor, and the issuance of 5,005,778 newly issued units, which were allocated as 4,713,113 common units to P66 PDI and 292,665 general partner units to our General Partner to maintain its 2 percent general partner interest. After the closing of the Bakken Pipeline/MSLP Acquisition, we repaid the $588 million of promissory notes and the $450 million term loan using proceeds from the private placement and debt issuances described below. The Bakken Pipeline/MSLP Acquisition increased our total equity investments and net PP&E by approximately $610 million and $220 million , respectively. Debt and Equity Issuances Private Placement of Preferred and Common Units. In part to fund the cash portion of the Bakken Pipeline/MSLP Acquisition consideration, on October 6, 2017, we closed on a private placement and issued the following: • 13,819,791 perpetual convertible preferred units generating gross proceeds of $750 million . • 6,304,204 common units generating gross proceeds of $300 million . Together, the units issued in the private placement resulted in net proceeds, after deducting offering and transaction expenses, of approximately $1.03 billion . We privately placed approximately 13.8 million Series A Perpetual Convertible Preferred Units (Preferred Units) representing limited partner interests for a price of $54.27 per unit. The Preferred Units rank senior to all common units with respect to distributions and rights upon liquidation. The holders of the Preferred Units are entitled to receive cumulative quarterly distributions equal to $0.678375 per unit, commencing for the quarter ended December 31, 2017, with a prorated amount from the date of issuance. Following the third anniversary of the issuance of the Preferred Units, the holders of the Preferred Units will receive as a quarterly distribution the greater of $0.678375 per unit or the amount of per-unit distributions paid to common unitholders as if such Preferred Units had converted into common units immediately prior to the record date. The holders of the Preferred Units may convert their Preferred Units into common units, on a one-for-one basis, at any time after the second anniversary of the issuance date, in full or in part, subject to minimum conversion amounts and conditions. After the third anniversary of the issuance date, we may convert the Preferred Units into common units at any time, in whole or in part, subject to certain minimum conversion amounts and conditions, if the arithmetic average of the volume-weighted trading price of our common units is greater than $73.2645 per unit for the 20 day trading period immediately preceding the conversion notice date and the average trading volume of the common units is at least 100,000 for the preceding 20 trading days. The conversion rate for the Preferred Units shall be the quotient of (a) the sum of (i) $54.27 , plus (ii) any unpaid cash distributions on the applicable Preferred Unit, divided by (b) $54.27 . The holders of the Preferred Units are entitled to vote on an as-converted basis with the common unitholders and have certain other class voting rights with respect to any amendment to our partnership agreement that would adversely affect any rights, preferences or privileges of the Preferred Units. In addition, upon certain events involving a change in control, the holders of Preferred Units may elect, among other potential elections, to convert their Preferred Units to common units at the then change of control conversion rate. Debt Issuances. On October 13, 2017, we closed on a public debt offering and issued $500 million aggregate principal amount of 3.750% Senior Notes due 2028 and an additional $150 million aggregate principal amount of our outstanding 4.680% Senior Notes due 2045.

