QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended |
or |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission file number: |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Page | |||||
Consolidated Statement of Operations | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ | ||||||||||||||||
Equity in earnings of affiliates | |||||||||||||||||
Net gain on dispositions | |||||||||||||||||
Other income | |||||||||||||||||
Total Revenues and Other Income | |||||||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | |||||||||||||||||
Operating expenses | |||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairments | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Accretion on discounted liabilities | |||||||||||||||||
Interest and debt expense | |||||||||||||||||
Foreign currency transaction (gains) losses | ( | ||||||||||||||||
Total Costs and Expenses | |||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||
Net Income (Loss) | ( | ( | |||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ | ( | ( | ||||||||||||||
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) | |||||||||||||||||
Basic | $ | ( | ( | ||||||||||||||
Diluted | ( | ( | |||||||||||||||
Weighted-Average Common Shares Outstanding (thousands) | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Comprehensive Income (Loss) | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net Income (Loss) | $ | ( | ( | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Defined benefit plans | |||||||||||||||||
Actuarial loss arising during the period | ( | ||||||||||||||||
Amortization to income of net actuarial loss, prior service credit and settlements | |||||||||||||||||
Plans sponsored by equity affiliates | |||||||||||||||||
Income taxes on defined benefit plans | ( | ( | ( | ||||||||||||||
Defined benefit plans, net of income taxes | ( | ||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||
Income taxes on foreign currency translation adjustments | ( | ( | |||||||||||||||
Foreign currency translation adjustments, net of income taxes | ( | ( | ( | ||||||||||||||
Cash flow hedges | ( | ( | ( | ||||||||||||||
Income taxes on hedging activities | |||||||||||||||||
Hedging activities, net of income taxes | ( | ( | ( | ||||||||||||||
Other Comprehensive Income (Loss), Net of Income Taxes | ( | ( | ( | ||||||||||||||
Comprehensive Income (Loss) | ( | ( | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Phillips 66 | $ | ( | ( |
Consolidated Balance Sheet | Phillips 66 |
Millions of Dollars | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Accounts and notes receivable (net of allowances of $ | |||||||||||
Accounts and notes receivable—related parties | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Investments and long-term receivables | |||||||||||
Net properties, plants and equipment | |||||||||||
Goodwill | |||||||||||
Intangibles | |||||||||||
Other assets | |||||||||||
Total Assets | $ | ||||||||||
Liabilities | |||||||||||
Accounts payable | $ | ||||||||||
Accounts payable—related parties | |||||||||||
Short-term debt | |||||||||||
Accrued income and other taxes | |||||||||||
Employee benefit obligations | |||||||||||
Other accruals | |||||||||||
Total Current Liabilities | |||||||||||
Long-term debt | |||||||||||
Asset retirement obligations and accrued environmental costs | |||||||||||
Deferred income taxes | |||||||||||
Employee benefit obligations | |||||||||||
Other liabilities and deferred credits | |||||||||||
Total Liabilities | |||||||||||
Equity | |||||||||||
Common stock ( Issued (2020— | |||||||||||
Par value | |||||||||||
Capital in excess of par | |||||||||||
Treasury stock (at cost: 2020— | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Stockholders’ Equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ |
Consolidated Statement of Cash Flows | Phillips 66 |
Millions of Dollars | |||||||||||
Nine Months Ended September 30 | |||||||||||
2020 | 2019 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | ( | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Impairments | |||||||||||
Accretion on discounted liabilities | |||||||||||
Deferred income taxes | |||||||||||
Undistributed equity earnings | ( | ||||||||||
Net gain on dispositions | ( | ( | |||||||||
Other | ( | ||||||||||
Working capital adjustments | |||||||||||
Accounts and notes receivable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Taxes and other accruals | |||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures and investments | ( | ( | |||||||||
Return of investments in equity affiliates | |||||||||||
Proceeds from asset dispositions | |||||||||||
Advances/loans—related parties | ( | ( | |||||||||
Collection of advances/loans—related parties | |||||||||||
Other | ( | ||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows From Financing Activities | |||||||||||
Issuance of debt | |||||||||||
Repayment of debt | ( | ( | |||||||||
Issuance of common stock | |||||||||||
Repurchase of common stock | ( | ( | |||||||||
Dividends paid on common stock | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | |||||||||||
Other | ( | ||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ( | ||||||||||
Net Change in Cash and Cash Equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and Cash Equivalents at End of Period | $ |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
June 30, 2020 | $ | ( | ( | ||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | ( | |||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||
Dividends paid on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Benefit plan activity | — | — | ( | — | — | ||||||||||||||||||
Net distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
September 30, 2020 | $ | ( | ( | ||||||||||||||||||||
June 30, 2019 | $ | ( | ( | ||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | ( | ||||||||||||||||
Dividends paid on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Repurchase of common stock | — | — | ( | — | — | — | ( | ||||||||||||||||
Benefit plan activity | — | — | ( | — | — | ||||||||||||||||||
Issuance of Phillips 66 Partners LP common units | — | — | — | — | |||||||||||||||||||
Impacts from Phillips 66 Partners GP/IDR restructuring transaction | — | — | — | — | ( | ( | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
September 30, 2019 | $ | ( | ( | ||||||||||||||||||||
Shares | ||||||||
Three Months Ended September 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
June 30, 2020 | ||||||||
Repurchase of common stock | — | |||||||
Shares issued—share-based compensation | — | |||||||
September 30, 2020 | ||||||||
June 30, 2019 | ||||||||
Repurchase of common stock | — | |||||||
Shares issued—share-based compensation | — | |||||||
September 30, 2019 | ||||||||
See Notes to Consolidated Financial Statements. |
Consolidated Statement of Changes in Equity | Phillips 66 |
Millions of Dollars | |||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Attributable to Phillips 66 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Par Value | Capital in Excess of Par | Treasury Stock | Retained Earnings | Accum. Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||
December 31, 2019 | $ | ( | ( | ||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | ( | |||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | ( | ||||||||||||||||
Dividends paid on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Repurchase of common stock | — | — | ( | — | — | — | ( | ||||||||||||||||
Benefit plan activity | — | — | ( | — | — | ||||||||||||||||||
Transfer of equity interest | — | — | — | — | — | ||||||||||||||||||
Net distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
Other | — | — | — | ( | — | ||||||||||||||||||
September 30, 2020 | $ | ( | ( | ||||||||||||||||||||
December 31, 2018 | $ | ( | ( | ||||||||||||||||||||
Cumulative effect of accounting changes | — | — | — | ( | ( | ( | |||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | ( | ||||||||||||||||
Dividends paid on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Repurchase of common stock | — | — | ( | — | — | — | ( | ||||||||||||||||
Benefit plan activity | — | — | ( | — | — | ||||||||||||||||||
Issuance of Phillips 66 Partners LP common units | — | — | — | — | |||||||||||||||||||
Impacts from Phillips 66 Partners GP/IDR restructuring transaction | — | — | — | — | ( | ( | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
September 30, 2019 | $ | ( | ( | ||||||||||||||||||||
Shares | ||||||||
Nine Months Ended September 30 | ||||||||
Common Stock Issued | Treasury Stock | |||||||
December 31, 2019 | ||||||||
Repurchase of common stock | — | |||||||
Shares issued—share-based compensation | — | |||||||
September 30, 2020 | ||||||||
December 31, 2018 | ||||||||
Repurchase of common stock | — | |||||||
Shares issued—share-based compensation | — | |||||||
September 30, 2019 | ||||||||
See Notes to Consolidated Financial Statements. |
Notes to Consolidated Financial Statements | Phillips 66 |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Product Line and Services | |||||||||||||||||
Refined petroleum products | $ | ||||||||||||||||
Crude oil resales | |||||||||||||||||
Natural gas liquids (NGL) | |||||||||||||||||
Services and other* | |||||||||||||||||
Consolidated sales and other operating revenues | $ | ||||||||||||||||
Geographic Location** | |||||||||||||||||
United States | $ | ||||||||||||||||
United Kingdom | |||||||||||||||||
Germany | |||||||||||||||||
Other foreign countries | |||||||||||||||||
Consolidated sales and other operating revenues | $ | ||||||||||||||||
* Includes derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information. | |||||||||||||||||
** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues. |
Millions of Dollars | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Crude oil and petroleum products | $ | ||||||||||
Materials and supplies | |||||||||||
$ |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross PP&E | Accum. D&A | Net PP&E | Gross PP&E | Accum. D&A | Net PP&E | ||||||||||||||||||||||||||||||
Midstream | $ | ||||||||||||||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||||||||||||||
Refining | |||||||||||||||||||||||||||||||||||
Marketing and Specialties (M&S) | |||||||||||||||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||||||||||||||
$ |
Millions of Dollars | |||||||||||||||||||||||
Midstream | Refining | M&S | Total | ||||||||||||||||||||
Balance at January 1, 2020 | $ | ||||||||||||||||||||||
Impairments | ( | ( | |||||||||||||||||||||
Balance at September 30, 2020 | $ |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Midstream | $ | ||||||||||||||||
Refining | |||||||||||||||||
Corporate and Other | |||||||||||||||||
Total impairments | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
Amounts Attributed to Phillips 66 Common Stockholders (millions): | |||||||||||||||||||||||||||||
Net income (loss) attributable to Phillips 66 | $ | ( | ( | ( | ( | ||||||||||||||||||||||||
Income allocated to participating securities | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||
Net income (loss) available to common stockholders | $ | ( | ( | ( | ( | ||||||||||||||||||||||||
Weighted-average common shares outstanding (thousands): | |||||||||||||||||||||||||||||
Effect of share-based compensation | |||||||||||||||||||||||||||||
Weighted-average common shares outstanding—EPS | |||||||||||||||||||||||||||||
Earnings (Loss) Per Share of Common Stock (dollars) | $ | ( | ( | ( | ( |
Millions of Dollars | |||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet | Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet | ||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | ( | ( | ||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Other accruals | ( | ( | ( | ( | |||||||||||||||||||||||||
Other liabilities and deferred credits | ( | ( | ( | ( | |||||||||||||||||||||||||
Total | $ | ( | ( |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Sales and other operating revenues | $ | ( | |||||||||||||||
Other income | |||||||||||||||||
Purchased crude oil and products | ( | ( | |||||||||||||||
Net gain (loss) from commodity derivative activity | $ | ( |
Open Position Long / (Short) | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Commodity | |||||||||||
Crude oil, refined petroleum products and NGL (millions of barrels) | ( | ( |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | ( | ( | ||||||||||||||||||||||||||||||||
OTC instruments | |||||||||||||||||||||||||||||||||||
Physical forward contracts | |||||||||||||||||||||||||||||||||||
