Earnings Per Share

12 Months Ended

Dec. 31, 2019

The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, reduced by noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.



	2019					2018			2017
	Basic			Diluted		Basic		Diluted	Basic		Diluted
Amounts Attributed to Phillips 66 Common Stockholders (millions):
Net income attributable to Phillips 66	$	3,076		3,076		5,595		5,595	5,106		5,106
Income allocated to participating securities	(6		)	(2	)	(6	)	—	(6	)	—
Net income available to common stockholders	$	3,070		3,074		5,589		5,595	5,100		5,106

Weighted-average common shares outstanding (thousands):	448,787			451,364		467,483		470,708	511,268		515,090
Effect of share-based compensation	2,577			2,524		3,225		3,339	3,822		3,418
Weighted-average common shares outstanding—EPS	451,364			453,888		470,708		474,047	515,090		518,508

Earnings Per Share of Common Stock (dollars)	$	6.80		6.77		11.87		11.80	9.90		9.85