Business and Basis of Present22

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
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 of 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 operational support services such as engineering and logistics and allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, information technology and procurement. These allocations were based primarily on relative carrying 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.
New Accounting Pronouncements	Changes in Accounting Principles Effective January 1, 2017, we early adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the second step from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU is applied prospectively to goodwill impairment tests performed on or after January 1, 2017. Effective January 1, 2017, we early adopted ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” The new update changes the classification and presentation of restricted cash in the statement of cash flows. The amendment requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Adoption of this ASU on a retrospective basis did not impact our financial statements. Effective January 1, 2017, we early adopted ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new update clarifies how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. In addition, the new update 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. Adoption of this ASU on a retrospective basis did not have a material impact on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the transaction is not considered an acquisition of a business. If the screen is not met, then the amendment requires that, to be considered a business, the operation must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendment should be applied prospectively, and no disclosures are required at the effective date. We are currently evaluating the provisions of ASU No. 2017-01. 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 current accounting principles generally accepted in the United States (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 under current guidance. Under the new standard, 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, with early adoption permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply its provisions to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements. As part of our assessment work-to-date, we have formed an implementation team, commenced identification of our lease population and are evaluating lease software packages. 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 affects 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).” This ASU and other related updates issued are intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets and expand disclosure requirements. 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. Early adoption is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. As part of our assessment work-to-date, we have formed an implementation team, completed training on the new ASU’s revenue recognition model and are continuing our contract review and documentation. Our expectation is to adopt the standard on January 1, 2018, using the modified retrospective application. Our evaluation of the new ASU is ongoing, which includes understanding the impact of adoption on earnings from equity method investments and revenue generated by lease arrangements. Based on our analysis to-date, we have not identified any material impact on our financial statements, other than disclosure.
Earnings Per Share	Net income per limited partner unit is computed by dividing the limited partners’ interest in net income attributable to the Partnership by the weighted-average number of common units outstanding for the period. The classes of participating securities as of September 30, 2017 , included common units, general partner units and incentive distribution rights (IDRs). Basic and diluted net income per limited partner 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.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Retrospective Adjustments For Common Control Transactions [Abstract]
Schedule of Results of Operations Giving Effect to Acquisitions	The following tables present our previously reported results of operations and cash flows giving effect to the Eagle Acquisition. The results of operations and cash flows of the Initial Fractionator Acquisition and Subsequent Fractionator Acquisition are included in our previously reported consolidated statement of income and consolidated statement of cash flows for the periods presented, within the first column. The second column in all tables presents the retrospective adjustments made to our historical financial information for the related acquired assets prior to the effective date of acquisition. The third column in all tables presents our consolidated financial information as retrospectively adjusted. Millions of Dollars Three Months Ended September 30, 2016 Consolidated Statement of Income Phillips 66 Acquired Eagle Assets Predecessor Consolidated Revenues and Other Income Operating revenues—related parties $ 108 73 181 Operating revenues—third parties 2 5 7 Equity in earnings of affiliates 33 — 33 Other income 1 — 1 Total revenues and other income 144 78 222 Costs and Expenses Operating and maintenance expenses 26 28 54 Depreciation 15 10 25 General and administrative expenses 9 8 17 Taxes other than income taxes 1 3 4 Interest and debt expense 10 — 10 Total costs and expenses 61 49 110 Income before income taxes 83 29 112 Provision for income taxes — — — Net income 83 29 112 Less: Net income attributable to Predecessors — 29 29 Net income attributable to the Partnership 83 — 83 Less: General partner’s interest in net income attributable to the Partnership 26 — 26 Limited partners’ interest in net income attributable to the Partnership $ 57 — 57 Millions of Dollars Nine Months Ended September 30, 2016 Consolidated Statement of Income Phillips 66 Acquired Eagle Assets Predecessor Consolidated Revenues and Other Income Operating revenues—related parties $ 315 219 534 Operating revenues—third parties 6 16 22 Equity in earnings of affiliates 88 — 88 Other income 1 — 1 Total revenues and other income 410 235 645 Costs and Expenses Operating and maintenance expenses 76 86 162 Depreciation 44 27 71 General and administrative expenses 26 24 50 Taxes other than income taxes 11 13 24 Interest and debt expense 31 — 31 Total costs and expenses 188 150 338 Income before income taxes 222 85 307 Provision for income taxes 1 — 1 Net income 221 85 306 Less: Net income attributable to Predecessors 18 85 103 Net income attributable to the Partnership 203 — 203 Less: General partner’s interest in net income attributable to the Partnership 63 — 63 Limited partners’ interest in net income attributable to the Partnership $ 140 — 140 Millions of Dollars Nine Months Ended September 30, 2016 Phillips 66 Acquired Eagle Assets Predecessor Consolidated Cash Flows From Operating Activities Net income $ 221 85 306 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 44 27 71 Deferred taxes 1 — 1 Adjustment to equity earnings for cash distributions received (4 ) — (4 ) Deferred revenues and other 9 — 9 Other 4 — 4 Working capital adjustments Decrease (increase) in accounts receivable (16 ) 1 (15 ) Decrease (increase) in materials and supplies (1 ) — (1 ) Decrease (increase) in prepaid expenses and other current assets (2 ) — (2 ) Increase (decrease) in accounts payable 4 3 7 Increase (decrease) in accrued interest (17 ) — (17 ) Increase (decrease) in deferred revenues 5 — 5 Increase (decrease) in other accruals 3 4 7 Net Cash Provided by Operating Activities 251 120 371 Cash Flows From Investing Activities Cash capital expenditures and investments (249 ) (72 ) (321 ) Return of investment from equity affiliates 10 — 10 Other (24 ) — (24 ) Net Cash Used in Investing Activities (263 ) (72 ) (335 ) Cash Flows From Financing Activities Net contributions from (to) Phillips 66 to (from) Predecessors 89 (48 ) 41 Acquisition of noncontrolling interest in Sweeny Frac LLC (656 ) — (656 ) Issuance of debt 428 — 428 Repayment of debt (686 ) — (686 ) Issuance of common units 972 — 972 Quarterly distributions to common unitholders—public (41 ) — (41 ) Quarterly distributions to common unitholder—Phillips 66 (86 ) — (86 ) Quarterly distributions to General Partner—Phillips 66 (50 ) — (50 ) Other cash contributions from Phillips 66 11 — 11 Net Cash Used in Financing Activities (19 ) (48 ) (67 ) Net Change in Cash and Cash Equivalents (31 ) — (31 ) Cash and cash equivalents at beginning of period 50 — 50 Cash and Cash Equivalents at End of Period $ 19 — 19

Equity Investments (Tables)

Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2017
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 DCP Sand Hills Pipeline, LLC (Sand Hills) 33.34 % $ 478 445 DCP Southern Hills Pipeline, LLC (Southern Hills) 33.34 208 212 Explorer Pipeline Company (Explorer) 21.94 124 126 Phillips 66 Partners Terminal LLC (Phillips 66 Partners Terminal) 70.00 57 72 Paradigm Pipeline LLC (Paradigm) 50.00 130 117 Bayou Bridge Pipeline, LLC (Bayou Bridge) 40.00 171 115 STACK Pipeline LLC (STACK) 50.00 97 55 Total equity investments $ 1,265 1,142 Earnings from our equity investments were as follows: Millions of Dollars Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sand Hills $ 21 16 58 48 Southern Hills 6 7 20 21 Explorer 7 8 18 17 Phillips 66 Partners Terminal 2 — 5 — Paradigm (1 ) — (2 ) — Bayou Bridge 4 2 8 2 STACK 2 — 4 — Total equity in earnings of affiliates $ 41 33 111 88