Rabbi trust assets | N/A | N/A | |||||||||||||||||||||||||||||||||
$ | ( | ( | |||||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | ( | ( | ||||||||||||||||||||||||||||||||
Physical forward contracts | |||||||||||||||||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||||||||||||
Floating-rate debt | N/A | N/A | |||||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases | N/A | N/A | ( | ||||||||||||||||||||||||||||||||
$ | ( | ( | ( |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Commodity Derivative Assets | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | ( | |||||||||||||||||||||||||||||||||
Physical forward contracts | |||||||||||||||||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||||||||||||
Rabbi trust assets | N/A | N/A | |||||||||||||||||||||||||||||||||
$ | ( | ||||||||||||||||||||||||||||||||||
Commodity Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Exchange-cleared instruments | $ | ( | ( | ||||||||||||||||||||||||||||||||
OTC instruments | |||||||||||||||||||||||||||||||||||
Physical forward contracts | |||||||||||||||||||||||||||||||||||
Floating-rate debt | N/A | N/A | |||||||||||||||||||||||||||||||||
Fixed-rate debt, excluding finance leases | N/A | N/A | ( | ||||||||||||||||||||||||||||||||
$ | ( | ( | ( |
Millions of Dollars | |||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
U.S. | Int’l. | U.S. | Int’l. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service credit | ( | ||||||||||||||||||||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||||||||||||||||||||
Settlements | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost* | $ | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service credit | ( | ( | |||||||||||||||||||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||||||||||||||||||||
Settlements | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost* | $ | ||||||||||||||||||||||||||||||||||
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. |
Millions of Dollars | |||||||||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Hedging | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
December 31, 2019 | $ | ( | ( | ( | ( | ||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements | — | — | |||||||||||||||||||||
Foreign currency translation | — | — | |||||||||||||||||||||
Hedging | — | — | |||||||||||||||||||||
Net current period other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Other | — | — | |||||||||||||||||||||
September 30, 2020 | $ | ( | ( | ( | ( | ||||||||||||||||||
December 31, 2018 | $ | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Defined benefit plans* | |||||||||||||||||||||||
Amortization of net actuarial loss, prior service credit and settlements | — | — | |||||||||||||||||||||
Foreign currency translation | — | — | |||||||||||||||||||||
Hedging | — | — | ( | ( | |||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Income taxes reclassified to retained earnings** | ( | ( | |||||||||||||||||||||
September 30, 2019 | $ | ( | ( | ( | ( | ||||||||||||||||||
* Included in the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information. | |||||||||||||||||||||||
** As of January 1, 2019, stranded income taxes related to the enactment of the Tax Cuts and Jobs Act in December 2017 were reclassified to retained earnings upon adoption of ASU No. 2018-02. |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Operating revenues and other income (a) | $ | ||||||||||||||||
Purchases (b) | |||||||||||||||||
Operating expenses and selling, general and administrative expenses (c) | |||||||||||||||||
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Sales and Other Operating Revenues* | |||||||||||||||||
Midstream | |||||||||||||||||
Total sales | $ | ||||||||||||||||
Intersegment eliminations | ( | ( | ( | ( | |||||||||||||
Total Midstream | |||||||||||||||||
Chemicals | |||||||||||||||||
Refining | |||||||||||||||||
Total sales | |||||||||||||||||
Intersegment eliminations | ( | ( | ( | ( | |||||||||||||
Total Refining | |||||||||||||||||
Marketing and Specialties | |||||||||||||||||
Total sales | |||||||||||||||||
Intersegment eliminations | ( | ( | ( | ( | |||||||||||||
Total Marketing and Specialties | |||||||||||||||||
Corporate and Other | |||||||||||||||||
Consolidated sales and other operating revenues | $ | ||||||||||||||||
* See Note 2—Sales and Other Operating Revenues, for further details on our disaggregated sales and other operating revenues. | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Midstream | $ | ( | ( | ||||||||||||||
Chemicals | |||||||||||||||||
Refining | ( | ( | |||||||||||||||
Marketing and Specialties | |||||||||||||||||
Corporate and Other | ( | ( | ( | ( | |||||||||||||
Consolidated income (loss) before income taxes | $ | ( | ( |
Millions of Dollars | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Total Assets | |||||||||||
Midstream | $ | ||||||||||
Chemicals | |||||||||||
Refining | |||||||||||
Marketing and Specialties | |||||||||||
Corporate and Other | |||||||||||
Consolidated total assets | $ |
Millions of Dollars | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Cash and cash equivalents | $ | ||||||||||
Equity investments* | |||||||||||
Net properties, plants and equipment | |||||||||||
Short-term debt | |||||||||||
Long-term debt | |||||||||||
* Included in the “Investments and long-term receivables” line item on the Phillips 66 consolidated balance sheet. |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income (Loss) | |||||||||||||||||
Sales and other operating revenues | $ | — | |||||||||||||||
Equity in earnings (losses) of affiliates | ( | ||||||||||||||||
Net gain on dispositions | |||||||||||||||||
Other income | |||||||||||||||||
Intercompany revenues | ( | — | |||||||||||||||
Total Revenues and Other Income (Loss) | ( | ( | |||||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | ( | ||||||||||||||||
Operating expenses | ( | ||||||||||||||||
Selling, general and administrative expenses | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairments | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Accretion on discounted liabilities | |||||||||||||||||
Interest and debt expense | ( | ||||||||||||||||
Foreign currency transaction losses | |||||||||||||||||
Total Costs and Expenses | ( | ||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||
Income tax expense (benefit) | ( | ( | ( | ||||||||||||||
Net Income (Loss) | ( | ( | ( | ||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ | ( | ( | ( | |||||||||||||
Comprehensive Income (Loss) | $ | ( | ( | ( |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ | — | |||||||||||||||
Equity in earnings of affiliates | ( | ||||||||||||||||
Net gain on dispositions | |||||||||||||||||
Other income | |||||||||||||||||
Intercompany revenues | ( | — | |||||||||||||||
Total Revenues and Other Income | ( | ||||||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | ( | ||||||||||||||||
Operating expenses | ( | ||||||||||||||||
Selling, general and administrative expenses | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairments | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Accretion on discounted liabilities | |||||||||||||||||
Interest and debt expense | ( | ||||||||||||||||
Foreign currency transaction gains | ( | ( | |||||||||||||||
Total Costs and Expenses | ( | ||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||
Net Income (Loss) | ( | ( | |||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||
Net Income (Loss) Attributable to Phillips 66 | $ | ( | ( | ||||||||||||||
Comprehensive Income (Loss) | $ | ( | ( |
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income (Loss) | |||||||||||||||||
Sales and other operating revenues | $ | — | |||||||||||||||
Equity in earnings (losses) of affiliates | ( | ||||||||||||||||
Net gain on dispositions | |||||||||||||||||
Other income | |||||||||||||||||
Intercompany revenues | ( | — | |||||||||||||||
Total Revenues and Other Income (Loss) | ( | ( | |||||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | ( | ||||||||||||||||
Operating expenses | ( | ||||||||||||||||
Selling, general and administrative expenses | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairments | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Accretion on discounted liabilities | |||||||||||||||||
Interest and debt expense | ( | ||||||||||||||||
Foreign currency transaction losses | |||||||||||||||||
Total Costs and Expenses | ( | ||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | |||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||
Net Income (Loss) | ( | ( | ( | ||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||
Net Loss Attributable to Phillips 66 | $ | ( | ( | ( | ( | ||||||||||||
Comprehensive Loss | $ | ( | ( | ( | ( |
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Statement of Operations | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Revenues and Other Income | |||||||||||||||||
Sales and other operating revenues | $ | — | |||||||||||||||
Equity in earnings of affiliates | ( | ||||||||||||||||
Net gain on dispositions | |||||||||||||||||
Other income | |||||||||||||||||
Intercompany revenues | ( | — | |||||||||||||||
Total Revenues and Other Income | ( | ||||||||||||||||
Costs and Expenses | |||||||||||||||||
Purchased crude oil and products | ( | ||||||||||||||||
Operating expenses | ( | ||||||||||||||||
Selling, general and administrative expenses | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairments | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Accretion on discounted liabilities | |||||||||||||||||
Interest and debt expense | ( | ||||||||||||||||
Foreign currency transaction losses | |||||||||||||||||
Total Costs and Expenses | ( | ||||||||||||||||
Income before income taxes | ( | ||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||
Net Income | ( | ||||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||
Net Income Attributable to Phillips 66 | $ | ( | |||||||||||||||
Comprehensive Income | $ | ( |
Millions of Dollars | |||||||||||||||||
September 30, 2020 | |||||||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||
Accounts and notes receivable | ( | ||||||||||||||||
Inventories | |||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||
Total Current Assets | ( | ||||||||||||||||
Investments and long-term receivables | ( | ||||||||||||||||
Net properties, plants and equipment | |||||||||||||||||
Goodwill | |||||||||||||||||
Intangibles | |||||||||||||||||
Other assets | ( | ||||||||||||||||
Total Assets | $ | ( | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Accounts payable | $ | ( | |||||||||||||||
Short-term debt | |||||||||||||||||
Accrued income and other taxes | |||||||||||||||||
Employee benefit obligations | |||||||||||||||||
Other accruals | ( | ||||||||||||||||
Total Current Liabilities | ( | ||||||||||||||||
Long-term debt | |||||||||||||||||
Asset retirement obligations and accrued environmental costs | |||||||||||||||||
Deferred income taxes | ( | ||||||||||||||||
Employee benefit obligations | |||||||||||||||||
Other liabilities and deferred credits | ( | ||||||||||||||||
Total Liabilities | ( | ||||||||||||||||
Common stock | ( | ||||||||||||||||
Retained earnings | ( | ||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ( | ( | |||||||||||||
Noncontrolling interests | |||||||||||||||||
Total Liabilities and Equity | $ | ( |
Millions of Dollars | |||||||||||||||||
December 31, 2019 | |||||||||||||||||
Balance Sheet | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||
Accounts and notes receivable | ( | ||||||||||||||||
Inventories | |||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||
Total Current Assets | ( | ||||||||||||||||
Investments and long-term receivables | ( | ||||||||||||||||
Net properties, plants and equipment | |||||||||||||||||
Goodwill | |||||||||||||||||
Intangibles | |||||||||||||||||
Other assets | ( | ||||||||||||||||
Total Assets | $ | ( | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Accounts payable | $ | ( | |||||||||||||||
Short-term debt | |||||||||||||||||
Accrued income and other taxes | |||||||||||||||||
Employee benefit obligations | |||||||||||||||||
Other accruals | ( | ||||||||||||||||
Total Current Liabilities | ( | ||||||||||||||||
Long-term debt | |||||||||||||||||
Asset retirement obligations and accrued environmental costs | |||||||||||||||||
Deferred income taxes | ( | ||||||||||||||||
Employee benefit obligations | |||||||||||||||||
Other liabilities and deferred credits | ( | ||||||||||||||||
Total Liabilities | ( | ||||||||||||||||
Common stock | ( | ||||||||||||||||
Retained earnings | ( | ||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ( | ( | |||||||||||||
Noncontrolling interests | |||||||||||||||||
Total Liabilities and Equity | $ | ( | |||||||||||||||
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | ( | ( | ||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures and investments | ( | ( | ( | ||||||||||||||
Return of investments in equity affiliates | |||||||||||||||||
Proceeds from asset dispositions | |||||||||||||||||
Intercompany lending activities | ( | ( | |||||||||||||||
Advances/loans—related parties | ( | ( | ( | ||||||||||||||
Collection of advances/loans—related parties | |||||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | ( | ( | ( | ||||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuance of debt | |||||||||||||||||
Repayment of debt | ( | ( | ( | ( | |||||||||||||
Issuance of common stock | |||||||||||||||||
Repurchase of common stock | ( | ( | |||||||||||||||
Dividends paid on common stock | ( | ( | ( | ||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | |||||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | |||||||||||||||||
Net Change in Cash and Cash Equivalents | ( | ( | |||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | ||||||||||||||||
Millions of Dollars | |||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Statement of Cash Flows | Phillips 66 | Phillips 66 Company | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | ( | ( | ||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures and investments | ( | ( | ( | ||||||||||||||
Return of investments in equity affiliates | ( | ||||||||||||||||
Proceeds from asset dispositions | |||||||||||||||||
Intercompany lending activities | ( | ( | |||||||||||||||
Advances/loans—related parties | ( | ( | |||||||||||||||
Collection of advances/loans—related parties | |||||||||||||||||
Other | ( | ||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | ( | ( | ( | ( | |||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuance of debt | |||||||||||||||||
Repayment of debt | ( | ( | ( | ||||||||||||||
Issuance of common stock | |||||||||||||||||
Repurchase of common stock | ( | ( | |||||||||||||||
Dividends paid on common stock | ( | ( | ( | ||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | |||||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ( | ( | ||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ( | ( | |||||||||||||||
Net Change in Cash and Cash Equivalents | ( | ( | |||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Midstream | $ | 146 | (460) | (232) | 279 | ||||||||||||
Chemicals | 231 | 227 | 442 | 729 | |||||||||||||
Refining | (1,903) | 856 | (5,042) | 1,641 | |||||||||||||
Marketing and Specialties | 415 | 498 | 1,214 | 1,056 | |||||||||||||
Corporate and Other | (239) | (178) | (655) | (593) | |||||||||||||
Income (loss) before income taxes | (1,350) | 943 | (4,273) | 3,112 | |||||||||||||
Income tax expense (benefit) | (624) | 150 | (1,053) | 545 | |||||||||||||
Net income (loss) | (726) | 793 | (3,220) | 2,567 | |||||||||||||
Less: net income attributable to noncontrolling interests | 73 | 81 | 216 | 227 | |||||||||||||
Net income (loss) attributable to Phillips 66 | $ | (799) | 712 | (3,436) | 2,340 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Transportation | $ | (3) | 248 | 411 | 696 | ||||||||||||
NGL and Other | 99 | 169 | 356 | 402 | |||||||||||||
DCP Midstream | 50 | (877) | (999) | (819) | |||||||||||||
Total Midstream | $ | 146 | (460) | (232) | 279 |
Thousands of Barrels Daily | |||||||||||||||||
Transportation Volumes | |||||||||||||||||
Pipelines* | 3,076 | 3,443 | 3,032 | 3,346 | |||||||||||||
Terminals | 2,966 | 3,381 | 2,999 | 3,236 | |||||||||||||
Operating Statistics | |||||||||||||||||
NGL fractionated** | 217 | 203 | 195 | 223 | |||||||||||||
NGL production*** | 414 | 409 | 395 | 420 |
Dollars Per Gallon | |||||||||||||||||
Weighted-Average NGL Price* | |||||||||||||||||
DCP Midstream | $ | 0.44 | 0.44 | 0.38 | 0.52 | ||||||||||||
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix. |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income Before Income Taxes | $ | 231 | 227 | 442 | 729 |
Millions of Pounds | |||||||||||||||||
CPChem Externally Marketed Sales Volumes* | |||||||||||||||||
Olefins and Polyolefins | 5,069 | 5,402 | 15,559 | 15,314 | |||||||||||||
Specialties, Aromatics and Styrenics | 1,120 | 1,322 | 3,322 | 3,360 | |||||||||||||
6,189 | 6,724 | 18,881 | 18,674 | ||||||||||||||
* Represents 100% of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates. |
Olefins and Polyolefins Capacity Utilization (percent) | 94 | % | 97 | 98 | 97 | ||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Atlantic Basin/Europe | $ | (199) | 296 | (1,063) | 547 | ||||||||||||
Gulf Coast | (405) | 184 | (1,613) | 288 | |||||||||||||
Central Corridor | (132) | 408 | (463) | 1,005 | |||||||||||||
West Coast | (1,167) | (32) | (1,903) | (199) | |||||||||||||
Worldwide | $ | (1,903) | 856 | (5,042) | 1,641 |
Dollars Per Barrel | |||||||||||||||||
Income (Loss) Before Income Taxes | |||||||||||||||||
Atlantic Basin/Europe | $ | (4.61) | 5.93 | (8.60) | 3.83 | ||||||||||||
Gulf Coast | (7.86) | 2.46 | (9.13) | 1.32 | |||||||||||||
Central Corridor | (5.35) | 15.26 | (6.73) | 13.07 | |||||||||||||
West Coast | (38.12) | (0.93) | (22.59) | (2.03) | |||||||||||||
Worldwide | (12.69) | 4.60 | (11.12) | 3.07 | |||||||||||||
Realized Refining Margins* | |||||||||||||||||
Atlantic Basin/Europe | $ | 1.65 | 11.48 | 1.86 | 10.17 | ||||||||||||
Gulf Coast | (0.61) | 8.34 | 2.40 | 7.42 | |||||||||||||
Central Corridor | 4.46 | 15.99 | 8.09 | 14.91 | |||||||||||||
West Coast | 2.23 | 10.11 | 3.94 | 8.84 | |||||||||||||
Worldwide | 1.78 | 11.18 | 3.91 | 10.06 |
Thousands of Barrels Daily | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
Operating Statistics | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Refining operations* | |||||||||||||||||
Atlantic Basin/Europe | |||||||||||||||||
Crude oil capacity | 537 | 537 | 537 | 537 | |||||||||||||
Crude oil processed | 432 | 509 | 424 | 485 | |||||||||||||
Capacity utilization (percent) | 81 | % | 95 | 79 | 90 | ||||||||||||
Refinery production | 473 | 545 | 454 | 527 | |||||||||||||
Gulf Coast | |||||||||||||||||
Crude oil capacity | 769 | 764 | 769 | 764 | |||||||||||||
Crude oil processed | 506 | 729 | 586 | 714 | |||||||||||||
Capacity utilization (percent) | 66 | % | 95 | 76 | 93 | ||||||||||||
Refinery production | 563 | 817 | 647 | 797 | |||||||||||||
Central Corridor | |||||||||||||||||
Crude oil capacity | 530 | 515 | 530 | 515 | |||||||||||||
Crude oil processed | 455 | 517 | 437 | 495 | |||||||||||||
Capacity utilization (percent) | 86 | % | 100 | 82 | 96 | ||||||||||||
Refinery production | 469 | 535 | 451 | 515 | |||||||||||||
West Coast | |||||||||||||||||
Crude oil capacity | 364 | 364 | 364 | 364 | |||||||||||||
Crude oil processed | 311 | 351 | 285 | 325 | |||||||||||||
Capacity utilization (percent) | 85 | % | 97 | 78 | 89 | ||||||||||||
Refinery production | 334 | 371 | 307 | 357 | |||||||||||||
Worldwide | |||||||||||||||||
Crude oil capacity | 2,200 | 2,180 | 2,200 | 2,180 | |||||||||||||
Crude oil processed | 1,704 | 2,106 | 1,732 | 2,019 | |||||||||||||
Capacity utilization (percent) | 77 | % | 97 | 79 | 93 | ||||||||||||
Refinery production | 1,839 | 2,268 | 1,859 | 2,196 | |||||||||||||
* Includes our share of equity affiliates. |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions of Dollars | |||||||||||||||||
Income Before Income Taxes | |||||||||||||||||
Marketing and Other | $ | 365 | 440 | 1,091 | 872 | ||||||||||||
Specialties | 50 | 58 | 123 | 184 | |||||||||||||
Total Marketing and Specialties | $ | 415 | 498 | 1,214 | 1,056 |
Dollars Per Barrel | |||||||||||||||||
Income Before Income Taxes | |||||||||||||||||
U.S. | $ | 1.74 | 1.66 | 1.60 | 1.14 | ||||||||||||
International | 5.01 | 5.19 | 5.16 | 4.10 | |||||||||||||
Realized Marketing Fuel Margins* | |||||||||||||||||
U.S. | $ | 2.23 | 2.11 | 2.03 | 1.59 | ||||||||||||
International | 6.28 | 6.37 | 6.78 | 5.42 |
Dollars Per Gallon | |||||||||||||||||
U.S. Average Wholesale Prices* | |||||||||||||||||
Gasoline | $ | 1.62 | 2.14 | 1.57 | 2.11 | ||||||||||||
Distillates | 1.41 | 2.07 | 1.45 | 2.10 | |||||||||||||
* On third-party branded petroleum product sales, excluding excise taxes. |
Thousands of Barrels Daily | |||||||||||||||||
Marketing Petroleum Products Sales Volumes | |||||||||||||||||
Gasoline | 1,080 | 1,222 | 1,029 | 1,205 | |||||||||||||
Distillates | 863 | 1,099 | 915 | 1,041 | |||||||||||||
Other | 15 | 16 | 17 | 18 | |||||||||||||
Total | 1,958 | 2,337 | 1,961 | 2,264 |
Millions of Dollars | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Loss Before Income Taxes | |||||||||||||||||
Net interest expense | $ | (131) | (98) | (348) | (311) | ||||||||||||
Corporate overhead and other | (108) | (80) | (307) | (282) | |||||||||||||
Total Corporate and Other | $ | (239) | (178) | (655) | (593) |
Millions of Dollars, Except as Indicated | |||||||||||
September 30 2020 | December 31 2019 | ||||||||||
Cash and cash equivalents | $ | 1,462 | 1,614 | ||||||||
Short-term debt | 1,860 | 547 | |||||||||
Total debt | 14,526 | 11,763 | |||||||||
Total equity | 22,305 | 27,169 | |||||||||
Percent of total debt to capital* | 39% | 30 | |||||||||
Percent of floating-rate debt to total debt | 13% | 9 | |||||||||
* Capital includes total debt and total equity. |
Millions of Dollars | |||||||||||
Nine Months Ended September 30 | |||||||||||
2020 | 2019 | ||||||||||
Capital Expenditures and Investments | |||||||||||
Midstream | $ | 1,556 | 1,724 | ||||||||
Chemicals | — | — | |||||||||
Refining | 577 | 645 | |||||||||
Marketing and Specialties | 139 | 76 | |||||||||
Corporate and Other | 142 | 150 | |||||||||
Total Capital Expenditures and Investments | 2,414 | 2,595 | |||||||||
Less: capital spending funded by certain joint venture partners* | 64 | 422 | |||||||||
Adjusted Capital Spending | $ | 2,350 | 2,173 | ||||||||
Selected Equity Affiliates** | |||||||||||
DCP Midstream | $ | 102 | 355 | ||||||||
CPChem | 204 | 252 | |||||||||
WRB | 110 | 135 | |||||||||
$ | 416 | 742 |
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | ||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||
Loss before income taxes | $ | (199) | (405) | (132) | (1,167) | (1,903) | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 14 | 30 | 11 | 16 | 71 | ||||||||||||
Depreciation, amortization and impairments | 50 | 75 | 33 | 974 | 1,132 | ||||||||||||
Selling, general and administrative expenses | 6 | 11 | 7 | 9 | 33 | ||||||||||||
Operating expenses | 180 | 258 | 111 | 235 | 784 | ||||||||||||
Equity in losses of affiliates | 2 | 1 | 118 | — | 121 | ||||||||||||
Other segment (income) expense, net | — | (1) | (1) | 1 | (1) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 18 | — | 45 | — | 63 | ||||||||||||
Realized refining margins | $ | 71 | (31) | 192 | 68 | 300 | |||||||||||
Total processed inputs (thousands of barrels) | 43,176 | 51,543 | 24,682 | 30,615 | 150,016 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 43,176 | 51,543 | 42,979 | 30,615 | 168,313 | ||||||||||||
Loss before income taxes per barrel (dollars per barrel)** | $ | (4.61) | (7.86) | (5.35) | (38.12) | (12.69) | |||||||||||
Realized refining margins (dollars per barrel)*** | 1.65 | (0.61) | 4.46 | 2.23 | 1.78 | ||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||
Income (loss) before income taxes | $ | 296 | 184 | 408 | (32) | 856 | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 12 | 23 | 10 | 23 | 68 | ||||||||||||
Depreciation, amortization and impairments | 49 | 66 | 34 | 66 | 215 | ||||||||||||
Selling, general and administrative expenses | 10 | 7 | 6 | 8 | 31 | ||||||||||||
Operating expenses | 208 | 345 | 125 | 282 | 960 | ||||||||||||
Equity in (earnings) losses of affiliates | 3 | (1) | (69) | — | (67) | ||||||||||||
Other segment (income) expense, net | (24) | 1 | (3) | 1 | (25) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 19 | — | 269 | — | 288 | ||||||||||||
Realized refining margins | $ | 573 | 625 | 780 | 348 | 2,326 | |||||||||||
Total processed inputs (thousands of barrels) | 49,895 | 74,936 | 26,740 | 34,498 | 186,069 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 49,895 | 74,936 | 48,853 | 34,498 | 208,182 | ||||||||||||
Income (loss) before income taxes per barrel (dollars per barrel)** | $ | 5.93 | 2.46 | 15.26 | (0.93) | 4.60 | |||||||||||