Properties, Plants and Equipm25

Properties, Plants and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
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 Land $ 19 19 Buildings and improvements 87 88 Pipelines and related assets * 1,352 1,335 Terminals and related assets * 631 610 Rail racks and related assets * 137 137 Fractionator and related assets * 616 615 Caverns and related assets * 583 569 Construction-in-progress 53 27 Gross PP&E 3,478 3,400 Less: Accumulated depreciation 803 725 Net PP&E $ 2,675 2,675 *Assets for which we are the lessor.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Debt at September 30, 2017 , and December 31, 2016 , was: Millions of Dollars September 30, 2017 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 302 — 302 300 3.605% Senior Notes due 2025 — 499 — 499 500 3.550% Senior Notes due 2026 — 490 — 490 500 4.680% Senior Notes due 2045 — 291 — 291 300 4.900% Senior Notes due 2046 — 631 — 631 625 Revolving credit facility at 2.45% at September 30, 2017 — 87 — 87 87 Total $ — 2,300 — 2,300 2,312 Net unamortized discounts and debt issuance costs (22 ) Total debt 2,290 Short-term debt (17 ) Long-term debt $ 2,273 *Fair value was estimated using observable market prices. Millions of Dollars December 31, 2016 Fair Value Hierarchy Total Fair Value Balance Sheet Carrying Value Level 1 Level 2* Level 3 2.646% Senior Notes due 2020 $ — 298 — 298 300 3.605% Senior Notes due 2025 — 490 — 490 500 3.550% Senior Notes due 2026 — 483 — 483 500 4.680% Senior Notes due 2045 — 277 — 277 300 4.900% Senior Notes due 2046 — 599 — 599 625 Revolving credit facility at 1.98% at December 31, 2016 — 210 — 210 210 Total $ — 2,357 — 2,357 2,435 Net unamortized discounts and debt issuance costs (24 ) Total debt 2,411 Short-term debt (15 ) Long-term debt $ 2,396 *Fair value was estimated using observable market prices.

Net Income Per Limited Partne27

Net Income Per Limited Partner Unit (Tables)	9 Months Ended
	Sep. 30, 2017
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 2017 2016 2017 2016 Net income attributable to the Partnership $ 99 83 299 203 Less: General partner’s distribution declared (including IDRs)* 43 26 111 63 Limited partners’ distribution declared on common units* 78 56 209 145 Distributions less than (in excess of) net income attributable to the Partnership $ (22 ) 1 (21 ) (5 ) *Distribution declared attributable to the indicated periods. General Partner (including IDRs) Limited Partners’ Common Units Total Three Months Ended September 30, 2017 Net income attributable to the Partnership (millions) : Distribution declared $ 43 78 121 Distribution in excess of net income attributable to the Partnership — (22 ) (22 ) Net income attributable to the Partnership $ 43 56 99 Weighted-average units outstanding—basic and diluted 110,505,502 Net income per limited partner unit—basic and diluted (dollars) $ 0.51 Three Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 26 56 82 Distribution less than net income attributable to the Partnership — 1 1 Net income attributable to the Partnership $ 26 57 83 Weighted-average units outstanding—basic and diluted 100,555,277 Net income per limited partner unit—basic and diluted (dollars) $ 0.57 General Partner (including IDRs) Limited Partners’ Common Units Total Nine Months Ended September 30, 2017 Net income attributable to the Partnership (millions) : Distribution declared $ 111 209 320 Distribution less than (in excess of) net income attributable to the Partnership 1 (22 ) (21 ) Net income attributable to the Partnership $ 112 187 299 Weighted-average units outstanding—basic and diluted 109,042,961 Net income per limited partner unit—basic and diluted (dollars) $ 1.72 Nine Months Ended September 30, 2016 Net income attributable to the Partnership (millions): Distribution declared $ 63 145 208 Distribution in excess of net income attributable to the Partnership — (5 ) (5 ) Net income attributable to the Partnership $ 63 140 203 Weighted-average units outstanding—basic and diluted 91,414,459 Net income per limited partner unit—basic and diluted (dollars) $ 1.53

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
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 2017 2016* Capital Expenditures and Investments Cash capital expenditures and investments $ 227 321 Change in capital expenditure accruals (2 ) (23 ) Total capital expenditures and investments $ 225 298 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2017 2016 Capital Expenditures and Investments Capital expenditures and investments attributable to the Partnership $ 225 207 Capital expenditures attributable to Predecessors* — 91 Total capital expenditures and investments* $ 225 298 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Millions of Dollars Nine Months Ended 2017 2016 Other Noncash Investing and Financing Activities Certain liabilities of acquired assets retained by Phillips 66 (1) $ — 45 (1) Certain liabilities of assets acquired from Phillips 66 were retained by Phillips 66, pursuant to the terms of various agreements under which we acquired those assets. See Note 10—Contingencies for additional information on excluded liabilities associated with acquisitions from Phillips 66.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
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 2017 2016* 2017 2016* Operating and maintenance expenses $ 31 28 88 79 General and administrative expenses 15 14 44 41 Interest and debt expense — 1 — 3 Total $ 46 43 132 123 *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. Other related party balances in our consolidated balance sheet consisted of the following, all of which were related to Phillips 66: Millions of Dollars September 30 December 31 Deferred rentals and other $ 5 5 Deferred revenues 24 14 Deferred revenues and other 18 19

Business and Basis of Present30

Business and Basis of Presentation (Narrative) (Details)	Sep. 30, 2017refinery
Phillips 66
Property, Plant and Equipment [Line Items]
Number of refineries	9

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2016USD ($)refineryshares	May 31, 2016USD ($)shares	Mar. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)Business	Sep. 30, 2017USD ($)	Nov. 30, 2016USD ($)
Business Acquisition [Line Items]
Goodwill				$ 185	$ 185
General partner interest, percent	2.00%	2.00%	2.00%
River Parish Acquisition
Business Acquisition [Line Items]
Property, plant, and equipment						$ 183
Goodwill						$ 3
Eagle Acquisition | Phillips 66 | Phillips 66
Business Acquisition [Line Items]
Number of refineries | refinery	4
Common Control Transaction
Business Acquisition [Line Items]
Number of businesses acquired | Business				3
Common Control Transaction | Sweeny Fractionator Acquisition | Phillips 66 | General Partner Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares			8,425
Common Control Transaction | Sweeny Fractionator Acquisition | Phillips 66 | Phillips 66
Business Acquisition [Line Items]
Controlling interest acquired, percentage		75.00%	25.00%
Business combination, consideration transferred			$ 236
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt			$ 212
Common Control Transaction | Sweeny Fractionator Acquisition | Phillips 66 | Phillips 66 | Common Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares			412,823
Common Control Transaction | Subsequent Fractionator Acquisition | Phillips 66 | General Partner Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares		286,753
Common Control Transaction | Subsequent Fractionator Acquisition | Phillips 66 | Phillips 66
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 775
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt		$ 675
Common Control Transaction | Subsequent Fractionator Acquisition | Phillips 66 | Phillips 66 | Common Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares		1,400,922
Common Control Transaction | Subsequent Fractionator Acquisition | Standish Pipeline | Phillips 66 | Phillips 66
Business Acquisition [Line Items]
Controlling interest acquired, percentage		100.00%
Common Control Transaction | Eagle Acquisition | Phillips 66 | General Partner Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares	208,783
Common Control Transaction | Eagle Acquisition | Phillips 66 | Common Units | Common Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares	3,884,237
Common Control Transaction | Eagle Acquisition | Phillips 66 | Phillips 66
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,305
Cash consideration for acquisition	$ 1,109

Acquisitions (Schedule of Resul

Acquisitions (Schedule of Results of Operations Giving Effect to Common Control Acquisitions) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Revenues and Other Income
Operating revenues—related parties	$ 193	$ 181	[1]	$ 563	$ 534	[1]
Operating revenues—third parties	11	7	[1]	32	22	[1]
Equity in earnings of affiliates	41	33	[1]	111	88	[1]
Other income	0	1	[1]	7	1	[1]
Total revenues and other income	245	222	[1]	713	645	[1]
Costs and Expenses
Operating and maintenance expenses	69	54	[1]	188	162	[1]
Depreciation	30	25	[1]	82	71	[1]
General and administrative expenses	16	17	[1]	48	50	[1]
Taxes other than income taxes	7	4	[1]	23	24	[1]
Interest and debt expense	23	10	[1]	71	31	[1]
Total costs and expenses	146	110	[1]	413	338	[1]
Income before income taxes	99	112	[1]	300	307	[1]
Provision for income taxes	0	0	[1]	1	1
Net Income	99	112	[1]	299	306	[1]
Less: Net income attributable to Predecessors	0	29	[1]	0	103	[1]
Net income attributable to the Partnership	99	83	[1]	299	203	[1]
Less: General partner’s interest in net income attributable to the Partnership	43	26	[1]	112	63	[1]
Limited partners’ interest in net income attributable to the Partnership	$ 56	57	[1]	$ 187	140	[1]
Phillips 66 Partners LP (As Previously Reported)
Revenues and Other Income
Operating revenues—related parties		108			315
Operating revenues—third parties		2			6
Equity in earnings of affiliates		33			88
Other income		1			1
Total revenues and other income		144			410
Costs and Expenses
Operating and maintenance expenses		26			76
Depreciation		15			44
General and administrative expenses		9			26
Taxes other than income taxes		1			11
Interest and debt expense		10			31
Total costs and expenses		61			188
Income before income taxes		83			222
Provision for income taxes		0			1
Net Income		83			221
Less: Net income attributable to Predecessors		0			18
Net income attributable to the Partnership		83			203
Less: General partner’s interest in net income attributable to the Partnership		26			63
Limited partners’ interest in net income attributable to the Partnership		57			140
Acquired Assets Predecessor | Eagle Acquisition | Phillips 66 | Phillips 66
Revenues and Other Income
Operating revenues—related parties		73			219
Operating revenues—third parties		5			16
Equity in earnings of affiliates		0			0
Other income		0			0
Total revenues and other income		78			235
Costs and Expenses
Operating and maintenance expenses		28			86
Depreciation		10			27
General and administrative expenses		8			24
Taxes other than income taxes		3			13
Interest and debt expense		0			0
Total costs and expenses		49			150
Income before income taxes		29			85
Provision for income taxes		0			0
Net Income		29			85
Less: Net income attributable to Predecessors		29			85
Net income attributable to the Partnership		0			0
Less: General partner’s interest in net income attributable to the Partnership		0			0
Limited partners’ interest in net income attributable to the Partnership		$ 0			$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Acquisitions (Schedule of Cash