Realized refining margins (dollars per barrel)*** | 11.48 | 8.34 | 15.99 | 10.11 | 11.18 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | |||||||||||||||||
** Income (loss) before income taxes divided by total processed inputs. | |||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. |
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | ||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Loss before income taxes | $ | (1,063) | (1,613) | (463) | (1,903) | (5,042) | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 48 | 92 | 42 | 69 | 251 | ||||||||||||
Depreciation, amortization and impairments | 591 | 891 | 535 | 1,401 | 3,418 | ||||||||||||
Selling, general and administrative expenses | 31 | 28 | 20 | 28 | 107 | ||||||||||||
Operating expenses | 564 | 1,027 | 367 | 734 | 2,692 | ||||||||||||
Equity in (earnings) losses of affiliates | 7 | (1) | 248 | — | 254 | ||||||||||||
Other segment (income) expense, net | 1 | — | (1) | 3 | 3 | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 50 | — | 250 | — | 300 | ||||||||||||
Realized refining margins | $ | 229 | 424 | 998 | 332 | 1,983 | |||||||||||
Total processed inputs (thousands of barrels) | 123,632 | 176,641 | 68,805 | 84,229 | 453,307 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 123,632 | 176,641 | 123,337 | 84,229 | 507,839 | ||||||||||||
Loss before income taxes per barrel (dollars per barrel)** | $ | (8.60) | (9.13) | (6.73) | (22.59) | (11.12) | |||||||||||
Realized refining margins (dollars per barrel)*** | 1.86 | 2.40 | 8.09 | 3.94 | 3.91 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | |||||||||||||||||
** Loss before income taxes divided by total processed inputs. | |||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Realized Refining Margins | Atlantic Basin/ Europe | Gulf Coast | Central Corridor | West Coast | Worldwide | ||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||
Income (loss) before income taxes | $ | 547 | 288 | 1,005 | (199) | 1,641 | |||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 38 | 62 | 33 | 68 | 201 | ||||||||||||
Depreciation, amortization and impairments | 148 | 201 | 101 | 191 | 641 | ||||||||||||
Selling, general and administrative expenses | 27 | 13 | 14 | 21 | 75 | ||||||||||||
Operating expenses | 642 | 1,051 | 404 | 780 | 2,877 | ||||||||||||
Equity in (earnings) losses of affiliates | 9 | 1 | (286) | — | (276) | ||||||||||||
Other segment (income) expense, net | (14) | (3) | (1) | 4 | (14) | ||||||||||||
Proportional share of refining gross margins contributed by equity affiliates | 55 | — | 834 | — | 889 | ||||||||||||
Special items: | |||||||||||||||||
Pending claims and settlements | — | — | (21) | — | (21) | ||||||||||||
Realized refining margins | $ | 1,452 | 1,613 | 2,083 | 865 | 6,013 | |||||||||||
Total processed inputs (thousands of barrels) | 142,749 | 217,556 | 76,877 | 97,898 | 535,080 | ||||||||||||
Adjusted total processed inputs (thousands of barrels)* | 142,749 | 217,556 | 139,681 | 97,898 | 597,884 | ||||||||||||
Income (loss) before income taxes per barrel (dollars per barrel)** | $ | 3.83 | 1.32 | 13.07 | (2.03) | 3.07 | |||||||||||
Realized refining margins (dollars per barrel)*** | 10.17 | 7.42 | 14.91 | 8.84 | 10.06 | ||||||||||||
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | |||||||||||||||||
** Income (loss) before income taxes divided by total processed inputs. | |||||||||||||||||
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||
U.S. | International | U.S. | International | ||||||||||||||
Realized Marketing Fuel Margins | |||||||||||||||||
Income before income taxes | $ | 271 | 121 | 312 | 139 | ||||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | — | 1 | 3 | 2 | |||||||||||||
Depreciation and amortization | 3 | 18 | 2 | 16 | |||||||||||||
Selling, general and administrative expenses | 174 | 62 | 184 | 61 | |||||||||||||
Equity in earnings of affiliates | (10) | (31) | (3) | (27) | |||||||||||||
Other operating revenues* | (90) | (7) | (101) | (10) | |||||||||||||
Other segment (income) expense, net | — | (1) | — | 1 | |||||||||||||
Marketing margins | 348 | 163 | 397 | 182 | |||||||||||||
Less: margin for nonfuel related sales | — | 11 | — | 11 | |||||||||||||
Realized marketing fuel margins | $ | 348 | 152 | 397 | 171 | ||||||||||||
Total fuel sales volumes (thousands of barrels) | 155,948 | 24,164 | 188,172 | 26,796 | |||||||||||||
Income before income taxes per barrel (dollars per barrel) | $ | 1.74 | 5.01 | 1.66 | 5.19 | ||||||||||||
Realized marketing fuel margins (dollars per barrel)** | 2.23 | 6.28 | 2.11 | 6.37 | |||||||||||||
* Includes other nonfuel revenues. | |||||||||||||||||
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||
U.S. | International | U.S. | International | ||||||||||||||
Realized Marketing Fuel Margins | |||||||||||||||||
Income before income taxes | $ | 749 | 360 | 613 | 326 | ||||||||||||
Plus: | |||||||||||||||||
Taxes other than income taxes | 4 | 4 | 8 | 5 | |||||||||||||
Depreciation and amortization | 9 | 51 | 7 | 48 | |||||||||||||
Selling, general and administrative expenses | 452 | 182 | 522 | 184 | |||||||||||||
Equity in earnings of affiliates | (21) | (81) | (7) | (74) | |||||||||||||
Other operating revenues* | (245) | (9) | (286) | (25) | |||||||||||||
Marketing margins | 948 | 507 | 857 | 464 | |||||||||||||
Less: margin for nonfuel related sales | — | 34 | — | 33 | |||||||||||||
Realized marketing fuel margins | $ | 948 | 473 | 857 | 431 | ||||||||||||
Total fuel sales volumes (thousands of barrels) | 467,643 | 69,726 | 538,718 | 79,429 | |||||||||||||
Income before income taxes per barrel (dollars per barrel) | $ | 1.60 | 5.16 | 1.14 | 4.10 | ||||||||||||
Realized marketing fuel margins (dollars per barrel)** | 2.03 | 6.78 | 1.59 | 5.42 | |||||||||||||
* Includes other nonfuel revenues. | |||||||||||||||||
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. |
Millions of Dollars, Except as Indicated | ||||||||||||||||||||||||||||||||
Expected Maturity Date | Fixed Rate Maturity | Average Interest Rate | Floating Rate Maturity | Average Interest Rate | ||||||||||||||||||||||||||||
Remainder of 2020 | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
2021 | — | — | 1,000 | 1.65 | ||||||||||||||||||||||||||||
2022 | — | — | — | — | ||||||||||||||||||||||||||||
2023 | 500 | 3.70 | — | — | ||||||||||||||||||||||||||||
2024 | — | — | — | — | ||||||||||||||||||||||||||||
Remaining years | 1,500 | 2.89 | — | — | ||||||||||||||||||||||||||||
Total | $ | 2,000 | $ | 1,000 | ||||||||||||||||||||||||||||
Fair value | $ | 2,083 | $ | 1,000 |
Millions of Dollars | ||||||||||||||||||||
Period | Total Number of Shares Purchased* | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||
July 1-31, 2020 | — | $ | — | — | $ | 2,514 | ||||||||||||||
August 1-31, 2020 | — | — | — | 2,514 | ||||||||||||||||
September 1-30, 2020 | — | — | — | 2,514 | ||||||||||||||||
Total | — | $ | — | — | ||||||||||||||||
* Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable. | ||||||||||||||||||||
** As of September 30, 2020, our Board of Directors has authorized an aggregate of $15 billion of repurchases of our outstanding common stock. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. We are not obligated to repurchase any shares of common stock pursuant to these authorizations and may commence, suspend or terminate repurchases at any time. Shares of stock repurchased are held as treasury shares. Effective March 18, 2020, share repurchases under our share repurchase programs were temporarily suspended. |
Incorporate by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit Number | Filing Date | SEC File No. | |||||||||||||||
31.1* | ||||||||||||||||||||
31.2* | ||||||||||||||||||||
32* | ||||||||||||||||||||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||
101.SCH* | Inline XBRL Schema Document. | |||||||||||||||||||
101.CAL* | Inline XBRL Calculation Linkbase Document. | |||||||||||||||||||
101.LAB* | Inline XBRL Labels Linkbase Document. | |||||||||||||||||||
101.PRE* | Inline XBRL Presentation Linkbase Document. | |||||||||||||||||||
101.DEF* | Inline XBRL Definition Linkbase Document. | |||||||||||||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||||||||
* Filed herewith. | ||||||||||||||||||||
PHILLIPS 66 | ||||||||
/s/ Chukwuemeka A. Oyolu | ||||||||
Chukwuemeka A. Oyolu Vice President and Controller (Chief Accounting and Duly Authorized Officer) |
/s/ Greg C. Garland | |||||
Greg C. Garland | |||||
Chairman of the Board of Directors and Chief Executive Officer | |||||
/s/ Kevin J. Mitchell | |||||
Kevin J. Mitchell | |||||
Executive Vice President, Finance and Chief Financial Officer |
/s/ Greg C. Garland | |||||
Greg C. Garland | |||||
Chairman of the Board of Directors and Chief Executive Officer | |||||
/s/ Kevin J. Mitchell | |||||
Kevin J. Mitchell | |||||
Executive Vice President, Finance and Chief Financial Officer |
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 37 | $ 41 |
Common stock authorized (in shares) | 2,500,000,000 | 2,500,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock issued (in shares) | 648,572,012 | 647,416,633 |
Treasury stock (in shares) | 211,771,827 | 206,390,806 |
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid per common stock (in usd per share) | $ 0.90 | $ 0.90 | $ 2.70 | $ 2.60 |
Interim Financial Information |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | Interim Financial InformationThe unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2019 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of the results expected for the full year. |
Sales and Other Operating Revenues |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and Other Operating Revenues | Sales and Other Operating Revenues Disaggregated Revenues The following tables present our disaggregated sales and other operating revenues:
Contract-Related Assets and Liabilities At September 30, 2020, and December 31, 2019, receivables from contracts with customers were $3,410 million and $6,902 million, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts. Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At September 30, 2020, and December 31, 2019, our asset balances related to such payments were $389 million and $336 million, respectively. Our contract liabilities represent advances from our customers prior to product or service delivery. At September 30, 2020, and December 31, 2019, contract liabilities were not material. Remaining Performance ObligationsMost of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less, or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing, which mostly expire by 2021. At September 30, 2020, the remaining performance obligations related to these minimum volume commitment contracts were not material.
|
Credit Losses |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Credit Losses | Credit Losses We are exposed to credit losses primarily through our sales of refined petroleum products, crude oil and NGL. We assess each counterparty’s ability to pay for the products we sell by conducting a credit review. The credit review considers our expected billing exposure and timing for payment and the counterparty’s established credit rating or our assessment of the counterparty’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We also consider contract terms and conditions, country and political risk, and business strategy in our evaluation. A credit limit is established for each counterparty based on the outcome of this review. We may require collateralized asset support or a prepayment to mitigate credit risk. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The negative economic impacts associated with Coronavirus Disease 2019 (COVID-19) increase the probability that certain of our counterparties may not be able to completely fulfill their obligations in a timely manner. In response, we have enhanced our credit monitoring, sought collateral to support some transactions, and required prepayments from higher-risk counterparties. At September 30, 2020, and December 31, 2019, we reported $5,963 million and $8,510 million of accounts and notes receivable, net of allowances of $37 million and $41 million, respectively. Based on an aging analysis at September 30, 2020, more than 98% of our accounts receivable were outstanding less than 60 days. We are also exposed to credit losses from off-balance sheet exposures, such as guarantees of joint venture debt and standby letters of credit. See Note 11—Guarantees, and Note 12—Contingencies and Commitments, for more information on these off-balance sheet exposures.
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Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
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Investments, Loans and Long-Term Receivables |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments, Loans and Long-Term Receivables | Investments, Loans and Long-Term Receivables Equity Investments Gray Oak Pipeline, LLC Phillips 66 Partners LP (Phillips 66 Partners) has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. Phillips 66 Partners has an effective ownership interest of 42.25% in Gray Oak Pipeline, LLC, after considering a co-venturer’s 35% interest in the consolidated holding company. In September 2020, Gray Oak Pipeline, LLC closed its offering of $1.4 billion aggregate principal amount of senior unsecured notes with maturities ranging from 2023 to 2027. These senior notes are not guaranteed by Phillips 66 Partners or any of its co-venturers. Net proceeds from the offering were used to repay a third-party term loan of $1,379 million, and for general company purposes. Concurrent with the full repayment of the third-party term loan facility, the associated equity contribution agreement was terminated. During its development phase, Gray Oak Pipeline, LLC was considered a variable interest entity (VIE) because it did not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. We determined we were not the primary beneficiary because we and our co-venturers jointly directed the activities of Gray Oak Pipeline, LLC that most significantly impacted economic performance. The Gray Oak Pipeline commenced full operations in the second quarter of 2020 and ceased being a VIE. At September 30, 2020, Phillips 66 Partners’ investment in the Gray Oak Pipeline had a book value of $896 million. See Note 20—Phillips 66 Partners LP, for additional information regarding Phillips 66 Partners’ ownership in Gray Oak Pipeline, LLC. Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO) In March 2019, a wholly owned subsidiary of Dakota Access closed an offering of $2.5 billion aggregate principal amount of senior unsecured notes, consisting of: •$650 million aggregate principal amount of 3.625% Senior Notes due 2022. •$1.0 billion aggregate principal amount of 3.900% Senior Notes due 2024. •$850 million aggregate principal amount of 4.625% Senior Notes due 2029. Dakota Access and ETCO have guaranteed repayment of the notes. In addition, Phillips 66 Partners and its co-venturers in Dakota Access provided a Contingent Equity Contribution Undertaking (CECU) in conjunction with the notes offering. Under the CECU, the co-venturers may be severally required to make proportionate equity contributions to Dakota Access if there is an unfavorable final judgment in the ongoing litigation related to an easement granted by the U.S. Army Corps of Engineers (USACE) to allow the pipeline to be constructed under Lake Oahe in North Dakota. Contributions may be required if Dakota Access determines that the issues included in any such final judgment cannot be remediated and Dakota Access has or is projected to have insufficient funds to satisfy repayment of the notes. If Dakota Access undertakes remediation to cure issues raised in a final judgment, contributions may be required if any series of the notes become due, whether by acceleration or at maturity, during such time, to the extent Dakota Access has or is projected to have insufficient funds to pay such amounts. At September 30, 2020, Phillips 66 Partners’ share of the maximum potential equity contributions under the CECU was approximately $631 million. In March 2020, the trial court presiding over this litigation ordered the USACE to prepare an Environmental Impact Statement (EIS), and requested additional information to enable a decision on whether the Dakota Access Pipeline should be shut down while the EIS is being prepared. On July 6, 2020, the trial court ordered the Dakota Access Pipeline to be shut down and emptied of crude oil within 30 days, and that the pipeline should remain shut down pending the preparation of the EIS by the USACE, which the USACE has indicated is expected to take approximately 13 months. Dakota Access filed an appeal and a request for a stay of the order, which was granted. The case is now on an expedited appellate track and oral arguments regarding whether the pipeline easement is valid and whether the USACE must prepare an EIS are set for early November 2020, with a decision expected in late 2020 or early 2021. In addition to the proceedings in the appellate court, the trial court has been asked to issue an injunction to shut down the pipeline until the USACE completes the EIS, which could be ruled on as early as late December 2020. If the pipeline is required to cease operations pending the preparation of the EIS, and should Dakota Access and ETCO not have sufficient funds to pay ongoing expenses, Phillips 66 Partners also could be asked to support its share of the ongoing expenses, including scheduled interest payments on the notes of approximately $25 million annually, in addition to the potential obligations under the CECU. CF United LLC (CF United) We hold a 50% voting interest and a 48% economic interest in CF United, a retail marketing joint venture with operations primarily on the U.S. West Coast. CF United is considered a VIE because our co-venturer has an option to sell its interest to us based on a fixed multiple. The put option becomes effective July 1, 2023, and expires on March 31, 2024. The put option is viewed as a variable interest as the purchase price on the exercise date may not represent the then-current fair value of CF United. We have determined that we are not the primary beneficiary because we and our co-venturer jointly direct the activities of CF United that most significantly impact economic performance. At September 30, 2020, our maximum exposure to loss was comprised of our $326 million investment in CF United and any potential future loss resulting from the put option, if the purchase price based on a fixed multiple exceeds the then-current fair value of CF United. DCP Midstream, LLC (DCP Midstream) At September 30, 2019, we estimated the fair value of our investment in DCP Midstream was below our book value due to a decline in the market values of DCP Midstream, LP (DCP Partners) common units and its then general partner interest. Accordingly, we recorded an $853 million before-tax impairment in the third quarter of 2019. After the elimination of its general partner’s economic interests in November 2019, the fair value of our investment in DCP Midstream depends solely on the market value of DCP Partners common units. In the first quarter of 2020, the market value of DCP Partners common units further declined by approximately 85%. As a result, at March 31, 2020, the fair value of our investment in DCP Midstream was significantly lower than its book value. We concluded the difference between its fair value and book value was not temporary primarily due to the magnitude of the difference. Accordingly, we recorded a $1.2 billion before-tax impairment of our investment in the first quarter of 2020. These charges are included in the “Impairments” line item on our consolidated statement of operations. These impairments increased the basis difference for our investment in DCP Midstream to $1.8 billion at March 31, 2020, which indicated the carrying value of our investment was lower than our share of DCP Midstream’s recorded net assets at March 31, 2020. The basis difference is being amortized and recognized as a benefit to equity earnings over a period of 22 years, which was the estimated remaining useful life of DCP Midstream’s properties, plants and equipment (PP&E) at March 31, 2020. Equity earnings for the three and nine months ended September 30, 2020, were increased by approximately $20 million and $50 million, respectively, due to the amortization of the basis difference. See Note 14—Fair Value Measurements, for additional information on the techniques used to determine the fair value of our investment in DCP Midstream. At September 30, 2020, our investment in DCP Midstream had a book value of $281 million. Liberty Pipeline LLC (Liberty) Phillips 66 Partners holds a 50% interest in Liberty, a joint venture formed to develop and construct the Liberty Pipeline system which, upon completion, will transport crude oil from the Rockies and Bakken production areas to Cushing, Oklahoma. Liberty is considered a VIE because it does not have sufficient equity at risk to fully fund the construction of all assets required for principal operations. We have determined we are not the primary beneficiary because we and our co-venturer jointly direct the activities of Liberty that most significantly impact economic performance. The development and construction of the Liberty Pipeline system have been deferred as a result of the current challenging business environment. At September 30, 2020, our maximum exposure to loss was $252 million, which represented the book value of Phillips 66 Partners’ investment in Liberty of $239 million and our outstanding proportionate vendor guarantees of $13 million. OnCue Holdings, LLC (OnCue) We hold a 50% interest in OnCue, a joint venture that owns and operates retail convenience stores. We fully guaranteed various debt agreements of OnCue and our co-venturer did not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact OnCue’s economic performance. At September 30, 2020, our maximum exposure to loss was $165 million, which represented the book value of our investment in OnCue of $92 million and guaranteed debt obligations of $73 million. Red Oak Pipeline LLC (Red Oak) We hold a 50% interest in a joint venture formed to develop and construct the Red Oak Pipeline system. In the third quarter of 2020, the Red Oak Pipeline project was canceled. As a result, we assessed our investment for impairment and concluded that the carrying value of our investment at September 30, 2020, was greater than its fair value. Accordingly, we recorded a before-tax impairment of $84 million in the Midstream segment, which is included in the “Impairments” line item on our consolidated statement of operations for the three and nine months ended September 30, 2020. See Note 14—Fair Value Measurements, for additional information on the techniques used to determine the fair value of our investment in Red Oak. At September 30, 2020, the remaining book value of our investment in Red Oak was $20 million. Related Party Loan In the second and third quarters of 2020, we and our co-venturer provided a short-term member loan to WRB Refining LP (WRB). At September 30, 2020, the outstanding loan balance to WRB was approximately $420 million, of which our share was approximately $210 million.
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Properties, Plants and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties, Plants and Equipment | Properties, Plants and Equipment Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows:
In the third quarter of 2020, we announced a plan to reconfigure our San Francisco Refinery to produce renewable fuels at the Rodeo refining facility in Rodeo, California, starting in early 2024. Consequently, we plan to cease operation of the Santa Maria refining facility in Arroyo Grande, California, certain assets at the Rodeo refining facility, and associated Midstream assets in 2023. We assessed the San Francisco Refinery asset group for impairment and concluded that the carrying value of the asset group was not recoverable. As a result, we recorded a $1,030 million before-tax impairment to reduce the carrying value of the net PP&E and intangible assets in this asset group to its fair value of $940 million. The impairment charge resulted in a reduction of net PP&E totaling $1,009 million, consisting of $889 million in the Refining segment and $120 million in the Midstream segment, as well as a reduction of the Refining segment’s intangible assets of $21 million. This impairment charge is included within the “Impairments” line item on our consolidated statement of operations for the three and nine months ended September 30, 2020. See Note 14—Fair Value Measurements for additional information on the techniques used to determine the fair value of the asset group.
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill Our stock price declined significantly in the first quarter of 2020 due to the disruption in global commodity and equity markets related to the COVID-19 pandemic and other factors. We assessed our goodwill for impairment due to the decline in our market capitalization and concluded that the carrying value of our Refining reporting unit at March 31, 2020, was greater than its fair value by an amount in excess of its goodwill balance. Accordingly, we recorded a before-tax goodwill impairment charge of $1,845 million in our Refining segment during the first quarter of 2020. This charge is included in the “Impairments” line item on our consolidated statement of operations for the nine months ended September 30, 2020. See Note 14—Fair Value Measurements for additional information on the techniques used to determine the fair value of our Refining reporting unit. The carrying amount of goodwill by segment at September 30, 2020, was:
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Impairments |
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Impairments | Impairments
These impairment charges are included within the “Impairments” line item on our consolidated statement of operations. See Note 5—Investments, Loans and Long-Term Receivables, Note 6—Properties, Plants and Equipment, Note 7—Goodwill, and Note 14—Fair Value Measurements for additional information regarding our impairment charges. The COVID-19 pandemic continues to result in economic disruption globally. Reduced demand for petroleum products has resulted in low crude oil prices and refining margins, as well as decreased volumes through logistics infrastructure. We continue to assess our long-lived assets and equity investments for impairment in this challenging business environment. The depth and duration of the economic consequences of the COVID-19 pandemic remain unknown. Additional impairments may be required in the future if there is a further deterioration in our projected cash flows.
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (loss) 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 (losses) 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.