Acquisitions (Schedule of Cash Flow) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities
Net income		$ 99	$ 112	[1]	$ 299	$ 306	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		30	25	[1]	82	71	[1]
Deferred taxes					1	1	[1]
Adjustment to equity earnings for cash distributions received					2	(4)	[1]
Deferred revenues and other					(2)	9	[1]
Other					9	4	[1]
Working capital adjustments
Decrease (increase) in accounts receivable					13	(15)	[1]
Decrease (increase) in materials and supplies					(1)	(1)	[1]
Decrease (increase) in prepaid expenses and other current assets					1	(2)	[1]
Increase (decrease) in accounts payable					0	7	[1]
Increase (decrease) in accrued interest					3	(17)	[1]
Increase (decrease) in deferred revenues					11	5	[1]
Increase (decrease) in other accruals					4	7	[1]
Net Cash Provided by Operating Activities					422	371	[1]
Cash Flows From Investing Activities
Cash capital expenditures and investments					(227)	(321)	[1]
Return of investment from equity affiliates					28	10	[1]
Other					0	(24)	[1]
Net Cash Used in Investing Activities					(199)	(335)	[1]
Cash Flows From Financing Activities
Net contributions from (to) Phillips 66 to (from) Predecessors					0	41	[1]
Acquisition of noncontrolling interest in Sweeny Frac LLC					0	(656)	[1]
Issuance of debt					1,383	428	[1]
Repayment of debt					(1,506)	(686)	[1]
Issuance of common units					171	972	[1]
Other cash contributions from Phillips 66					16	11	[1]
Net Cash Used in Financing Activities					(223)	(67)	[1]
Net Change in Cash and Cash Equivalents					0	(31)	[1]
Cash and cash equivalents at beginning of period					2	50	[1]
Cash and Cash Equivalents at End of Period		$ 2	19	[1]	2	19	[1]
Phillips 66 Partners LP (As Previously Reported)
Cash Flows From Operating Activities
Net income			83			221
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation			15			44
Deferred taxes						1
Adjustment to equity earnings for cash distributions received						(4)
Deferred revenues and other						9
Other						4
Working capital adjustments
Decrease (increase) in accounts receivable						(16)
Decrease (increase) in materials and supplies						(1)
Decrease (increase) in prepaid expenses and other current assets						(2)
Increase (decrease) in accounts payable						4
Increase (decrease) in accrued interest						(17)
Increase (decrease) in deferred revenues						5
Increase (decrease) in other accruals						3
Net Cash Provided by Operating Activities						251
Cash Flows From Investing Activities
Cash capital expenditures and investments						(249)
Return of investment from equity affiliates						10
Other						(24)
Net Cash Used in Investing Activities						(263)
Cash Flows From Financing Activities
Net contributions from (to) Phillips 66 to (from) Predecessors						89
Acquisition of noncontrolling interest in Sweeny Frac LLC						(656)
Issuance of debt						428
Repayment of debt						(686)
Issuance of common units						972
Net Cash Used in Financing Activities						(19)
Net Change in Cash and Cash Equivalents						(31)
Cash and cash equivalents at beginning of period						50
Cash and Cash Equivalents at End of Period			19			19
Phillips 66 | Phillips 66
Cash Flows From Investing Activities
Other	[1]		(24)
Eagle Acquisition | Phillips 66 | Phillips 66 | Acquired Assets Predecessor
Cash Flows From Operating Activities
Net income			29			85
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation			10			27
Deferred taxes						0
Adjustment to equity earnings for cash distributions received						0
Deferred revenues and other						0
Other						0
Working capital adjustments
Decrease (increase) in accounts receivable						1
Decrease (increase) in materials and supplies						0
Decrease (increase) in prepaid expenses and other current assets						0
Increase (decrease) in accounts payable						3
Increase (decrease) in accrued interest						0
Increase (decrease) in deferred revenues						0
Increase (decrease) in other accruals						4
Net Cash Provided by Operating Activities						120
Cash Flows From Investing Activities
Cash capital expenditures and investments						(72)
Return of investment from equity affiliates						0
Other						0
Net Cash Used in Investing Activities						(72)
Cash Flows From Financing Activities
Net contributions from (to) Phillips 66 to (from) Predecessors						(48)
Acquisition of noncontrolling interest in Sweeny Frac LLC						0
Issuance of debt						0
Repayment of debt						0
Issuance of common units						0
Net Cash Used in Financing Activities						(48)
Net Change in Cash and Cash Equivalents						0
Cash and cash equivalents at beginning of period						0
Cash and Cash Equivalents at End of Period			$ 0			0
Common Units | Public
Cash Flows From Financing Activities
Quarterly distributions to unitholders					(78)	(41)	[1]
Common Units | Public | Phillips 66 Partners LP (As Previously Reported)
Cash Flows From Financing Activities
Quarterly distributions to unitholders						(41)
Common Units | Public | Eagle Acquisition | Phillips 66 | Phillips 66 | Acquired Assets Predecessor
Cash Flows From Financing Activities
Quarterly distributions to unitholders						0
Common Units | Non-public
Cash Flows From Financing Activities
Quarterly distributions to unitholders						(86)
Common Units | Non-public | Phillips 66 Partners LP (As Previously Reported)
Cash Flows From Financing Activities
Quarterly distributions to unitholders						(86)
Common Units | Non-public | Phillips 66
Cash Flows From Financing Activities
Quarterly distributions to unitholders					(113)	(86)	[1]
Common Units | Non-public | Eagle Acquisition | Phillips 66 | Phillips 66 | Acquired Assets Predecessor
Cash Flows From Financing Activities
Quarterly distributions to unitholders						0
General Partner
Cash Flows From Financing Activities
Quarterly distributions to unitholders					$ (96)	(50)	[1]
Other cash contributions from Phillips 66						11
General Partner | Phillips 66 Partners LP (As Previously Reported)
Cash Flows From Financing Activities
Quarterly distributions to unitholders						(50)
Other cash contributions from Phillips 66						11
General Partner | Eagle Acquisition | Phillips 66 | Phillips 66 | Acquired Assets Predecessor
Cash Flows From Financing Activities
Quarterly distributions to unitholders						0
Other cash contributions from Phillips 66						$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Equity Investments (Schedule of