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Debt |
9 Months Ended |
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Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt Issuances On June 10, 2020, Phillips 66 closed its public offering of $1 billion aggregate principal amount of senior unsecured notes consisting of: •$150 million aggregate principal amount of 3.850% Senior Notes due 2025. •$850 million aggregate principal amount of 2.150% Senior Notes due 2030. On April 9, 2020, Phillips 66 closed its public offering of $1 billion aggregate principal amount of senior unsecured notes consisting of: •$500 million aggregate principal amount of 3.700% Senior Notes due 2023. •$500 million aggregate principal amount of 3.850% Senior Notes due 2025. Interest on the Senior Notes due 2023 is payable semiannually on April 6 and October 6 of each year, commencing on October 6, 2020. The Senior Notes due 2025 issued on June 10, 2020, constitute a further issuance of the Senior Notes due 2025 originally issued on April 9, 2020. The $650 million in aggregate principal amount of Senior Notes due 2025 is treated as a single class of debt securities. Interest on the Senior Notes due 2025 is payable semiannually on April 9 and October 9 of each year, commencing on October 9, 2020. Interest on the Senior Notes due 2030 is payable semiannually on June 15 and December 15 of each year, commencing on December 15, 2020. Proceeds received from the public offerings of senior unsecured notes on June 10, 2020, and April 9, 2020, were $1,008 million and $993 million, respectively, net of underwriters’ discounts or premiums and commissions, as well as debt issuance costs. These proceeds are being used for general corporate purposes. On March 19, 2020, Phillips 66 entered into a $1 billion 364-day delayed draw term loan agreement (the Facility) and borrowed $1 billion under the Facility shortly thereafter. On April 6, 2020, Phillips 66 increased the size of the Facility to $2 billion, and in June 2020, the Facility was amended to extend the commitment period to September 19, 2020. We did not draw additional amounts under the Facility before the end of the commitment period or further extend the commitment period. Accordingly, the additional borrowing capacity under the Facility expired prior to September 30, 2020. Borrowings under the Facility bear interest at a floating rate based on either the Eurodollar rate or the reference rate, plus a margin determined by the credit rating of Phillips 66’s senior unsecured long-term debt. Phillips 66 is using the proceeds from the debt issuance for general corporate purposes. At September 30, 2020, borrowings of $290 million were outstanding and $3 million in letters of credit had been drawn under Phillips 66 Partners’ $750 million revolving credit facility. Debt Repayments In April 2020, Phillips 66 repaid $300 million of floating-rate notes due April 2020 and $200 million outstanding under the term loan facility due April 2020. Also, in April 2020, Phillips 66 Partners repaid $25 million of tax-exempt bonds due April 2020.
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Guarantees |
9 Months Ended |
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Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees | Guarantees At September 30, 2020, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December 31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantees and expect future performance to be either immaterial or have only a remote chance of occurrence. Lease Residual Value Guarantees Under the operating lease agreement on our headquarters facility in Houston, Texas, we had the option, at the end of the lease term to request to renew the lease, purchase the facility or assist the lessor in marketing it for resale. In September 2020, we amended and extended the lease term to September 2025. We have a residual value guarantee associated with the operating lease agreement with a maximum potential future exposure of $514 million at September 30, 2020. We also have residual value guarantees associated with railcar and airplane leases with maximum potential future payments totaling $396 million. These leases have remaining terms of up to ten years. Guarantees of Joint Venture and Other Obligations In March 2019, Phillips 66 Partners and its co-venturers in Dakota Access provided a CECU in conjunction with a senior unsecured notes offering. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on Dakota Access and the CECU. In September 2020, concurrent with the full repayment of a third-party term loan facility by Gray Oak Pipeline, LLC, the associated guarantee issued by Phillips 66 Partners through an equity contribution agreement was terminated. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on Gray Oak Pipeline, LLC. In addition, at September 30, 2020, we had other guarantees outstanding for our portion of certain joint venture debt obligations and purchase obligations, which have remaining terms of up to eight years. The maximum potential amount of future payments to third parties under these guarantees was approximately $216 million. Payment would be required if a joint venture defaults on its obligations. Indemnifications Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to indemnification. Agreements associated with these sales include indemnifications for taxes, litigation, environmental liabilities, permits and licenses and employee claims, as well as real estate indemnities against tenant defaults. The provisions of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, which generally have indefinite terms and potentially unlimited exposure. At September 30, 2020, and December 31, 2019, the carrying amount of recorded indemnifications was $147 million and $153 million, respectively. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information to support the reversal. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. At September 30, 2020, and December 31, 2019, environmental accruals for known contamination of $105 million were included in the carrying amount of recorded indemnifications noted above. These environmental accruals were primarily included in the “Asset retirement obligations and accrued environmental costs” line item on our consolidated balance sheet. For additional information about environmental liabilities, see Note 12—Contingencies and Commitments. Indemnification and Release AgreementIn 2012, in connection with our separation from ConocoPhillips, we entered into the Indemnification and Release Agreement. This agreement governs the treatment between ConocoPhillips and us of matters relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the separation. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of ConocoPhillips’ business with ConocoPhillips. The agreement also establishes procedures for handling claims subject to indemnification and related matters.
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Contingencies and Commitments |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is 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 contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other potentially responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on management’s best estimates, using information available at the time. We measure estimates and base contingent liabilities on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring contingent environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA) or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies alleged to have liability at a particular site. Due to such joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites for which we are potentially responsible are still under investigation by the EPA or the state agencies concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, although some of the indemnifications are subject to dollar and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those pertaining to sites acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. At September 30, 2020, our total environmental accruals were $428 million, compared with $441 million at December 31, 2019. We expect to incur a substantial amount of these expenditures within the next 30 years. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Legal Proceedings Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases and enables the tracking of those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. Other Contingencies We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. At September 30, 2020, we had performance obligations secured by letters of credit and bank guarantees of $519 million related to various purchase and other commitments incident to the ordinary conduct of business.
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Derivatives and Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Financial Instruments | Derivatives and Financial Instruments Derivative Instruments We use financial and commodity-based derivative contracts to manage exposures to fluctuations in commodity prices, interest rates and foreign currency exchange rates, or to capture market opportunities. Because we do not apply hedge accounting for commodity derivative contracts, all realized and unrealized gains and losses from commodity derivative contracts are recognized in our consolidated statement of operations. Gains and losses from derivative contracts held for trading not directly related to our physical business are reported net in the “Other income” line item on our consolidated statement of operations. Cash flows from all our derivative activity for the periods presented appear in the operating section on our consolidated statement of cash flows. Purchase and sales contracts with firm minimum notional volumes for commodities that are readily convertible to cash are recorded on our consolidated balance sheet as derivatives unless the contracts are eligible for, and we elect, the normal purchases and normal sales exception, whereby the contracts are recorded on an accrual basis. We generally apply the normal purchases and normal sales exception to eligible crude oil, refined petroleum product, NGL, natural gas and power commodity contracts to purchase or sell quantities we expect to use or sell in the normal course of business. All other derivative instruments are recorded at fair value on our consolidated balance sheet. For further information on the fair value of derivatives, see Note 14—Fair Value Measurements. Commodity Derivative Contracts—We sell into or receive supply from the worldwide crude oil, refined petroleum product, NGL, natural gas and electric power markets, exposing our revenues, purchases, cost of operating activities and cash flows to fluctuations in the prices for these commodities. Generally, our policy is to remain exposed to the market prices of commodities; however, we use futures, forwards, swaps and options in various markets to balance physical systems, meet customer needs, manage price exposures on specific transactions, and do a limited amount of trading not directly related to our physical business, all of which may reduce our exposure to fluctuations in market prices. We also use the market knowledge gained from these activities to capture market opportunities such as moving physical commodities to more profitable locations, storing commodities to capture seasonal or time premiums, and blending commodities to capture quality upgrades. The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
At September 30, 2020, and December 31, 2019, there was no material cash collateral received or paid that was not offset on our consolidated balance sheet. The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of operations, were:
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 97% at September 30, 2020, and December 31, 2019.
Interest Rate Derivative Contracts—In 2016, we entered into interest rate swaps to hedge the variability of lease payments on our headquarters facility. These monthly lease payments vary based on monthly changes in the one-month London Inter-Bank Offered Rate (LIBOR) and changes, if any, in our credit rating over the five-year term of the lease. The pay-fixed, receive-floating interest rate swaps have an aggregate notional value of $650 million and end in April 2021. We have designated these swaps as cash flow hedges. The aggregate net fair value of these swaps was immaterial at September 30, 2020, and December 31, 2019. We report the mark-to-market gains or losses on our interest rate swaps designated as highly effective cash flow hedges as a component of other comprehensive income (loss), and reclassify such gains and losses into earnings in the same period during which the hedged transaction affects earnings. Net realized gains and losses from settlements of the swaps were immaterial for the three and nine months ended September 30, 2020 and 2019. We currently estimate that before-tax losses of $5 million will be reclassified from accumulated other comprehensive loss into general and administrative expenses during the next 12 months as the hedged transactions settle; however, the actual amounts that will be reclassified will vary based on changes in interest rates. Credit Risk from Derivative Instruments The credit risk from our derivative contracts, such as forwards and swaps, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared with an exchange clearinghouse and subject to mandatory margin requirements, typically on a daily basis, until settled. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if our credit ratings fall below investment grade. Cash is the primary collateral in all contracts; however, many contracts also permit us to post letters of credit as collateral. The aggregate fair values of all derivative instruments with such credit-risk-related contingent features that were in a liability position were immaterial at September 30, 2020, and December 31, 2019.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: •Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. •Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. •Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the significance of its observable or unobservable inputs to the measurement. However, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. We used the following methods and assumptions to estimate the fair value of financial instruments: •Cash and cash equivalents—The carrying amount reported on our consolidated balance sheet approximates fair value. •Accounts and notes receivable—The carrying amount reported on our consolidated balance sheet approximates fair value. •Derivative instruments—We fair value our exchange-traded contracts based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and classify them as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity, or are valued using either adjusted exchange-provided prices or nonexchange quotes, we classify those contracts as Level 2. Physical commodity forward purchase and sales contracts and over-the-counter (OTC) financial swaps are generally valued using forward quotes provided by brokers and price index developers, such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, physical commodity purchase and sales contracts and OTC swaps are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Physical and OTC commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a midmarket pricing convention (the midpoint between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. We determine the fair value of our interest rate swaps based on observable market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. •Rabbi trust assets—These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. •Debt—The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices. The following tables display the fair value hierarchy for our financial assets and liabilities either accounted for or disclosed at fair value on a recurring basis. These values are determined by treating each contract as the fundamental unit of account; therefore, derivative assets and liabilities with the same counterparty are shown on a gross basis in the hierarchy sections of these tables, before the effects of counterparty and collateral netting. The following tables also reflect the effect of netting derivative assets and liabilities with the same counterparty for which we have the legal right of offset and collateral netting. The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:
The rabbi trust assets are recorded in the “Investments and long-term receivables” line item and floating-rate and fixed-rate debt are recorded in the “Short-term debt” and “Long-term debt” line items on our consolidated balance sheet. See Note 13—Derivatives and Financial Instruments, for information regarding where the assets and liabilities related to our commodity and interest rate derivatives are recorded on our consolidated balance sheet. Nonrecurring Fair Value Measurements Equity Investments In the first quarter of 2020, the nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment was the fair value of our share of DCP Midstream’s limited partner interest in DCP Partners, which was estimated based on average market prices of DCP Partners common units for a multi-day trading period encompassing March 31, 2020. This valuation resulted in a Level 2 nonrecurring fair value measurement. In the third quarter of 2019, the nonrecurring fair value measurement used to record an impairment of our DCP Midstream investment consisted of: •The fair value of our share of DCP Midstream’s limited partner interest in DCP Partners was estimated based on an average market price of DCP Partners common units for a multi-day trading period encompassing September 30, 2019. •The fair value of our share of DCP Midstream’s general partner interest in DCP Partners was estimated using two primary inputs: 1) estimated future cash flows of distributions attributable to the incentive distribution rights from DCP Partners, and 2) a multiple of those cash flows based on internal estimates and observation of incentive distribution right (IDR) conversion transactions by other master limited partnerships. Overall, we concluded the valuation above resulted in a Level 3 nonrecurring fair value measurement. In the third quarter of 2020, the nonrecurring fair value measurement used to record an impairment of our Red Oak investment was the estimated salvage value of the joint venture’s assets. This valuation resulted in a Level 3 nonrecurring fair value measurement. See Note 5—Investments, Loans and Long-Term Receivables, for additional information on these impairments. PP&E and Intangible Assets In the third quarter of 2020, we remeasured the carrying value of the net PP&E and intangible assets of our San Francisco Refinery asset group to fair value. The estimated fair value of the plants, equipment and intangible assets was determined using a replacement cost approach adjusted, as applicable, for physical deterioration, functional obsolescence and economic obsolescence. The estimated fair value of the properties was determined using a sales comparison approach. This valuation resulted in a Level 3 nonrecurring fair value measurement. See Note 6—Properties, Plants and Equipment, for additional information on this impairment. Goodwill The carrying value of the Refining reporting unit’s goodwill was remeasured to fair value on a nonrecurring basis in the first quarter of 2020. The fair value of the Refining reporting unit was calculated by weighting the results from the income approach and the market approach. The income approach uses a discounted cash flow model that requires various observable and nonobservable inputs, such as prices, volumes, expenses, capital expenditures, discount rates and projected long-term growth rates and terminal values. The market approach uses peer company enterprise values relative to current and future net income (loss) before net interest expense, income taxes, depreciation and amortization (EBITDA) projections to arrive at an average multiple. This multiple was applied to the reporting unit’s current and projected EBITDA, with consideration for an estimated market participant acquisition premium. The resulting fair value Level 3 estimate was less than the Refining reporting unit’s carrying value by an amount that exceeded the existing goodwill balance of the reporting unit. As a result, the Refining reporting unit’s goodwill was impaired to zero. As part of our impairment analysis, the fair value of all reporting units was reconciled to the company’s market capitalization. See Note 7—Goodwill, for additional information regarding the goodwill impairment.
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Pension and Postretirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Plans | Pension and Postretirement Plans The components of net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019, were as follows:
During the nine months ended September 30, 2020, we contributed $28 million to our U.S. pension and other postretirement benefit plans and $20 million to our international pension plans. We currently expect to make additional contributions of approximately $6 million to our U.S. pension and other postretirement benefit plans and $7 million to our international pension plans during the remainder of 2020. Lump-sum benefit payments exceeded the sum of service and interest costs for our U.S. qualified pension plan during 2020 and for our U.S. non-qualified pension plan during 2020 and 2019. As a result, we recognized a proportionate share of prior actuarial losses, or pension settlement expense, totaling $56 million and $7 million for the nine months ended September 30, 2020 and 2019, respectively.
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in the balances of each component of accumulated other comprehensive loss were as follows:
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions Significant transactions with related parties were:
(a)We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our equity affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b)We purchased crude oil, refined petroleum products and NGL from WRB and also acted as agent for WRB in distributing solvents. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c)We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.
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Segment Disclosures and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Disclosures and Related Information | Segment Disclosures and Related Information Our operating segments are: 1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, processing, and marketing services, mainly in the United States. The Midstream segment includes our master limited partnership (MLP), Phillips 66 Partners, as well as our 50% equity investment in DCP Midstream. 2)Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, at 13 refineries in the United States and Europe. 4)Marketing and Specialties—Purchases for resale and markets refined petroleum products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products. Corporate and Other includes general corporate overhead, interest expense, our investment in new technologies, and various other corporate activities. Corporate assets include all cash, cash equivalents and income tax-related assets. Intersegment sales are at prices that we believe approximate market. Analysis of Results by Operating Segment
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Income Taxes |
9 Months Ended |
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Historically, we have calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income (loss) for the interim period. In the second quarter of 2020, and again in the third quarter, we concluded that we could not calculate a reliable estimate of our annual effective tax rate due to the range of potential impacts the COVID-19 pandemic may have on our business and results of operations. Accordingly, we computed the effective tax rate for the nine-month period ending September 30, 2020, using actual results. Our effective income tax rate for the three and nine months ended September 30, 2020, was 46% and 25%, respectively, compared with 16% and 18% for the corresponding periods of 2019. The increase in our effective tax rate for the three months ended September 30, 2020, was primarily due to the ability provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to carry back a 2020 net operating loss to a year with a 35% income tax rate, state income tax, foreign operations and income attributable to noncontrolling interests. The increase in our effective tax rate for the nine months ended September 30, 2020, was primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate, foreign operations and income attributable to noncontrolling interests, partially offset by the impact of the nondeductible goodwill impairment. The effective income tax rate for the three months ended September 30, 2020, varied from the U.S. federal statutory income tax rate of 21%, primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate and state income tax. The effective income tax rate for the nine months ended September 30, 2020, varied from the U.S. federal statutory rate of 21%, primarily due to the ability provided under the CARES Act to carry back a 2020 net operating loss to a year with a 35% income tax rate and state income tax, partially offset by the impact of the nondeductible goodwill impairment. An income tax receivable of $1.3 billion is included in the “Accounts and notes receivable” line item on our consolidated balance sheet as of September 30, 2020, which reflects our estimate of the tax benefit that we expect to realize within the next 12 months
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Phillips 66 Partners LP |
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Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phillips 66 Partners LP | Phillips 66 Partners LP Phillips 66 Partners, headquartered in Houston, Texas, is a publicly traded MLP formed in 2013 to own, operate, develop and acquire primarily fee-based midstream assets. Phillips 66 Partners’ operations currently consist of crude oil, refined petroleum product and NGL transportation, fractionation, processing, terminaling, and storage assets. We consolidate Phillips 66 Partners because we determined it is a VIE of which we are the primary beneficiary. As general partner of Phillips 66 Partners, we have the ability to control its financial interests, as well as the ability to direct the activities that most significantly impact its economic performance. As a result of this consolidation, the public common and perpetual convertible preferred unitholders’ ownership interests in Phillips 66 Partners are reflected as noncontrolling interests in our financial statements. At September 30, 2020, we owned 170 million Phillips 66 Partners common units, representing a 74% limited partner interest in Phillips 66 Partners, while the public owned a 26% limited partner interest and 13.8 million perpetual convertible preferred units. The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were:
For the nine months ended September 30, 2020, on a settlement-date basis, Phillips 66 Partners generated net proceeds of $2 million from common units issued under its continuous offering of common units, or at-the-market (ATM) programs, with no issuances in the second and third quarters of 2020. For the three and nine months ended September 30, 2019, Phillips 66 Partners generated net proceeds of $91 million and $133 million, respectively, under its ATM programs. Gray Oak Pipeline, LLC was formed to develop and construct the Gray Oak Pipeline, which transports crude oil from the Permian and Eagle Ford to Texas Gulf Coast destinations that include Corpus Christi and the Sweeny area, including the Phillips 66 Sweeny Refinery, as well as access to the Houston market. Phillips 66 Partners has a consolidated holding company that owns 65% of Gray Oak Pipeline, LLC. In December 2018, a third party exercised its option to acquire a 35% interest in the holding company. Because the holding company’s sole asset was its ownership interest in Gray Oak Pipeline, LLC, which was considered a financial asset, and because certain restrictions were placed on the third party’s ability to transfer or sell its interest in the holding company during the construction of the Gray Oak Pipeline, the legal sale of the 35% interest did not qualify as a sale under GAAP at that time. The Gray Oak Pipeline commenced full operations in the second quarter of 2020, and the restrictions placed on the co-venturer were lifted on June 30, 2020, resulting in the recognition of the sale under GAAP. Accordingly, at June 30, 2020, the co-venturer’s 35% interest in the holding company was recharacterized from a long-term obligation to a noncontrolling interest on our consolidated balance sheet, and the premium of $84 million previously paid by the co-venturer in 2019 was recharacterized from a long-term obligation to a gain in our consolidated statement of operations. For the nine months ended September 30, 2020, the co-venturer contributed an aggregate of $64 million to the holding company to fund its portion of Gray Oak Pipeline, LLC’s cash calls. Phillips 66 Partners has an effective ownership interest of 42.25% in Gray Oak Pipeline, LLC, after considering a co-venturer’s 35% interest in the consolidated holding company. See Note 5—Investments, Loans and Long-Term Receivables, for further discussion regarding Phillips 66 Partners’ investment in Gray Oak Pipeline, LLC, Dakota Access and ETCO, and Liberty.
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Condensed Consolidating Financial Information |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Phillips 66 has senior notes outstanding, the payment obligations of which are fully and unconditionally guaranteed by Phillips 66 Company, a 100 percent-owned subsidiary. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: •Phillips 66 and Phillips 66 Company (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). •All other nonguarantor subsidiaries. •The consolidating adjustments necessary to present Phillips 66’s results on a consolidated basis. This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes.
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Earnings (Loss) Per Share (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (loss) 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 (losses) of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS. |
Contingencies and Commitments | A number of lawsuits involving a variety of claims that arose in the ordinary course of business have been filed against us or are subject to indemnifications provided by us. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for financial recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. |
Recurring Fair Value Measurements | Recurring Fair Value Measurements We carry certain assets and liabilities at fair value, which we measure at the reporting date using the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price), and disclose the quality of these fair values based on the valuation inputs used in these measurements under the following hierarchy: •Level 1: Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. •Level 2: Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. •Level 3: Fair value measured with unobservable inputs that are significant to the measurement. We classify the fair value of an asset or liability based on the significance of its observable or unobservable inputs to the measurement. However, the fair value of an asset or liability initially reported as Level 3 will be subsequently reported as Level 2 if the unobservable inputs become inconsequential to its measurement or corroborating market data becomes available. Conversely, an asset or liability initially reported as Level 2 will be subsequently reported as Level 3 if corroborating market data becomes unavailable. We used the following methods and assumptions to estimate the fair value of financial instruments: •Cash and cash equivalents—The carrying amount reported on our consolidated balance sheet approximates fair value. •Accounts and notes receivable—The carrying amount reported on our consolidated balance sheet approximates fair value. •Derivative instruments—We fair value our exchange-traded contracts based on quoted market prices obtained from the New York Mercantile Exchange, the Intercontinental Exchange or other exchanges, and classify them as Level 1 in the fair value hierarchy. When exchange-cleared contracts lack sufficient liquidity, or are valued using either adjusted exchange-provided prices or nonexchange quotes, we classify those contracts as Level 2. Physical commodity forward purchase and sales contracts and over-the-counter (OTC) financial swaps are generally valued using forward quotes provided by brokers and price index developers, such as Platts and Oil Price Information Service. We corroborate these quotes with market data and classify the resulting fair values as Level 2. When forward market prices are not available, we estimate fair value using the forward price of a similar commodity, adjusted for the difference in quality or location. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, physical commodity purchase and sales contracts and OTC swaps are valued using internally developed methodologies that consider historical relationships among various commodities that result in management’s best estimate of fair value. We classify these contracts as Level 3. Physical and OTC commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets determines whether the options are classified as Level 2 or 3. We use a midmarket pricing convention (the midpoint between bid and ask prices). When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. We determine the fair value of our interest rate swaps based on observable market valuations for interest rate swaps that have notional amounts, terms and pay and reset frequencies similar to ours. •Rabbi trust assets—These deferred compensation investments are measured at fair value using unadjusted quoted prices available from national securities exchanges and are therefore categorized as Level 1 in the fair value hierarchy. •Debt—The carrying amount of our floating-rate debt approximates fair value. The fair value of our fixed-rate debt is estimated based on observable market prices.
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Sales and Other Operating Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following tables present our disaggregated sales and other operating revenues:
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Inventories (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consisted of the following:
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Properties, Plants and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Properties, Plants and Equipment with Associated Accumulated Depreciation and Amortization | Our gross investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows:
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Goodwill (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | The carrying amount of goodwill by segment at September 30, 2020, was:
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Impairments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impairments |
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Earnings (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Basic and Diluted Earnings Per Share |
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Derivatives and Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Liabilities | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
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Offsetting Assets | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
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Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts | The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of operations, were:
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Summary of Material Net Exposures and Notional Amount of Derivative Contracts | The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 97% at September 30, 2020, and December 31, 2019.