Equity Investments (Schedule of Equity Investments) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016		Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 1,265			$ 1,265			$ 1,142
Equity in earnings (losses) of affiliates	$ 41	$ 33	[1]	$ 111	$ 88	[1]
DCP Sand Hills Pipeline, LLC (Sand Hills)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	33.34%			33.34%			33.34%
Carrying Value	$ 478			$ 478			$ 445
Equity in earnings (losses) of affiliates	$ 21	16		$ 58	48
DCP Southern Hills Pipeline, LLC (Southern Hills)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	33.34%			33.34%			33.34%
Carrying Value	$ 208			$ 208			$ 212
Equity in earnings (losses) of affiliates	$ 6	7		$ 20	21
Explorer Pipeline Company (Explorer)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	21.94%			21.94%			21.94%
Carrying Value	$ 124			$ 124			$ 126
Equity in earnings (losses) of affiliates	$ 7	8		$ 18	17
Phillips 66 Partners Terminal LLC (Phillips 66 Partners Terminal)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	70.00%			70.00%			70.00%
Carrying Value	$ 57			$ 57			$ 72
Equity in earnings (losses) of affiliates	$ 2	0		$ 5	0
Paradigm Pipeline LLC (Paradigm)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%			50.00%			50.00%
Carrying Value	$ 130			$ 130			$ 117
Equity in earnings (losses) of affiliates	$ (1)	0		$ (2)	0
Bayou Bridge Pipeline, LLC (Bayou Bridge)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	40.00%			40.00%			40.00%
Carrying Value	$ 171			$ 171			$ 115
Equity in earnings (losses) of affiliates	$ 4	2		$ 8	2
STACK Pipeline LLC (STACK)
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%			50.00%			50.00%
Carrying Value	$ 97			$ 97			$ 55
Equity in earnings (losses) of affiliates	$ 2	$ 0		$ 4	$ 0
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Properties, Plants and Equipm35

Properties, Plants and Equipment (Summary of Properties, Plants and Equipment) (Details) - USD ($) $ in Millions		Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Gross PP&E		$ 3,478	$ 3,400
Less: Accumulated depreciation		803	725
Net PP&E		2,675	2,675
Land
Property, Plant and Equipment [Line Items]
Gross PP&E		19	19
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross PP&E		87	88
Pipelines and related assets
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	1,352	1,335
Terminals and related assets
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	631	610
Rail racks and related assets
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	137	137
Fractionator and related assets
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	616	615
Caverns and related assets
Property, Plant and Equipment [Line Items]
Gross PP&E	[1]	583	569
Construction-in-progress
Property, Plant and Equipment [Line Items]
Gross PP&E		$ 53	$ 27
[1]	Assets for which we are the lessor.

Debt (Summary of Long-Term Debt

Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions		Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, fair value		$ 2,300	$ 2,357
Balance Sheet Carrying Value		2,312	2,435
Net unamortized discounts and debt issuance costs		(22)	(24)
Total Debt		2,290	2,411
Short-term debt		(17)	(15)
Long-term debt		2,273	2,396
2.646% Senior Notes due 2020 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		302	298
Balance Sheet Carrying Value		$ 300	$ 300
Interest rate, stated percentage		2.646%	2.646%
3.605% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		$ 499	$ 490
Balance Sheet Carrying Value		$ 500	$ 500
Interest rate, stated percentage		3.605%	3.605%
3.550% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		$ 490	$ 483
Balance Sheet Carrying Value		$ 500	$ 500
Interest rate, stated percentage		3.55%	3.55%
4.680% Senior Notes due 2045 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		$ 291	$ 277
Balance Sheet Carrying Value		$ 300	$ 300
Interest rate, stated percentage		4.68%	4.68%
4.900% Senior Notes due 2046 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		$ 631	$ 599
Balance Sheet Carrying Value		$ 625	$ 625
Interest rate, stated percentage		4.90%	4.90%
Level 2
Debt Instrument [Line Items]
Long-term debt, fair value		$ 2,300	$ 2,357
Level 2 | 2.646% Senior Notes due 2020 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	302	298
Level 2 | 3.605% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	499	490
Level 2 | 3.550% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	490	483
Level 2 | 4.680% Senior Notes due 2045 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	291	277
Level 2 | 4.900% Senior Notes due 2046 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	$ 631	$ 599
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage		2.45%	1.98%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, fair value		$ 87	$ 210
Balance Sheet Carrying Value		87	210
Revolving Credit Facility | Level 2 | Line of Credit
Debt Instrument [Line Items]
Long-term debt, fair value	[1]	$ 87	$ 210
[1]	Fair value was estimated using observable market prices.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Line of Credit - Revolving Credit Facility - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term line of credit	$ 87,000,000	$ 210,000,000
Line of credit facility, maximum borrowing capacity	$ 750,000,000	$ 750,000,000