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Fair Value Measurements (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting | The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:
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Pension and Postretirement Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019, were as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) by Component | Changes in the balances of each component of accumulated other comprehensive loss were as follows:
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Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Significant Transactions with Related Parties | Significant transactions with related parties were:
(a)We sold NGL, other petrochemical feedstocks and solvents to Chevron Phillips Chemical Company LLC (CPChem), gas oil and hydrogen feedstocks to Excel Paralubes (Excel), and refined petroleum products to several of our equity affiliates in the M&S segment, including OnCue and CF United. We also sold certain feedstocks and intermediate products to WRB and acted as agent for WRB in supplying crude oil and other feedstocks for a fee. In addition, we charged several of our equity affiliates, including CPChem, for the use of common facilities, such as steam generators, waste and water treaters and warehouse facilities. (b)We purchased crude oil, refined petroleum products and NGL from WRB and also acted as agent for WRB in distributing solvents. We also purchased natural gas and NGL from DCP Midstream and CPChem, as well as other feedstocks from various equity affiliates, for use in our refinery and fractionation processes. In addition, we purchased base oils and fuel products from Excel for use in our specialty and refining businesses. We paid NGL fractionation fees to CPChem. We also paid fees to various pipeline equity affiliates for transporting crude oil, refined petroleum products and NGL. (c)We paid consignment fees to CF United, and utility and processing fees to various equity affiliates.
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Segment Disclosures and Related Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Analysis of Results by Operating Segment | Analysis of Results by Operating Segment
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Schedule of Reconciliation of Assets from Segment to Consolidated |
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Phillips 66 Partners LP (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The most significant assets of Phillips 66 Partners that are available to settle only its obligations, along with its most significant liabilities for which its creditors do not have recourse to Phillips 66’s general credit, were:
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Condensed Consolidating Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income |
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Condensed Consolidating Balance Sheet |
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Condensed Consolidating Statement of Cash Flows |
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Sales and Other Operating Revenues (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable | $ 3,410 | $ 6,902 |
Receivables from contracts with customers | $ 389 | $ 336 |
Minimum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer contracts, term | 5 years | |
Maximum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Customer contracts, term | 15 years |
Credit Losses (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||
Accounts and notes receivable | $ 5,963 | $ 8,510 |
Allowance for doubtful accounts | $ 37 | $ 41 |
Accounts and notes receivable, percent outstanding less than 60 days (more than) | 98.00% |
Inventories (Inventory, Net) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Crude oil and petroleum products | $ 4,561 | $ 3,452 |
Materials and supplies | 336 | 324 |
Inventories | $ 4,897 | $ 3,776 |
Inventories (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
LIFO inventory amount | $ 4,436 | $ 3,331 |
Estimated excess of current replacement cost over LIFO cost of inventories | $ 1,600 | $ 4,300 |
Investments, Loans and Long-Term Receivables (CF United LLC) (Details) - CF United LLC $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Voting interest acquired | 50.00% |
Economic interest acquired | 48.00% |
Equity investments | $ 326 |
Investments, Loans and Long-Term Receivables (DCP Midstream, LLC) (Details) - DCP Midstream - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
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Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment impairment | $ 1,200 | $ 853 | ||
Difference between fair value and book value | $ 1,800 | |||
Amortization period | 22 years | |||
Equity investment, amortization of basis difference | $ 20 | $ 50 | ||
Equity investments | $ 281 | $ 281 | ||
DCP Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, decline in market value, percent | 85.00% |
Investments, Loans and Long-Term Receivables (Liberty Pipeline LLC (Liberty)) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investments | $ 3,373 | $ 2,961 |
Liberty Pipeline LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum loss exposure | 252 | |
Maximum potential amount of future payments under the guarantees | $ 13 | |
Liberty Pipeline LLC | Variable Interest Entity, Primary Beneficiary | Phillips 66 Partners LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 50.00% | |
Equity investments | $ 239 |
Investments, Loans and Long-Term Receivables (OnCue Holdings, LLC) (Details) - OnCue Holdings, LLC $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest | 50.00% |
Maximum loss exposure | $ 165 |
Equity investments | 92 |
Maximum potential amount of future payments under the guarantees | $ 73 |
Investments, Loans and Long-Term Receivables (Red Oak Pipeline LLC (Red Oak)) (Details) - Red Oak Pipeline LLC $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
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Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
Equity method investment impairment | $ 84 | $ 84 |
Equity investments | $ 20 | $ 20 |
Investments, Loans and Long-Term Receivables (Related Party Loan) (Details) - WRB Refining LP $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Outstanding related party loan balance | $ 210 |
Phillips 66 And Co-Venturer | |
Schedule of Equity Method Investments [Line Items] | |
Outstanding related party loan balance | $ 420 |
Properties, Plants and Equipment (Schedule of Property Plant And Equipment) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 39,680 | $ 38,071 |
Accum. D&A | 16,191 | 14,285 |
Net PP&E | 23,489 | 23,786 |
Corporate and Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 1,434 | 1,311 |
Accum. D&A | 657 | 599 |
Net PP&E | 777 | 712 |
Midstream | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 12,154 | 11,221 |
Accum. D&A | 2,727 | 2,391 |
Net PP&E | 9,427 | 8,830 |
Chemicals | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 0 | 0 |
Accum. D&A | 0 | 0 |
Net PP&E | 0 | 0 |
Refining | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 24,330 | 23,692 |
Accum. D&A | 11,819 | 10,336 |
Net PP&E | 12,511 | 13,356 |
Marketing and Specialties (M&S) | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 1,762 | 1,847 |
Accum. D&A | 988 | 959 |
Net PP&E | $ 774 | $ 888 |
Properties, Plants and Equipment (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Property, Plant and Equipment [Line Items] | ||||
Impairments | $ 1,140 | $ 853 | $ 4,146 | $ 856 |
San Francisco Refinery Asset Group | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments | 1,030 | |||
Fair value of PP&E | 940 | $ 940 | ||
PP&E | 1,009 | |||
Refining | San Francisco Refinery Asset Group | ||||
Property, Plant and Equipment [Line Items] | ||||
PP&E | 889 | |||
Intangible assets | 21 | |||
Midstream | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments | 204 | |||
Midstream | San Francisco Refinery Asset Group | ||||
Property, Plant and Equipment [Line Items] | ||||
PP&E | $ 120 |
Goodwill (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Goodwill [Line Items] | ||
Goodwill | $ 1,845 | |
Refining | ||
Goodwill [Line Items] | ||
Goodwill | $ 1,845 | $ 1,845 |
Goodwill (Carrying Amount of Goodwill by Segment) (Details) - USD ($) |
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Goodwill [Roll Forward] | ||
Balance at January 1, 2020 | $ 3,270,000,000 | $ 3,270,000,000 |
Impairments | (1,845,000,000) | |
Balance at September 30, 2020 | 1,425,000,000 | |
Midstream | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2020 | 626,000,000 | 626,000,000 |
Impairments | 0 | |
Balance at September 30, 2020 | 626,000,000 | |
Refining | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2020 | 1,845,000,000 | 1,845,000,000 |
Impairments | (1,845,000,000) | (1,845,000,000) |
Balance at September 30, 2020 | 0 | 0 |
M&S | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2020 | $ 799,000,000 | 799,000,000 |
Impairments | 0 | |
Balance at September 30, 2020 | $ 799,000,000 |
Impairments (Schedule of Impairments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Goodwill [Line Items] | ||||
Impairments | $ 1,140 | $ 853 | $ 4,146 | $ 856 |
Corporate and Other | ||||
Goodwill [Line Items] | ||||
Impairments | 25 | 0 | 25 | 0 |
Midstream | ||||
Goodwill [Line Items] | ||||
Impairments | 204 | |||
Midstream | Operating Segments | ||||
Goodwill [Line Items] | ||||
Impairments | 204 | 853 | 1,365 | 856 |
Refining | Operating Segments | ||||
Goodwill [Line Items] | ||||
Impairments | $ 911 | $ 0 | $ 2,756 | $ 0 |
Contingencies and Commitments (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Total environmental accrual | $ 428 | $ 441 |
Performance Guarantee | ||
Debt Instrument [Line Items] | ||
Letters of credit and bank guarantees | $ 519 | |
Reserve for Environmental Costs | ||
Debt Instrument [Line Items] | ||
Expected years to incur a substantial amount of expenditures | 30 years |
Derivatives and Financial Instruments (Summary of Gains/(Losses) From Commodity Derivatives) (Details) - Commodity Derivatives - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from commodity derivative activity | $ 4 | $ 151 | $ 829 | $ (97) |
Sales and other operating revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from commodity derivative activity | 20 | 71 | 519 | (89) |
Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from commodity derivative activity | 0 | 20 | 9 | 33 |
Purchased crude oil and products | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from commodity derivative activity | $ (16) | $ 60 | $ 301 | $ (41) |
Derivatives and Financial Instruments (Narrative) (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative [Line Items] | ||
Percentage of derivative contract volume expiring within twelve months (at least) | 97.00% | 97.00% |
Cash Flow Hedging | Interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 650,000,000 | |
General and Administrative Expenses | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate derivatives | ||
Derivative [Line Items] | ||
Losses reclassified from AOCI into income | $ 5,000,000 | |
Facilities | Maximum | ||
Derivative [Line Items] | ||
Lessee leasing arrangements, operating leases, term of contract | 5 years |
Derivatives and Financial Instruments (Summary of Outstanding Commodity Derivative Contracts) (Details) - bbl bbl in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Short | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Crude oil, refined petroleum products and NGL (in barrels) | (36) | (16) |
Fair Value Measurements (Narrative) (Details) - USD ($) |
Sep. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 1,425,000,000 | $ 3,270,000,000 | |
Refining | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 0 | $ 0 | $ 1,845,000,000 |
Pension and Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions to plans | $ 28 | |||
Additional contributions expected to be made during remainder of fiscal year | $ 6 | 6 | ||
United States | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement expense | 17 | $ 1 | 56 | $ 7 |
Int’l. | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions to plans | 20 | |||
Additional contributions expected to be made during remainder of fiscal year | 7 | 7 | ||
Pension settlement expense | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Related Party Transactions [Abstract] | ||||
Operating revenues and other income | $ 450 | $ 756 | $ 1,337 | $ 2,235 |
Purchases | 1,612 | 2,842 | 4,868 | 8,770 |
Operating expenses and selling, general and administrative expenses | $ 65 | $ 8 | $ 171 | $ 25 |
Segment Disclosures and Related Information (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
refinery
| |
Midstream | DCP Midstream | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interest | 50.00% |
Chemicals | CPChem | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interest | 50.00% |
Refining | Mainly United States And Europe | |
Segment Reporting Information [Line Items] | |
Number of refineries | 13 |
Income Taxes (Details) - USD ($) $ in Billions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Income Tax Contingency [Line Items] | ||||
Effective tax rate, percent | 46.00% | 16.00% | 25.00% | 18.00% |
Accounts and notes receivable | ||||
Income Tax Contingency [Line Items] | ||||
Income tax receivable | $ 1.3 | $ 1.3 |
Phillips 66 Partners LP (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 1,462 | $ 1,614 |
Phillips 66 Partners LP | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 2 | 286 |
Equity investments | 3,373 | 2,961 |
Net properties, plants and equipment | 3,575 | 3,349 |
Short-term debt | 340 | 25 |
Long-term debt | $ 3,443 | $ 3,491 |
Condensed Consolidating Financial Information (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Phillips 66 Company | Phillips 66 Company | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest percentage | 100.00% |
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