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		16 Months Ended
	Aug. 31, 2016	May 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering (in shares)					3,323,576	18,996,152
Common Units
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering (in shares)	6,000,000	12,650,000
Price per common limited partner unit (in dollars per share)	$ 50.22	$ 52.40
Proceeds from public offering, net of underwriting discounts	$ 299,000,000	$ 656,000,000
At The Market Offering Program | Common Units
Limited Partners' Capital Account [Line Items]
Number of common units issued in public offering (in shares)			0	83,294	3,323,576	346,152	3,669,728
Proceeds from public offering, net of underwriting discounts				$ 5,000,000	$ 171,000,000	$ 19,000,000	$ 190,000,000
Broker commission paid							$ 2,000,000
Maximum | At The Market Offering Program | Common Units
Limited Partners' Capital Account [Line Items]
Maximum aggregate amount of continuous units issuance authorized		$ 250,000,000

Net Income Per Limited Partne39

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, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		$ 99	$ 83	[1]	$ 299	$ 203	[1]
Distribution declared		121	82		320	208
Distributions less than (in excess of) net income attributable to the Partnership		(22)	1		(21)	(5)
General Partner
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		43	26		112	63
Distribution declared	[2]	43	26		111	63
Distributions less than (in excess of) net income attributable to the Partnership		0	0		1	0
Common Units | Limited Partner
Limited Partners' Capital Account [Line Items]
Net income attributable to the Partnership		56	57		187	140
Distribution declared	[2]	78	56		209	145
Distributions less than (in excess of) net income attributable to the Partnership		$ (22)	$ 1		$ (22)	$ (5)
[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 Partne40

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, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Partners' Capital [Abstract]
Distribution declared		$ 121	$ 82		$ 320	$ 208
Distributions less than (in excess of) net income attributable to the Partnership		(22)	1		(21)	(5)
Net income attributable to the Partnership		$ 99	$ 83	[1]	$ 299	$ 203	[1]
Weighted average units outstanding—basic and diluted (in shares)
Common Units
Partners' Capital [Abstract]
Net income per limited partner unit—basic and diluted (in dollars per share)		$ 0.51	$ 0.57	[1]	$ 1.72	$ 1.53	[1]
General Partner
Partners' Capital [Abstract]
Distribution declared	[2]	$ 43	$ 26		$ 111	$ 63
Distributions less than (in excess of) net income attributable to the Partnership		0	0		1	0
Net income attributable to the Partnership		43	26		112	63
Limited Partner | Common Units
Partners' Capital [Abstract]
Distribution declared	[2]	78	56		209	145
Distributions less than (in excess of) net income attributable to the Partnership		(22)	1		(22)	(5)
Net income attributable to the Partnership		$ 56	$ 57		$ 187	$ 140
Weighted average units outstanding—basic and diluted (in shares)		110,505,502	100,555,277		109,042,961	91,414,459
Net income per limited partner unit—basic and diluted (in dollars per share)		$ 0.51	$ 0.57		$ 1.72	$ 1.53
[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 Partne41

Net Income Per Limited Partner Unit (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 18, 2017	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Subsequent Events [Abstract]
Total distributions attributable to the indicated period			$ 287	$ 177
Cash Distribution
Subsequent Events [Abstract]
Total distributions attributable to the indicated period		$ 121
Common Units | Cash Distribution | Subsequent Event
Subsequent Events [Abstract]
Quarterly cash distribution declared per limited partner unit (in dollars per share)	$ 0.646

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Environmental accruals	$ 2	$ 2

Cash Flow Information (Narrativ

Cash Flow Information (Narrative) (Details) - Common Control Transaction - Sweeny Fractionator Acquisition - Phillips 66 - Phillips 66 - USD ($) $ in Millions	1 Months Ended
	May 31, 2016	Mar. 31, 2016
Business Acquisition [Line Items]
Historical carrying value of assets transferred	$ 871	$ 283
Portion of historical book value of net assets acquired attributable to the note payable assumed	656
Entities under common control, assumption of debt balance assigned to assets received	$ 19	$ 212
Controlling interest acquired, percentage	75.00%	25.00%
Common Partner And General Partner
Business Acquisition [Line Items]
Portion of historical book value of net assets acquired attributed to units issued	$ 196	$ 71

Cash Flow Information (Summary

Cash Flow Information (Summary of Cash Flow Information) (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
Capital Expenditures And Investments [Abstract]
Cash capital expenditures and investments		$ 227	$ 321	[1]
Change in capital expenditure accruals		(2)	(23)	[1]
Capital expenditures and investments attributable to the Partnership		225	207
Capital expenditures attributable to Predecessors		0	91	[1]
Total capital expenditures and investments	[1]	225	298
Other Noncash Investing and Financing Activities
Certain liabilities of acquired assets retained by Phillips 66(1)	[2]	$ 0	$ 45
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
[2]	Certain liabilities of assets acquired from Phillips 66 were retained by Phillips 66, pursuant to the terms of various agreements under which we acquired those assets. See Note 10—Contingencies for additional information on excluded liabilities associated with acquisitions from Phillips 66.

Related Parties Transactions (S

Related Parties Transactions (Summary of Related Party Transactions) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	[1]	Sep. 30, 2017	Sep. 30, 2016	[1]
Related Party Transactions [Abstract]
Operating and maintenance expenses	$ 31	$ 28		$ 88	$ 79
General and administrative expenses	15	14		44	41
Interest and debt expense	0	1		0	3
Total	$ 46	$ 43		$ 132	$ 123
[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. 06, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	[1]
Related party agreements and fees
Payment for rights to acquire River Parish NGL System				$ 0	$ 24
Phillips 66 | Phillips 66
Related party agreements and fees
Payment for rights to acquire River Parish NGL System	[1]		$ 24
Phillips 66 | Amended Omnibus Agreement | Phillips 66
Related party agreements and fees
Monthly operational and administrative support fee				$ 7
Subsequent Event | Phillips 66 | Amended Omnibus Agreement | Phillips 66
Related party agreements and fees
Monthly operational and administrative support fee		$ 8
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.

Related Party Transactions (Oth

Related Party Transactions (Other Related Party Balances) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Deferred revenues	$ 25	$ 14
Deferred revenues and other	21	23
Phillips 66
Related Party Transaction [Line Items]
Deferred rentals and other	5	5
Deferred revenues	24	14
Deferred revenues and other	$ 18	$ 19

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Oct. 06, 2017USD ($)d$ / sharesshares	Oct. 27, 2017USD ($)	Oct. 31, 2016	May 31, 2016$ / shares	Mar. 31, 2016	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	[1]	Oct. 13, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2016$ / shares
Subsequent Event [Line Items]
General partner interest, percent			2.00%	2.00%	2.00%
Repayment of debt						$ 1,506,000,000	$ 686,000,000
Equity investments						1,265,000,000				$ 1,142,000,000
Issuance of common units						$ 171,000,000	$ 972,000,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of preferred limited partners units	$ 750,000,000
Issuance of common units	300,000,000
Private sale of units net of offering costs	$ 1,030,000,000
Preferred units, cumulative distribution (in dollars per share) | $ / shares	$ 0.678375
Preferred units, distribution (in dollars per share) | $ / shares	0.678375
Average of the volume-weighted trading price, threshold (in dollars per share) | $ / shares	$ 73.2645
Preferred units, convertible, threshold consecutive trading days | d	20
Convertible threshold average trading volume common units (in shares) | shares	100,000
Common Control Transaction | Bakken Acquisition | Subsequent Event
Subsequent Event [Line Items]
Service agreement	15 years
Equity investments	$ 610,000,000
Property, plant, and equipment	$ 220,000,000
Phillips 66 | Common Control Transaction | Subsequent Event
Subsequent Event [Line Items]
General partner interest, percent	2.00%
Phillips 66 | Common Control Transaction | Dakota Access, LLC | Subsequent Event
Subsequent Event [Line Items]
Percentage Ownership	25.00%
Phillips 66 | Common Control Transaction | Energy Transfer Crude Oil Company, LLC | Subsequent Event
Subsequent Event [Line Items]
Percentage Ownership	25.00%
Phillips 66 | Common Control Transaction | Merey Sweeny | Subsequent Event
Subsequent Event [Line Items]
Ownership interest acquired In Limited Partnership	100.00%
Phillips 66 | Common Control Transaction | Bakken Acquisition | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares	5,005,778
Phillips 66 | Common Control Transaction | Bakken Acquisition | Phillips 66 | Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 1,650,000,000
Cash consideration for acquisition	$ 372,000,000
Preferred Units | Subsequent Event
Subsequent Event [Line Items]
Units, sold in private placement (in shares) | shares	13,819,791
Price per common limited partner unit (in dollars per share) | $ / shares	$ 54.27
Common Units
Subsequent Event [Line Items]
Price per common limited partner unit (in dollars per share) | $ / shares				$ 52.40							$ 50.22
Common Units | Subsequent Event
Subsequent Event [Line Items]
Units, sold in private placement (in shares) | shares	6,304,204
General Partner Units | Phillips 66 | Common Control Transaction | Bakken Acquisition | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares	292,665
Common Units | Common Units | Phillips 66 | Common Control Transaction | Bakken Acquisition | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable (in shares) | shares	4,713,113
Promissory Notes | Phillips 66 | Common Control Transaction | Bakken Acquisition | Phillips 66 | Subsequent Event
Subsequent Event [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt	$ 588,000,000
Repayment of debt		$ 588,000,000
Loans Payable | Phillips 66 | Common Control Transaction | Bakken Acquisition | Phillips 66 | Subsequent Event
Subsequent Event [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt	$ 450,000,000
Repayment of debt		$ 450,000,000
Senior Notes | 3.75% Senior Notes due 2028 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, face amount									$ 500,000,000
Interest rate, stated percentage									3.75%
Senior Notes | 4.680% Senior Notes due 2045
Subsequent Event [Line Items]
Interest rate, stated percentage						4.68%				4.68%
Senior Notes | 4.680% Senior Notes due 2045 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, face amount									$ 150,000,000
Interest rate, stated percentage									4.68%
[1]	Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.